2min chapter

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#174 – Tyler Cowen: Economic Growth and the Fight Against Conformity and Mediocrity

Lex Fridman Podcast

CHAPTER

Is Competition Good for the World?

After scientists win Nobel Prizes, they tend to become less productive. But if someone wants to turn their back on that and keep on working, which I assume is what he's doing, that's awesome. It's like he wins a bigger prize, right? Our extreme respect. What really matters is how good your legal framework is. If you have something like the rule of law and clearly defined property rights, which are within reason, justly allocated, competition probably is going to work very well. The animal world is quite unpleasant to say the least.

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