A Look Back at Jack Herschleifer's Work

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CNN's John Sutter looks at the ways in which people respond quickly to a natural disaster. He says it is important to remember that buildings are bad when they're destroyed, but what really matters is human capital and trial and error. The author also talks about jack herschleifer’s work on how quick recovery can be.

Economist and author David Henderson talks about his book (co-authored with Steve Globerman) The Essential UCLA School of Economics with EconTalk host Russ Roberts. Much of the conversation focuses on the work of Armen Alchian and Harold Demsetz, who both saw economics as a powerful tool for understanding human behavior and how the world works.