The Challenges of Economics - Is There a Theory of General Equilibrium?

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The world is made up of individuals. But in order to say something general, we have to construct groups. So what are the pros and cons of looking at things like equality of opportunity and equality of outcome based on groups versus based on individuals? If there's any pros to looking at groups that we should be looking at. Okay, those, those are big questions. By the way, amazing world wind summary of all of economics but yes, go ahead. You're right. I mean, in economics. The question of economics is how do you construct a model we can generalize nicely and say something profound and say it simply?"

Glenn Loury is a professor of economics and social sciences at Brown University, and a prominent podcaster and social critic who speaks and writes about race, inequality, and social policy. Please support this podcast by checking out our sponsors:
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OUTLINE:
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(00:00) – Introduction
(07:12) – Martin Luther King Jr.
(16:00) – History of slavery
(30:39) – Equality of outcome
(47:02) – Math and economics
(1:03:17) – Racial groups
(1:16:33) – Black patriotism
(1:26:26) – MLK and Malcolm X
(1:40:07) – Joe Rogan controversy
(1:59:23) – Accusation of racism
(2:07:08) – Elon Musk and Twitter
(2:12:41) – Universities
(2:21:19) – Cognitive inequality
(2:33:45) – Politics
(2:53:10) – Ketanji Brown Jackson
(2:59:14) – Thomas Sowell
(3:04:28) – Barack Obama
(3:23:06) – Mortality
(3:35:20) – Meaning of life