Clearer Thinking with Spencer Greenberg Tyler's three laws and twelve rules (with Tyler Cowen)
Dec 15, 2021
Tyler Cowen, Holbert L. Harris Chair of Economics at George Mason University, discusses his three laws and twelve rules that challenge conventional economic wisdom. He argues that traditional views on real interest rates may be flawed and delves into the disconnect in macroeconomic theories. Cowen emphasizes the importance of engaging with opposing viewpoints for personal growth and explores the psychological dynamics of offense in social media. He also highlights the power of mentorship and the potential for transformation in developing moldable minds.
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Cowen's Third Law
- Cowen's Third Law states that all propositions about real interest rates are wrong.
- Real interest rates consistently defy predictions, highlighting limitations in macroeconomic understanding.
Economists' Lack of Curiosity
- Tyler Cowen observes a lack of broad curiosity among economists.
- Many adopt mainstream opinions instead of forming their own thoughtful perspectives.
Political Correctness in Economics
- Economics has historically allowed politically incorrect discussions.
- However, social media, particularly Twitter, is increasingly influencing and changing this.
