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Undertone
Scott Sumner
Nov 30, 2023
In this podcast, Scott and the host discuss a range of interesting topics including film, literature, asset bubbles, monetary policy, the impact of pessimism on art, the importance of nominal GDP in monetary policy, and the resistance to implementing NgDP targeting. They also touch on subjects like the meaning of jobs, behavioral vs classical economics, and technology's impact on productivity.
01:12:45
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Quick takeaways
- Exposing oneself to a variety of arts and humanities, including fiction and films, can enhance economists' understanding and thinking about economic issues.
- Literature, like the works of Knausgaard and Proust, offers valuable insights into the human condition and allows readers to connect with characters on a personal level.
Deep dives
The Impact of Diverse Life Experiences on Economics
Having a broad range of life experiences, including reading fiction, watching films, and exposing oneself to various arts and humanities, can enhance one's understanding of economics. Scott Sumner highlights the importance of not having an overly narrow view and believes that exposure to different perspectives can improve economists' ability to think about economic issues. He suggests that reading philosophy and exploring philosophical ideas can be especially valuable in expanding one's thinking and approach to methodology.
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