Associate professor of economics, Garett Jones, discusses the benefits and drawbacks of democracy and the crisis of expertise. He explores the topic of immigration, focusing on assimilation and high trust versus low trust cultures. The conversation also covers the complexities of governance, the influence of lobbyists, and the impact of the electoral college. They delve into the building of American institutions, the paradox of ambitious entrepreneurs in high-trust systems, and the high savings rates and strong community among Mormons.
Balancing democracy with the expertise and independence of elites in certain areas of governance can lead to better decision-making and governance outcomes.
Relying solely on public opinion for decision-making can lead to suboptimal policy decisions, highlighting the need for guidance from experts and elites.
While autocracy may have short-term economic benefits, the long-term stability and accountability provided by democracy outweigh these gains.
The electoral college helps balance the influence of voters across different regions, although the core benefit of democracy lies in preventing worst-case scenarios like famine and mass killings.
Deep dives
The Benefits of Having Experts and Elites in Governance
Experts and elites, such as independent central banks and judges with longer terms, can provide better governance by making decisions less influenced by short-term political pressures. This is supported by empirical evidence that shows countries with independent central banks have lower inflation and fewer financial crises. Similarly, judges with longer terms are less likely to be swayed by political considerations and make more impartial decisions. These examples highlight the importance of balancing democracy with the expertise and independence of elites in certain areas of governance.
The Limitations of Democracy in Decision-Making
While democracy plays a crucial role in preventing famines, mass killings, and ensuring citizens' basic needs are met, it may not always lead to the best policy decisions on more mundane issues. For instance, public opinion often shows an anti-foreign bias and is skeptical of free trade, despite evidence supporting its benefits. Additionally, voters tend to favor more labor market regulations, which can hinder business dynamism and economic growth. These examples highlight the limitations of relying solely on public opinion for decision-making and the need for experts and elites to provide guidance in areas where voters may be less informed.
The Role of Autocracy and Benign Dictatorships
While there have been examples like Singapore and South Korea where autocracy coincided with economic growth, it is important to consider the high variance of outcomes under autocracy. Countries like Japan have achieved growth and prosperity without relying on autocracy. Furthermore, autocratic regimes can often suppress dissent and human rights, creating risks and limitations on individual freedom. While there may be certain short-term economic benefits under autocracy, the long-term stability and accountability provided by democracy outweigh these potential gains.
The Influence of Electoral College and Benefits of Democracy
The electoral college provides a mechanism for balancing the influence of voters across different regions within a country. While it may have its critics, removing the electoral college would likely entail a shift in power towards more populous urban areas and reduce the weight given to rural and suburban regions. However, the core benefit of democracy lies in its ability to prevent worst-case scenarios such as famine and mass killings. Democracies generally prioritize the well-being and survival of their citizens, and while they may not always make the optimal policy decisions, their commitment to human rights and the prevention of atrocities remains a central advantage of democratic systems.
Cultural Traits and Migration
Migration leads to the persistence of cultural traits such as attitudes towards government and trust. Second-generation immigrants tend to hold attitudes similar to those of their home country, showing a significant matchup. This persistence can even extend to the fourth generation, indicating the lasting impact of cultural transmission.
Influence of Culture on Migration
Cultural traits like trust and savings rates can differ between immigrants and their home countries, leading to variations in migration patterns. Immigrants often come from countries with different cultural backgrounds, and the selection process may result in a different profile of immigrants in terms of trust and savings rates. The culture transplant hypothesis posits that immigrants tend to settle in enclaves with people from their home country, which can influence their beliefs and behaviors.
Democracy, Trust, and Migration Policy
The democratic control of immigration policy presents challenges when it comes to the selection of immigrants. The push factors from the home countries play a significant role in determining the profile of immigrants arriving. Strong borders could provide more control over immigration policy, but it might limit the ability to reunite families or bring in immigrants with different skills and attitudes. The gap between public opinion and economist opinion on immigration reflects the complexity of the issue.
We talk about the intellectual environment of George Mason University. We talk about about UAPs. We discuss the benefits and drawbacks of democracy. We discuss the possibility of so-called benign dictatorships. We talk about the crisis of expertise, the Electoral College and then we move on to the topic of immigration. We talk about whether and in what ways immigrants assimilate. We talk about the idea of the melting pot. We discuss high trust versus low trust cultures and much more. I hope you enjoy this conversation as much as I did.
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