#154 - Steve Levitt, Ph.D.: A rogue economist’s view on climate change, mental health, the ethics of experiments, and more

10 snips

Mar 22, 2021

Steve Levitt, a Professor of Economics at the University of Chicago and co-author of Freakonomics, shares his unconventional journey in economics and discusses its current state. He offers a candid view on climate change, arguing it's unlikely to be solved just by changing behaviors. Levitt reflects on mental health awareness in education, highlighting the stigma surrounding it. He also dives into decision-making flaws and shares insights on horse racing's stagnation, making for a fascinating exploration of human behavior and societal challenges.

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ANECDOTE

Path to Economics

Steven Levitt took economics in college because it was a popular, easy course.
He realized he thought like an economist after a lecture on comparative advantage.

INSIGHT

Micro vs. Macro

Macroeconomics studies complex systems like inflation and unemployment, which are hard to model effectively.
Microeconomics focuses on individual decision-making in scarcity and competition.

INSIGHT

Data and Theory

Data analysis should establish clear facts, agreed upon by any reasonable person.
Models can then use these facts to determine implications and explore causality.

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Steven Levitt is a professor of economics at the University of Chicago and the co-author of the bestselling book Freakonomics and its two sequels. In this episode, Steve discusses his unlikely path to a career in economics and his view of the current state, and limitations, of the field. He also gives his unique perspective on contemporary issues including climate change, mental health in education, how to evaluate whether an experiment is ethical, decision making, horse racing, and much more.

We discuss:

How Steve ended up in economics (2:45);
Current trends in the field of economics: macro vs. micro, usefulness of models, and the relationship between data and theory (8:45);
Revisiting what Steve wrote about climate change in SuperFreakonomics, and why it’s unlikely to be solved with behavioral change (18:45);
The consequences of a blurred line between climate science and advocacy (27:30);
Answering climate questions with a “Manhattan Project for climate change” (31:45);
Steve’s reflections on his career path and how he found his way by being himself (40:00);
How Steve came to write Freakonomics (and its sequels), and the topics which caused the most controversy (53:00);
How Steve came to appreciate mental health through parenting, and the need to emphasize mental health into the education system (1:10:15);
Why people are bad at making decisions (1:26:45);
Deliberating on why horse racing times haven’t advance much in decades (1:34:30);
Reducing the impact of negative emotions by observing the world free of language (1:44:00);
Changing our thinking about what it means to conduct experiments ethically (1:49:00); and
More.

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