Tyler Cowen's "GOAT: Who is the Greatest Economist of all Time and Why Does it Matter?" explores the lives and contributions of influential economists. The book delves into their theories, impact, and lasting legacies on economic thought. Cowen analyzes their successes and failures, offering a nuanced perspective on their contributions to the field. The book aims to spark discussion and debate about the relative importance of different economists and their ideas. It challenges readers to consider the broader implications of economic theories and their impact on society.
In 'A Theory of Justice,' John Rawls develops a moral theory of justice as fairness, which is an alternative to utilitarianism. The theory is based on the social contract approach and uses the concept of the original position and the veil of ignorance to derive two principles of justice. The first principle, the greatest equal liberty principle, ensures that each person has an equal right to the most extensive total system of equal basic liberties compatible with a similar system of liberty for all. The second principle, which includes the difference principle and the equal opportunity principle, states that social and economic inequalities are to be arranged so that they are to the greatest benefit of the least advantaged and attached to offices and positions open to all under conditions of fair equality of opportunity. Rawls's theory aims to reconcile liberty and equality in a well-ordered society.
In 'Why Liberalism Failed,' Patrick J. Deneen critiques both classical liberalism (often called libertarianism) and progressive/modern liberalism. He argues that liberalism has created contradictions such as fostering material inequality despite advocating for equal rights, discouraging civic commitments in favor of privatism, and giving rise to a comprehensive state system while pursuing individual autonomy. Deneen contends that liberalism's success is generating its own failure, leading to issues like income inequality, cultural decline, atomization, and the erosion of freedoms. The book examines the outcomes of the growth of the state, the construction of the free market, and the effects of technology on freedoms and culture[1][3][4].
The novel centers on two Chinese American siblings on the lam after their sometimes abusive father dies, leaving them to survive in a dreamscape that blends historical and mythological elements. The story is narrated by a sister whose gender is more fluid and includes elements of ghost narratives, gold, and tigers. Zhang's work challenges the traditional white-centered narratives of the American West, incorporating elements of her own cultural background and childhood experiences.
Tyler Cowen discusses his book on the greatest economists of all time, evaluates the contributions of macroeconomics, and touches on topics such as stagnation, AI, fertility, and the future of academia and societal trends.
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LINKS:
Read Tyler's new book for free: https://econgoat.ai/
Tyler's blog: https://marginalrevolution.com
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HIGHLIGHTS FROM THE EPISODE:
- Tyler Cowen wrote his book "Greatest Economist of All Time" during the pandemic when he was confined at home and couldn't access libraries.
- Tyler believes that while macroeconomics isn't predictive, it helps understand variables that affect economic outcomes, like in Argentina's current situation.
- In Tyler’s view, the U.S. economy has become more controlled and statist over recent decades, though personal freedoms have increased in some areas.
- Academic economics has shifted significantly to the left, with about five-sixths of economists with party affiliations being Democrats.
- Population decline as a serious threat that AI might help address but won't fully solve without maintaining human population.
- A large subsidy (around $300,000-400,000 per child) might be needed to effectively address falling birth rates.
- On higher education, he believes Harvard and other elite institutions will shift toward the center but won't fundamentally change their nature.
- Tyler runs Emergent Ventures, which has over 500 winners, focusing on funding talented individuals rather than specific projects or fields.
- He maintains that liberal democracies remain the most successful model, despite criticisms from post-liberal thinkers.
- Regarding his own legacy, Tyler believes his main contribution is demonstrating that a certain kind of intellectual life is possible and can be influential.
- He argues that his strength lies in integrating theoretical thinking with practical projects while maintaining intellectual curiosity.
- Tyler expresses optimism about the University of Austin while acknowledging the challenges of scaling alternative educational institutions.
"Upstream" with Erik Torenberg 
