Y Combinator Startup Podcast #138 - Russ Roberts
Aug 7, 2019
Russ Roberts, host of EconTalk and a research fellow at Stanford’s Hoover Institution, dives deep into the entrepreneurial spirit. He discusses the emotional motivations behind starting a company, emphasizing the quest for meaning and connection. Russ unveils insights from Adam Smith's philosophy, contrasting superficial wealth with personal integrity. The conversation highlights the often-ignored qualitative aspects of economics, invoking personal stories that reflect true well-being. Lastly, he shares how interactions with listeners have shaped his approach to teaching economic concepts.
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Softening Company Founder
- Russ Roberts recalls an entrepreneur who was deeply moved by his company's product.
- The entrepreneur wished his deceased father, with whom he had a strained relationship, could have seen it.
Capitalism and Human Nature
- Russ Roberts finds it strange that capitalism is often blamed for human greed.
- He points out that all systems involve self-interested individuals.
Key Economic Concepts for Founders
- Russ Roberts highlights key economic concepts for founders: opportunity cost, comparative advantage, and emergent order.
- He emphasizes the importance of recognizing self-regulating forces within businesses.
