Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas

205 | John Quiggin on Interest Rates and the Information Economy

Jul 25, 2022

John Quiggin, an esteemed Professor of Economics at the University of Queensland and author of "Zombie Economics," dives deep into the world of interest rates and the information economy. He discusses how interest rates reflect our perceptions of value over time and the shift from manufacturing to information-centric business models. Quiggin examines the implications of low interest rates on market dynamics, the ethical challenges of misinformation, and the necessity of public investment for reliable information. A fascinating exploration of economics in our digital age!

01:19:09

Episode guests

John Quiggin

AI Chapters

Episode notes

Intro

2min

Navigating Interest Rates and Market Dynamics

14min

Exploring Market Dynamics and Collective Wisdom

4min

Exploring Market Justifications and Failures

17min

Navigating Climate Change Policies and Market Dynamics

3min

Market Mechanisms and Climate Solutions

17min

Shifting Focus: From Goods to Information in the Modern Economy

3min

Shifting Paradigms in the Information Economy

13min

Navigating the Volatility of the Information Economy

3min

10.

Navigating the Information Economy

8min

The idea of an “interest rate” might seem mundane and practical, in comparison to our usual topics around here, but there is a profound philosophical idea lurking in the background: if you lend me money now against the promise of me paying you back more in the future, I am relating the different values that a certain sum has to me at different moments in time. Traditionally, the interest rates set by the government have been a major tool for influencing the economy, but in recent decades they have increasingly fallen near zero. John Quiggin relates this change to the shift from manufacturing to an information economy, and we talk about what that means for the public interest in having information be reliable and widely available. And yes, there is a bit about crypto.

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John Quiggin received his Ph.D. in economics from the University of New England. He is currently a VC Senior Fellow in Economics at the University of Queensland. He is a Fellow of the Econometric Society and the Academy of the Social Sciences in Australia. Among his books are Zombie Economics: How Dead Ideas Still Walk Among Us and Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly.

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