Sean Carroll's Mindscape: Science, Society, Philosophy, Culture, Arts, and Ideas 205 | John Quiggin on Interest Rates and the Information Economy
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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!
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Ancient Markets
- Markets aren't a modern invention, existing for millennia alongside money and trade.
- They rely on rules and conventions, varying across locations and depending on ownership and tradable items.
Opportunity Cost
- John Quiggin defines markets based on opportunity cost: what you give up to get something.
- This applies to individuals and societies, highlighting choices and resource allocation.
Market Equilibrium
- Markets find equilibrium between sellers and buyers, reflecting opportunity costs through prices.
- Ideally, this creates a no-free-lunches scenario, maximizing resource use.
