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Just Asking Questions
Tyler Cowen: Why Do We Refuse To Learn From History?
Jan 10, 2025
Tyler Cowen, Holbert L. Harris Professor of Economics at George Mason University, dives into the phenomenon he calls The Great Forgetting. He explores why society neglects crucial economic lessons from the past, particularly those from the 1970s regarding inflation and crime policies. Cowen discusses the implications of misinformation and the erosion of historical knowledge in policymaking. Moreover, he examines evolving perceptions of crime in cities and the challenges faced in immigration policies amid polarized politics.
01:06:10
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Quick takeaways
- The Great Forgetting underscores society's alarming tendency to overlook important economic lessons, leading to the repetition of past mistakes.
- Comparing past inflation crises, particularly from the 1970s, emphasizes the critical need to learn from historical economic dynamics to avoid policy errors.
Deep dives
The Concept of the Great Forgetting
The Great Forgetting refers to the phenomenon of society losing awareness of vital historical lessons, particularly in economics and public policy. An example highlighted is the resurgence of ideas like rent control, which had previously demonstrated detrimental effects such as housing shortages and corruption. This forgetting extends to more recent challenges, like inflation, where lessons from past crises seem to be overlooked as new generations advocate for similar misguided economic policies. The podcast emphasizes the dangerous implications of this forgetting as it contributes to repeating harmful mistakes in governance and social stability.
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Discover
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