The Portal
4: Timur Kuran - The Economics of Revolution and Mass Deception
Podcast summary created with Snipd AI
Quick takeaways
- Preference falsification hinders honest discourse in social and political settings.
- Economics struggles to openly question fundamental theories, limiting growth and adaptability.
- Load bearing fictions are essential for societal operations and maintaining order.
- Economists face challenges in critiquing and holding themselves accountable within their discipline.
Deep dives
Overview of Preference Falsification
Preference falsification refers to misrepresenting one's desires in social settings. It occurs innocently at times like complimenting decor or in more serious instances like political preferences. In political arenas, fear drives people to hide their true beliefs, stifling honest discourse. Issues like immigration and abortion create polarized, extreme positions, inhibiting nuanced opinions and hindering resolutions.
Challenges in Economics and Preference Theory
Economics faces challenges in openly discussing fundamental theories. The field tends to discourage questioning certain principles, maintaining a dogmatic approach to preference models. Concepts like gauging economic theories and preference shifts are often marginalized, limiting the discipline's growth and adaptability.
The Impact of Load Bearing Fictions
Load bearing fictions play a crucial role in societal operations to maintain order and facilitate justice. These necessary narratives enable functioning of systems like the judicial process. Societal constructs rely on accepted fictions to navigate complex issues and ensure stability.
Evaluating Economist's Dilemma and Institutional Pressures
Economists grapple with their inability to question their own discipline and apply critical scrutiny. The 'economics of economists' highlights the profession's reluctance to hold itself accountable or examine biases. Institutional pressures and acceptance of conventional norms hinder introspection and critical self-evaluation within the field.
Trump's Ability to Challenge Sacred Cows
Trump's ability to confront both Democratic and Republican sacred cows by openly criticizing various groups set him apart. Despite his controversial remarks, especially targeting minorities, veterans, and Republican icons like John McCain, his willingness to challenge the establishment resonated with voters seeking a game changer.
Trump's Appeal as a Bold Agent of Change
Trump's approach of openly challenging vested interests in Washington and fearlessly criticizing powerful groups led to increased popularity, including among veterans. Supporters saw him as an out-of-control force that could disrupt the system, contrasting with the controlled and predictable politicians.
Diverging Perspectives on Trump's Impact
Perceptions of Trump's impact diverge between detractors and supporters, with detractors viewing him as a destructive threat to valuable institutions and supporters seeing him as a bold and uncontrolled force they can trust. This differing view contributes to the intense division and reactive strategies seen in response to his leadership.
Challenges in Addressing Multifaceted Issues
The complexities surrounding Trump's presidency, including the strong reactions from both supporters and detractors, highlight the challenges in addressing multifaceted societal issues that go beyond traditional political norms. Navigating these complexities requires a nuanced approach that acknowledges diverse perspectives and underlying motivations.
What if everything we are taught in economics 101 is not only wrong, but may even be setting us up for populism, dictatorship or revolution? On this episode of the Portal, Eric is joined by renegade Economist Professor Timur Kuran whose theory of Preference Falsification appears to explain the world wide surge towards populism, and is now threatening to rewrite the core tenets of modern economics. This could well be the most important economist you’ve never heard of.
See omnystudio.com/listener for privacy information.
Remember Everything You Learn from Podcasts
