Cautionary Tales with Tim Harford
When the Robots Take Over... - Cautionary Questions
May 24, 2024
Jacob Goldstein, the witty host of "What's Your Problem?" and author of "Money: The True Story of a Made-Up Thing," joins Tim Harford for a captivating discussion. They explore whether winning the lottery truly brings happiness and delve into the economic implications of Bitcoin. The duo also tackles the future of work amid growing automation, considering Universal Basic Income as a possible solution. Plus, they reflect on the age-old conundrum of correlation versus causation, making complex topics both engaging and accessible.
39:37
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Quick takeaways
- Board games illustrate trading incentives and auction dynamics in economics.
- Distinguishing causation from correlation requires nuanced approaches and experimental methods.
Deep dives
Using Data in Auctions as an Economic Insight
Games like Settlers of Catan and Agricola shed light on the importance of trading mechanisms and auction design in economics. Settlers of Catan creates an active incentive for trading resources due to fluctuating availability and a penalty for not trading. Agricola cleverly employs a descending auction, resembling a Dutch auction, where the desirability of the prize increases over time, emphasizing the need to understand market dynamics in resource allocation.
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