HBR IdeaCast
A Brief History of 21st Century Economics
Jun 23, 2016
Tim Sullivan, co-author of 'The Inner Lives of Markets,' discusses the evolution of economics and the shift from general theories to understanding human interaction. They delve into auction theory and efficient allocation, and the impact of data-driven economics on individual privacy. The importance of understanding underlying ideas and having effective conversations is emphasized.
17:58
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Quick takeaways
- Efficiency in our economy has become a dominant principle, but it often overlooks other important values we may prioritize.
- The market for lemons showcases the challenges of resolving informational asymmetry in markets and the importance of efficient resource allocation.
Deep dives
The Idea for 'The Inner Lives of Markets' Book
The authors, Tim Sullivan and Ray Fissman, got the idea for 'The Inner Lives of Markets' book around 10 years ago when Tim came across a book on 20th-century physics discoveries. He thought it would be interesting to do the same with economics and started compiling a list of the most important papers in economics. They realized it was not just about the ideas but also about how those ideas have transformed the real world.
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