Conversations with Tyler

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Celebrating Marginal Revolution's 20th Anniversary

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Aug 23, 2023

Guest

Ben Casnocha

Ben Casnocha, an influential entrepreneur and writer, joins the founders of Marginal Revolution to celebrate its 20th anniversary. They reflect on the blog's evolution and significant impact on economic discourse, especially during the Great Recession. The conversation spans the decline of independent blogs, the rise of social media, and the unique community forged through MR. They also share personal anecdotes about vaccine innovation during the pandemic and discuss the contrasting analytical styles between contributors, highlighting the blog's authentic engagement over two decades.

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Episode notes

insights

INSIGHT

Unexpected Reach

Online writing's reach has expanded significantly, exceeding Tyler Cowen's initial expectations for Marginal Revolution.
The blog was initially intended for a smaller academic audience, but it grew to reach a much broader readership.

question_answer

ANECDOTE

Rise of Pop Economics

Marginal Revolution's early success coincided with the rise of popular economics, including books like Freakonomics.
Alex Tabarrok recalls seeing Steven Levitt on the Daily Show, marking a shift in economics' public presence.

insights

INSIGHT

Strategic Timing

Marginal Revolution's consistent posting schedule contributes to its success.
Tyler Cowen strategically times posts, including some at 1 a.m. for European readers.

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The Power of Consistency in Design

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The Evolution of Marginal Revolution: 2008-2016

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The Dynamics of Online Commentary

24:01 • 7min

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Pandemic Impact and Vaccine Innovation

30:50 • 4min

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Contrasting Analytical Styles and Output Cadence

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Navigating Mixed Moods in Public Discourse

36:43 • 2min

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Reflections on Reading and Blogging

38:21 • 11min

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Evolving Influence: The Journey of Marginal Revolution

49:37 • 9min

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The General Theory of Employment, Interest and Money

John Maynard Keynes

Published in February 1936, 'The General Theory of Employment, Interest and Money' by John Maynard Keynes revolutionized economic thought by challenging the classical economic theories of his time. Keynes argued that total spending in an economy can fail to generate full employment if total savings exceed total investment. He introduced key concepts such as the 'Principle of Effective Demand,' liquidity preference, and the marginal efficiency of capital. The book emphasizes the importance of aggregate demand, the role of government in stabilizing the economy, and the interaction between monetary and real economic factors. Keynes's theories have had a profound impact on economic policy and continue to influence macroeconomic thought and policy to this day.

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Human action

A Treatise on Economics

Ludwig von Mises

Human Action is Ludwig von Mises' magnum opus, where he defends an a priori foundation for praxeology and methodological individualism. The book argues that the free-market economy outdistances any government-planned system and serves as the foundation of civilization. Mises explains complex market phenomena as the outcomes of countless conscious, purposive actions and choices of individuals. He critiques government attempts to regulate and control economic activities, emphasizing the futility and counter-productiveness of such interventions. The book is a systematic treatment of the whole body of social and economic relations, integrating various economic problems into a comprehensive system.

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How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better

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In 'The Great Stagnation,' Tyler Cowen posits that the American economy has enjoyed 'low-hanging fruit' since the seventeenth century, including free land, immigrant labor, and powerful new technologies. However, over the last forty years, these easy resources have disappeared, and the economy has failed to recognize this shift. Cowen argues that this has led to a technological plateau, resulting in stagnant median wages and distorted political discourse. He also discusses the impact of the internet and other computing technologies, which, despite their benefits, have not significantly raised material standards of living. The book offers a critical look at the causes of the 2008 financial crisis and suggests potential solutions, including a greater respect for scientific innovations that benefit humanity as a whole.

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Alexander Chee

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Freakonomics

A Rogue Economist Explores the Hidden Side of Everything

Andrea Montero Cusset

Steven D. Levitt

Stephen J. Dubner

Freakonomics is a collaboration between economist Steven D. Levitt and journalist Stephen J. Dubner that delves into the riddles of everyday life, from cheating and crime to parenting and sports. The book argues that economics is fundamentally the study of incentives and how people get what they want or need, especially when others want or need the same thing. It covers various topics such as the inner workings of a crack gang, the truth about real estate agents, and the secrets of the Ku Klux Klan, using forceful storytelling and wry insight to challenge conventional wisdom.

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Guns, germs, and steel

The Fates of Human Societies

Fabián Chueca

Jared DIAMOND

(MEI )DAI MENG DE (Diamond J. ) XIE YAN GUANG YI

In this book, Jared Diamond explains why Eurasian and North African civilizations have survived and conquered others. He argues that differences in societal development arise primarily from geographical causes. The book details how agricultural societies developed immunities to deadly diseases, advanced in technology, and formed centralized political structures, ultimately leading to the conquest of other societies. Diamond also discusses the impact of germs, domesticated animals, and environmental factors on human history.

When Alex Tabarrok and Tyler Cowen launched Marginal Revolution in August of 2003, they saw attracting a few thousand academic-minded readers as a runaway success. To their astonishment, the blog soon eclipsed that goal, and within a decade had become one of the most widely read economics blogs in the world. Just as remarkably, the blog maintained its relevance in its second decade, bringing in a new generation of readers without a dip in the pace or quality of the posts. As Alex and Tyler jest, only the onset of senility could possibly rein them in.

To mark MR's entrance into its third decade, long-time readers Ben Casnocha, Vitalik Buterin, and Jeff Holmes joined Alex and Tyler to talk about MR's legacy, including the golden age of blogging in the mid-2000s, the decline of independent blogs and the rise of social media, why Tyler usually has a post at 1 AM, the consistent design of the site, the peak of the blogosphere in the Great Recession, the robust community—and even marriage—forged through MR, the site's most underrated feature, Alex and Tyler's favorite commenters, how MR catalyzed separate real-world pandemic responses by each of them, the cessation of book clubs, Alex and Tyler's distinct writing style, iconic MR memes, what's happened to Tyrone, whether the site's popularity has tempted them into self-censoring, why it was Alex and Tyler who paired up amongst the other Mason econ bloggers, and more.

Read a full transcript enhanced with helpful links, or watch the full video.

Recorded August 5th, 2023.

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