Garett Jones, an economist at George Mason University and author of "10% Less Democracy," tackles provocative ideas about limiting democratic accountability. He argues against governance by bondholders and suggests reforms for more responsible democracy. The conversation spans the importance of econometric skills for risk-taking in policy-making, the evolution of collective intelligence, and even the underrated charm of French cuisine. He shares insights on the challenges facing the Mormon Church and how studying wine can surprisingly teach economic principles.
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insights INSIGHT
Bondholder Government
A government run by bondholders would prioritize profits over productivity, potentially leading to harmful policies.
They would focus on revenue and costs, possibly neglecting the well-being of the population.
insights INSIGHT
Voters vs. Experts
Voters may have better judgment than experts when academic indoctrination opposes reality.
This happens when elites promote ideas that the masses find implausible.
insights INSIGHT
Prosecutor Elections
Electing prosecutors incentivizes them to prioritize convictions over justice, appealing to short-term emotions.
This can lead to negative consequences driven by impulsive thinking.
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In *10% Less Democracy*, Garett Jones proposes reforms to political institutions that would reduce the scope of democracy while improving policy outcomes. He argues that certain elements of governance, such as independent central banks and longer political terms, can enhance decision-making by reducing short-term electoral pressures. Jones draws on his experience as a Senate staffer and macroeconomist to suggest practical adjustments, including giving more weight to educated voters and involving stakeholders with long-term interests.
Managerial Dilemmas
Gary J. Miller
In 'Managerial Dilemmas: The Political Economy of Hierarchy', Gary Miller explores the schism between traditional organizational behavior literature and organizational economics. He argues that while incentive systems based on self-interest cannot fully discipline organizational members, inspiring cooperation can give organizations a competitive advantage. Miller uses game theory to analyze cooperation and leadership in hierarchies, highlighting the importance of transcending short-term interests.
Second Night of Summer
Second Night of Summer
James Schmitz
Why is Garett Jones willing to write books about risky topics like the case for reducing democratic accountability? Is it the iconoclastic Mason econ culture? Supportive colleagues like Tyler? Those help, but what ultimately gives Garett peace of mind is that he’ll never have to go hungry because he has a broad and deep knowledge of econometric tools. It’s a skillset he recommends to all research economists precisely so they can take bigger risks in their careers—or at least be well-prepared to shape policy in an unelected position at a central bank.
Garett joined Tyler to discuss his book 10% Less Democracy, including why America shouldn’t be run by bondholders, what single reform would most effectively achieve more limited democracy, how markets shape cognitive skills, the three important P’s of the repeated prisoner’s dilemma, why French cuisine is still underrated, Buchanan vs. Tullock, Larry David vs. Seinfeld, the biggest mistake in Twitter macroeconomics, the biggest challenges facing the Mormon church, what studying to be a sommelier taught him about economics, the Garett Jones vision of America, and more.
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