The Joe Walker Podcast

Sir Angus Deaton is a Nobel Prize-winning economist and coauthor of Deaths of Despair and the Future of Capitalism.Read the full transcript at: josephnoelwalker.com/deatonSee omnystudio.com/listener for privacy information.

David Sloan Wilson is an evolutionary biologist.Read the full transcript at: https://josephnoelwalker.com/atlashuggedSee omnystudio.com/listener for privacy information.

John Hempton is co-founder and Chief Investment Officer at Bronte Capital.Show notesSelected links Follow John: Blog | Twitter 'Approaches to Studying Policy Representation', paper by David Broockman 'Indebted Demand', paper by Atif Mian, Ludwig Straub and Amir Sufi Topics discussed Lessons from past market cycles. 4:51 Astarra-Trio. 10:43 Retail investors: Welcome to the party. 24:14 When John met Jim (Simons). 28:13 Can you predict market tops? 33:00 Are there any good reasons for believing this time really is different? 40:37 The Dunning-Kruger effect is everywhere. 52:18 A behavioural model of the coronavirus. 55:45 The illusion of the political centre. 1:10:19 How inequality may be distorting monetary policy, and vice versa. 1:23:00 SPAC attack. 1:26:03 The puzzle of Middleby. 1:31:15 Bull masturbating. 1:33:01 2020: a year of puzzles. 1:42:30 See omnystudio.com/listener for privacy information.

Gerd Gigerenzer is a German psychologist and director emeritus of the Center for Adaptive Behavior and Cognition at the Max Planck Institute for Human Development.See omnystudio.com/listener for privacy information.

David Hirshleifer is a professor of finance and currently holds the Merage chair in Business Growth at the University of California.See omnystudio.com/listener for privacy information.

Vernon Smith won the Nobel Prize in Economic Sciences in 2002. This is his second appearance on the show.See omnystudio.com/listener for privacy information.

Anne Goldgar is an historian and holds the Van Hunnick Chair in European History at the University of Southern California Dornsife.Show notesSelected links Follow Anne: Website | Twitter Tulipmania: Money, Honor, and Knowledge in the Dutch Golden, by Anne Goldgar See omnystudio.com/listener for privacy information.

Ed Glaeser is the Fred and Eleanor Glimp Professor of Economics at Harvard University.Show notesSelected links Follow Ed: Website 'A Nation Of Gamblers: Real Estate Speculation And American History', 2013 Ely Lecture by Ed Glaeser One Hundred Years Of Land Values In Chicago, by Homer Hoyt The Land Boomers, by Michael Cannon '25 years of housing trends' report by Aussie Home Loans Topics discussed A potted history of real estate speculation in the United States. 8:51 How would Ed describe the Great Convulsion of the 2000s to an alien observer? 13:40 Why is real estate well-suited to being a speculative asset? 16:04 If speculators aren't crazy, what are they? 17:00 Was the Great Convulsion primarily driven by credit availability? 20:44 What would a good Bayesian have thought in response to the 2000s housing market in the US? 22:23 Radical uncertainty and its implications for rationality in the context of housing markets. 24:06 Are extrapolative beliefs rational? 26:22 Are housing bubbles irrational? 29:51 See omnystudio.com/listener for privacy information.

Martha Olney is an economist and Teaching Professor in Berkeley's Economics Department.Show notesSelected links Follow Martha: Website | Twitter Buy Now, Pay Later: Advertising, Credit, and Consumer Durables in the 1920s, by Martha Olney Did Monetary Forces Cause the Great Depression, by Peter Temin Advertising the American Dream: Making Way for Modernity, 1920 – 1940, by Roland Marchand Traitor to his Class: The Privileged Life and Radical Presidency of Franklin Delano Roosevelt, by H. W. Brands 'The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis', paper by Atif Mian and Amir Sufi Topics discussed How did Martha become interested in the history of consumer credit? 3:28 The birth of consumer credit. 6:54 How consumer credit companies and advertisers midwifed a change in cultural attitudes regarding borrowing. 16:41 What is the relationship between the increase in inequality and the rise in consumer credit during the 1920s? 31:34 Political elites in the Great Depression versus the Great Recession. 47:35 How did studying the 1920s prepare Martha for the Great Recession? 54:58 If private debt is capitalism's Achilles Heel, what should we do about it? 57:54 See omnystudio.com/listener for privacy information.

Arlie Hochschild is one of the most influential sociologists of the 20th and 21st centuries.Show notesSelected links Follow Arlie: Website Strangers In Their Own Land, by Arlie Hochschild Power, Politics, and People, by C. Wright Mills 'Ayn Rand and Modern Politics', article by David Sloan Wilson Deaths of Despair and the Future of Capitalism, by Anne Case & Angus Deaton Topics discussed Arlie's childhood spread across the world. 5:08 How did C. Wright Mills influence Arlie? 8:34 Was sociology an easy career decision for Arlie? 11:20 When did Arlie decide she needed to write Strangers In Their Own Land? 12:54 Why is the Tea Party strongest in the southern states? 16:47 Why does the Tea Party love the atheist Ayn Rand? 25:14 What are 'deep stories'? 34:55 Taking the right's needs seriously. 42:07 Trump's power as an orator. 55:04 If the liberal elite failed to understand the white working class, how did a real estate magnate from Manhattan grock them so quickly? 1:03:10 Trump won 10.1 million more votes in 2020 than in 2016. What does that say about America today? 1:04:57 How can we learn to be more empathetic? 1:06:45 See omnystudio.com/listener for privacy information.