unSILOed with Greg LaBlanc

Linda Colley, history professor, and author discuss how constitutions borrowed from each other, the evolution of their purpose, and Britain's influence. They delve into historical context, global adoption, Ramahan Roy's vision for India, Latin American constitutions, and Brexit's impact on British identity.

Professor Jay Bhattacharya from Stanford Medical School and economics department discusses the ethical boundaries of public health compliance, the impact of lockdowns on global poverty, the lab leak theory's influence on global policy, and the unseen effects of the pandemic response on society.

How complex are the dynamics of employer-based insurance? Is the time ripe for a radical transformation towards universal basic healthcare—a move that could potentially curb the spiraling expenses and offer stable access to care?Amy Finkelstein is the John & Jennie S. MacDonald Professor of Economics at MIT and the author and co-author of several books including We've Got You Covered: Rebooting American Health Care andRisky Business: Why Insurance Markets Fail and What to Do About It.Greg and Amy discuss the truth behind America's healthcare conundrum. Amy peels back the layers of the nation's healthcare system, exposing the patchwork structure that's left millions without stable insurance and grappling with soaring costs. Amy lays out the progression of medical practices and the government's shifting role in health insurance. Greg asks about the effects of cost-sharing in systems with universal coverage, and they weigh the pros and cons of mandates versus automatic health insurance provision*unSILOed Podcast is produced by University FM.*Episode Quotes:Why did insurance get so highly insecure and highly uncertain?05:59: Almost everyone who's privately insured, which is about half the population as you said, is getting their insurance through their employer. And that actually can create a fair amount of this uncertainty, this insurance turnover. If you lose your job, change your job, retire, become ill (and therefore lose your job), you can lose your health insurance. And that's not a particularly sensible way to design a health insurance system. The very purpose of health insurance is to provide some modicum of economic and financial security in an insecure and uncertain world. So it's quite perverse from our perspective that health insurance is itself highly insecure and highly uncertain. And you asked, why did it get that way? I think because, there was never a "let's start with a clean slate and figure out how to build a coherent system" moment.The true purpose of universal health coverage48:15: We're arguing that we wouldn't have to raise taxes to provide universal basic coverage that fulfills sort of our commitment to access to essential medical care, regardless of resources. But we're not arguing, nor do I think it would be true, that this is actually going to save money. But again, this notion: when people advocate, we're going to do something to save money. So often, that's both a bit of a stretch, but it's also, I think, a bit of a distraction in the sense that the purpose of most policies is not to save money. It's to accomplish an objective, and we pay for that objective. We don't say we're having national defense to save money. We're having it to be secure. Similarly, the purpose of health insurance is not to save money; it's always nice if you do, but it's to ensure access to essential medical care, regardless of resources.Why do people find it hard to invest in preventive care?52:02: In general, there's a sense that it's hard to get people to take their statins to lower their cholesterol after a heart attack, even if those statins are free – so it's not about financing. And why? One of the theories is, well, you've got a lot going on in your life, and when you don't take the statin, there's no immediate feedback loop. You don't immediately have a heart attack. And so you don't see the benefit, and that makes it harder to remember…[52:48] Part of the reason it's hard to get people to invest in preventive care is because the returns are not so salient or obvious. You have to believe the evidence and remember it all the time, as opposed to seeing with your own eyes what's happening when you change your behavior.What does health insurance really mean?08:53: The term health insurance is a bit of a misnomer. Health insurance doesn't actually insure your health. It's not providing the fountain of youth. Instead, it provides economic or financial protection against the medical costs of poor health.Show Links:Recommended Resources:Gross Domestic ProductAn Act for the relief of sick and disabled seamenFriedrich HayekMassachusetts Health Care ReformCharles MurrayAlexander HamiltonAffordable Care ActGuest Profile:Faculty Profile at MITProfile on WikipediaProfile on NBERHer Work:Amazon Author PageWe've Got You Covered: Rebooting American Health CareRisky Business: Why Insurance Markets Fail and What to Do About ItMoral Hazard in Health InsuranceGoogle Scholar PageMIT Economics Publications List Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

While Charles Darwin’s theory of evolution is still the most widely accepted, it may be missing a key component: cooperation. And how can mathematical equations help us understand this fundamental piece of evolutionary biology? Martin Nowak is a professor of mathematics and biology at Harvard University. His books like, Evolutionary Dynamics: Exploring the Equations of Life and SuperCooperators: Altruism, Evolution, and Why We Need Each Other to Succeed use the intersection of mathematics and biology to delve deeper into our understanding of evolution theory. His latest book, Beyond, is an exploration of how mathematics and religion are intertwined.  Martin and Greg discuss the five mechanisms of cooperation including direct and indirect reciprocity, how game theory evolved from economics as a way to explain strategic decisions of humans, and the role of religion and spirituality in promoting cooperative norms.*unSILOed Podcast is produced by University FM.*Episode Quotes:To what extent is punishment necessary to keep cooperation going?27:38: ​​Punishment, if you really think about it, is a terrible idea. Because, in most cases, punishment is not done for any noble reason. In most cases, punishment is just an act of violence. And every well-ordered society absolutely wants to make sure that people don't take the law into their own hands — that they just don't punish others. This is, for me, the principle of a functioning society: that we do not punish each other. So, for me, cooperation often means to refrain from punishment. And punishment is a very dangerous weapon. And I think many people have actually understood that critique — that punishment between individuals is a bad idea. And then they are still out there to say that it could be more useful if punishment is done by institutions. But also here, I'm very cautious. Because institutions are also not necessarily the best players all the time. They are the powerful players, and they could also use it inappropriately. So, I think that punishment is extremely problematic.Does mathematics lead us to God?43:47: It is not true that science explains everything. And now you should pause and ask yourself, so there is something which is independent of science, which is deep truth, which is absolute truth, which is unchanging truth. Where does that live? You know, where is that actually, if it's not in the atoms, if it's not in this, in the material world? So, this leads us to mathematical platonism. So, for me, mathematics is a step toward spirituality. It's a step toward the divine, as you say. And so, does mathematics lead us to God? Yes. The answer is yes, in my opinion, because it leads to a platonic heaven. And that is already the step of God. Does biology lead to God? Yes. Also because, in biology, the best understanding of evolution is mathematical. And so again, you need mathematics in order to understand evolution.What is the mechanism of direct reciprocity?15:12: The idea here is that, yes, interactions are repeated, but not necessarily between the same two people. So, I might help somebody who is a complete stranger. Or, in my class, I often talk about the New York subway hero, this brave man who saved another person who fell in front of the train. And, sort of, this isn't really the beginning of a long, repeated game. So, the question is, why do we have this instinct that we want to help? Even if it is with somebody we don't know, presumably a direct interaction is unlikely. And here, the proposal is that this works because of reputation. So, you help somebody, and that gets you the reputation of a valuable member, which is a person who receives help. Or, you refuse help to somebody, and that then will earn you other refusals in the future.Transcending the ego to unveil the nameless self50:05: Once you start to love the divine, you treat people differently; it becomes embracing. And so, if you also start to learn the difference between the ego and the self, there's this shell, and we are enslaved by the shell. And this shell has a name. And that name—we want to make that name famous. Then, we are sad if other people are against us. But inside us, there is the self. And the self is nameless, and the self is untouchable. The self can only be touched by us, not by othersShow Links:Recommended Resources:Theory of Games and Economic Behavior by John von Neumann and Oskar MorgensternJohn Maynard SmithEvolutionary Games and Population Dynamics by Josef Hofbauer and Karl SigmundW. D. HamiltonNoam ChomskyWesley Autrey“Winners Don’t Punish” by Anna Dreber, David Rand, Drew Fudenberg, and Martin NowakError catastropheGuest Profile:Faculty Profile at Harvard UniversityProfessional WebsiteHis Work:Evolutionary Dynamics: Exploring the Equations of LifeSuperCooperators: Altruism, Evolution, and Why We Need Each Other to SucceedBeyondVirus dynamics: Mathematical principles of immunology and virologyEvolution, Games, and God: The Principle of Cooperation Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Robin Hanson, Professor of Economics, discusses hidden motives in human behavior with Greg LaBlanc. They explore the role of social norms in decision-making, the importance of signaling in conversations, and the true intentions behind our choices, challenging conventional views on consumer behavior.

Geoffrey West dives into the universal laws of growth, innovation, and sustainability across biology, cities, economies, and companies. Discusses scaling laws affecting heartbeats, city rhythms, and corporate lifespans. Explores how cell phone data uncovers city insights and network analysis, along with challenges in mapping growth patterns within companies. Reveals the evolution of metaphors into substantial frameworks bridging physics, biology, and economics.

Rebecca Homkes, a lecturer at London Business School and author, discusses reframing uncertainty as an opportunity for growth with Greg LaBlanc. They explore the importance of aligning agility with strategy, utilizing uncertainty to drive innovation, and the necessity of continuous learning and adaptability in navigating unpredictable business landscapes.

Leading experts in economics and law, Robert Cooter and Michael Gilbert, discuss the integration of law and economics, the impact of economic theories on public law, and how legal rules shape behavior and incentives. They delve into the role of economics in judicial contexts and the importance of understanding the intersection of economics and law for comprehensive societal development.

Ian Goldin, Oxford University Professor of Globalisation and Development, discusses the intertwined nature of global connectivity and the risks it poses. They explore modern urbanization trends and the challenges cities face, emphasizing the need for global cooperation and resilience. Ian leaves us inspired to adopt global stewardship in our daily lives, drawing lessons from working with Nelson Mandela.

Ilya Strebulaev, Professor of Private Equity at Stanford GSB, discusses the venture mindset with Greg. They explore how traditional corporate strategies are evolving, the role of venture capitalists in decision-making, contrarian investment decisions, and the convergence of institutional and corporate VCs.