title
Paul Krugman: Economics of Innovation, Automation, Safety Nets & UBI | Lex Fridman Podcast #67

description
Paul Krugman is a Nobel Prize winner in economics, professor at CUNY, and columnist at the New York Times. His academic work centers around international economics, economic geography, liquidity traps, and currency crises. This episode is presented by Cash App. Download it & use code "LexPodcast": Cash App (App Store): https://apple.co/2sPrUHe Cash App (Google Play): https://bit.ly/2MlvP5w PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ Full episodes playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4 Clips playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOeciFP3CBCIEElOJeitOr41 EPISODE LINKS: Paul Twitter: https://twitter.com/paulkrugman NY Times: https://www.nytimes.com/column/paul-krugman Arguing with Zombies (book): https://amzn.to/2RBZoSb OUTLINE: 0:00 - Introduction 3:44 - Utopia from an economics perspective 4:51 - Competition 6:33 - Well-informed citizen 7:52 - Disagreements in economics 9:57 - Metrics of outcomes 13:00 - Safety nets 15:54 - Invisible hand of the market 21:43 - Regulation of tech sector 22:48 - Automation 25:51 - Metric of productivity 30:35 - Interaction of the economy and politics 33:48 - Universal basic income 36:40 - Divisiveness of political discourse 42:53 - Economic theories 52:25 - Starting a system on Mars from scratch 55:11 - International trade 59:08 - Writing in a time of radicalization and Twitter mobs CONNECT: - Subscribe to this YouTube channel - Twitter: https://twitter.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/LexFridmanPage - Instagram: https://www.instagram.com/lexfridman - Medium: https://medium.com/@lexfridman - Support on Patreon: https://www.patreon.com/lexfridman

detail
{'title': 'Paul Krugman: Economics of Innovation, Automation, Safety Nets & UBI | Lex Fridman Podcast #67', 'heatmap': [{'end': 271.437, 'start': 224.151, 'weight': 1}], 'summary': "Paul krugman discusses economics, competition in healthcare, utopia, metrics for a just society, government services, automation's impact on farming jobs and productivity, public discourse in politics, challenging radical ideas in economics, knowledge investment, mars governance, complexity of international trade, and the impact of us-china trade on industries and workers, particularly in north carolina.", 'chapters': [{'end': 218.08, 'segs': [{'end': 23.779, 'src': 'embed', 'start': 0.109, 'weight': 0, 'content': [{'end': 8.073, 'text': 'The following is a conversation with Paul Krugman, Nobel Prize winner in economics, professor at CUNY, and columnist at the New York Times.', 'start': 0.109, 'duration': 7.964}, {'end': 15.896, 'text': 'His academic work centers around international economics, economic geography, liquidity traps, and currency crises.', 'start': 8.793, 'duration': 7.103}, {'end': 23.779, 'text': 'But he also is an outspoken writer and commentator on the intersection of modern-day politics and economics,', 'start': 16.656, 'duration': 7.123}], 'summary': 'Paul krugman, nobel prize winner, focuses on international economics, economic geography, liquidity traps, and currency crises.', 'duration': 23.67, 'max_score': 0.109, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg109.jpg'}, {'end': 117.934, 'src': 'embed', 'start': 90.391, 'weight': 1, 'content': [{'end': 93.113, 'text': 'the media personalities and the conspiracy theorists.', 'start': 90.391, 'duration': 2.722}, {'end': 101.12, 'text': 'Please listen, empathize, and allow yourself to explore ideas with curiosity and without judgment.', 'start': 94.054, 'duration': 7.066}, {'end': 102.945, 'text': 'and without derision.', 'start': 101.564, 'duration': 1.381}, {'end': 114.072, 'text': 'I will speak with many more economists and political thinkers trying to stay away from the political battles of the day and instead look at the long arc of history and the lessons it reveals.', 'start': 103.905, 'duration': 10.167}, {'end': 117.934, 'text': 'In this, I appreciate your patience and support.', 'start': 114.892, 'duration': 3.042}], 'summary': 'Podcast explores diverse perspectives with economists and political thinkers, emphasizing curiosity and understanding.', 'duration': 27.543, 'max_score': 90.391, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg90391.jpg'}, {'end': 189.389, 'src': 'embed', 'start': 160.055, 'weight': 2, 'content': [{'end': 165.901, 'text': 'with fractional share trading allowing you to buy $1 worth of a stock no matter what the stock price is.', 'start': 160.055, 'duration': 5.846}, {'end': 172.439, 'text': 'Brokered services are provided by Cash App Investing, a subsidiary of Square and member SIPC.', 'start': 166.735, 'duration': 5.704}, {'end': 178.142, 'text': 'Get Cash App from the App Store and Google Play and use the code LexPodcast.', 'start': 173.079, 'duration': 5.063}, {'end': 189.389, 'text': "You'll get $10 and Cash App will also donate $10 to FIRST one of my favorite organizations that is helping to advance robotics and STEM education for young people around the world.", 'start': 178.603, 'duration': 10.786}], 'summary': 'Cash app offers fractional share trading, allowing purchase of $1 worth of stock, with a $10 bonus and donation to first organization.', 'duration': 29.334, 'max_score': 160.055, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg160055.jpg'}], 'start': 0.109, 'title': 'Conversations and ai ads', 'summary': "Covers a conversation with paul krugman on economics and political discourse, emphasizing open-mindedness. it also discusses the introduction of ai-powered ads at the end of the podcast, featuring cash app's $10 bonus and donation offer, and the algorithmic marvel behind fractional share trading.", 'chapters': [{'end': 114.072, 'start': 0.109, 'title': 'Conversation with paul krugman', 'summary': "Highlights paul krugman's work in economics, his stance on political discourse, and the call for open-mindedness in exploring complex topics, urging listeners to approach ideas with empathy and curiosity.", 'duration': 113.963, 'highlights': ["Paul Krugman's academic work focuses on international economics, economic geography, liquidity traps, and currency crises.", 'He emphasizes the need to stay away from the emotional and self-assured certainty in political discourse in order to explore complex questions with open-mindedness.', 'The conversation urges listeners to approach discussions on government, automation, tech regulation, healthcare, guns, war, trade, and foreign policy with empathy and curiosity, avoiding judgment and derision.']}, {'end': 218.08, 'start': 114.892, 'title': 'Artificial intelligence podcast ads', 'summary': 'Discusses the introduction of ads at the end of the podcast, the features of cash app, and the concept of fractional share trading, highlighting the $10 bonus and donation offer, and the algorithmic marvel behind fractional share trading.', 'duration': 103.188, 'highlights': ['The show is presented by Cash App, the number one finance app in the App Store, allowing fractional share trading, enabling users to buy $1 worth of a stock no matter what the stock price is.', 'Using the code LexPodcast, users can get $10, and Cash App will also donate $10 to FIRST, an organization advancing robotics and STEM education for young people worldwide.', "The order execution algorithm behind Cash App's fractional share trading is an algorithmic marvel, abstracting away all the details of the underlying algorithm to provide a simple, effortless interface."]}], 'duration': 217.971, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg109.jpg', 'highlights': ["Paul Krugman's academic work focuses on international economics, economic geography, liquidity traps, and currency crises.", 'The conversation emphasizes the need to approach political discourse with open-mindedness, avoiding emotional certainty.', 'Cash App allows fractional share trading, enabling users to buy $1 worth of a stock no matter the stock price.']}, {'end': 471.241, 'segs': [{'end': 271.437, 'src': 'heatmap', 'start': 224.151, 'weight': 1, 'content': [{'end': 233.413, 'text': "What does a perfect world, a utopia, from an economics perspective look like? Wow, I don't really, I don't believe in perfection.", 'start': 224.151, 'duration': 9.262}, {'end': 240.338, 'text': 'I mean, somebody once said that his ideal was slightly imaginary Sweden.', 'start': 233.433, 'duration': 6.905}, {'end': 249.204, 'text': 'I mean I like an economy that has a really high safety net for people,', 'start': 240.358, 'duration': 8.846}, {'end': 258.113, 'text': "good environmental regulation and something that's kind of like Some of the better-run countries in the world,", 'start': 249.204, 'duration': 8.909}, {'end': 262.936, 'text': 'but with fixing all of the smaller things that are wrong with them.', 'start': 258.113, 'duration': 4.823}, {'end': 271.437, 'text': 'What about wealth distribution? Well, obviously, total equality is neither possible nor, I think, especially desirable.', 'start': 263.276, 'duration': 8.161}], 'summary': 'Ideal economy with high safety net, good environmental regulation, and improved wealth distribution.', 'duration': 47.286, 'max_score': 224.151, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg224151.jpg'}, {'end': 271.437, 'src': 'embed', 'start': 249.204, 'weight': 0, 'content': [{'end': 258.113, 'text': "good environmental regulation and something that's kind of like Some of the better-run countries in the world,", 'start': 249.204, 'duration': 8.909}, {'end': 262.936, 'text': 'but with fixing all of the smaller things that are wrong with them.', 'start': 258.113, 'duration': 4.823}, {'end': 271.437, 'text': 'What about wealth distribution? Well, obviously, total equality is neither possible nor, I think, especially desirable.', 'start': 263.276, 'duration': 8.161}], 'summary': 'Environmental regulation and wealth distribution are important for better-run countries, aiming for total equality is not feasible or desirable.', 'duration': 22.233, 'max_score': 249.204, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg249204.jpg'}, {'end': 342.821, 'src': 'embed', 'start': 291.183, 'weight': 1, 'content': [{'end': 299.525, 'text': 'What about competition? Do you see the value of competition? What may be its limits? Oh, competition is great when it can work.', 'start': 291.183, 'duration': 8.342}, {'end': 307.228, 'text': "I remember, I'm old enough to remember when there was only one phone company and there was..", 'start': 299.806, 'duration': 7.422}, {'end': 318.199, 'text': 'really limited choice and I think the arrival of multiple phone carriers and all that has actually been a really good thing,', 'start': 308.069, 'duration': 10.13}, {'end': 326.646, 'text': "and that's true across many areas, but not every industry is, not every activity is suitable for competition.", 'start': 318.199, 'duration': 8.447}, {'end': 331.128, 'text': "So there are some things like healthcare where competition actually doesn't work.", 'start': 326.726, 'duration': 4.402}, {'end': 335.47, 'text': "And so it's not one size fits all.", 'start': 331.408, 'duration': 4.062}, {'end': 336.551, 'text': "That's interesting.", 'start': 335.93, 'duration': 0.621}, {'end': 342.821, 'text': "Why does competition not work in healthcare? Oh, there's a long list.", 'start': 336.911, 'duration': 5.91}], 'summary': 'Competition can be valuable, but not suitable for all industries like healthcare.', 'duration': 51.638, 'max_score': 291.183, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg291183.jpg'}], 'start': 219.161, 'title': "Paul krugman's and competition in healthcare", 'summary': "Delves into paul krugman's views on a utopian economy, emphasizing the need for a high safety net, good environmental regulation, and addressing wealth inequality. it also discusses the value and limits of competition, highlighting its positive impact in the telecommunications industry and the reasons why it may not work in healthcare due to the lack of well-informed decision-making, and touches on the challenges of being well-informed in a world with an abundance of information.", 'chapters': [{'end': 290.242, 'start': 219.161, 'title': 'Paul krugman on utopian economics', 'summary': "Discusses paul krugman's views on a utopian economy, emphasizing the need for a high safety net, good environmental regulation, and addressing wealth inequality to create a society where everyone lives in the same material universe.", 'duration': 71.081, 'highlights': ['Paul Krugman envisions an economy with a high safety net and good environmental regulation, akin to the better-run countries, while addressing smaller issues (e.g., slightly imaginary Sweden).', 'Krugman advocates for a society where wealth distribution creates a material universe where nobody is hurting and everyone essentially lives in the same society.', "Krugman believes it's undesirable for people to be so wealthy that they're not in the same world as the rest of society."]}, {'end': 471.241, 'start': 291.183, 'title': 'Competition and healthcare', 'summary': 'Discusses the value and limits of competition, highlighting the positive impact of competition in the telecommunications industry and the reasons why it may not work in healthcare due to the lack of well-informed decision-making. it also touches on the challenges of being well-informed in a world with an abundance of information.', 'duration': 180.058, 'highlights': ['Competition has been beneficial in the telecommunications industry, bringing about increased choices and improved services. The arrival of multiple phone carriers has been a good thing and has led to increased choices.', 'Healthcare is not suitable for competition due to the lack of well-informed decision-making, as evidenced by the challenges of comparison shopping for major surgeries and the complexity of medical information. Healthcare fails to meet the criteria for effective competition, with the inability to comparison shop for major surgeries and the challenge of understanding complex medical information.', "The abundance of information in the world presents challenges, as some information may be untrue or too complex to understand, particularly in areas like healthcare where decision-making requires specialized knowledge. The world's abundance of information presents challenges, including the presence of untrue information and the complexity of medical knowledge, posing obstacles to well-informed decision-making."]}], 'duration': 252.08, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg219161.jpg', 'highlights': ['Krugman advocates for a society with a high safety net and good environmental regulation, akin to better-run countries.', 'Competition has been beneficial in the telecommunications industry, leading to increased choices and improved services.', 'Healthcare is not suitable for competition due to the lack of well-informed decision-making and the complexity of medical information.']}, {'end': 1184.005, 'segs': [{'end': 499.528, 'src': 'embed', 'start': 472.622, 'weight': 0, 'content': [{'end': 479.928, 'text': 'So, speaking about news and not being able to trust certain sources of information, how much disagreement is there about?', 'start': 472.622, 'duration': 7.306}, {'end': 487.313, 'text': 'I mentioned utopia perfection in the beginning, but how much disagreement is there about what utopia looks like?', 'start': 479.928, 'duration': 7.385}, {'end': 490.516, 'text': 'or is most of the disagreement simply about the path to get there?', 'start': 487.313, 'duration': 3.203}, {'end': 496.364, 'text': "Oh, I think there's two levels of disagreement.", 'start': 492.16, 'duration': 4.204}, {'end': 499.528, 'text': 'One, maybe not utopia, but justice.', 'start': 497.205, 'duration': 2.323}], 'summary': 'Disagreement about utopia and justice, path to get there.', 'duration': 26.906, 'max_score': 472.622, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg472622.jpg'}, {'end': 739.277, 'src': 'embed', 'start': 699.34, 'weight': 1, 'content': [{'end': 701.241, 'text': 'But life satisfaction, that varies quite a lot.', 'start': 699.34, 'duration': 1.901}, {'end': 715.564, 'text': "I think it's meaningful, if not too rigorous, to say look, according to polling, people in Denmark are pretty satisfied with their lives,", 'start': 703.582, 'duration': 11.982}, {'end': 718.745, 'text': 'and people in the United States not so much so.', 'start': 715.564, 'duration': 3.181}, {'end': 721.686, 'text': 'And of course, Sweden wins every time.', 'start': 719.585, 'duration': 2.101}, {'end': 723.466, 'text': 'No, actually Denmark wins these days.', 'start': 722.046, 'duration': 1.42}, {'end': 726.087, 'text': 'Denmark and Norway tend to win these days.', 'start': 724.326, 'duration': 1.761}, {'end': 727.327, 'text': "Sweden doesn't do badly, but..", 'start': 726.107, 'duration': 1.22}, {'end': 739.277, 'text': "None of these are perfect, but look, I think by and large, there's a bit of a pornography test.", 'start': 731.169, 'duration': 8.108}], 'summary': 'Life satisfaction varies by country: denmark leads, us lags, sweden also performs well.', 'duration': 39.937, 'max_score': 699.34, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg699340.jpg'}, {'end': 828.961, 'src': 'embed', 'start': 799.102, 'weight': 2, 'content': [{'end': 807.486, 'text': "The United States is the only place where citizens can actually fail to get basic health care because they can't afford it.", 'start': 799.102, 'duration': 8.384}, {'end': 811.268, 'text': "It's not hard to do.", 'start': 808.587, 'duration': 2.681}, {'end': 812.609, 'text': "Everybody else does it, but we don't.", 'start': 811.328, 'duration': 1.281}, {'end': 816.411, 'text': "We've gotten a little bit better at it than we were, but still, that's a big deal.", 'start': 813.169, 'duration': 3.242}, {'end': 824.697, 'text': 'We have remarkably weak support for children.', 'start': 817.632, 'duration': 7.065}, {'end': 828.961, 'text': 'Most countries have substantial safety.', 'start': 825.798, 'duration': 3.163}], 'summary': 'Us lacks universal healthcare, weak child support, and limited safety', 'duration': 29.859, 'max_score': 799.102, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg799102.jpg'}, {'end': 970.205, 'src': 'embed', 'start': 940.951, 'weight': 3, 'content': [{'end': 943.652, 'text': 'So the United States actually probably pays a price.', 'start': 940.951, 'duration': 2.701}, {'end': 953.195, 'text': "We're harsh, we're cruel, and we actually make ourselves poorer as a society, not just the individuals, by being so harsh and cruel.", 'start': 944.432, 'duration': 8.763}, {'end': 956.301, 'text': 'Okay, so invisible hand, Smith.', 'start': 954.321, 'duration': 1.98}, {'end': 957.642, 'text': 'Where does that fit in??', 'start': 956.782, 'duration': 0.86}, {'end': 970.205, 'text': 'The power of just people acting selfishly and somehow everything taking care of itself to where the economy grows.', 'start': 957.862, 'duration': 12.343}], 'summary': 'Harsh us policies make society poorer, not just individuals. selfish actions may not ensure economic growth.', 'duration': 29.254, 'max_score': 940.951, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg940951.jpg'}, {'end': 1075.493, 'src': 'embed', 'start': 1046.906, 'weight': 4, 'content': [{'end': 1058.89, 'text': 'So having a society which is kind of three quarters invisible hand and one quarter visible hand seems to be something on.', 'start': 1046.906, 'duration': 11.984}, {'end': 1062.91, 'text': 'that order seems to be the balance that works best.', 'start': 1058.89, 'duration': 4.02}, {'end': 1069.272, 'text': "You don't want to romanticize or make something mystical out of it.", 'start': 1064.151, 'duration': 5.121}, {'end': 1075.493, 'text': 'This is one way to organize stuff that happens to have broad but not universal application.', 'start': 1069.952, 'duration': 5.541}], 'summary': 'A society with 3/4 invisible hand and 1/4 visible hand seems to be the optimal balance for organizing with broad but not universal application.', 'duration': 28.587, 'max_score': 1046.906, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1046906.jpg'}], 'start': 472.622, 'title': 'Utopia, metrics, and us safety net', 'summary': 'Explores the disagreement on utopia and metrics for a just society, including the dispute about outcomes and legitimate room for disagreement on economic policies. it also discusses the shortcomings of the us safety net, emphasizing the impact on societal well-being and the importance of finding a balance between the invisible hand and visible hand in societal organization.', 'chapters': [{'end': 727.327, 'start': 472.622, 'title': 'Disagreement on utopia and metrics for just society', 'summary': 'Explores the disagreement about the concept of utopia and the metrics for a just society, including the dispute about outcomes and the legitimate room for disagreement on economic policies and their impact on society.', 'duration': 254.705, 'highlights': ['The chapter discusses the two levels of disagreement about what utopia looks like, with a focus on the path to get there and the concept of a just society, highlighting the dispute about outcomes and process (Rawlsian vs. coercion-based view).', 'The speaker emphasizes the range of legitimate dispute regarding economic policies and their impact, such as the level of influence of incentives and the effects of a stronger safety net, indicating a strong view that points to conclusions considerably to the left of most politicians.', 'The chapter delves into the metrics for assessing the well-being of a society, including indicators like income inequality, median family income, poverty rates, life expectancy, and life satisfaction, highlighting the meaningfulness of life satisfaction as a measure and the variations between different countries like Denmark, the United States, and Sweden.']}, {'end': 1184.005, 'start': 731.169, 'title': 'Us safety net and economic health', 'summary': 'Discusses the shortcomings of the safety net in the united states, including lack of universal healthcare and support for children, and its impact on societal well-being and economic health, emphasizing the importance of finding a balance between the invisible hand and visible hand in societal organization.', 'duration': 452.836, 'highlights': ["The United States is the only place where citizens can actually fail to get basic health care because they can't afford it. Highlighting the lack of universal healthcare in the United States, emphasizing the unique and concerning issue of citizens not being able to access basic healthcare due to financial constraints.", 'We have remarkably weak support for children. Most countries have substantial safety. Parents of young children get much more support elsewhere. They get often nothing in the U.S. Pointing out the significant lack of support for children in the US compared to other countries, highlighting the disparity in safety net provisions for parents of young children.', "The United States actually probably pays a price. We're harsh, we're cruel, and we actually make ourselves poorer as a society, not just the individuals, by being so harsh and cruel. Emphasizing the negative societal and economic consequences of the harshness and cruelty in the US, suggesting that the country pays a price for its lack of adequate care for its citizens.", 'So having a society which is kind of three quarters invisible hand and one quarter visible hand seems to be something on that order seems to be the balance that works best. Addressing the need for a balance between the invisible hand and visible hand in societal organization, suggesting that a society with a certain mix of market forces and government intervention appears to be most effective.']}], 'duration': 711.383, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg472622.jpg', 'highlights': ['The chapter explores the disagreement on utopia and metrics for a just society, emphasizing the dispute about outcomes and legitimate room for disagreement on economic policies.', 'It delves into the metrics for assessing the well-being of a society, highlighting the meaningfulness of life satisfaction as a measure and the variations between different countries like Denmark, the United States, and Sweden.', "The United States is the only place where citizens can actually fail to get basic health care because they can't afford it, emphasizing the lack of universal healthcare in the United States.", 'The chapter emphasizes the negative societal and economic consequences of the harshness and cruelty in the US, suggesting that the country pays a price for its lack of adequate care for its citizens.', 'Addressing the need for a balance between the invisible hand and visible hand in societal organization, suggesting that a society with a certain mix of market forces and government intervention appears to be most effective.']}, {'end': 1497.643, 'segs': [{'end': 1284.808, 'src': 'embed', 'start': 1208.55, 'weight': 0, 'content': [{'end': 1213.474, 'text': 'I mean, government does health insurance pretty well.', 'start': 1208.55, 'duration': 4.924}, {'end': 1216.857, 'text': 'So much so I mean, given our anti-government bias.', 'start': 1214.455, 'duration': 2.402}, {'end': 1221.12, 'text': "it really is true that there are people out there saying don't let the government get its hands on Medicare.", 'start': 1216.857, 'duration': 4.263}, {'end': 1230.029, 'text': 'So people actually love the government health insurance program far more than they love private health insurance.', 'start': 1223.763, 'duration': 6.266}, {'end': 1233.172, 'text': 'Basic education.', 'start': 1232.191, 'duration': 0.981}, {'end': 1239.759, 'text': 'It turns out that your local public high school is the right place.', 'start': 1235.054, 'duration': 4.705}, {'end': 1242.641, 'text': 'to have students trained,', 'start': 1240.74, 'duration': 1.901}, {'end': 1257.526, 'text': 'and certainly for-profit education is by and large a nightmare of rip-offs and grift and people not getting what they thought they were paying for.', 'start': 1242.641, 'duration': 14.885}, {'end': 1261.509, 'text': "um, it's a judgment case and it's funny.", 'start': 1258.506, 'duration': 3.003}, {'end': 1262.069, 'text': 'there are things.', 'start': 1261.509, 'duration': 0.56}, {'end': 1264.371, 'text': 'i mean everybody talks.', 'start': 1262.069, 'duration': 2.302}, {'end': 1267.654, 'text': "there's a talks about the, the dmv as being.", 'start': 1264.371, 'duration': 3.283}, {'end': 1269.656, 'text': 'you know, how do you want the economy?', 'start': 1267.654, 'duration': 2.002}, {'end': 1273.399, 'text': 'and actually my experience is that the dmv have always been positive.', 'start': 1269.656, 'duration': 3.743}, {'end': 1281.306, 'text': "maybe i'm just going to the right dmvs, but uh, in fact that a lot of government works pretty well, so it you'd have to you.", 'start': 1273.399, 'duration': 7.907}, {'end': 1284.808, 'text': 'To some extent you can do these things on a priori grounds.', 'start': 1281.906, 'duration': 2.902}], 'summary': 'Government health insurance preferred over private. public education better than for-profit. positive experiences with government services.', 'duration': 76.258, 'max_score': 1208.55, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1208550.jpg'}, {'end': 1339.623, 'src': 'embed', 'start': 1306.258, 'weight': 3, 'content': [{'end': 1309.198, 'text': 'What do you think works for tech??', 'start': 1306.258, 'duration': 2.94}, {'end': 1311.578, 'text': 'Is it more regulation or less regulation??', 'start': 1309.318, 'duration': 2.26}, {'end': 1316.139, 'text': 'There are some things that need more regulation.', 'start': 1312.659, 'duration': 3.48}, {'end': 1328.781, 'text': "We're finding out that the world of social media is one in which competitive forces aren't working very well,", 'start': 1316.439, 'duration': 12.342}, {'end': 1332.182, 'text': "and trusting the companies to regulate themselves isn't working very well.", 'start': 1328.781, 'duration': 3.401}, {'end': 1339.623, 'text': "But I'm on the whole a tech skeptic, not in the sense that I think the tech doesn't work and it doesn't do stuff,", 'start': 1333.402, 'duration': 6.221}], 'summary': 'Tech industry needs more regulation for social media due to lack of competitive forces and ineffective self-regulation.', 'duration': 33.365, 'max_score': 1306.258, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1306258.jpg'}, {'end': 1465.987, 'src': 'embed', 'start': 1414.639, 'weight': 4, 'content': [{'end': 1421.227, 'text': "There's really reduced demand for translators because machine translation ain't perfect, but it ain't bad.", 'start': 1414.639, 'duration': 6.588}, {'end': 1425.914, 'text': 'There are some kinds of things that are changed, but..', 'start': 1422.849, 'duration': 3.065}, {'end': 1435.497, 'text': "It's not, overall productivity growth has actually been slow in recent years.", 'start': 1429.531, 'duration': 5.966}, {'end': 1439.281, 'text': "It's been much slower than in some past periods.", 'start': 1435.918, 'duration': 3.363}, {'end': 1442.685, 'text': 'So the idea that automation is taking away all the jobs.', 'start': 1439.802, 'duration': 2.883}, {'end': 1448.811, 'text': "the counterpart would be that we would be able to produce stuff with many fewer workers than before, and that's not happening.", 'start': 1442.685, 'duration': 6.126}, {'end': 1451.354, 'text': 'There are a few isolated sectors.', 'start': 1449.352, 'duration': 2.002}, {'end': 1454.897, 'text': 'There are some kinds of of of jobs that that are going away.', 'start': 1451.374, 'duration': 3.523}, {'end': 1456.318, 'text': 'But that keeps on happening.', 'start': 1454.917, 'duration': 1.401}, {'end': 1465.987, 'text': 'I mean, the New York City used to have thousands and thousands of longshoremen taking stuff off off ships and putting them on ships.', 'start': 1456.419, 'duration': 9.568}], 'summary': "Machine translation hasn't reduced demand for translators overall. automation hasn't significantly increased productivity growth or reduced workforce in many sectors.", 'duration': 51.348, 'max_score': 1414.639, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1414639.jpg'}], 'start': 1184.645, 'title': "Government's success in services and tech, regulation, and automation impacts", 'summary': 'Discusses the success of government in providing health insurance and basic education, emphasizing public preference for government health insurance and the effectiveness of public high schools. it also addresses the need for more regulation in the tech industry and the exaggerated fear of job loss due to automation, highlighting slow productivity growth in recent years.', 'chapters': [{'end': 1284.808, 'start': 1184.645, 'title': "Government's success in services", 'summary': "Discusses the success of government in providing health insurance and basic education, highlighting the public's preference for government health insurance and the effectiveness of public high schools, despite negative perceptions of the government overall.", 'duration': 100.163, 'highlights': ['Government is successful in providing health insurance, with people preferring the government health insurance program over private options.', 'Public high schools are effective for student training, contrasting with the negative aspects of for-profit education.', 'Contrary to the negative perception of the government, the DMV experiences have been positive, indicating that many government services work well.']}, {'end': 1497.643, 'start': 1284.868, 'title': 'Tech, regulation, and automation impacts', 'summary': 'Discusses the effectiveness of market handling in healthcare and education, the need for more regulation in the tech industry, and the exaggerated fear of job loss due to automation, emphasizing that productivity growth has been slow in recent years.', 'duration': 212.775, 'highlights': ['The world of social media is experiencing a lack of competitive forces, necessitating more regulation.', 'The idea of living through greater technological change than ever before is an illusion, as there have been ongoing ethical shifts and changes in the nature of work since the Industrial Revolution.', 'Productivity growth has been slow in recent years, indicating that the fear of automation taking away all jobs is exaggerated.', 'The automation of certain tasks, such as translation, has reduced demand for specific jobs, but overall productivity growth has not led to a significant decrease in the workforce.', 'The example of longshoremen in New York City highlights how occupations change and adapt over time, showing that coping and moving on is a recurring process.']}], 'duration': 312.998, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1184645.jpg', 'highlights': ['People prefer government health insurance over private options.', 'Public high schools are effective for student training.', 'The DMV experiences have been positive, indicating that many government services work well.', 'Social media lacks competitive forces, necessitating more regulation.', 'Productivity growth has been slow in recent years, indicating that the fear of automation taking away all jobs is exaggerated.', 'Occupations change and adapt over time, showing that coping and moving on is a recurring process.']}, {'end': 2195.092, 'segs': [{'end': 1545.775, 'src': 'embed', 'start': 1497.663, 'weight': 0, 'content': [{'end': 1505.906, 'text': 'I mean, farmers, we used to be a nation which was mostly farmers, there are now, very few farmers left.', 'start': 1497.663, 'duration': 8.243}, {'end': 1511.492, 'text': "And the reason is not that we've stopped eating.", 'start': 1507.308, 'duration': 4.184}, {'end': 1516.677, 'text': "it's that farming has become so efficient that we don't need a lot of farmers, and we coped with that too.", 'start': 1511.492, 'duration': 5.185}, {'end': 1522.823, 'text': "So the idea that there's something qualitatively different about what's happening now so far isn't true.", 'start': 1516.757, 'duration': 6.066}, {'end': 1530.267, 'text': "So, yeah, your intuition is there is going to be a loss of jobs, but it's just the thing that just continues.", 'start': 1524.404, 'duration': 5.863}, {'end': 1533.089, 'text': "There's nothing qualitatively different about this moment.", 'start': 1530.587, 'duration': 2.502}, {'end': 1536.99, 'text': 'Some jobs will be lost, others will be created, as has always been the case so far.', 'start': 1533.149, 'duration': 3.841}, {'end': 1538.851, 'text': "Maybe there's a singularity.", 'start': 1537.651, 'duration': 1.2}, {'end': 1545.775, 'text': "Maybe there's a moment when the machines get smarter than we are and SkyTech kills us all, or something right?", 'start': 1538.911, 'duration': 6.864}], 'summary': 'Farming has become efficient, leading to fewer farmers. job loss is ongoing, not unique.', 'duration': 48.112, 'max_score': 1497.663, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1497663.jpg'}, {'end': 1621.998, 'src': 'embed', 'start': 1590.377, 'weight': 4, 'content': [{'end': 1594.26, 'text': "But it's a reasonable measure of how much the economy is producing.", 'start': 1590.377, 'duration': 3.883}, {'end': 1595.521, 'text': 'Sorry to interrupt.', 'start': 1594.34, 'duration': 1.181}, {'end': 1597.102, 'text': 'Is it goods and services? Goods and services.', 'start': 1595.561, 'duration': 1.541}, {'end': 1597.702, 'text': "It's everything.", 'start': 1597.162, 'duration': 0.54}, {'end': 1604.647, 'text': 'Productivity is you divide that total output by the number of hours worked.', 'start': 1598.623, 'duration': 6.024}, {'end': 1611.692, 'text': "So we're basically asking how much stuff does the average worker produce in an hour of work.", 'start': 1605.427, 'duration': 6.265}, {'end': 1621.998, 'text': "And if you're seeing really rapid technological progress, then you'd expect to see productivity rising at a rapid clip, which we did.", 'start': 1612.552, 'duration': 9.446}], 'summary': "Productivity measures economy's total output per hour worked, rising with technological progress.", 'duration': 31.621, 'max_score': 1590.377, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1590377.jpg'}, {'end': 1670.316, 'src': 'embed', 'start': 1641.089, 'weight': 5, 'content': [{'end': 1642.57, 'text': "It's not impressive right now.", 'start': 1641.089, 'duration': 1.481}, {'end': 1647.915, 'text': "You're just not seeing an epical shift in the economy.", 'start': 1644.372, 'duration': 3.543}, {'end': 1651.519, 'text': 'So let me then ask you about the psychology of blaming automation.', 'start': 1647.935, 'duration': 3.584}, {'end': 1655.763, 'text': 'A few months ago you wrote in the New York Times quote.', 'start': 1652.179, 'duration': 3.584}, {'end': 1660.848, 'text': 'the other day, I found myself, as I often do, at a conference discussing lagging wages and soaring inequality.', 'start': 1655.763, 'duration': 5.085}, {'end': 1663.35, 'text': 'There was a lot of interesting discussion,', 'start': 1661.648, 'duration': 1.702}, {'end': 1670.316, 'text': 'but one thing that struck me was how many of the participants just assumed that robots are a big part of the problem,', 'start': 1663.35, 'duration': 6.966}], 'summary': 'Economy lacks significant change; blaming automation for wage inequality and lagging wages.', 'duration': 29.227, 'max_score': 1641.089, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1641089.jpg'}, {'end': 1942.898, 'src': 'embed', 'start': 1915.483, 'weight': 6, 'content': [{'end': 1925.146, 'text': "Our retirement system is one of the better ones, but the point is that there's a huge amount of political choice involved in the shape of the economy.", 'start': 1915.483, 'duration': 9.663}, {'end': 1927.712, 'text': 'So what is a welfare state?', 'start': 1926.331, 'duration': 1.381}, {'end': 1938.596, 'text': 'Welfare state is the old term, but it basically refers to all the programs that are there to mitigate, if you like,', 'start': 1928.952, 'duration': 9.644}, {'end': 1942.898, 'text': 'the risks and injustices of the market economy.', 'start': 1938.596, 'duration': 4.302}], 'summary': 'Retirement system is good, but political choices impact economy; welfare state mitigates market risks and injustices.', 'duration': 27.415, 'max_score': 1915.483, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1915483.jpg'}], 'start': 1497.663, 'title': 'Impact of automation on farming jobs and productivity', 'summary': "Discusses the decrease in farming jobs due to automation, emphasizing historical job transformations. it also explores misconceptions about automation's impact on productivity and the role of political decisions in shaping the economy, highlighting productivity metrics, psychological aspects, and influence on wages.", 'chapters': [{'end': 1545.775, 'start': 1497.663, 'title': 'Impact of automation on farming jobs', 'summary': 'Discusses the impact of automation on farming jobs, highlighting the decrease in the number of farmers due to increased efficiency, and emphasizes that the current situation is not qualitatively different from past job transformations.', 'duration': 48.112, 'highlights': ['Farming has become so efficient that there are now very few farmers left.', 'The decrease in the number of farmers is not due to a lack of demand for food, but rather the efficiency of farming methods.', 'The current situation of job transformation is not qualitatively different from previous occurrences.', 'There is a continuous cycle of job loss and creation, as has always been the case so far.']}, {'end': 2195.092, 'start': 1546.635, 'title': 'Productivity and automation impact', 'summary': 'Discusses the impact of technological progress on productivity, the misconceptions around blaming automation for economic challenges, and the role of political decisions in shaping the economy, with a focus on the productivity metric, the psychology of blaming automation, and the influence of political decisions on wages and the economy.', 'duration': 648.457, 'highlights': ["The chapter delves into the concept of productivity, highlighting its measurement as the economy's total production divided by the number of hours worked, with historical data showing a rapid rise post-World War II, followed by fluctuations and a current lack of significant progress. Productivity is measured as the economy's total production divided by the number of hours worked, with post-World War II data showing a 2% annual rise, followed by fluctuations and a current lack of significant progress.", 'The discussion addresses the psychological tendency to blame automation for economic challenges, attributing it to the visibility of certain technological advancements and the inclination to seek grand explanations for macroeconomic issues, while underscoring the role of political decisions in impacting wages and the collapse of the union movement. The psychological tendency to blame automation for economic challenges is attributed to the visibility of certain technological advancements and the inclination to seek grand explanations for macroeconomic issues, while underscoring the role of political decisions in impacting wages and the collapse of the union movement.', 'The chapter emphasizes the significant influence of political decisions on the economy, citing examples of different political choices in advanced countries and their impact on the shape of the economy, while advocating for the understanding of the welfare state as a mechanism to mitigate the risks and injustices of the market economy. The significant influence of political decisions on the economy is emphasized, with examples of different political choices in advanced countries and their impact on the shape of the economy, while advocating for the understanding of the welfare state as a mechanism to mitigate the risks and injustices of the market economy.']}], 'duration': 697.429, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg1497663.jpg', 'highlights': ['Farming has become so efficient that there are now very few farmers left.', 'The decrease in the number of farmers is not due to a lack of demand for food, but rather the efficiency of farming methods.', 'The current situation of job transformation is not qualitatively different from previous occurrences.', 'There is a continuous cycle of job loss and creation, as has always been the case so far.', "Productivity is measured as the economy's total production divided by the number of hours worked, with post-World War II data showing a 2% annual rise, followed by fluctuations and a current lack of significant progress.", 'The psychological tendency to blame automation for economic challenges is attributed to the visibility of certain technological advancements and the inclination to seek grand explanations for macroeconomic issues, while underscoring the role of political decisions in impacting wages and the collapse of the union movement.', 'The significant influence of political decisions on the economy is emphasized, with examples of different political choices in advanced countries and their impact on the shape of the economy, while advocating for the understanding of the welfare state as a mechanism to mitigate the risks and injustices of the market economy.']}, {'end': 2470.752, 'segs': [{'end': 2269.103, 'src': 'embed', 'start': 2219.834, 'weight': 0, 'content': [{'end': 2223.615, 'text': 'how do you assess the public discourse now in terms of politics?', 'start': 2219.834, 'duration': 3.781}, {'end': 2225.196, 'text': "We're in a fragmented world.", 'start': 2223.895, 'duration': 1.301}, {'end': 2227.777, 'text': 'More so than ever before.', 'start': 2226.016, 'duration': 1.761}, {'end': 2228.878, 'text': 'More so than ever before.', 'start': 2227.898, 'duration': 0.98}, {'end': 2231, 'text': 'So, at this point,', 'start': 2229.599, 'duration': 1.401}, {'end': 2245.712, 'text': 'the public discourse that you see if Fox News is your principal news source is very different from the one you get if you read The New York Times.', 'start': 2231, 'duration': 14.712}, {'end': 2256.539, 'text': "On the whole, my sense is that mainstream political reporting, policy reporting, is a not too great, but b better than it's ever been,", 'start': 2246.432, 'duration': 10.107}, {'end': 2263.341, 'text': 'because when i first got into the you know, the pundit business, it was just awful.', 'start': 2256.539, 'duration': 6.802}, {'end': 2269.103, 'text': 'lots of things just never got covered, and if things did get covered, it was always both sides.', 'start': 2263.341, 'duration': 5.762}], 'summary': 'Public discourse in politics is fragmented, with differing views based on news sources, but overall reporting has improved.', 'duration': 49.269, 'max_score': 2219.834, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2219834.jpg'}, {'end': 2325.203, 'src': 'embed', 'start': 2288.821, 'weight': 2, 'content': [{'end': 2296.045, 'text': 'And there are more people reporting, writing on policy issues who actually understand them than ever before.', 'start': 2288.821, 'duration': 7.224}, {'end': 2298.967, 'text': "So though, that's good.", 'start': 2298.046, 'duration': 0.921}, {'end': 2311.43, 'text': 'But I still I have how much the typical voter is actually informed unclear.', 'start': 2300.088, 'duration': 11.342}, {'end': 2325.203, 'text': "I mean, the the the Democratic debates I'm hoping that we finally get down to not having 27 people on the stage or whatever it is they have.", 'start': 2311.45, 'duration': 13.753}], 'summary': 'Increase in policy-savvy writers; voter knowledge unclear.', 'duration': 36.382, 'max_score': 2288.821, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2288821.jpg'}, {'end': 2398.738, 'src': 'embed', 'start': 2365.219, 'weight': 3, 'content': [{'end': 2366.22, 'text': 'What do we do with that??', 'start': 2365.219, 'duration': 1.001}, {'end': 2374.629, 'text': 'You know, is it possible that the people on the right are correct about what they currently believe??', 'start': 2366.943, 'duration': 7.686}, {'end': 2379.812, 'text': 'Is that kind of open-mindedness helpful??', 'start': 2377.07, 'duration': 2.742}, {'end': 2387.398, 'text': 'Or is this division long-term productive for us to sort of have this food fight??', 'start': 2380.773, 'duration': 6.625}, {'end': 2389.86, 'text': 'Well, trouble.', 'start': 2388.639, 'duration': 1.221}, {'end': 2398.738, 'text': "you have to confront is that there's a lot of stuff that just is false out there, but commands extensive political allegiance.", 'start': 2390.768, 'duration': 7.97}], 'summary': "Is open-mindedness helpful in considering others' beliefs, or is division productive?", 'duration': 33.519, 'max_score': 2365.219, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2365219.jpg'}, {'end': 2454.498, 'src': 'embed', 'start': 2424.758, 'weight': 4, 'content': [{'end': 2445.973, 'text': 'But I think there is a difference between economic views that are within the realm of we can actually have an interesting discussion and those that are just crank doctrines or things that are purely being disseminated because people are being paid to disseminate them.', 'start': 2424.758, 'duration': 21.215}, {'end': 2454.498, 'text': "So there are plenty of good, serious center-right economists that i'm happy to to talk to.", 'start': 2446.453, 'duration': 8.045}], 'summary': 'Distinguishing serious center-right economists for discussions.', 'duration': 29.74, 'max_score': 2424.758, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2424758.jpg'}], 'start': 2195.452, 'title': 'Public discourse in politics', 'summary': 'Delves into the fragmented nature of public discourse in politics, highlighting improvements in mainstream political reporting and the prevalence of differing narratives. it also discusses the challenges of navigating through misinformation and the need for substantive debates in the current state of political reporting.', 'chapters': [{'end': 2288.801, 'start': 2195.452, 'title': 'Assessing public discourse in politics', 'summary': 'Discusses the fragmented nature of public discourse in politics, with a mention of the improvement in mainstream political reporting, despite the existence of differing narratives from different news sources.', 'duration': 93.349, 'highlights': ['The public discourse in politics is fragmented, with significant differences in narratives from different news sources, such as Fox News and The New York Times.', 'Mainstream political reporting and policy reporting are considered not too great but better than before, with a noted improvement from the past when many important issues were not covered at all.', 'Previously, political reporting often had a bias towards presenting both sides of a story equally, leading to misleading headlines, but it has improved over time.', 'The chapter mentions the potential reconsideration of views on UBI if certain political events were to occur.']}, {'end': 2470.752, 'start': 2288.821, 'title': 'Media and political discourse', 'summary': 'Discusses the current state of political reporting and the challenge of navigating through misinformation and division in open-mindedness, highlighting the need for substantive debates and the prevalence of false information.', 'duration': 181.931, 'highlights': ['The increase in people reporting and writing on policy issues who understand them is noted, although the level of voter information remains unclear.', 'The Democratic debates are described as reasonably substantive, but there is still a prevalence of theater criticism instead of actual analysis.', 'The challenge of navigating through misinformation and division in open-mindedness is highlighted, questioning the long-term productivity of the current division in political discourse.', 'The prevalence of false information in political allegiance is pointed out, emphasizing the need to differentiate between economic views for meaningful discussions and crank doctrines.', 'The author expresses the willingness to engage with serious center-right economists but criticizes the Trump administration and Republicans in congress for favoring cranks over credible experts.']}], 'duration': 275.3, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2195452.jpg', 'highlights': ['The public discourse in politics is fragmented, with significant differences in narratives from different news sources.', 'Mainstream political reporting and policy reporting have improved over time, with a noted improvement from the past when many important issues were not covered at all.', 'The increase in people reporting and writing on policy issues who understand them is noted, although the level of voter information remains unclear.', 'The challenge of navigating through misinformation and division in open-mindedness is highlighted, questioning the long-term productivity of the current division in political discourse.', 'The prevalence of false information in political allegiance is pointed out, emphasizing the need to differentiate between economic views for meaningful discussions and crank doctrines.']}, {'end': 2993.424, 'segs': [{'end': 2545.591, 'src': 'embed', 'start': 2496.784, 'weight': 0, 'content': [{'end': 2503.929, 'text': "I'm just sort of curious about how open we should be to ideas that seem radical.", 'start': 2496.784, 'duration': 7.145}, {'end': 2510.194, 'text': 'Radical ideas is fine, but then you have to ask is there some basis for the radicalism??', 'start': 2505.37, 'duration': 4.824}, {'end': 2522.046, 'text': "And if it's something that is not grounded in anything, And particularly, by the way,", 'start': 2511.275, 'duration': 10.771}, {'end': 2525.046, 'text': "if it's something that's been refuted by evidence again and again,", 'start': 2522.046, 'duration': 3}, {'end': 2535.749, 'text': "and people just keep saying if it's a zombie idea and there's a lot of those out there then there comes a point when it's not worth trying to fake respect for it.", 'start': 2525.046, 'duration': 10.703}, {'end': 2536.409, 'text': 'I see.', 'start': 2536.189, 'duration': 0.22}, {'end': 2541.89, 'text': "So through the scientific process, you've shown that this idea does not hold water.", 'start': 2536.449, 'duration': 5.441}, {'end': 2545.591, 'text': 'I like the idea of zombie ideas, but they live on through..', 'start': 2541.91, 'duration': 3.681}], 'summary': 'Assess radical ideas grounded in evidence; discard zombie ideas.', 'duration': 48.807, 'max_score': 2496.784, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2496784.jpg'}, {'end': 2653.028, 'src': 'embed', 'start': 2625.134, 'weight': 3, 'content': [{'end': 2631.197, 'text': 'It said, under these circumstances, printing money will not be inflationary.', 'start': 2625.134, 'duration': 6.063}, {'end': 2635.6, 'text': 'Running big budget deficits will not cause a rise in interest rates.', 'start': 2631.658, 'duration': 3.942}, {'end': 2642.685, 'text': 'Slashing government spending austerity policies will lead to depressions if tried.', 'start': 2636.441, 'duration': 6.244}, {'end': 2648.406, 'text': 'Other people had exactly the opposite predictions.', 'start': 2644.605, 'duration': 3.801}, {'end': 2653.028, 'text': 'And we got a fairly robust test, and one theory won.', 'start': 2649.027, 'duration': 4.001}], 'summary': "Printing money not inflationary, deficits won't raise interest rates, austerity leads to depressions, one theory won.", 'duration': 27.894, 'max_score': 2625.134, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2625134.jpg'}, {'end': 2713.823, 'src': 'embed', 'start': 2683.531, 'weight': 4, 'content': [{'end': 2689.054, 'text': 'What theories of economics is there currently a lot of disagreement about, would you say? Oh.', 'start': 2683.531, 'duration': 5.523}, {'end': 2696.677, 'text': "First of all, there's just a lot less disagreement, really, among serious researchers in economics than people imagine.", 'start': 2691.035, 'duration': 5.642}, {'end': 2698.718, 'text': 'We can track that.', 'start': 2697.357, 'duration': 1.361}, {'end': 2707.601, 'text': 'The Chicago Booth School has a panel, an ideologically diverse panel, and they regularly pose questions.', 'start': 2698.758, 'duration': 8.843}, {'end': 2713.823, 'text': "And on most things, there's a huge, there's remarkable consensus.", 'start': 2707.781, 'duration': 6.042}], 'summary': 'In economics, there is less disagreement among serious researchers than commonly perceived, with a remarkable consensus on most issues.', 'duration': 30.292, 'max_score': 2683.531, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2683531.jpg'}, {'end': 2885.136, 'src': 'embed', 'start': 2851.723, 'weight': 2, 'content': [{'end': 2859.156, 'text': "but it's something like 70 to 80% of the growth in per capita income is is basically the advance of knowledge.", 'start': 2851.723, 'duration': 7.433}, {'end': 2862.559, 'text': "It's not just the crude accumulation of capital.", 'start': 2859.657, 'duration': 2.902}, {'end': 2865.461, 'text': 'It is the fact that we get smarter.', 'start': 2862.619, 'duration': 2.842}, {'end': 2871.205, 'text': 'A lot of that, by the way, is more prosaic kinds of technology.', 'start': 2866.362, 'duration': 4.843}, {'end': 2885.136, 'text': 'I like to talk about things like containerization or, in an earlier period, the invention of the flat pack cardboard box.', 'start': 2873.427, 'duration': 11.709}], 'summary': '70-80% of per capita income growth is due to advance of knowledge, not just capital accumulation. includes prosaic technology like containerization.', 'duration': 33.413, 'max_score': 2851.723, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2851723.jpg'}], 'start': 2470.752, 'title': 'Challenging radical ideas in economics and testable theories', 'summary': "Discusses critically evaluating radical ideas in economics, potential harm of perpetuating 'zombie ideas', testability of economics theories with robust tests and consensus among economists, and the significance of technological innovation for economic growth.", 'chapters': [{'end': 2571.682, 'start': 2470.752, 'title': 'Challenging radical ideas in economics', 'summary': "Discusses the importance of critically evaluating radical ideas in economics based on evidence, particularly when they have been refuted, and the potential harm of perpetuating 'zombie ideas' such as the belief in a flat earth which continues to grow in popularity despite being disproven.", 'duration': 100.93, 'highlights': ["The danger of perpetuating 'zombie ideas' like the belief in a flat Earth, which continues to grow in popularity despite being disproven, and the potential harm of pretending such ideas hold merit.", 'The importance of critically evaluating radical ideas in economics based on evidence, particularly when they have been refuted, to avoid perpetuating baseless beliefs and concepts.', 'The need to assess whether radical ideas are grounded in any kind of data or reality, emphasizing the significance of evidence-based reasoning in evaluating economic concepts.', "The discussion on the potential harm of perpetuating 'zombie ideas' in economics, highlighting the responsibility of individuals, especially those who write for the public, to critically assess and address unfounded beliefs."]}, {'end': 2993.424, 'start': 2572.935, 'title': 'Economics: testable theories and technological innovation', 'summary': 'Discusses the testability of economics theories, citing examples of robust tests and consensus among economists, and emphasizes the significance of technological innovation for economic growth, highlighting the role of prosaic technologies.', 'duration': 420.489, 'highlights': ['The advance of knowledge contributes to 70-80% of the growth in per capita income, emphasizing the importance of technological innovation for economic progress. Technological innovation contributes significantly to economic growth, accounting for 70-80% of the increase in per capita income.', 'During the financial crisis, macroeconomic theories were tested, revealing that printing money did not cause inflation, big budget deficits did not raise interest rates, and austerity policies led to severe economic downturns, providing a robust test for one theory. The aftermath of the financial crisis provided a robust test for macroeconomic theories, showing that predictions regarding printing money, budget deficits, and austerity policies were accurate, contributing to the acceptance of one theory.', 'There is a remarkable consensus among serious researchers in economics, with the illusion of dispute being fueled by political forces, and disagreements centering on areas such as the regulation of technology industries and the impact of minimum wage increases. Serious researchers in economics exhibit remarkable consensus, with disagreements primarily influenced by political forces, particularly regarding the regulation of technology industries and the effects of minimum wage increases.']}], 'duration': 522.672, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2470752.jpg', 'highlights': ['The importance of critically evaluating radical ideas in economics based on evidence to avoid perpetuating baseless beliefs and concepts.', "The discussion on the potential harm of perpetuating 'zombie ideas' in economics, highlighting the responsibility of individuals to critically assess and address unfounded beliefs.", 'Technological innovation contributes significantly to economic growth, accounting for 70-80% of the increase in per capita income.', 'The aftermath of the financial crisis provided a robust test for macroeconomic theories, showing that predictions regarding printing money, budget deficits, and austerity policies were accurate, contributing to the acceptance of one theory.', 'Serious researchers in economics exhibit remarkable consensus, with disagreements primarily influenced by political forces, particularly regarding the regulation of technology industries and the effects of minimum wage increases.']}, {'end': 3291.034, 'segs': [{'end': 3025.122, 'src': 'embed', 'start': 2993.564, 'weight': 0, 'content': [{'end': 3001.649, 'text': 'So like in the same way, the investment in the military and the DOD is huge.', 'start': 2993.564, 'duration': 8.085}, {'end': 3013.437, 'text': "So everyone kind of, not everyone, but there's an agreement amongst people that somehow that a large defense is important.", 'start': 3002.43, 'duration': 11.007}, {'end': 3025.122, 'text': 'It always seemed to me like that should be shifted towards, if you want to grow prosperity of the nation, you should be investing in knowledge.', 'start': 3014.418, 'duration': 10.704}], 'summary': 'Investment in military and defense is huge, but shifting towards investing in knowledge could grow prosperity.', 'duration': 31.558, 'max_score': 2993.564, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2993564.jpg'}, {'end': 3108.242, 'src': 'embed', 'start': 3082.085, 'weight': 1, 'content': [{'end': 3088.47, 'text': 'Politicians of both parties seem to believe that if the government is seen to be successful at doing one kind of thing,', 'start': 3082.085, 'duration': 6.385}, {'end': 3091.872, 'text': 'it will make people think more favorably on doing other kinds of things.', 'start': 3088.47, 'duration': 3.402}, {'end': 3100.579, 'text': 'And so we have conservatives tend to be opposed to any kind of increase in government spending, except military, no matter how..', 'start': 3092.393, 'duration': 8.186}, {'end': 3103.82, 'text': 'obviously a good idea.', 'start': 3102.66, 'duration': 1.16}, {'end': 3108.242, 'text': "it is because they fear that it's the thin end of the wedge for bigger government.", 'start': 3103.82, 'duration': 4.422}], 'summary': 'Politicians believe success in government actions can lead to more favorable support for other actions, affecting spending decisions.', 'duration': 26.157, 'max_score': 3082.085, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg3082085.jpg'}, {'end': 3236.758, 'src': 'embed', 'start': 3152.649, 'weight': 3, 'content': [{'end': 3164.376, 'text': "So when we start a society on Mars from scratch, what political and economic system should it operate under? Oh, I'm a big believer in..", 'start': 3152.649, 'duration': 11.727}, {'end': 3167.337, 'text': "First of all, I don't think we're actually going to do that, but let's..", 'start': 3164.376, 'duration': 2.961}, {'end': 3168.078, 'text': "Let's imagine.", 'start': 3167.337, 'duration': 0.741}, {'end': 3170.779, 'text': 'Hypothesize that we colonize Mars or something.', 'start': 3168.298, 'duration': 2.481}, {'end': 3174.041, 'text': 'Look, representative democracy..', 'start': 3172.5, 'duration': 1.541}, {'end': 3180.718, 'text': 'versus pure democracy?', 'start': 3179.578, 'duration': 1.14}, {'end': 3187.963, 'text': 'Well yeah, pure democracy, where people vote directly on everything, is really problematic,', 'start': 3181.259, 'duration': 6.704}, {'end': 3194.327, 'text': "because people don't have time to try and master every issue.", 'start': 3187.963, 'duration': 6.364}, {'end': 3198.05, 'text': 'I mean, we could see what government by referendum looks like.', 'start': 3195.188, 'duration': 2.862}, {'end': 3206.877, 'text': "There's a lot of that in California and it doesn't work so good because it's hard to explain to people The various things they vote for may conflict.", 'start': 3198.09, 'duration': 8.787}, {'end': 3214.347, 'text': "So representatives of democracy, it's got lots of problems.", 'start': 3206.977, 'duration': 7.37}, {'end': 3219.934, 'text': "And kind of the Winston Churchill thing, right? It's the worst system we know except for all the others.", 'start': 3215.328, 'duration': 4.606}, {'end': 3224.53, 'text': 'So yeah, sticking with the representative.', 'start': 3222.949, 'duration': 1.581}, {'end': 3234.617, 'text': 'And basically, the American system of regulation and markets and the economy we have going on is a pretty good one for Mars.', 'start': 3225.791, 'duration': 8.826}, {'end': 3236.758, 'text': 'If you start from scratch.', 'start': 3234.637, 'duration': 2.121}], 'summary': 'For a mars society, a representative democracy and a market-based economy are preferable due to practical challenges and effectiveness of the american system.', 'duration': 84.109, 'max_score': 3152.649, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg3152649.jpg'}], 'start': 2993.564, 'title': 'Knowledge investment and mars governance', 'summary': 'Discusses the significance of investing in knowledge for national prosperity and the considerations for government systems in a potential mars colony, emphasizing the impact of military spending preferences on knowledge investment and the challenges and favorability of different political and economic systems.', 'chapters': [{'end': 3128.528, 'start': 2993.564, 'title': 'Investing in knowledge for national prosperity', 'summary': 'Discusses the importance of investing in knowledge for national prosperity, highlighting the preference for military spending over knowledge investment and the political dynamics behind government spending decisions.', 'duration': 134.964, 'highlights': ['Politicians prioritize military spending over investing in knowledge for national prosperity, leading to a values dispute about the extent of government intervention and social welfare support.', 'Conservatives oppose government spending increases, except for military, due to fear of broader government expansion, while liberals tend to support such spending to demonstrate government competence and pave the way for broader social goals.', "The political dynamics contribute to the hesitation in shifting investment from military to knowledge, impacting the nation's prosperity and future development."]}, {'end': 3291.034, 'start': 3128.528, 'title': 'Government systems for mars colonization', 'summary': 'Discusses the choice of political and economic systems for a potential mars colony, highlighting the challenges of pure democracy and the favorability of representative democracy and the american system.', 'duration': 162.506, 'highlights': ["The challenges of pure democracy are highlighted, as people don't have time to master every issue and government by referendum may lead to conflicting decisions.", 'The American system of regulation and markets, along with a more representative Senate, is described as a favorable model for a potential Mars colony.', 'The chapter speculates on the least bad political system for a Mars society, emphasizing the historical performance of various representative democracy systems.']}], 'duration': 297.47, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg2993564.jpg', 'highlights': ["Politicians prioritize military spending over investing in knowledge for national prosperity, impacting the nation's future development.", 'Conservatives oppose government spending increases, except for military, while liberals tend to support such spending to pave the way for broader social goals.', "The political dynamics contribute to the hesitation in shifting investment from military to knowledge, impacting the nation's prosperity.", 'The challenges of pure democracy are highlighted, as government by referendum may lead to conflicting decisions.', 'The American system of regulation and markets, along with a more representative Senate, is described as a favorable model for a potential Mars colony.', 'The chapter speculates on the least bad political system for a Mars society, emphasizing the historical performance of various representative democracy systems.']}, {'end': 3783.083, 'segs': [{'end': 3421.853, 'src': 'embed', 'start': 3348.145, 'weight': 0, 'content': [{'end': 3361.132, 'text': "And maybe feeding that into a question of do you have concerns about the two giants right now of the US and China and the tension that's going on with the international trade there,", 'start': 3348.145, 'duration': 12.987}, {'end': 3361.852, 'text': 'with the trade war??', 'start': 3361.132, 'duration': 0.72}, {'end': 3366.355, 'text': 'Well, first of all, international trade is not really that different from trade among individuals.', 'start': 3362.413, 'duration': 3.942}, {'end': 3374.961, 'text': "It's vastly more complex and there are many more players, but in the end,", 'start': 3367.734, 'duration': 7.227}, {'end': 3378.585, 'text': 'the reasons why countries trade are pretty much the same as the reasons why individuals trade.', 'start': 3374.961, 'duration': 3.624}, {'end': 3386.471, 'text': "Countries trade because they're different and they can derive mutual advantage from concentrating on the things they do relatively well.", 'start': 3378.785, 'duration': 7.686}, {'end': 3392.855, 'text': 'And also, there are economies of scale.', 'start': 3386.572, 'duration': 6.283}, {'end': 3400.32, 'text': 'Individuals have to decide whether to be a surgeon or an accountant.', 'start': 3395.117, 'duration': 5.203}, {'end': 3408.585, 'text': "It's probably not a good idea to try and be both, and countries benefit from specializing just because of the inherent advantages of specialization.", 'start': 3400.34, 'duration': 8.245}, {'end': 3421.853, 'text': "Now, the fact that it's a big world and we're talking about millions of products being traded, and in today's world, often trade involves many stages.", 'start': 3408.645, 'duration': 13.208}], 'summary': 'International trade is similar to individual trade, based on specialization and mutual advantage, with millions of products being traded.', 'duration': 73.708, 'max_score': 3348.145, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg3348145.jpg'}, {'end': 3478.46, 'src': 'embed', 'start': 3449.364, 'weight': 2, 'content': [{'end': 3459.386, 'text': 'Most trade is beneficial to both sides, to both countries, but it has big impacts on the distribution of income within countries.', 'start': 3449.364, 'duration': 10.022}, {'end': 3466.371, 'text': 'So the growth of US trade with China has made both US and China richer,', 'start': 3460.146, 'duration': 6.225}, {'end': 3474.377, 'text': "but it's been pretty bad for people who were employed in the North Carolina furniture industry,", 'start': 3466.371, 'duration': 8.006}, {'end': 3478.46, 'text': 'who did find that their jobs were displaced by a wave of imports from China.', 'start': 3474.377, 'duration': 4.083}], 'summary': 'Us-china trade has made both countries richer, but negatively impacted north carolina furniture industry jobs.', 'duration': 29.096, 'max_score': 3449.364, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg3449364.jpg'}, {'end': 3590.237, 'src': 'embed', 'start': 3527.25, 'weight': 1, 'content': [{'end': 3532.574, 'text': "It's like any new technology makes us richer, but often hurts some people.", 'start': 3527.25, 'duration': 5.324}, {'end': 3536.316, 'text': 'Trade with China makes us richer, but hurts some people.', 'start': 3533.314, 'duration': 3.002}, {'end': 3547.744, 'text': "And I wouldn't undo what has happened, but I wish we had had a better policy for supporting and compensating the losers from that growth.", 'start': 3536.637, 'duration': 11.107}, {'end': 3554.995, 'text': 'So we live in a time of radicalization of political ideas, Twitter mobs, and so on.', 'start': 3549.411, 'duration': 5.584}, {'end': 3558.477, 'text': 'And yet here you are in the midst of it,', 'start': 3555.775, 'duration': 2.702}, {'end': 3566.822, 'text': 'both tweeting and writing in the New York Times articles with strong opinions riding this chaotic wave of public discourse.', 'start': 3558.477, 'duration': 8.345}, {'end': 3576.95, 'text': 'Do you ever hesitate or feel a tinge of fear for exploring your ideas publicly and unapologetically? Oh, I feel fear all the time.', 'start': 3566.962, 'duration': 9.988}, {'end': 3587.195, 'text': "It's not too hard to imagine scenarios in which I might personally find myself kind of in the crosshairs.", 'start': 3577.79, 'duration': 9.405}, {'end': 3590.237, 'text': 'I mean, I am the king of hate mail.', 'start': 3588.256, 'duration': 1.981}], 'summary': 'New technology enriches but hurts; wish for better policy. fear of public backlash.', 'duration': 62.987, 'max_score': 3527.25, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg3527250.jpg'}, {'end': 3655.042, 'src': 'embed', 'start': 3622.201, 'weight': 6, 'content': [{'end': 3626.685, 'text': "But now, when there's so much hate mail, so much division,", 'start': 3622.201, 'duration': 4.484}, {'end': 3633.731, 'text': 'What advice do you have for yourself and for others trying to have a discussion about ideas, difficult ideas?', 'start': 3627.606, 'duration': 6.125}, {'end': 3636.253, 'text': "Well, I don't know about advice for others.", 'start': 3634.011, 'duration': 2.242}, {'end': 3641.473, 'text': 'I mean, for most economists, just do your research.', 'start': 3636.313, 'duration': 5.16}, {'end': 3646.676, 'text': "We can't all be public intellectuals, and we shouldn't try to be.", 'start': 3644.275, 'duration': 2.401}, {'end': 3655.042, 'text': "And in fact, I'm glad that I didn't get into this business until I was in my late 40s.", 'start': 3647.116, 'duration': 7.926}], 'summary': 'Economist advises focusing on research, not public discourse, amid rising division.', 'duration': 32.841, 'max_score': 3622.201, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg3622201.jpg'}, {'end': 3760.58, 'src': 'embed', 'start': 3683.843, 'weight': 7, 'content': [{'end': 3691.01, 'text': "Trying to make it, obviously, trying to make it comprehensible and persuasive, but don't let yourself get..", 'start': 3683.843, 'duration': 7.167}, {'end': 3698.234, 'text': 'intimidated by the fact that some people are going to say nasty things.', 'start': 3691.71, 'duration': 6.524}, {'end': 3707.258, 'text': "You can't do your job if you are worried about criticism.", 'start': 3700.555, 'duration': 6.703}, {'end': 3716.603, 'text': "Well, I think I speak for a lot of people in saying that I hope that you keep dancing like nobody's watching on Twitter and New York Times and books.", 'start': 3708.119, 'duration': 8.484}, {'end': 3718.724, 'text': "So, Paul, it's been an honor.", 'start': 3716.783, 'duration': 1.941}, {'end': 3719.905, 'text': 'Thank you so much for talking today.', 'start': 3718.884, 'duration': 1.021}, {'end': 3720.185, 'text': 'Okay, great.', 'start': 3719.925, 'duration': 0.26}, {'end': 3723.787, 'text': 'Thanks for listening to this conversation with Paul Krugman.', 'start': 3721.445, 'duration': 2.342}, {'end': 3726.649, 'text': 'And thank you to our presenting sponsor, Cash App.', 'start': 3724.087, 'duration': 2.562}, {'end': 3729.631, 'text': 'Download it and use code LexPodcast.', 'start': 3727.149, 'duration': 2.482}, {'end': 3732.953, 'text': "You'll get $10, and $10 will go to FIRST,", 'start': 3730.031, 'duration': 2.922}, {'end': 3738.898, 'text': 'an organization that inspires and educates young minds to become science and technology innovators of tomorrow.', 'start': 3732.953, 'duration': 5.945}, {'end': 3745.663, 'text': 'If you enjoy this podcast, subscribe on YouTube, give it five stars on Apple Podcasts, follow on Spotify,', 'start': 3739.838, 'duration': 5.825}, {'end': 3750.226, 'text': 'support on Patreon or simply connect with me on Twitter at Lex Friedman.', 'start': 3745.663, 'duration': 4.563}, {'end': 3760.58, 'text': 'And now, let me leave you some words from Adam Smith in The Wealth of Nations, one of the most influential philosophers and economists in our history.', 'start': 3751.274, 'duration': 9.306}], 'summary': 'Paul krugman discusses handling criticism and encourages support for first organization.', 'duration': 76.737, 'max_score': 3683.843, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg3683843.jpg'}], 'start': 3291.574, 'title': 'Complexity and impact of international trade', 'summary': 'Delves into the complexity of international trade, emphasizing its similarities to individual trade while highlighting the intricate nature due to multiple players and millions of products involved. it also addresses the impact of us-china trade, noting its effects on industries and workers, particularly in north carolina, and calls for better policies to support affected individuals. additionally, it discusses the fear of exploring ideas publicly and offers advice for engaging in difficult discussions.', 'chapters': [{'end': 3421.853, 'start': 3291.574, 'title': 'Complexity of international trade', 'summary': "Discusses the complexity of international trade, highlighting that it's not fundamentally different from individual trade, as it involves mutual advantage, specialization, and economies of scale, but becomes intricate due to the involvement of multiple players and millions of products being traded, particularly evident in the ongoing trade tension between the us and china.", 'duration': 130.279, 'highlights': ['International trade is not fundamentally different from individual trade, as it involves mutual advantage, specialization, and economies of scale, but becomes intricate due to the involvement of multiple players and millions of products being traded.', "Countries trade because they're different and can derive mutual advantage from concentrating on the things they do relatively well, and benefit from specializing due to the inherent advantages of specialization.", "Today's world often involves trade that includes many stages, adding to the complexity of international trade.", 'The ongoing trade tension between the US and China serves as a real-world example of the complexities and challenges present in international trade.']}, {'end': 3558.477, 'start': 3422.173, 'title': 'Trade impact on us-china relations', 'summary': 'Discusses the impact of us-china trade, stating that while it has made both countries richer, it has negatively affected certain industries and workers, particularly in the north carolina furniture industry. it also argues that the current trade war is driven by a misunderstanding of the benefits of trade with china and calls for better policies to support and compensate the affected individuals.', 'duration': 136.304, 'highlights': ["The growth of US trade with China has made both US and China richer, but it's been pretty bad for people who were employed in the North Carolina furniture industry, who found that their jobs were displaced by a wave of imports from China.", "The current trade war seems to be driven by a fundamentally wrong notion that when we sell goods to China that's good, and when we buy goods from China that's bad, misunderstanding the whole point of trade with China.", 'Trade with China makes us richer, but hurts some people, and it calls for a better policy for supporting and compensating the losers from that growth.']}, {'end': 3783.083, 'start': 3558.477, 'title': 'Navigating public discourse fearlessly', 'summary': 'Discusses the fear of exploring ideas publicly, the impact of hate mail, and advice for engaging in difficult discussions, emphasizing the importance of intellectual flexibility and fearlessness in the face of criticism.', 'duration': 224.606, 'highlights': ['Paul Krugman shares his experience of feeling fear and receiving hate mail but emphasizes the development of a thick skin and the need for criticism to validate the impact of his work.', 'Krugman advises to focus on deep questions and intellectual flexibility, suggesting that not everyone should strive to be public intellectuals and encouraging writers to express their ideas unapologetically.', 'Krugman highlights the importance of not being intimidated by criticism and advises writers to focus on making their ideas comprehensible and persuasive while not letting negative feedback hinder their work.', "Paul Krugman mentions Adam Smith's perspective on human nature and self-interest, emphasizing the importance of understanding the motivations of individuals in public discourse.", "Krugman concludes by expressing gratitude and promoting Cash App's sponsorship, encouraging listeners to support the organization FIRST and subscribe to his podcast."]}], 'duration': 491.509, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/OJQepiqSWvg/pics/OJQepiqSWvg3291574.jpg', 'highlights': ['The ongoing trade tension between the US and China serves as a real-world example of the complexities and challenges present in international trade.', 'Trade with China makes us richer, but hurts some people, and it calls for a better policy for supporting and compensating the losers from that growth.', "The growth of US trade with China has made both US and China richer, but it's been pretty bad for people who were employed in the North Carolina furniture industry, who found that their jobs were displaced by a wave of imports from China.", "Countries trade because they're different and can derive mutual advantage from concentrating on the things they do relatively well, and benefit from specializing due to the inherent advantages of specialization.", "Today's world often involves trade that includes many stages, adding to the complexity of international trade.", 'Paul Krugman shares his experience of feeling fear and receiving hate mail but emphasizes the development of a thick skin and the need for criticism to validate the impact of his work.', 'Krugman advises to focus on deep questions and intellectual flexibility, suggesting that not everyone should strive to be public intellectuals and encouraging writers to express their ideas unapologetically.', 'Krugman highlights the importance of not being intimidated by criticism and advises writers to focus on making their ideas comprehensible and persuasive while not letting negative feedback hinder their work.', "Paul Krugman mentions Adam Smith's perspective on human nature and self-interest, emphasizing the importance of understanding the motivations of individuals in public discourse.", "Krugman concludes by expressing gratitude and promoting Cash App's sponsorship, encouraging listeners to support the organization FIRST and subscribe to his podcast."]}], 'highlights': ['Technological innovation contributes significantly to economic growth, accounting for 70-80% of the increase in per capita income.', 'The ongoing trade tension between the US and China serves as a real-world example of the complexities and challenges present in international trade.', 'The conversation emphasizes the need to approach political discourse with open-mindedness, avoiding emotional certainty.', 'The importance of critically evaluating radical ideas in economics based on evidence to avoid perpetuating baseless beliefs and concepts.', "The United States is the only place where citizens can actually fail to get basic health care because they can't afford it, emphasizing the lack of universal healthcare in the United States.", 'The chapter explores the disagreement on utopia and metrics for a just society, emphasizing the dispute about outcomes and legitimate room for disagreement on economic policies.', 'The decrease in the number of farmers is not due to a lack of demand for food, but rather the efficiency of farming methods.', 'The psychological tendency to blame automation for economic challenges is attributed to the visibility of certain technological advancements and the inclination to seek grand explanations for macroeconomic issues, while underscoring the role of political decisions in impacting wages and the collapse of the union movement.', "The growth of US trade with China has made both US and China richer, but it's been pretty bad for people who were employed in the North Carolina furniture industry, who found that their jobs were displaced by a wave of imports from China.", 'The chapter emphasizes the negative societal and economic consequences of the harshness and cruelty in the US, suggesting that the country pays a price for its lack of adequate care for its citizens.']}