In this episode, Adam Butler is joined by Dr. Robert Frank, the Henrietta Johnson Lewis Professor of Management Emeritus and Professor of Economics at the Samuel Curtis Johnson Graduate School of Management at Cornell University. They delve into the role of luck in success, the myth of meritocracy, and the dynamics of free markets. They explore various topics, including: Topics Discussed • The approach to both microeconomics and macroeconomics in the textbooks co-authored with Dr. Ben Bernanke • The impact of behavioral economics on the understanding of microeconomics and macroeconomics • The role of luck and meritocracy in success and how policy is informed by this understanding • The concept of 'smart for one, dumb for all' in the context of competition • The implications of the Darwin Economy and the interplay between individual self-interest and societal outcomes • The effects of tax structures on entrepreneurial initiative and economic growth • The need for effective human coordination to solve major problems and improve the future This episode is a must-listen for anyone interested in understanding the complex dynamics of economics, the role of luck in success, and the impact of policy decisions on societal outcomes. It provides valuable insights into the intricacies of economic theories and their practical implications.
