What does it mean to pursue something that everyone else think is nuts? And what does it take to succeed? That’s what this week’s episode is about. It’s called “Outsiders By Design.” (You can subscribe to the podcast at iTunes, get the RSS feed, or listen via the media player above. You can also read the transcript, which includes credits for the music you’ll hear in the episode.)
You’ll hear about three radical thinkers whose lives didn’t proceed in a perfectly straight line. In each case, their work was ridiculed or ignored — but ultimately, they triumphed. This podcast was inspired by the recent death of the economist Gary Becker, whose firm belief in the rational choice model led him to publish works like “Crime and Punishment: An Economic Approach” and “A Theory on the Allocation of Time.” Read More »
Gary Becker and Richard Posner debate a timeless question: Will the next generation be better off than their parents’ generation? Becker’s take: “America has always been optimistic about its future. The decline in such optimism during the past couple of decades is understandable, but highly regrettable. The best way to restore this optimism is to promote faster economic growth. That is feasible with the right policies, but will not happen automatically. Even America has no destiny to be optimistic about the future without important redirection of various public priorities.” Read More »
Gary Becker’s take on the financial-reform bill. Read More »
The popular Becker-Posner blog has been turned into an excellent book entitled Uncommon Sense.
For anyone who wants a quick and easy crash course on Chicago economics-style thinking, this book is as good as it gets. I Read More »
Over at The Atlantic, Richard Posner writes:
I am concerned with the fact that academic economists, when they become either public officials or public intellectuals (like Krugman), leave behind their academic scruples.
In a later paragraph, he expands on his theme, turning to: Read More »
Please welcome to our corps of in-house bloggers Dwyer Gunn, a young writer who has studied economics at Wellesley, worked in finance, and been a research assistant at the Becker Center on Chicago Price Theory. “The biggest economic crisis since the Great Depression,” as described by Richard Posner, began in December of 2007 amidst plunging […] Read More »
That’s the judgment of the esteemed Richard Posner, whose forthcoming book, to be published in May, is called A Failure of Capitalism: The Crisis of ’08 and the Descent Into Depression. Here are a few excerpts from the preface: Read More »