Showing posts with label Tyler Cowen. Show all posts
Showing posts with label Tyler Cowen. Show all posts

Sunday, October 01, 2023

Review: An Economist Gets Lunch: New Rules for Everyday Foodies

An Economist Gets Lunch: New Rules for Everyday Foodies An Economist Gets Lunch: New Rules for Everyday Foodies by Tyler Cowen
My rating: 4 of 5 stars

If you decided to travel around with a friend who is a foodie as well as an economist, your conversations would probably sound a lot like this book. 

In other words, I want to go travel with a foodie economist at some point.

The point are very interesting, from the observations to the asides, but there are no real studies or analyses. Everything is anecdotal, albeit from an economist's point of view. 

I guess I'm trying to say that you can enjoy this book, but don't use it to convince anyone about any big issue items, if that makes sense. 

Still, entertaining and quite a few of his rules of thumb convinced me. 

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Wednesday, September 14, 2022

Review: The Decadent Society: How We Became the Victims of Our Own Success

The Decadent Society: How We Became the Victims of Our Own Success The Decadent Society: How We Became the Victims of Our Own Success by Ross Douthat
My rating: 5 of 5 stars

This book reminded me a great deal of Tyler Cowen's "The Great Stagnation" (which the author then mentioned several times). This book, however, then takes it further and is more updated. Unfortunately, it isn't updated enough since it was written before COVID (although he does mention that if a pandemic occurs under Trump it would be a disaster) and before Russia's invasion of Ukraine. 


Some interesting points:
He quotes the same scenario quoted by Cowen in "The Great Stagnation", which still holds now as it did 10 years ago, and which I'll paste in full here below:

<blockquote>
Picture a man or woman of the late 19th century, perhaps your own great-grandfather or great-great-grandmother, sitting in an ordinary American home of 1890. And now pitch him forward in an H G Wells machine, not to our time but about halfway – to that same ordinary American home, circa 1950.
Why, the poor gentleman of 1890 would be astonished. His old home is full of mechanical contraptions. There is a huge machine in the corner of the kitchen, full of food and keeping the milk fresh and cold! There is another shiny device whirring away and seemingly washing milady's bloomers with no human assistance whatsoever! Even more amazingly, there is a full orchestra playing somewhere within his very house. No, wait, it's coming from a tiny box on the countertop!
The music is briefly disturbed by a low rumble from the front yard, and our time-traveler glances through the window: A metal conveyance is coming up the street at an incredible speed – with not a horse in sight. It's enclosed with doors and windows, like a house on wheels, and it turns into the yard, and the doors open all at once, and two grown-ups and four children all get out - just like that, as if it's the most natural thing in the world! He notices there is snow on the ground, and yet the house is toasty warm, even though no fire is lit and there appears to be no stove. A bell jingles from a small black instrument on the hall table. Good heavens! Is this a "telephone"? He'd heard about such things, and that the important people in the big cities had them. But to think one would be here in his very own home! He picks up the speaking tube. A voice at the other end says there is a call from across the country - and immediately there she is, a lady from California talking as if she were standing next to him, without having to shout, or even raise her voice! And she says she'll see him tomorrow!
Oh, very funny. They've got horseless carriages in the sky now, have they?
What marvels! In a mere 60 years!
But then he espies his Victorian time machine sitting invitingly in the corner of the parlor. Suppose he were to climb on and ride even further into the future. After all, if this is what an ordinary American home looks like in 1950, imagine the wonders he will see if he pushes on another six decades!
So on he gets, and sets the dial for our own time.
And when he dismounts he wonders if he's made a mistake. Because, aside from a few design adjustments, everything looks pretty much as it did in 1950: The layout of the kitchen, the washer, the telephone... Oh, wait. It's got buttons instead of a dial. And the station wagon in the front yard has dropped the woody look and seems boxier than it did. And the folks getting out seem ...larger, and dressed like overgrown children.
And the refrigerator has a magnet on it holding up an endless list from a municipal agency detailing what trash you have to put in which colored boxes on what collection days.
But other than that, and a few cosmetic changes, he might as well have stayed in 1950.
</blockquote>

Another section I will quote (paraphrase) in full:

<blockquote>
A glance at the historical record suggests that something more than just inequality and austerity and outsourcing is contributing to deceleration and stagnation. If an unequal society and an entrenched ruling class were sufficient to choke off growth, the industrial revolution would have never gotten off the ground. If soaring incomes fortunes came at the expense of middle class incomes, the 1990's would've been the worst decade for the middle class rather than the best. If correcting neoliberalism with socialism were the ticket, then Venezuela would be the tiger of Latin America, rather than the basketcase. If Austerity has weakened western economies, it is the austerity that would've been considered profligate 50 years ago, with far more welfare spending and higher deficits in the 1950s and 1960s. 
</blockquote>

Anyway, this book doesn't have all the solutions, but it does at least raise almost all the questions and outline various possible scenarios and outcomes. Not all of them are very palatable. 

I would still like an update, or at least to know how recent events have altered the author's views. 


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Monday, August 05, 2019

Review: Big Business: A Love Letter to an American Anti-Hero

Big Business: A Love Letter to an American Anti-Hero Big Business: A Love Letter to an American Anti-Hero by Tyler Cowen
My rating: 4 of 5 stars

A great book, although not as good as "Average is Over" or "The Great Stagnation".

I like the idea of how we should stop seeing companies as "people", thereby being "loyal" to them and being disappointed when they "let us down". However, he also explains how this is difficult because we, as humans, tend to anthropomorphize because we've been dealing with other humans for our entire existence, but corporations have only existed for around 100 years.

I'm not sure if I agree with his criticism of loyalty programs. I'm sure some people follow them in the manner he describes. I know plenty of people who are members of many loyalty programs, and just pick whichever suits them the most, rather than "show loyalty" to any one brand, as one would to a friend.

He also claims that Trump was elected purely with a promise of jobs. Maybe I'm too influenced by events since his election, but I feel like that wasn't his rallying cry at all (I seem to remember the wall, 'crooked hillary', badmouthing John McCain, and some other incoherent ramblings)



Some of my notes:

Corporations are:
a collection of assets
a nexus of reputations
carriers of legal and contractual responsibility
transactional efficient (and inefficient) relationships.


In terms of words, Republicans are more pro-business, but in terms of Actions, this isn't true. While Republicans pay lip service to business, they are against free trade, market solutions, immigration, outsourcing, etc.

Interesting to hear how the US, and not Switzerland, has now become a banking haven, since I remember hearing the same thing from people in Switzerland over the past couple of years.

Our tendency to anthropomorphize also gives rise to more conspiracy theories.

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Wednesday, June 12, 2019

Review: Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals

Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals by Tyler Cowen
My rating: 4 of 5 stars

I actually really liked the ideas in this book, but felt like he didn't pursue them enough. They seemed original enough to try to run some studies on (see how different long-term policies worked out, despite the vagaries and randomness of life, vs. short-term policies, and study the effects on wealth plus). If a member of congress always works with a 2-year horizon (until the next election), will long term policies ever be enacted? How often has this hindered long-term wealth in the past?

The idea that we should take the future more into account rings true. He seems to advocate basically getting rid of the discount rate, although I'm sure part of that rate is due to uncertainty. I guess his argument is that, as a society, we shouldn't take that uncertainty into account though.

I enjoyed what seemed like a jab at Piketty, when he states that economic growth is occurring but the rich are getting richer and the poor are getting poorer, and how this just means that the rich have a higher return on capital than the poor, so in the long-term it makes more sense to invest more in the rich (he sort of hints that Piketty ended up arguing for Trickle-down economics).

Anyway, I think this could have been a definitive sort of book had it gone more into detail, but maybe Cowen just wanted to bring these ideas up and have others debate them.


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