12/08/2019 by EconTalk: Russ Roberts
Arthur Diamond of the University of Nebraska at Omaha talks about his book, Openness to Creative Destruction, with EconTalk host Russ Roberts. Diamond sings the sometimes forgotten virtues of innovation and entrepreneurship and argues that they should be taught more prominently as a central part of economics.
Listen Date: 2019-10-23
- Overall, while I liked the episode and agreed with it, it seemed to me that it was covering well trodden ground and not really providing anything new.
- I had one thought on regulation while listening to this, which was about differentiating regulation as a whole from the sort of precautionary, checklist driven approach that Diamond talks about, and which isn’t unique to government. I went through it trying to become a supplier to a Japanese conglomerate. It was painstaking, and at times infuriating, but it is catered to an approach of getting things right the first time. You could argue that ‘getting things right the first time’ is loss aversion in fancier words, but even so, it’s not like it’s an objective with no intrinsic value. So, I am more conflicted on this than I would have been, say, ten years ago. Especially after a checklistless approach has saddled my company with massive claims from other, not such painstaking customers.
- I had never thought about the proposition that the FDA test only for safety and not for efficacy, and was charmed by the possibilities of that.