Oct 19, 2020 • 1HR 26M

9: Alex Tabarrok - Prizes, Prices, and Public Goods

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Host Dwarkesh Patel interviews economists, scientists, and philosophers about their big ideas. Watch on YouTube: https://www.youtube.com/c/DwarkeshPatel
Episode details

I ask Alex Tabarrok about the Grand Innovation Prize, the Baumol effect, and Dominant Assurance Contracts.

Alex Tabarrok is a professor of economics at George Mason University and with Tyler Cowen a founder of the online education platform http://MRU.org.

Follow me on Twitter for my podcast and blog: https://twitter.com/dwarkesh_sp

Follow Alex Tabarrok: https://twitter.com/ATabarrok

Alex Tabarrok's and Tyler Cowen's excellent blog: https://marginalrevolution.com/ 

00:00 Intro 

00:34 Grand Innovation Prize 

08:45 Prizes vs grants 

14:10 Baumol effect 

27:50 On Bryan Caplan's case against education 

31:35 Scaling education online 

48:50 Declining research productivity 

52:15 Dominant Assurance Contracts 

58:40 Future of governance

1:04:05 On Robin Hanson's Futarchy

1:06:02 Beating Adam Smith

1:08:35 Our Warfare-Welfare State 

1:19:30 The Great Stagnation vs The Innovation Renaissance 

1:21:40 Advice to 20 year old