The Portal

16: Tyler Cowen - The Revolution Will Not Be Marginalized

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Dec 17, 2019
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INSIGHT

Economics and Power Structures

  • Weinstein criticizes economics for flattering power structures and suppressing critiques.
  • Cowen argues that those institutions are the most successful ever, so positive narratives aren't surprising.
ANECDOTE

Boskin Commission and CPI Manipulation

  • Weinstein criticizes the Boskin Commission for manipulating CPI calculations to achieve a predetermined political goal.
  • He argues this is academic malpractice.
INSIGHT

Gauge Theory in Economics

  • Gauge theory in economics could improve CPI calculations by pricing utility, not just cost, reflecting changing tastes.
  • It combines selection theory with market dynamics, acknowledging human taste changes.
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