Podcasts about schumpeter

Send us a textTransaction costs are the friction in the gears of society, but the worst transaction costs are the ones that reflect government failure. You can see it in ever cliche about government, from the dreaded DMV lines to the passport control bottleneck. Drawing on Milton Friedman's "Barking Cats" essay from 1973, I explore why bureaucracy remains fundamentally immune to reform efforts, regardless of which political party holds power.The frustrating reality is that bureaucracies operate with completely different incentives than private businesses. While companies balance money costs against convenience to attract customers, government agencies focus solely on their budgets while taxing citizens with enormous "trouble costs." North Carolina's DMV perfectly illustrates this dysfunction—appointments require six-month waits while the state proudly touts its budget savings. Most maddening is that these aren't even genuine services, but rather artificial permission requirements the government imposes before allowing us to live our lives.This represents a textbook government failure—what economists call a Pareto inferior outcome. Most citizens would gladly pay slightly more in fees or taxes to avoid wasting hours (or months) of their lives in bureaucratic purgatory. That additional revenue could easily fund more staff and faster service. Yet the system has no mechanism to capture these preferences or respond to them.The problem isn't partisan, and it can't be fixed by shuffling leadership or staff. As Chris Rock might say about bureaucracy—"that tiger ain't go crazy, that tiger went tiger." Bureaucracy simply acts according to its nature. Reformers who believe they can fundamentally change how these institutions function are like people who want cats that bark—they fundamentally misunderstand the beast they're dealing with.Listen in for insights on why bureaucratic inefficiency persists despite our best efforts, complete with revealing (but not really funny) quotes from political thinkers ranging from Schumpeter to Trotsky. Have your own bureaucratic horror story to share? Let me know in the comments or on social media.Links:Friedman article 1973Keech and Munger article 2015Chris Rock, "Tiger!"Parkinson's LawMichael Munger: The "Trouble Tax"If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com ! You can follow Mike Munger on Twitter at @mungowitz

“La singularidad es el momento en que una IA alcanza tal nivel de desarrollo que iguala o supera la inteligencia y capacidades humanas en todas las áreas, incluyendo la posibilidad de mejorarse a sí misma, lo cual crea un interés compuesto que incrementa de forma exponencial sus habilidades. De todas las revoluciones de la historia, la singularidad es la de mayor importancia porque tiene el potencial para ser la última. Si la humanidad es capaz de construir una IA «superinteligente» u omnipotente, su uso último será o bien ayudarnos a crear una utopía o bien el fin del mundo. Emocionante a la vez que terrorífico.” Carlos Fenollosa en La singularidad.Kapital es posible gracias a sus colaboradores:⁠Indexa Capital⁠. Gestión pasiva en fondos indexados.No es fácil encontrar un lugar seguro para tu dinero. En un mercado lleno de productos tramposos, me gusta colaborar o poner el micro a los pocos gestores, pasivos o activos, con una propuesta honesta. La fortaleza de Indexa Capital, que entraría dentro de la gestión pasiva, es una cartera de bajo coste y diversificada. Dos de sus fundadores, Unai y François, han pasado por el podcast. Si te interesa, aquí tienes mi enlace de registro para ahorrarte la comisión sobre los primeros 15.000 euros. Son tiempos inciertos en los mercados y esto significa que debes buscar opciones serias para tu dinero. Indexa Capital es sin duda una de ellas.Patrocina Kapital. Toda la información en este link.Índice:1:30 Un botón rojo para apagar las máquinas.5:47 ¿Qué es la inteligencia artificial?16:10 Pienso, luego existo.26:15 Recuerdos antes de nacer.31:28 El experimento de la habitación china.42:48 Ilusión de autonomía.49:23 El dilema del tranvía.55:01 Los primeros empleos explican tu productividad a largo plazo.1:07:57 La destrucción creativa de Schumpeter.1:19:36 Querer aprender.1:27:42 La inteligencia artificial cambia el equilibrio de poderes.Apuntes:La singularidad. Carlos Fenollosa.La mente consciente. David Chalmers.Fundación. Isaac Asimov.MANIAC. Benjamín Labatut.El hombre bicentenario. Chris Columbus.Inteligencia artificial. Steven Spielberg.

durée : 00:58:51 - Entendez-vous l'éco ? - par : Aliette Hovine, Bruno Baradat - Joseph Alois Schumpeter a développé une œuvre éclectique et multidisciplinaire, dans laquelle il a cherché à comprendre l'économie capitaliste en articulant une réflexion sur l'innovation et sur la monnaie. - réalisation : Françoise Le Floch - invités : Odile Lakomski-Laguerre Professeure d'économie à l'Université de Picardie-Jules Verne et chercheuse au LEFMI (Laboratoire d'Economie, Finance, Management, Innovation); Fabrice Dannequin Professeur de SES et chercheur associé au laboratoire Regards de l'Université de Reims Champagne-Ardennes

On this episode, we bring you the latest installment of Adam and Cameron's occasional series on heterodox economists. Austrian Joseph Schumpeter produced most of his work in the United States as an immigrant and a Harvard professor, beginning in the 1930s. Schumpeter popularized the term “creative destruction.” Learn more about your ad choices. Visit megaphone.fm/adchoices

What do Fartcoin, Trumpcoin, and TikTok have in common? They're all part of the new frontier where memes, tokens, and attention economics collide. This episode dives into how Trump's $60 billion crypto frenzy is more than just a bubble, it's a glimpse into a world where narratives create wealth overnight. We explore Schumpeter's innovation theory, the rise of memeonomics, and how social media oligarchs are reshaping power, regulation, and finance in real-time. Is this the ultimate bubble or the future of economics? Tune in to connect the dots and find out why the attention economy is eating the real economy alive. Join the gang! https://plus.acast.com/s/the-david-mcwilliams-podcast. Hosted on Acast. See acast.com/privacy for more information.

American healthcare is well known for its extreme cost and worst outcomes among industrialized (such as the 38 OECD member) countries, and beyond that to be remarkably opaque. The high cost of prescription drugs contributes, and little has been done to change that except for the government passing the Affordable Insulin Now Act at the end of 2022, enacted in 2023. But in January 2022 Mark Cuban launched Cost Plus Drugs that has transformed how many Americans can get their prescriptions filled at a fraction of the prevailing prices, bypassing pharmacy benefit managers (PBMs) that control 80% of US prescriptions. That was just the beginning of a path of creative destruction (disruptive innovation, after Schumpeter) of many key components American healthcare that Cuban is leading, with Cost Plus Marketplace, Cost Plus Wellness and much more to come. He certainly qualifies as a master disrupter: “someone who is a leader in innovation and is not afraid to challenge the status quo.” Below is a video clip from our conversation dealing with insurance companies. Full videos of all Ground Truths podcasts can be seen on YouTube here. The current one is here. If you like the YouTube format, please subscribe! The audios are also available on Apple and Spotify.Transcript with External links to Audio (00:07):Hello, it's Eric Topol with Ground Truths, and I have our special phenomenal guest today, Mark Cuban, who I think you know him from his tech world contributions and Dallas Mavericks, and the last few years he's been shaking up healthcare with Cost Plus Drugs. So Mark, welcome.Mark Cuban (00:25):Thanks for having me, Eric.Eric Topol (00:27):Yeah, I mean, what you're doing, you've become a hero to millions of Americans getting them their medications at a fraction of the cost they're used to. And you are really challenging the PBM industry, which I've delved into more than ever, just in prep for our conversation. It's just amazing what this group of companies, namely the three big three CVS Caremark, Optum of UnitedHealth and Express Scripts of Cigna with a market of almost $600 billion this year, what they're doing, how can they get away with all this stuff?Inner Workings of Pharmacy Benefit ManagersMark Cuban (01:03):I mean, they're just doing business. I really don't blame them. I blame the people who contract with them. All the companies, particularly the bigger companies, the self-insured companies, where the CEO really doesn't have an understanding of their healthcare or pharmacy benefits. And so, the big PBMs paid them rebates, which they think is great if you're a CEO, when in reality it's really just a loan against the money spent by your sickest employees, and they just don't understand that. So a big part of my time these days is going to CEOs and sitting with them and explaining to them that you're getting ripped off on both your pharmacy and your healthcare side.Eric Topol (01:47):Yeah, it's amazing to me the many ways that they get away with this. I mean, they make companies sign NDAs. They're addicted to rebates. They have all sorts of ways a channel of funds to themselves. I mean, all the things you could think of whereby they even have these GPOs. Each of these companies has a group purchasing organization (I summarized in the Table below).Mark Cuban (02:12):Yeah, which gives them, it's crazy because with those GPOs. The GPO does the deal with the pharmacy manufacturer. Then the GPO also does the deal with the PBM, and then the PBM goes to the self-insured employer in particular and says, hey, we're going to pass through all the rebates. But what they don't say is they've already skimmed off 5%, 10%, 20% or more off the top through their GPO. But that's not even the worst of it. That's just money, right? I mean, that's important, but I mean, even the biggest companies rarely own their own claims data.Mark Cuban (02:45):Now think about what that means. It means you can't get smarter about the wellness of your employees and their families. You want to figure out the best way to do GLP-1s and figure out how to reduce diabetes, whatever it may be. You don't have that claims data. And then they don't allow the companies to control their own formularies. So we've seen Humira biosimilars come out and the big PBMs have done their own version of the biosimilar where we have a product called Yusimry, which is only $594 a month, which is cheaper than the cheapest biosimilar that the big three are selling. And so, you would think in a normal relationship, they would want to bring on this new product to help the employer. No, they won't do it. If the employer asks, can I just add Cost Plus Drugs to my network? They'll say no, every single time.Mark Cuban (03:45):Their job is not to save the employer money, particularly after they've given a rebate. Because once they give that loan, that rebate to the employer, they need to get that money back. It's not a gift. It's a loan and they need to have the rebates, and we don't do rebates with them at all. And I can go down the list. They don't control the formula. They don't control, you mentioned the NDAs. They can't talk to manufacturers, so they can't go to Novo or to Lilly and say, let's put together a GLP-1 wellness program. All these different things that just are common sense. It's not happening. And so, the good news is when I walk into these companies that self-insured and talk to the CEO or CFO, I'm not asking them to do something that's not in their best interest or not in the best interest of the lives they cover. I'm saying, we can save you money and you can improve the wellness of your employees and their families. Where's the downside?Eric Topol (04:40):Oh, yeah. Yeah. And the reason they can't see the claims is because of the privacy issues?Mark Cuban (04:46):No, no. That's just a business decision in the contract that the PBMs have made. You can go and ask. I mean, you have every right to your own claims. You don't need to have it personally identified. You want to find out how many people have GLP-1s or what are the trends, or God forbid there's another Purdue Pharma thing going on, and someone prescribing lots of opioids. You want to be able to see those things, but they won't do it. And that's only on the sponsor side. It's almost as bad if not worse on the manufacturer side.Eric Topol (05:20):Oh, yeah. Well, some of the work of PBMs that you've been talking about were well chronicled in the New York Times, a couple of major articles by Reed Abelson and Rebecca Robbins: The Opaque Industry Secretly Inflating Prices for Prescription Drugs and The Powerful Companies Driving Local Drugstores Out of Business. We'll link those because I think some people are not aware of all the things that are going on in the background.Mark Cuban (05:39):You see in their study and what they reported on the big PBMs, it's crazy the way it works. And literally if there was transparency, like Cost Plus offers, the cost of medications across the country could come down 20%, 30% or more.Cost Plus DrugsEric Topol (05:55):Oh, I mean, it is amazing, really. And now let's get into Cost Plus. I know that a radiologist, Alex Oshmyansky contacted you with a cold email a little over three years ago, and you formed Cost Plus Drugs on the basis of that, right?Mark Cuban (06:12):Yep, that's exactly what happened.Eric Topol (06:15):I give you credit for responding to cold emails and coming up with a brilliant idea with this and getting behind it and putting your name behind it. And what you've done, so you started out with something like 110 generics and now you're up well over 1,200 or 2,500 or something like that?Mark Cuban (06:30):And adding brands. And so, started with 111. Now we're around 2,500 and trying to grow it every single day. And not only that, just to give people an overview. When you go to www.costplusdrugs.com and you put in the name of your medication, let's just say it's tadalafil, and if it comes up. In this case, it will. It'll show you our actual cost, and then we just mark it up 15%. It's the same markup for everybody, and if you want it, we'll have a pharmacist check it. And so, that's a $5 fee. And then if you want ship to mail order, it's $5 for shipping. And if you want to use our pharmacy network, then we can connect you there and you can just pick it up at a local pharmacy.Eric Topol (07:10):Yeah, no, it's transparency. We don't have a lot of that in healthcare in America, right?Mark Cuban (07:15):No. And literally, Eric, the smartest thing that we did, and we didn't expect this, it's always the law of unintended consequences. The smartest thing we did was publish our entire price list because that allowed any company, any sponsor, CMS, researchers to compare our prices to what others were already paying. And we've seen studies come out saying, for this X number of urology drugs, CMS would save $3.6 billion a year. For this number of heart drugs at this amount per year, for chemotherapy drugs or MS drugs this amount. And so, it's really brought attention to the fact that for what PBMs call specialty drugs, whether there's nothing special about them, we can save people a lot of money.Eric Topol (08:01):It's phenomenal. As a cardiologist, I looked up a couple of the drugs that I'm most frequently prescribed, just like Rosuvastatin what went down from $134 to $5.67 cents or Valsartan it went down from $69 to $7.40 cents. But of course, there's some that are much more dramatic, like as you mentioned, whether it's drugs for multiple sclerosis, the prostate cancer. I mean, some of these are just thousands and thousands of dollars per month that are saved, brought down to levels that you wouldn't think would even be conceivable. And this has been zero marketing, right?Mark Cuban (08:42):Yeah, none. It's all been word of mouth and my big mouth, of course. Going out there and doing interviews like this and going to major media, but it's amazing. We get emails and letters and people coming up to us almost single day saying, you saved my grandma's life. You saved my life. We weren't going to be able to afford our imatinib or our MS medication. And it went from being quoted $2,000 a month to $33 a month. It's just insane things like that that are still happening.Eric Topol (09:11):Well, this is certainly one of the biggest shakeups to occur in US healthcare in years. And what you've done in three years is just extraordinary. This healthcare in this country is with its over 4 trillion, pushing $5 trillion a year of expenditure.[New CMS report this week pegs the number at $4.867 trillion for 2023]Mark Cuban (09:30):It's interesting. I think it's really fixable. This has been the easiest industry to the disrupt I've ever been involved in. And it's not even close because all it took was transparency and not jacking up margins to market. We choose to use a fixed margin markup. Some choose to price to market, the Martin Shkreli approach, if you will. And just by being transparent, we've had an impact. And the other side of it is, it's the same concept on the healthcare side. Transparency helps, but to go a little field of pharmacy if you want. The insane part, and this applies to care and pharmacy, whatever plan we have, whether it's for health or whether it's for pharmaceuticals, there's typically a deductible, typically a copay, and typically a co-insurance.Insurance CompaniesMark Cuban (10:20):The crazy part of all that is that people taking the default risk, the credit risk are the providers. It's you, it's the hospital, it's the clinics that you work for. Which makes no sense whatsoever that the decisions that you or I make for our personal insurance or for the companies we run, or if we work for the government, what we do with Medicare or Medicare Advantage, the decisions we all make impacts the viability of providers starting with the biggest hospital systems. And so, as a result, they become subprime lenders without a car or a house to go after if they can't collect. And so, now you see a bunch of people, particularly those under the ACA with the $9,000, the bronze plans or $18,000 out-of-pocket limits go into debt, significant medical debt. And it's unfortunate. We look at the people who are facing these problems and think, well, it must be the insurance companies.Mark Cuban (11:23):It's actually not even the insurance companies. It's the overall design of the system. But underneath that, it's still whoever picks the insurance companies and sets plans that allow those deductibles, that's the core of the problem. And until we get to a system where the providers aren't responsible for the credit for defaults and dealing with all that credit risk, it's almost going to be impossible to change. Because when you see stories like we've all seen in news of a big healthcare, a BUCA healthcare (Blue Cross Blue Shield (BCBS), UnitedHealth, Cigna, and Aetna/CVS) plan with all the pre-authorizations and denials, typically they're not even taking the insurance risk. They're acting as the TPA (third party administrator) as the claims processor effectively for whoever hired them. And it goes back again, just like I talked about before. And as long as CMS hires or allows or accepts these BUCAs with these plans for Medicare for the ACA (Affordable care Act), whatever it may be, it's not going to work. As long as self-insured employers and the 50 million lives they cover hire these BUCAs to act as the TPAs, not as insurance companies and give them leeway on what to approve and what to authorize and what not to authorize. The system's going to be a mess, and that's where we are today.Academic Health System PartnershipsEric Topol (12:41):Yeah. Well, you've been talking of course to employers and enlightening them, and you're also enlightening the public, of course. That's why you have millions of people that are saving their cost of medications, but recently you struck a partnership with Penn Medicine. That's amazing. So is that your first academic health system that you approached?Cost Plus MarketplaceMark Cuban (13:00):I don't know if it was the first we approached, but it was certainly one of the biggest that we signed. We've got Cost Plus Marketplace (CPM) where we make everything from injectables to you name it, anything a hospital might buy. But again, at a finite markup, we make eight and a half percent I think when it's all said and done. And that saves hospital systems millions of dollars a year.Eric Topol (13:24):Yeah. So that's a big change in the way you're proceeding because what it was just pills that you were buying from the pharma companies, now you're actually going to make injectables and you're going to have a manufacturing capability. Is that already up and going?Mark Cuban (13:39):That's all up and going as of March. We're taking sterile injectables that are on the shortage list, generic and manufacturing them in Dallas using a whole robotics manufacturing plant that really Alex created. He's the rocket scientist behind it. And we're limited in capacity now, we're limited about 2 million vials, but we'll sell those to Cost Plus Marketplace, and we'll also sell those direct. So Cost Plus Marketplace isn't just the things we manufacture. It's a wide variety of products that hospitals buy that we then have a minimal markup, and then for the stuff we manufacture, we'll sell those to direct to like CHS was our first customer.Eric Topol (14:20):Yeah, that's a big expansion from going from the pills to this. Wow.Mark Cuban (14:24):It's a big, big expansion, but it goes to the heart of being transparent and not being greedy, selling on a markup. And ourselves as a company, being able to remain lean and mean. The only way we can sell at such a low markup. We have 20 employees on the Cost Plus side and 40 employees involved with the factories, and that's it.Eric Topol (14:46):Wow. So with respect to, you had this phenomenal article and interview with WIRED Magazine just this past week. I know Lauren Goode interviewed you, and she said, Mark, is this really altruistic and I love your response. You said, “how much f*****g money do I need? I'm not trying to land on Mars.” And then you said, “at this point in my life, it's just like more money, or f**k up the healthcare industry.” This was the greatest, Mark. I mean, I got to tell you, it was really something.Mark Cuban (15:18):Yeah.Eric Topol (15:19):Well, in speaking of that, of course, the allusion to a person we know well, Elon. He posted on X/Twitter in recent days , I think just three or four days ago, shouldn't the American people be getting their money's worth? About this high healthcare administration costs where the US is completely away from any other OECD country. And as you and I know, we have the worst outcomes and the most costs of all the rich countries in the world. There's just nothing new here. Maybe it's new to him, but you had a fabulous response on both X and Bluesky where you went over all these things point by point. And of course, the whole efforts that you've been working on now for three years. You also mentioned something that was really interesting that I didn't know about were these ERISA lawsuits[Employee Retirement Income Security Act (ERISA) of 1974.] Can you tell us about that?ERISA LawsuitsMark Cuban (16:13):Yeah, that's a great question, Eric. So for self-insured companies in particular, we have a fiduciary responsibility on a wellness and on a financial basis to offer the members, your employees and their families the best outcomes at the best price. Now, you can't guarantee best outcomes, but you have to be able to explain the choices you made. You don't have to pick the cheapest, but again, you have to be able to explain why you made the choices that you did. And because a lot of companies have been doing, just like we discussed earlier, doing deals on the pharmacy side with just these big PBMs, without accounting for best practices, best price, best outcomes, a couple companies got sued. Johnson and Johnson and Wells Fargo were the first to get sued. And I think that's just the beginning. That's just the writing on the wall. I think they'll lose because they just dealt with the big pharmacy PBMs. And I think that's one of the reasons why we're so busy at Cost Plus and why I'm so busy because we're having conversation after conversation with companies and plenty of enough lawyers for that matter who want to see a price list and be able to compare what they're paying to what we sell for to see if they're truly living up to that responsibility.Eric Topol (17:28):Yeah, no, that's a really important thing that's going on right now that I think a lot of people don't know about. Now, the government of the US think because it's the only government of any rich country in the world, if not any country that doesn't negotiate prices, i.e., CMS or whatever. And only with the recent work of insulin, which is a single one drug, was there reduction of price. And of course, it's years before we'll see other drugs. How could this country not negotiate drugs all these years where every other place in the world they do negotiate with pharma?Mark Cuban (18:05):Because as we alluded to earlier, the first line in every single pharmaceutical and healthcare contract says, you can't talk about this contract. It's like fight club. The number one rule of fight club is you can't talk about fight club, and it's really difficult to negotiate prices when it's opaque and everything's obfuscated where you can't really get into the details. So it's not that we're not capable of it, but it's just when there's no data there, it's really difficult because look, up until we started publishing our prices, how would anybody know?Mark Cuban (18:39):I mean, how was anybody going to compare numbers? And so, when the government or whoever started to negotiate, they tried to protect themselves and they tried to get data, but those big PBMs certainly have not been forthcoming. We've come along and publish our price list and all that starts to change. Now in terms of the bigger picture, there is a solution there, as I said earlier, but it really comes down to talking to the people who make the decisions to hire the big insurance companies and the big PBMs and telling them, no, you're not acting in your own best interest. Here's anybody watching out there. Ask your PBM if they can audit. If you can audit rather your PBM contract. What they'll tell you is, yeah, you can, but you have to use our people. It's insane. And that's from top to bottom. And so, I'm a big believer that if we can get starting with self-insured employers to act in their own best interest, and instead of working with a big PBM work with a pass-through PBM. A pass-through PBM will allow you to keep your own claims, own all your own data, allow you to control your own formulary.Mark Cuban (19:54):You make changes where necessary, no NDA, so you can't talk to manufacturers. All these different abilities that just seem to make perfect sense are available to all self-insured employers. And if the government, same thing. If the government requires pass-through PBMs, the price of medications will drop like a rock.Eric Topol (20:16):Is that possible? You think that could happen?Mark Cuban (20:19):Yes. Somebody's got to understand it and do it. I'm out there screaming, but we will see what happens with the new administration. There's nothing hard about it. And it's the same thing with Medicare and Medicare Advantage healthcare plans. There's nothing that says you have to use the biggest companies. Now, the insurance companies have to apply and get approved, but again, there's a path there to work with companies that can reduce costs and improve outcomes. The biggest challenge in my mind, and I'm still trying to work through this to fully understand it. I think where we really get turned upside down as a country is we try to avoid fraud from the provider perspective and the patient perspective. We're terrified that patients are going to use too much healthcare, and like everybody's got Munchausen disease.Mark Cuban (21:11):And we're terrified that the providers are going to charge too much or turn into Purdue Pharma and over-prescribe or one of these surgery mills that just is having somebody get surgery just so they can make money. So in an effort to avoid those things, we ask the insurance companies and the PBMs to do pre-authorizations, and that's the catch 22. How do we find a better way to deal with fraud at the patient and provider level? Because once we can do that, and maybe it's AI, maybe it's accepting fraud, maybe it's imposing criminal penalties if somebody does those things. But once we can overcome that, then it becomes very transactional. Because the reality is most insurance companies aren't insurance companies. 50 million lives are covered by self-insured employers that use the BUCAs, the big insurance companies, but not as insurance companies.Eric Topol (22:07):Yeah, I was going to ask you about that because if you look at these three big PBMs that control about 80% of the market, not the pass-throughs that you just mentioned, but the big ones, they each are owned by an insurance company. And so, when the employer says, okay, we're going to cover your healthcare stuff here, we're going to cover your prescriptions there.Mark Cuban (22:28):Yeah, it's all vertically integrated.Mark Cuban (22:36):And it gets even worse than that, Eric. So they also own specialty pharmacies, “specialty pharmacies” that will require you to buy from. And as I alluded to earlier, a lot of these medications like Imatinib, they'll list as being a specialty medication, but it's a pill. There's nothing special about it, but it allows them to charge a premium. And that's a big part of how the PBMs make a lot of their money, the GPO stuff we talked about, but also forcing an employer to go through the specialty mail order company that charges an arm and the leg.Impact on Hospitals and ProceduresEric Topol (23:09):Yeah. Well, and the point you made about transparency, we've seen this of course across US healthcare. So for example, as you know, if you were to look at what does it cost to have an operation like let's say a knee replacement at various hospitals, you can find that it could range fivefold. Of course, you actually get the cost, and it could be the hospital cost, and then there's the professional cost. And the same thing occurs for if you're having a scan, if you're having an MRI here or there. So these are also this lack of transparency and it's hard to get to the numbers, of course. There seems to be so many other parallels to the PBM story. Would you go to these other areas you think in the future?Mark Cuban (23:53):Yeah, we're doing it now. I'm doing it. So we have this thing called project dog food, and what it is, it's for my companies and what we've done is say, look, let's understand how the money works in healthcare.Mark Cuban (24:05):And when you think about it, when you go to get that knee done, what happens? Well, they go to your insurance company to get a pre-authorization. Your doctor says you need a knee replacement. I got both my hips replaced. Let's use that. Doctor says, Mark, you need your hips replaced. Great, right? Let's set up an appointment. Well, first the insurance company has to authorize it, okay, they do or they don't, but the doctor eats their time up trying to deal with the pre-authorization. And if it's denied, the doctor's time is eaten up and an assistance's time is eaten up. Some other administrator's time is eaten up, the employer's time is eaten up. So that's one significant cost. And then from there, there's a deductible. Now I can afford my deductible, but if there is an individual getting that hip replacement who can't afford the deductible, now all of a sudden you're still going to be required to do that hip replacement, most likely.Mark Cuban (25:00):Because in most of these contracts that self-insured employers sign, Medicare Advantage has, Medicare has, it says that between the insurance company and the provider, in this case, the hospital, you have to do the operation even if the deductibles not paid. So now the point of all this is you have the hospital in this case potentially accumulating who knows how much bad debt. And it's not just the lost amount of millions and millions and billions across the entire healthcare spectrum that's there. It's all the incremental administrative costs. The lawyers, the benefits for those people, the real estate, the desk, the office space, all that stuff adds up to $10 billion plus just because the hospitals take on that credit default risk. But wait, there's more. So now the surgery happens, you send the bill to the insurance company. The insurance company says, well, we're not going to pay you. Well, we have a contract. This is what it says, hip replacement's $34,000. Well, we don't care first, we're going to wait. So we get the time value of money, and then we're going to short pay you.Mark Cuban (26:11):So the hospital gets short paid. So what do they have to do? They have to sue them or send letters or whatever it is to try to get their money. When we talk to the big hospital systems, they say that's 2%. That's 2% of their revenue. So you have all these associated credit loss dollars, you've got the 2% of, in a lot of cases, billions and billions of dollars. And so, when you add all those things up, what happens? Well, what happens is because the providers are losing all that money and having to spend all those incremental dollars for the administration of all that, they have to jack up prices.Eric Topol (26:51):Yeah. Right.Mark Cuban (26:53):So what we have done, we've said, look for my companies, we're going to pay you cash. We're going to pay you cash day one. When Mark gets that hip replacement, that checks in the bank before the operation starts, if that's the way you want it. Great, they're not going to have pre-authorizations. We're going to trust you until you give us a reason not to trust you. We're not short paying, obviously, because we're paying cash right there then.Mark Cuban (27:19):But in a response for all that, because we're cutting out all those ancillary costs and credit risk, I want Medicare pricing. Now the initial response is, well, Medicare prices, that's awful. We can't do it. Well, when you really think about the cost and operating costs of a hospital, it's not the doctors, it's not the facilities, it's all the administration that cost all the money. It's all the credit risks that cost all the money. And so, if you remove that credit risk and all the administration, all those people, all that real estate, all those benefits and overhead associated with them, now all of a sudden selling at a Medicare price for that hip replacement is really profitable.Eric Topol (28:03):Now, is that a new entity Cost Plus healthcare?Mark Cuban (28:07):Well, it's called Cost Plus Wellness. It's not an entity. What we're going to do, so the part I didn't mention is all the direct contracts that we do that have all these pieces, as part of them that I just mentioned, we're going to publish them.Eric Topol (28:22):Ah, okay.Mark Cuban (28:23):And you can see exactly what we've done. And if you think about the real role of the big insurances companies for hospitals, it's a sales funnel.Getting Rid of Insurance CompaniesEric Topol (28:33):Yeah, yeah. Well, in fact, I really was intrigued because you did a podcast interview with Andrew Beam and the New England Journal of Medicine AI, and in that they talked about getting rid of the insurers, the insurance industry, just getting rid of it and just make it a means test for people. So it's not universal healthcare, it's a different model that you described. Can you go over that? I thought it was fantastic.Mark Cuban (29:00):Two pieces there. Let's talk about universal healthcare first. So for my companies, for our project dog food for the Mark Cuban companies, if for any employee or any of the lives we cover, if they work within network, anybody we have the direct contract with its single-payer. They pay their premiums, but they pay nothing else out of pocket. That's the definition of single-payer.Eric Topol (29:24):Yeah.Mark Cuban (29:25):So if we can get all this done, then the initial single-payers will be self-insured employers because it'll be more cost effective to them to do this approach. We hope, we still have to play it all through. So that's part one. In terms of everybody else, then you can say, why do we need insurance companies if they're not even truly acting as insurance companies? You're not taking full risk because even if it's Medicare Advantage, they're getting a capitated amount per month. And then that's getting risk adjusted because of the population you have, and then there's also an index depending on the location, so there's more or less money that occurs then. So let's just do what we need to do in this particular case, because the government is effectively eliminating the risk for the insurance company for the most part. And if you look at the margins for Medicare Advantage, I was just reading yesterday, it's like $1,700 a year for the average Medicare Advantage plan. So it's not like they're taking a lot of risk. All they're doing is trying to deny as many claims as they can.Eric Topol (30:35):Deny, Deny. Yeah.Mark Cuban (30:37):So instead, let's just get somebody who's a TPA, somebody who does the transaction, the claims processing, and whoever's in charge. It could be CMS, can set the terms for what's accepted and what's denied, and you can have a procedure for people that get denied that want to challenge it. And that's great, there's one in place now, but you make it a little simpler. But you take out the economics for the insurance company to just deny, deny, deny. There's no capitation. There's no nothing.Mark Cuban (31:10):The government just says, okay, we're hiring this TPA to handle the claims processing. It is your job. We're paying you per transaction.Mark Cuban (31:18):You don't get paid more if you deny. You don't get paid less if you deny. There's no bonuses if you keep it under a certain amount, there's no penalties If you go above a certain amount. We want you just to make sure that the patient involved is getting the best care, end of story. And if there's fraud involved as the government, because we have access to all that claims data, we're going to introduce AI that reviews that continuously.Mark Cuban (31:44):So that we can see things that are outliers or things that we question, and there's going to mean mistakes, but the bet was, if you will, where we save more and get better outcomes that way versus the current system and I think we will. Now, what ends up happening on top of that, once you have all that claims data and all that information and everybody's interest is aligned, best care at the best price, no denials unless it's necessary, reduce and eliminate fraud. Once everybody's in alignment, then as long as that's transparent. If the city of Dallas decides for all the lives they cover the 300,000 lives they cover between pharmacy and healthcare, we can usually in actuarial tables and some statistical analysis, we can say, you know what, even with a 15% tolerance, it's cheaper for us just to pay upfront and do this single-pay program, all our employees in the lives we cover, because we know what it's going to take.Mark Cuban (32:45):If the government decides, well, instead of Medicare Advantage the way it was, we know all the costs. Now we can say for all Medicare patients, we'll do Medicare for all, simply because we have definitive and deterministic pricing. Great. Now, there's still going to be outlier issues like all the therapies that cost a million dollars or whatever. But my attitude there is if CMS goes to Lilly, Novo, whoever for their cure for blindness that's $3.4 million. Well, that's great, but what we'll say is, okay, give us access to your books. We want to know what your breakeven point is. What is that breakeven point annually? We'll write you a check for that.Eric Topol (33:26):Yeah.Mark Cuban (33:27):If we have fewer patients than need that, okay, you win. If we have more patients than need that, it's like a Netflix subscription with unlimited subscribers, then we will have whatever it is, because then the manufacturer doesn't lose money, so they can't complain about R&D and not being able to make money. And that's for the CMS covered population. You can do a Netflix type subscription for self-insured employers. Hey, it's 25 cents per month per employee or per life covered for the life of the patent, and we'll commit to that. And so, now all of a sudden you get to a point where healthcare starts becoming not only transparent but deterministic.Eric Topol (34:08):Yeah. What you outline here in these themes are extraordinary. And one of the other issues that you are really advocating is patient empowerment, but one of the problems we have in the US is that people don't own their data. They don't even have all their data. I expect you'd be a champion of that as well.Mark Cuban (34:27):Well, of course. Yeah. I mean, look, I've got into arguments with doctors and public health officials about things like getting your own blood tested. I've been an advocate of getting my own blood tested for 15 years, and it helped me find out that I needed thyroid medication and all of these things. So I'm a big advocate. There's some people that think that too much data gives you a lot of false positives, and people get excited in this day and age to get more care when it should only be done if there are symptoms. I'm not a believer in that at all. I think now, particularly as AI becomes more applicable and available, you'll be able to be smarter about the data you capture. And that was always my final argument. Either you trust doctors, or you don't. Because even if there's an aberrational TSH reading and minus 4.4 and it's a little bit high, well the doctor's going to say, well, let's do another blood test in a month or two. The doctor is still the one that has to write the prescription. There's no downside to trusting your doctor in my mind.Eric Topol (35:32):And what you're bringing up is that we're already seeing how AI can pick up things even in the normal range, the trends long before a clinician physician would pick it up. Now, last thing I want to say is you are re-imagining healthcare like no one. I mean, there's what you're doing here. It started with some pills and it's going in a lot of different directions. You are rocking it here. I didn't even know some of the latest things that you're up to. This seems to be the biggest thing you've ever done.Mark Cuban (36:00):I hope so.Mark Cuban (36:01):I mean, like we said earlier, what could be better than people saying our healthcare system is good. What changed? That Cuban guy.Eric Topol (36:10):Well, did you give up Shark Tank so you could put more energy into this?Mark Cuban (36:16):Not really. It was more for my kids.Eric Topol (36:19):Okay, okay.Mark Cuban (36:20):They go hand in hand, obviously. I can do this stuff at home as opposed to sitting on a set wondering if I should invest in Dude Wipes again.Eric Topol (36:28):Well, look, we're cheering for you. This is, I've not seen a shakeup in my life in American healthcare like this. You are just rocking. It's fantastic.Mark Cuban (36:37):Everybody out there that's watching, check out www.costplusdrugs.com, check out Cost Plus Marketplace, which is business.costplusdrugs.com and just audit everything. What I'm trying to do is say, okay, if it's 1955 and we're starting healthcare all over again, how would we do it? And really just keep it simple. Look to where the risk is and remove the risk where possible. And then it comes down to who do you trust and make sure you trust but verify. Making sure there aren't doctors or systems that are outliers and making sure that there aren't companies that are outliers or patients rather that are outliers. And so, I think there's a path there. It's not nearly as difficult, it's just starting them with corporations, getting those CEOs to get educated and act in their own best interest.Eric Topol (37:32):Well, you're showing us the way. No question. So thanks so much for joining, and we'll be following this with really deep interest because you're moving at high velocity, and thank you.**************************************************Thank you for reading, listening and subscribing to Ground Truths.If you found this fun and informative please share it!All content on Ground Truths—its newsletters, analyses, and podcasts, are free, open-access.Paid subscriptions are voluntary. All proceeds from them go to support Scripps Research. Many thanks to those who have contributed—they have greatly helped fund our summer internship programs for the past two years. I welcome all comments from paid subscribers and will do my best to respond to each of them and any questions.Thanks to my producer Jessica Nguyen and to Sinjun Balabanoff for audio and video support at Scripps Research.FootnoteThe PBMS (finally) are under fire—2 articles from the past week Get full access to Ground Truths at erictopol.substack.com/subscribe

Send us a textOriginally broadcast: February 27, 2024Discover how the 2024 US presidential election could transform the regulatory landscape for mergers, antitrust enforcement, and foreign investment. With the prospect of President Joe Biden facing off against former President Donald Trump, this episode unpacks the economic policies and national security priorities of these political titans. Milbank partners Adam DiVincenzo and John Bain join host Allan Marks to provide a sharp analysis of how both administrations have wielded the Committee on Foreign Investment in the United States (CFIUS), particularly in relation to China, and what that means for foreign investment strategies moving forward.As we navigate the intricate balance between market power, innovation, and regulation, learn how historical antitrust measures influence modern policies. Our conversation draws on the insights of economists like Schumpeter and Arrow to understand the role of large companies in fostering or stifling innovation. We explore the complex interplay of regulatory bodies like the FTC and DOJ in shaping market competition and how geopolitical considerations can impact merger activities. This episode offers a comprehensive look at how shifting political landscapes and economic strategies are poised to redefine the future of business.We also delve into the nuances of antitrust laws and market strategies, exploring how proposed bans and historical perspectives like the Sherman Act inform current debates. The discussion reflects on Robert Bork's theory of consumer welfare, questioning its relevance today. Learn how administrations may continue to leverage robust antitrust tools and how geopolitical tensions with countries like Russia and China could impact merger regulations. From ESG initiatives to strategies for navigating CFIUS reviews, we provide the insights you need to understand the forces shaping tomorrow's corporate environment.For more information and insights, follow us on social media and podcast platforms, including Apple, Spotify, Amazon Music, iHeart, Google and Audible.Disclaimer

Grace Blakeley on the hidden planning at the heart of capitalism, monopoly power and democratic planning as an alternative. Democratic Planning Research Platform: www.planningresearch.net Shownotes Blakeley, G. (2024). Vulture capitalism: Corporate crimes, backdoor bailouts, and the death of freedom. Simon and Schuster. https://www.simonandschuster.com/books/Vulture-Capitalism/Grace-Blakeley/9781982180850 Blakeley, G. (2020). Stolen: How to Save the World from Financialization. Repeater Books. https://repeaterbooks.com/product/stolen-how-to-save-the-world-from-financialisation Blakeley, G. (2021). The Corona Crash: How the Pandemic Will Change Capitalism. Verso Books. https://www.versobooks.com/products/2723-the-corona-crash Blakeley, G. (2021). STOLEN - So retten wir die Welt vor dem Finanzkapitalismus. Brumaire Verlag. https://brumaireverlag.de/Grace-Blakeley-Stolen Devine, P. (1988). Democracy and Economic Planning: The Political Economy of a Self-Governing Society. Polity Press. https://politybooks.com/bookdetail/?isbn=9780745603943 Masters, B., & Thiel, P. (2014). Zero to one: Notes on start ups, or how to build the future. Random House. https://www.penguinrandomhouse.com/books/234730/zero-to-one-by-peter-thiel-with-blake-masters/ Phillips, L., & Rozworski, M. (2019). The People's Republic of Walmart. Verso Books. https://www.versobooks.com/books/2822-the-people-s-republic-of-walmart Von Hayek, F. (2007). The Road to Serfdom: Text and Documents – The Definitive Edition. Routledge. https://www.routledge.com/The-Road-to-Serfdom-Text-and-Documents-The-Definitive-Edition/Caldwell-Hayek/p/book/9780415755320 Harvey, D. Reading Marx's Capital (Free online course). http://davidharvey.org/reading-capital/ Foster, J. B. (2018) 'What Is Monopoly Capital?', in: Monthly Review (online): https://monthlyreview.org/2018/01/01/what-is-monopoly-capital/ Rikap, C. (2021). Capitalism, power and innovation: Intellectual monopoly capitalism uncovered. Routledge. https://www.routledge.com/Capitalism-Power-and-Innovation-Intellectual-Monopoly-Capitalism-Uncovered/Rikap/p/book/9780367750299 Alami, I., & Dixon, A. D. (2024). The spectre of state capitalism. Oxford University Press. https://global.oup.com/academic/product/the-spectre-of-state-capitalism-9780198925194?cc=us&lang=en& Schumpeter, J. A. (2013). Capitalism, socialism and democracy. Routledge. https://periferiaactiva.files.wordpress.com/2015/08/joseph-schumpeter-capitalism-socialism-and-democracy-2006.pdf Marx, K. (1973). Grundrisse. Penguin Books. https://www.marxists.org/archive/marx/works/download/pdf/grundrisse.pdf   Further Future Histories Episodes on Related Topics S02E10 | Aaron Benanav on Associational Socialism and Democratic Planning https://www.futurehistories.today/episoden-blog/s02/e10-aaron-benanav-on-associational-socialism-and-democratic-planning/ S02E11 | James Muldoon on Platform Socialism https://www.futurehistories.today/episoden-blog/s02/e11-james-muldoon-on-platform-socialism/ S02E47 | Matt Huber on Building Socialism, Climate Change & Class War https://www.futurehistories.today/episoden-blog/s02/e47-matt-huber-on-building-socialism-climate-change-class-war/ S01E58 | Jasper Bernes on Planning and Anarchy https://www.futurehistories.today/episoden-blog/s01/e58-jasper-bernes-on-planning-and-anarchy/ S02E09 | Isabella M. Weber zu Chinas drittem Weg: https://www.futurehistories.today/episoden-blog/s02/e09-isabella-m-weber-zu-chinas-drittem-weg/ S02E33 | Pat Devine on Negotiated Coordination: https://www.futurehistories.today/episoden-blog/s02/e33-pat-devine-on-negotiated-coordination/ S02E19 | David Laibman on Multilevel Democratic Iterative Coordination: https://www.futurehistories.today/episoden-blog/s02/e19-david-laibman-on-multilevel-democratic-iterative-coordination/   S03E03 | Planning for Entropy on Sociometabolic Planning: https://www.futurehistories.today/episoden-blog/s03/e03-planning-for-entropy-on-sociometabolic-planning/   Future Histories Contact & Support If you like Future Histories, please consider supporting us on Patreon: https://www.patreon.com/join/FutureHistories Contact: office@futurehistories.today Twitter: https://twitter.com/FutureHpodcast Instagram: https://www.instagram.com/futurehpodcast/ Mastodon: https://mstdn.social/@FutureHistories   Tags #GraceBlakeley, #JanGroos, #CapitalistPlanning, #MarketPower, #DemocraticAlternatives, #Monopolies, #FreeMarkets, #EconomicDemocracy, #Socialism, #PlatformCapitalism, #FutureHistories, #PatDevine, #PeterThiel, #VultureCapitalism, #PoliticalEconomy, #EconomicJustice, #Socialism, #PostCapitalism, #GreenNewDeal, #ClimateJustice, #FinanceCapitalism, #PublicOwnership, #WelfareState, #LabourMovement, #EconomicDemocracy, #WorkingClass, #DebtCrisis, #Redistribution, #ProgressivePolitics, #Stolen, #futurehistoriesinternational, #FutureHistoriesInternational  

On October 8, the Boris Kagarlitsky International Solidarity Campaign held an online conference on “Boris Kagarlitsky and the Challenges of the Left.” Although Kagarlitsky is serving a five-year sentence in a Russian penal colony, he has just published a book called The Long Retreat: Strategies to Reverse the Decline of the Left. The conference addressed Kagarlitsky's wide-ranging analysis of the left's dilemmas in the face of multiple global crises, including the rise of right-wing authoritarianism. We will bring the whole conference to Jacobin Radio with a stellar lineup of international scholars and activists.Today we hear the panel “Imperialism(s) Today,” looking at the nature of imperialism historically and in the present. Robert Brenner begins with the theory of imperialism from before WWI through the post-war period and up to the present, essentially arguing that in the present period of American hegemony, imperialism is the weapon of weaker powers. Ilya Matveev follows by examining three theorists of imperialism—Lenin, Schumpeter, and Mearsheimer—and looks at the Russian case through the lens of their different theories. Hanna Perekhoda, originally from Donetsk in the contested Donbas region, examines Putin's view of Ukraine as a creation by Russia's enemies. According to Putin, Lenin's support of the self-determination of Ukraine divided Russia, preventing it from becoming a leading power in the world. For proponents of this view, Russian sovereignty is under threat so long as Ukraine exists.Jacobin Radio with Suzi Weissman features conversations with leading thinkers and activists, with a focus on labor, the economy, and protest movements. Hosted on Acast. See acast.com/privacy for more information.

Découvrez comment la technologie transforme notre travail et notre rapport au travail.Durant tout l'été, profitez de nos REMIX ! Aujourd'hui : Laëtitia Vitaud (enregistré en juillet 2023)Laëtitia Vitaud est une spécialiste du futur du travail, elle est présidente du cabinet de conseil Cadre Noir, rédactrice en chef Welcome to the Jungle, conférencière, autrice (notamment En finir avec la productivité (2022), intervenante à HEC, Sciences Po, Dauphine et membre de l'Institut Montaigne.De l'impact de l'économie à la tâche sur la valeur du travail à la possibilité de la fin du travail tel que nous le connaissons aujourd'hui, la technologies impact et influence notre quotidien professionnel en venant questionner la pertinence de la fameuse "destruction créatrice" de Schumpeter. Les thèmes de cet épisode :Schumpeter a-t-il toujours raison ?Notre rapport à la valeur travailLa fin du travail tel qu'on l'a connu ? ---

In the 2nd episode of "Hammer Time" Ralph speaks about the aftermath of the assassination attempt on Donald Trump, his views on JD Vance as the VP pick, and why Joseph Schumpeter, not Karl Marx, should be the most influential economist of our time. --- Support this podcast: https://podcasters.spotify.com/pod/show/the1020/support

In unserem neuesten Video beleuchten wir die unterschiedliche wirtschaftliche Entwicklung in Europa und den USA und geben euch wertvolle Einblicke, die euch bei euren Anlageentscheidungen unterstützen können. Johannes Mayr, Chefvolkswirt der Vermögensverwaltung Eyb & Wallwitz, erkennt einen grundlegenden Wandel in unserem Wirtschaftssystem – und nicht unbedingt zum Guten. Eine Wirtschaftspolitik, die jede Krise mit Unmengen an staatlichem Kapital abfedern möchte, sei weder tragbar noch sinnvoll, warnt der Experte. Doch wie können wir diese Herausforderungen überwinden? Welche Rolle spielen die Zentralbanken, insbesondere die Europäische Zentralbank (EZB) und die Federal Reserve (Fed) in den USA? Mayr argumentiert, dass mehr Schöpferische Zerstörung nach Schumpeter in unserer Wirtschaftspolitik nötig wäre, um den Wirtschaftszyklen wieder mehr Schwung zu verleihen. Doch das ist noch nicht alles! Wir werfen auch einen Blick auf die geopolitischen Überlegungen und die langfristigen Auswirkungen globaler Konflikte auf den Handel und das wirtschaftliche Wachstum. Welche Rolle spielt die bevorstehende US-Präsidentschaftswahl? Und wie können wir die langfristigen Implikationen geopolitischer Verschiebungen in unsere Anlagestrategien einbeziehen?

The only way to “coast” is when you're going downhill. Even on a plateau, you have to pedal to keep moving. However, there is a way to “coast uphill.” To succeed, businesses must keep growing. And to keep growing, they must innovate. No business can grow simply by solving problems and “fixing” things (or, worse, blaming people). Problem-solving keeps you afloat, but it doesn't raise the water level or get you into a boat. There are three kinds of innovation, and we speak in this session about what they are, why they are important, and who exemplifies them. As social proof, we discuss avatars in these areas, from the Wright Brothers to Fred Smith and Jeff Bezos. Innovation is not the result of “skunk works,” outdoor experiences, or building sand castles. It is the result of a constant focus on improvement, finding promoting actions to enable it, and exploitative actions to capitalize on it. There was only running, no passing in football, until someone decided to try throwing the ball. The high jump was a standard competition with inches of difference until Dick Fosbury decided to jump over the bar head and back first, which everyone now does at much higher levels. How much more exciting is basketball with the advent of the three-point line? Schumpeter called innovation “creative destruction.” And I call it “applied creativity.” Learn why herein.

Deze aflevering: Waarom stijgt die beurs nou altijd? De grote why. We beantwoorden belangrijke vragen en geven jou inzicht. Plus wat flauwe grappen en grollen. Maar ook niet onbelangrijk is de haat op Klarna en achteraf betalen. Een heerlijke rant van je vrienden zoals je ons kent. Veel luisterplezier. Linkjes: ⁠⁠Theorie van ⁠Schumpeter⁠ (is eigenlijk een Marxist): Creative Destruction (neoliberaal gedachtegoed) ⁠The Simple Path to Wealth - JL Collins⁠ ⁠I Will Teach You To Be Rich - Ramit Sethi⁠ Instagram: ⁠⁠@de_geldvrienden⁠⁠ Sponsor: ⁠Lendahand⁠ - Gebruik code GELDVRIENDEN500 voor de garantie actie: geldig t/m 30 september 2024.

We are seeing Joseph Schumpeter's concept of creative destruction at work in higher education. The shake-up will continue.Original Article: Creative Destruction in American Higher Education: Schumpeter in Action

We are seeing Joseph Schumpeter's concept of creative destruction at work in higher education. The shake-up will continue.Original Article: Creative Destruction in American Higher Education: Schumpeter in Action

On this weeks Huddle +, Kevin welcomes back to the show, founder of View From The Peak, Paul Krake. They discuss the evolving landscape of AI, the energy transition, and the innovative fuel sources that could support it. Follow Paul on Substack:  https://www.twitter.com/Viewfromthepeak *Got questions for Kevin and Patrick? Submit your questions to: nostupidquestions@markethuddle.com Visit our merch store!!! https://www.themarkethuddlemerch.com/ To receive our emails with the charts and links each week, please register at: https://markethuddle.com/

Russell Sobel is a Professor of Economics and Entrepreneurship at the Baker school of Business at The Citadel and he just put out a new book with the Fraser Institute, The Essential Joseph Schumpeter. He has also written an introductory economics textbook and many, many papers on the economics of entrepreneurship. Today, we talk about what an entrepreneur is, what institutions ---both cultural and governmental --- uplift entrepreneurs, and why we want more entrepreneurs. He explains the work of the economist Joseph Schumpeter, walking us through his views on entrepreneurship to his pessimistic view that capitalism necessarily ends in socialism. We talk about ways to prevent that, if indeed we are on that path. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Paolo Perulli"Anime creative"Da Prometeo a Steve JobsEdizioni il Mulinowww.mulino.itChi sono i creativi nell'epoca della conoscenza? Un viaggio nel tempo e nello spazio per capire come la creatività ha dato forma al mondo.Chi sono i creativi oggi, da dove vengono? Questo libro li colloca in una precisa genealogia: sono gli eredi di Prometeo e Faust, dell'uomo creatore di Nietzsche e dell'imprenditore innovativo di Schumpeter, delle avanguardie europee novecentesche e della grande migrazione in America, fino ai tecnologi visionari della Silicon Valley. In epoca recente, siamo rapidamente passati dall'uomo creatore, che inventa opere d'arte e d'ingegno singolari e risponde solo a sé stesso, alla classe creativa, che innova disegnando prodotti per i mercati da cui noi tutti dipendiamo. I creativi non sono una categoria privilegiata, piuttosto sono portatori di una condizione dello spirito che produce effetti universali e può dare speranza al mondo. Tuttavia, oggi non sanno di appartenere a tale tradizione e mancano di un canone. Come evitare che questa massima diffusione della creatività si trasformi in banalità, in serialità, nel vuoto creativo?Paolo Perulli, sociologo dell'economia, ha insegnato nelle Università del Piemonte Orientale, Venezia, Cambridge (Usa), Parigi, Lugano. Tra i suoi volumi «Terra mobile» (Einaudi, 2014), «Il debito sovrano. La fase estrema del capitalismo» (La Nave di Teseo, 2020). Per Il Mulino ha pubblicato «Nel 2050. Passaggio al nuovo mondo» (2021).IL POSTO DELLE PAROLEascoltare fa pensarewww.ilpostodelleparole.itDiventa un supporter di questo podcast: https://www.spreaker.com/podcast/il-posto-delle-parole--1487855/support.

Our guest in this episode is Philippe Aghion! We talk about Marx, Schumpeter, creative destruction, capital accumulation, history, middle income countries, political economy, and more!

Dans cet épisode, l'économiste libéral progressiste Nicolas Bouzou fait bouillir nos cerveaux. Cette véritable tornade intellectuelle avec une plume trempée se fait remarquer lors de ses passages dans Le Figaro, Les Échos, et des face-à-face épiques dans des émissions comme "C dans l'air". Nicolas sait comment secouer le cocotier des conventions. Fondateur d'Asterès, il ne se contente pas de théoriser : il met aussi la main à la pâte. Nicolas se revendique libéral progressiste, un combattant pour l'équilibre, cherchant sans cesse à marier liberté individuelle et progrès social, assez loin des sentiers battus du libertarianisme ou du conservatisme poussiéreux. Pour lui, “la décroissance est une ineptie” et l'IA est un accélérateur pour l'humanité. Innover, c'est la nature de l'homme. Auteur de "Homo Sanitas", "La comédie (in)humaine" co-écrit avec Julia de Funès, "La France d'à peu près", et plus récemment, “La civilisation de la peur”, ses nombreux essais invitent à un réveil collectif. Nicolas Bouzou nous embarque dans sans sa pensée libérale progressiste et ouvre notre réflexion sur des sujets brûlants : L'économie peurs dans la civilisation occidentale (les médias marchands de peur, la menace de la technologie, la peur du migrant…) La méfiance de la France vis-à-vis de la mondialisation Décroissance et décarbonisation Préparez-vous pour un échange captivant qui explore comment l'IA va redéfinir notre civilisation, du travail à l'écologie en passant par la santé, les médias et l'éducation. TIMELINE : 00:00:00 - Qui est Nicolas Bouzou 00:15:30 - Libéralisme, néolibéralisme, et libertarianisme 00:33:30 - Comment les échelles de valeurs expliquent les disparités de régime entre les pays ? 00:38:00 : Pourquoi l'Europe est le “paradis du Terre” ? 00:40:00 : Les dysfonctionnements des services publics 00:47:00 : La menace de l'IA effraye les professions 00:59:10 : Faut-il vraiment avoir peur de l'IA ? 01:09:15 : Décarbonisation, décroissance et malthusianisme 01:32:00 La peur de l'étranger 01:47:20 : La surinformation et les marchands de peur 02:11:40 : La puissance des livres 02:32:00 : Le livre qui va sauver l'humanité 02:40:00 : Pourquoi la France a peur de la mondialisation ? 02:45:51 : Son échange avec l'enfant qu'il était Avec Nicolas nous avons cité d'anciens épisodes de GDIY : #327 Laurent Alexandre #256 Alain Weill #49 Joël Dicker #175 Maurice Levy Avec Nicolas, nous avons parlé de : Libéralisme, néolibéralisme, et libertarianisme (en France et dans le monde) Les peurs dans la civilisation occidentale (les médias marchands de peur, la menace de la technologie, la peur du migrant…) Les régimes politiques : théocratie, démocratie, régimes autoritaires Arcade IA Alexis De Tocqueville, Raymond Aron, Jean-François Revel, Karl Popper, Jacques Chaban-Delmas, Schumpeter, Thomas Malthus Soumission de Michel Houellebecq Les médias aujourd'hui Décroissance et décarbonisation Le monde de l'édition et de la lecture La France au centre de la mondialisation Nicolas vous recommande de lire : Comédie Inhumaine avec de Funes La civilisation de la Peur de Nicolas Bouzou Choisir, la liberté de Fernando Sapater La musique du générique vous plaît ? C'est à Morgan Prudhomme que je la dois ! Contactez-le sur : https://studio-module.com. Vous souhaitez sponsoriser Génération Do It Yourself ou nous proposer un partenariat ? Contactez mon label Orso Media via ce formulaire.

Concept forgé par le penseur et économiste Joseph Aloïs Schumpeter, la « destruction créatrice » désigne un processus lié à l'innovation technologique. (Vous le savez) Nombreux sont les métiers qui ont subitement disparu, au cours de l'Histoire. En effet, de nos jours, nous ne trouvons plus de cocher, de maréchal-ferrant, ou encore de rémouleur, alors que ces professions étaient encore très répandues il y a encore quelques siècles. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Concept forgé par le penseur et économiste Joseph Aloïs Schumpeter, la « destruction créatrice » désigne un processus lié à l'innovation technologique. (Vous le savez) Nombreux sont les métiers qui ont subitement disparu, au cours de l'Histoire. En effet, de nos jours, nous ne trouvons plus de cocher, de maréchal-ferrant, ou encore de rémouleur, alors que ces professions étaient encore très répandues il y a encore quelques siècles. Learn more about your ad choices. Visit megaphone.fm/adchoices

TS Eliot wrote a very pithy essay, The Idea of A Christian Society which addresses something of what we have been talking about for several months: what is a civilization, and what must we do to retain it? Director Hodges and Ben Cumming discuss Eliot's essay, and consider definitions of some of the terms found in Schumpeter's book on Communism and Capitalism.

S02.E16 - L'invitée de Trench Tech : Laëtitia Vitaud, autrice et conférencière sur le futur du travail. Dans cet épisode, on explore les enjeux du futur du travail avec le numérique :

If you ever downloaded online videos since the year 2000, this man is who you should thank! This week I'm speaking with technologist and philosopher Jordan Hall (formerly Jordan Greenhall). Jordan was a founder of numerous early-internet companies including video codec company DivX. However, I got to know him through his contributions to a community known as “Game B”, which seeks to understand how human civilization can transform itself into a more sustainable, anti-rivalrous, win-win dynamic. Today's conversation is a philosophical and technical dive into the anthropological drivers of competition, complexity, centra and decentralization, and the role of AI in shaping a more Game B future.    JORDAN'S BIOGRAPHY: Jordan is now in his seventeenth year of building disruptive technology companies. First as an early employee crafting strategy and product for MP3.com, then at InterVU (acquired by Akamai) and then finally in 2000 launching and leading the online digital video revolution as founder and CEO of DivX. After somewhat successfully navigating two financial crises and an IPO (and going down in flames at Stage6), he left the helm at DivX to return his attention to the big picture. He tried his hand at capitalism – combining Angel investment at the sharp edge of the Schumpeter wave — with participation in a number of think tanks and institutes; most notably, the Aspen Institute and the Santa Fe Institute where he served on the Board of Trustees for five sweet years. This exposure led him to the conclusion that humanity is in the midst of a world historical transition which will likely kill all of us (see Mad Max) but just might end in a truly amazing future (see Star Trek). Getting there is going to require many things of us – most notably a significant upgrade of our individual and collective capacity for thought and action.   CHAPTERS 00:00 Introduction 01:26 Childhood Games & Competition 07:14 Evolutionary Reason for Positive Externalities when Competing 11:45 What is Game B 26:42 Cybernetic control structures and the Culture Wars 32:10 Capitalism and Communism as two sides of the same coin 35:03 Why Game A is self-terminating 53:10 How to move toward a Game B society 58:50 How individuals can move towards Game B 01:03:18 The Hyperconversation and Collective Insight 01:06:10 Creating the next Collective Intelligence 01:10:10 How to protect against bad actors 01:18:35 How to cultivate more of a Game B lifestyle 01:30:35 Mental resilience against doom and negativity 01:38:20 AI as a tool against Moloch 01:42:27 What's next?   RELEVANT LINKS: ♾️  The Game B Wiki ♾️  Jordan Hall's Blog ♾️  The Secrets of Our Success - Joseph Heinrich ♾️  Understanding the Blue Church ♾️  Collective Insight Practices - Bonnitta Roy ♾️  The Medium is the Message - Marshall Mcluhan   CREDITS: ♾️  Hosted by: Liv Boeree ♾️  Produced & Edited by: Raymond Wei ♾️  Audio Mix by: Keir Schmidt

Leon Walras was described as ‘the greatest economist' by Joseph Schumpeter and in his own lifetime he struggled to have his unique voice heard by economists in his native France, let alone those colleagues across the Channel and the Atlantic. So what were the ideas touted by Walras that would force such a claim from Schumpeter? This is what your friendly neighbourhood economists, Pete and Gav explore in our last episode of our sixth season. You will discover how Walras helped kick-start the ‘Marginal Revolution' and laid out the groundwork for the theory that has captured the attention of many mathematically-minded economists - General Equilibrium Theory. You will also hear some of the worst French spoken in history, a rant by Pete about the state of economics today and another wonderful poem that describes the life and ideas of Walras in rhyming couplets! What more could you want from a podcast? Technical support comes from "Franglais" Nic.

Hour 1 of the Thursday edition of The Armstrong & Getty Show features bit o' Schumpeter.  Plus--Joe deviates from Mailbag, Jack ponders the question of Biden's mental health as a national crisis & how Baltimore's public schools are failing the student.  See omnystudio.com/listener for privacy information.

Hour 1 of the Thursday edition of The Armstrong & Getty Show features bit o' Schumpeter. Plus, Joe deviates from Mailbag, Jack ponders the question of Biden's mental health as a national crisis & how Baltimore's public schools are failing the student.See omnystudio.com/listener for privacy information.

Hour 1 of the Thursday edition of The Armstrong & Getty Show features bit o' Schumpeter. Plus, Joe deviates from Mailbag, Jack ponders the question of Biden's mental health as a national crisis & how Baltimore's public schools are failing the student.See omnystudio.com/listener for privacy information.

Irving Fisher was once lauded by fellow economist Joseph Schumpeter as the ‘greatest economist America has ever produced'. This is high praise indeed but one could easily argue that the most recent Economic Nobel Prize laureates owe Fisher a considerable debt for their award. The financial crisis of 2008 spurred a renewed interest in Fisher's work after what could be seen as a lengthy period of neglect. In his own life-time he went from being the first "celebrity economist" to seeing his reputation in tatters after some overly optimistic and in hindsight ill-advised comments on what was to turn out to be the eve of the Great Depression. In this episode, your friendly neighbourhood economists, Pete and Gav, take you on a journey or rediscovery to find out more about this fascinating man and his ideas. We suspect you will find yourself agreeing at least in part with the accolade Schumpeter laid at his feet. Along the way, you'll find out why it's important to chew your food for your health and wellbeing, who the mysterious ‘Bonesmen' are and why AI can't yet match the poetry skills of our economists. Technical support as always comes from ‘Chatbot' Nic.

This week, another economist that has influenced Steve Keen's thinking; the Austrian born economist Joseph Schumpeter. His economic thinking veers a long way from the traditional Austrian school. As Steve explains this week, Schumpeter argued that if an economy was always moving to or from a point of equilibrium, then it follows that the profit of companies will always be zero. Only through innovation will those businesses get ahead, with means money invested in older technologies will no longer be rewarded. This was Schumpeter's argument for Creative Destruction, an idea so basic you wonder why nobody had made the observation before him. Hosted on Acast. See acast.com/privacy for more information.

مدرسهٔ آنلاین نزدیکتر حمایت من در سایت حامی ‌باش کانال یوتوب من برای آموزش زبان   ترجمه شفاهی : مصطفی شالچی Joe Dassin - L'été indien (1975)   II. TROIS ANS PLUS TARD À FORMENTERA   46. Jour J – 7 Casa Le Moult. Me voici à Formentera pour finir ce roman. Ce sera le dernier de la trilogie Marronnier (dans le premier, je tombais amoureux ; dans le second, je me mariais ; dans le troisième, je divorce et retombe amoureux. La boucle est bouclée). On a beau essayer d'innover dans la forme (mots étranges, anglicismes, tournures bizarroïdes, slogans publicitaires, etc.) comme dans le fond (nightclubbing, sexe, drogue, rock'n roll…) on se rend vite compte que tout ce qu'on voudrait, c'est écrire un roman d'amour avec des phrases très simples – bref, ce qu'il y a de plus difficile à faire. J'écoute le bruit de la mer. Je ralentis enfin. La vitesse empêche d'être soi. Ici les journées ont une durée lisible dans le ciel. Ma vie parisienne n'a pas de ciel. Pondre une accroche, faxer un article, répondre au téléphone, vite, courir de réunion en réunion, déjeuner sur le pouce, vite, vite, se grouiller en scooter pour arriver en retard à un cocktail. Mon existence absurde méritait bien un coup de frein. Se concentrer. Ne faire qu'une seule chose à la fois. Caresser la beauté du silence. Profiter de la lenteur. Entendre le parfum des couleurs. Tous ces trucs que le monde veut nous interdire. Tout est à refaire. Il faut tout réorganiser dans cette société. Aujourd'hui ceux qui ont de l'argent n'ont pas de temps, et ceux qui ont du temps n'ont pas d'argent. Échapper au travail est aussi difficile qu'échapper au chômage. L'oisif est l'ennemi public numéro un. On attache les gens avec l'argent : ils sacrifient leur liberté pour payer leurs impôts. Il devient de plus en plus évident que l'enjeu du siècle prochain sera de supprimer la dictature de l'entreprise. Formentera, petite île… Satellite d'Ibiza dans la constellation des Baléares. Formentera, c'est la Corse sans les bombes, Ibiza sans les boîtes, Moustique sans Mick Jagger, Capri sans Hervé Vilard, le Pays basque sans la pluie. Soleil blanc. Promenade en Vespa. Chaleur et poussière. Fleurs desséchées. Mer turquoise. Odeur des pins. Chant des grillons. Lézards trouillards. Moutons qui font mêêê. — Il n'y a pas de « mais », leur rétorque-je. Soleil rouge. Gambas a la plancha. Vamos a la playa. Lune orange. Gin con limon. Je cherchais l'apaisement, c'est ici, où il fait trop chaud pour écrire de longues phrases. On peut être en vacances ailleurs que dans le coma. La mer est remplie d'eau. Le ciel bouge sans cesse. Les étoiles filent. Respirer de l'air devrait toujours être une occupation à plein temps. C'est l'histoire d'un type qui s'enferme tout seul sur une île pour terminer un bouquin qui ne s'appelle pas Paludes. Le type mène une vie de dingue, cela lui fait tout drôle de se retrouver livré à lui-même, dans la nature, sans télévision, ni téléphone. À Paris, il est pressé, joue les dynamiques, ici ne bouge pas de la journée, se promène le soir, toujours seul. Barnabooth à Florence, Byron à Venise, le panda du zoo de Vincennes sont ses modèles. La seule personne à qui il dise bonjour est la serveuse de San Francesco. Le type porte une chemise noire, un Jean blanc, des Tod's. Boit des pastis et des gin-limon. Bouffe des chips et des tortillas. N'écoute qu'un seul disque : La Sonate à Kreutzer par Arthur Rubinstein. Hier on l'aurait même aperçu applaudir un but français dans le match France-Espagne, ce qui est de mauvais goût, mais courageux, quand on est le seul Français dans un bistrot, en Espagne, sur un port. Si vous croisiez ce type, vous penseriez sans doute : « Mais que fout ce con de Parisien à la Fonda Pepe hors saison ? » Cela me chagrine un peu, vu que le type en question, c'est moi. Alors, mettez-la un peu en veilleuse, merci. Je suis l'ermite qui sourit au vent tiède.   Dans une semaine cela fera trois ans que je vis avec Alice.     47.Jour J – 6 Bon, d'accord, quand Alice a quitté Antoine, puis quand nous avons déménagé pour vivre ensemble rue Mazarine (la rue où Antoine Blondin est mort), je ne vous cache pas qu'il m'arrivait d'être pris d'angoisse. Le bonheur est bien plus effrayant que le malheur. D'avoir obtenu ce que je désirais le plus au monde me combla de joie, et simultanément, me plongea dans le doute. Referais-je les mêmes erreurs ? N'étais-je qu'un romantique cyclique ? Maintenant qu'elle était là, en voulais-je vraiment ? Deviendrais-je trop tendre ? M'arrivait-il de m'ennuyer avec elle ? Quand est-ce que j'arrêterais de me prendre la tête, bordel de merde ? Antoine voulait me tuer, la tuer, se tuer. Notre couple se bâtissait sur les cendres d'un double divorce, comme s'il fallait se repaître de deux sacrifices humains pour construire un nouvel amour. Schumpeter appelait cela la « destruction créatrice », mais Schumpeter était économiste, et les économistes sont rarement des sentimentaux. Nous avons détruit deux mariages pour rester unis, tel le blob qui absorbe ses victimes pour s'agrandir. Le bonheur est une chose si monstrueuse que, si vous n'en crevez pas vous-même, il exigera de vous au moins quelques assassinats.   Jean-Georges est venu me rejoindre à Formentera. Ensemble, nous refaisons le monde, puis rendons visite aux poissons sous la mer. Il rédige une pièce de théâtre, et boit donc autant que moi.   Poème à lire en état d'ivresse : À Formentera Tu fermenteras.   Nous croisons de vieux couples de hippies défoncés, qui sont restés ensemble, ici, depuis les années soixante. Comment ont-ils fait pour tenir si longtemps ? J'en ai les larmes aux yeux. Je leur achète de l'herbe. Avec Jean-Georges, nous picolons dans les troquets, en jouant au billard. Il me raconte ses amours. Il vient de rencontrer la femme de sa vie, il est heureux, pour la première fois. — Aimer : nous ne vivons pour rien d'autre, dit-il. — Et faire des enfants ? — Pas question ! Donner naissance à quelqu'un dans un monde pareil ? Criminel ! Egoïste ! Narcissique ! — Moi, les femmes, je leur fais mieux qu'un enfant : je leur fais un livre, proclame-je en levant le doigt. Nous jetons des œillades à la serveuse. Elle est à croquer, porte un boléro, sa peau mate est légèrement duveteuse, grands yeux noirs, se tient cambrée, farouche comme une squaw. — Elle ressemble à Alice, dis-je. Si je couchais avec elle, je serais quand même fidèle. Alice est restée à Paris, et viendra me rejoindre ici dans une semaine.   Dans six jours cela fera trois ans que je vis avec elle.      

Probablemente no exista una disciplina más importante para la vida diaria de las personas que la economía. Sin embargo, no sólo la mayoría de ciudadanos carece de nociones económicas básicas, sino que las élites políticas e intelectuales suelen ser ignorantes en la materia, a menudo sin ser siquiera conscientes de ello. A partir de las ideas de economistas como Hayek, Mises, Schumpeter y Milton Friedman, Kaiser nos ofrece en El economista callejero respuestas claras y prácticas contra las patologías políticas e ideológicas que destruyen y arruinan nuestras sociedades. A lo largo de esta sesión, Axel Kaiser conversará con nosotros sobre las principales ideas del libro y responderá a las preguntas del público.   Si te ha gustado el programa, déjanos un comentario y danos una valoración alta en la plataforma donde lo hayas escuchado. No olvides darte de alta en www.valueschool.es para obtener información sobre nuestras actividades y acceder a todo nuestro material gratuito. Recuerda que también puedes seguirnos en Facebook, Twitter, Instagram, LinkedIn y en nuestro canal de YouTube. (Música: "Corporate Innovative" by Scott Holmes). http://www.scottholmesmusic.com 

Probablemente no exista una disciplina más importante para la vida diaria de las personas que la economía. Sin embargo, no sólo la mayoría de ciudadanos carece de nociones económicas básicas, sino que las élites políticas e intelectuales suelen ser ignorantes en la materia, a menudo sin ser siquiera conscientes de ello. A partir de las ideas de economistas como Hayek, Mises, Schumpeter y Milton Friedman, Kaiser nos ofrece en El economista callejero respuestas claras y prácticas contra las patologías políticas e ideológicas que destruyen y arruinan nuestras sociedades. A lo largo de esta sesión, Axel Kaiser conversará con nosotros sobre las principales ideas del libro y responderá a las preguntas del público.   Si te ha gustado el programa, déjanos un comentario y danos una valoración alta en la plataforma donde lo hayas escuchado. No olvides darte de alta en www.valueschool.es para obtener información sobre nuestras actividades y acceder a todo nuestro material gratuito. Recuerda que también puedes seguirnos en Facebook, Twitter, Instagram, LinkedIn y en nuestro canal de YouTube. (Música: "Corporate Innovative" by Scott Holmes). http://www.scottholmesmusic.com 

Probablemente no exista una disciplina más importante para la vida diaria de las personas que la economía. Sin embargo, no sólo la mayoría de ciudadanos carece de nociones económicas básicas, sino que las élites políticas e intelectuales suelen ser ignorantes en la materia, a menudo sin ser siquiera conscientes de ello. A partir de las ideas de economistas como Hayek, Mises, Schumpeter y Milton Friedman, Kaiser nos ofrece en El economista callejero respuestas claras y prácticas contra las patologías políticas e ideológicas que destruyen y arruinan nuestras sociedades. A lo largo de esta sesión, Axel Kaiser conversará con nosotros sobre las principales ideas del libro y responderá a las preguntas del público.   Si te ha gustado el programa, déjanos un comentario y danos una valoración alta en la plataforma donde lo hayas escuchado. No olvides darte de alta en www.valueschool.es para obtener información sobre nuestras actividades y acceder a todo nuestro material gratuito. Recuerda que también puedes seguirnos en Facebook, Twitter, Instagram, LinkedIn y en nuestro canal de YouTube. (Música: "Corporate Innovative" by Scott Holmes). http://www.scottholmesmusic.com 

Francois Candelon, Managing Director at the BCG Henderson Institute, has spent 30 years researching how companies adopt modern technology.  His research spans business, technology, economics, and science. Francois is a popular speaker, author, and advisor who has been featured at events including Mobile World Congress, TED@BCG, Politico AI Summit, and Wuzhen Internet Conference. Francois is also a leader on BCG's GAMMA AI@Scale team. Listen and learn...The one company Francois says best illustrates how AI can transform legacy industriesWhy "artificial intelligence" isn't really "intelligent"What is an "AI strategy"... and what are the four questions to ask to define yoursHow a fintech company in the UK reduced costs to transfer money by 90% with AIWhat's required to earn the public's trust in AIWhy every company should be required to have a "social license" to use AIReferences in this episode...Fortune article on human-machine collaboration by FrancoisFrancois' "BCG Expert" profileDr. Eric Daimler, Obama's AI authority, on AI and the Future of WorkThe McKinsey "AI in 2020 Survey"

“There are some encouraging signs of polarization.” -Dr. Israel Shahak Some thoughts on Roe and on public prayer. “We fight for and against not men and things as they are, but for and against the caricatures we make of them.” -J. A. Schumpeter

Jonathan begins this episode by discussing Schumpeter's concept of "creative destruction" and the thorny problem of those who, through no fault of their own, lose their jobs because of it. Next, we challenge Orren Boyle's notion of "progressive social policy" by clarifying and historicizing the legislation and reforms of the Progressive Era. Swill milk is the example Jonathan uses to emphasize the importance of Progressive Era legislation and regulation. This brings up the question of the government's role in the affairs of particular firms.  Should the government intervene when a new invention will lead to some companies going out of business? When is a company "too big to fail"? Jonathan next addresses the racism apparent in the discussion of Mexico in this scene. The episode ends with an explanation of Wesley Mouch's role and a reflection on the idea that "who you know" is more important than anything else in business and politics.My five themes to explore in this podcast's close read of Atlas Shrugged are:What is human nature?Straw-man arguments and their impact on the world Ayn Rand creates.Dagny Taggart as a true hero.How empathy can be de-legitimized.What is Capitalism and what is wrong with it? Questions or comments? Email me at: socialistreads@gmail.comLearn more about Jonathan Seyfried at their website, https://jonathanseyfried.artIf you'd like to support my creative work, please visit my Patreon page. (http://patreon.com/jonathanseyfried)The intro/outro music was composed by John Sib.The podcast theme image was created by Karina BialySupport the Show.

Whether we're talking about reformist or revolutionary Marxist tendencies of The Second International or those outside the tradition who attempted to debunk Marx's critique of political economy, nobody took him seriously on the most important aspect of the project until Grossman came along. If you don't know about Grossman, it's because all these other Frankfurt School thinkers took the spotlight. Did they deserve it? Come find out. Ted Reese is going to tell us why and you'll learn about the thing everyone keeps getting wrong, from Kautsky and Hilferding to Rosa and Lenin; von Böhm-Bawerk through Schumpeter to Keynes; much less the MMT econ nerds of today. Whether you think Marx's critique or proposed solutions are important or not, you need to at least know what everyone else kept getting wrong.All of Pleeb's work has been de-monetized and self-funded for over a year. If you want to give back in any way you can support #FreeMikey at www.Patreon.com/TheDangerousMaybe. Tell him Pleeb sent you.Follow pleeb on Duolingo and use this link so pleeb gets a week of free Plus https://invite.duolingo.com/BDHTZTB5CWWKTP747NSNMAOYEIGet Pleeb's updates and thoughts here https://nspleeb.substack.com/Make sure to follow https://www.instagram.com/pleebmemes/ for memes related to pleeb's work and communityReferenced materials:Ted's book on Grossman: https://www.amazon.com/End-Capitalism-Thought-Henryk-Grossman/dp/1789047730Grossman's book The Law of Accumulation and Breakdown of the Capitalist System: https://www.amazon.com/Law-Accumulation-Breakdown-Capitalist-System/dp/0745304583How to enjoy the end of the world: https://www.youtube.com/watch?v=5WPB2u8EzL8Davos 2020: https://www.youtube.com/watch?v=ZLuQF6nyckY&t=65sRe-Think X: https://www.youtube.com/c/RethinkXPLAYLISTS YOU SHOULD KNOW:Pleeb 'n Mikey Lecture-Interviewshttps://youtube.com/playlist?list=PLlcbaQ1cp2TLvXtp5bYnmCjf_otZw0M2NPleeb interviews and gets schooled by amazing peoplehttps://www.youtube.com/playlist?list=PLlcbaQ1cp2TKo5_C6vyIphjsMD7c_fbMwProfessor Pleeb Lectureshttps://www.youtube.com/playlist?list=PLlcbaQ1cp2TISAuNvqAdpOexm08Gc8yVhPleeb's old video essayshttps://www.youtube.com/playlist?list=PLlcbaQ1cp2TJpzDw4TRjnW3zR9Al-3_JxPleeb's Assisted Readings https://www.youtube.com/playlist?list=PLlcbaQ1cp2TKnWyq5fxA5pMTAMtxGzuExMUSIC CREDITSRoyalty Free Planet - EVA - Rear ViewLicense:Creative Commons Attribution 3.0http://bit.ly/RFP_CClicenseMike Chino – Demigods: https://youtu.be/M6wruxDngOkLicense: Creative Commons Attribution 3.0 - http://bit.ly/RFP_CClicense

Episode 3 - Christopher Bennett x Marty Murray Jr. On today's episode, Brandon Rizzo and Dimari Swanagain talk to Christopher Bennett and Marty Murray Jr. Brace yourself! We get into the juicy stuff…economics and the world financial system, the pandemic, owning a business vs being an employee, and much much more! Connect with Marty Murray Jr. : linkedin.com/in/martymurrayjrSponsors:Black Swan Financial Group - www.BlackSwanFinancialGroup.comEase Web Development - www.easewebdev.comJennifer Catherine Photography - www.jennifercatherinephotography.comCopyright Eleusis Media Group, LLC, ALL RIGHTS RESERVED 2022 | www.eleusismediagroup.com | www.sidexsidepodcast.com @SidexSidePodcast @RIZZOfeels & @JudahClan on socialTag #SidexSidePodcast to join in on the conversation! Theme Music by: Brandon RizzoEpisode 3 is here! On today's episode, Brandon Rizzo and Dimari Swanagain discuss a range of topics from Central Banks, Decentralized Power, Khazarian Mafia, Real Estate and beyond with guests Christopher Bennett and Marty Murray Jr. Connect with Marty Murray Jr. : linkedin.com/in/martymurrayjrChaptersDisclaimer | 0:00Introduction to the Show, What are we excited about?, Tiger Woods, UFC, Ramadan| 0:34What has the guests excited?, Chinese Bond Market, Ryan Garcia, Triple G, Moto GP Races | 3:30Brandon tells his first Brazilian Jiu Jitsu Experience | 7:23Chris' Upbringing, Libertyville, IL, Entrepreneurial Spirit, Rental Portfolio, Passive Income | 09:13Marty calls Chris Marty Bryde from Ozarks | 17:01Marty's upbringing, Chicago, Being Adopted, Entrepreneurial edge in Central Illinois, St. Louis | 18:31Marty's Professional career as a Project Manager, Executive MBA Mizzou , Being Hire-able, | 21:11Value of an MBA, Cohorts, Being an Employee vs. Being an Owner, Understanding Goals | 23:00Bet on Yourself, Taking Risks, "Get a Nut", Parlay Your Network, Screw Banks | 28: 01Cultural Appropriation vs Cultural Appreciation , Hairstyles | 30:50Marty on School vs. Entrepreneur, Real Estate, Learning along the way, Legacy vs. Wealth | 33:34Find Happiness, Fail More, Flight School, False Job Security,  | 41:42$100K as an Entrepreneur or $250K as an Employee, How should I invest my $5K ? | 47:28Forget the Dollar, Grow Your Own Food, Don't Go To College, What is Money? Petrodollars| 49:17Decentralized Power, Central Banks are the Problem, FedCoin, HyperInflation, Shortages | 54:02Politics, Local Politicians, The Leftists vs. The Tea Party, New World Order | 59:43Bolshevik Revolution, Weimar Republic, Conspiracy Theories, Free Private Cities | 1:04:15Thucydides Trap, Declining Birth Rates, Supply Chains, One World Government | 1:09:31Federal Reserve Act, President Donald Trump, Two Party System, Central Bank Agenda| 1:14:03Black Lives Matter, Ludvig Von Mises, Schumpeter, F.A. Hayek, Sound Money  | 1:22:13Who Do We Owe?, Private Banking Families,  Khazarian Mafia, Sex and Drug Trafficking,  | 1:26:23Digital System, Top 1%, Psychopaths Hire Sociopaths, Vortex Mathematics   | 1:31:01Intentional Distractions, Financial Literacy, Social Credits, | 1:35:37Conspiracy Theories, "The Jab," Follow the Science, Pathological Liar, Echo Chambers | 1:37:01Divisiveness from COVID-19, Efficacy of the Vaccine, Natural Immunity, Masks  | 1:43:17Exercising, Healthy Eating, Antibodies, Meditation, Good Vibes and Sunshine  | 1:49:45Closing remarks  | 1:58:02

✘ Werbung: https://whisky.de/shop Mein Buch Allgemeinbildung ► https://amazon.de/dp/B09RFZH4W1/ Teespring ► https://unterblog.creator-spring.com/ Kennen Sie den alten Spruch, den man sich von wohlhabenden Familien erzählt? Die erste baut auf, die zweite verwaltet und die dritte verkommt. Soll heißen, Unternehmungen haben einen #Lebenszyklus wie die Menschen. Allerdings nicht in der Lebensspanne eines Individuums, sondern über die Generationen hinweg. Das ist nichts Ungewöhnliches. #Marktwirtschaft bedeutet immer Versuch und Irrtum. Und Niemand ist vor Irrtum gefeit. Und binnen dreier Generationen kommt es schon mal zu Irrtümern und das Lebenswerk kann verloren gehen. Die schöpferische Kraft der Zerstörung nach #Schumpeter bedeutet, dass alte Dinge durch neue abgelöst werden. Kommt das Alte mit der Veränderung nicht klar, dann muss es sterben. ► ► ► ►

✘ Werbung: https://Whisky.de/shop/ Mein Buch Allgemeinbildung ► https://amazon.de/dp/B09RFZH4W1/ Teespring ► https://unterblog.creator-spring.com/ Kennen Sie den alten Spruch, den man sich von wohlhabenden Familien erzählt? Die erste baut auf, die zweite verwaltet und die dritte verkommt. Soll heißen, Unternehmungen haben einen Lebenszyklus wie die Menschen. Allerdings nicht in der Lebensspanne eines Individuums, sondern über die Generationen hinweg. Das ist nichts Ungewöhnliches. Marktwirtschaft bedeutet immer Versuch und Irrtum. Und Niemand ist vor Irrtum gefeit. Und binnen dreier Generationen kommt es schon mal zu Irrtümern und das Lebenswerk kann verloren gehen. Die schöpferische Kraft der Zerstörung nach Schumpeter bedeutet, dass alte Dinge durch neue abgelöst werden. Kommt das Alte mit der Veränderung nicht klar, dann muss es sterben. ► ► ► ►

Russia's invasion of Ukraine is creating one of the worst disruptions to the supply of wheat since the first world war. As prices spike, the damage from this shock will ripple right across the world⁠—affecting corn, vegetable oil, fertilisers and many other agricultural products. Can other countries fill the shortfall and who will be worst affected? Henry Tricks, our Schumpeter columnist, asks The Economist's Matthieu Favas and Charlotte Howard how serious a food crisis the world is facing.Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer See acast.com/privacy for privacy and opt-out information.

Russia's invasion of Ukraine is creating one of the worst disruptions to the supply of wheat since the first world war. As prices spike, the damage from this shock will ripple right across the world⁠—affecting corn, vegetable oil, fertilisers and many other agricultural products. Can other countries fill the shortfall and who will be worst affected? Henry Tricks, our Schumpeter columnist, asks The Economist's Matthieu Favas and Charlotte Howard how serious a food crisis the world is facing.Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer See acast.com/privacy for privacy and opt-out information.

For many established companies, enormous resources and risky decisions stand in the way of innovation. There are ample opportunities for innovation in large companies, both in terms of technology and business models. But often, a plateau happens when the mindset becomes stagnant. Striking the balance between short-term needs and committing resources to bold innovation is critical.Gary Pisano, Senior Associate Dean for Faculty Development at the Harvard Business School, advises business leaders to pursue transformative actions creatively. His intensive research in his book, Creative Constructions, suggests injecting innovation capacity through the right strategy, systematic changes, and reframing culture.Tune in to this episode as Greg and Gary tackle crucial innovation questions and how large companies can overcome them for sustained profitability.Episode Quotes:What factors affect the innovation capabilities of a company?As organizations get larger, they get more complex. There are more interconnected pieces. And when there are more interconnected pieces, any change gets harder to make because it involves other pieces. It can get exponentially more complex to engage in certain things. I think the other thing that happens is organizations build up capabilities, skills, and complementary assets like distribution and brand that become very powerful. But then they become an anchor. They feel like they have to continue to exploit those, they look for ways to exploit those, but it narrows down their focus. The other thing is culturally they, don't attract the right people, they don't attract people who are creative or risk-taking. They attract people who want the safety of a large company and sometimes a large bureaucracy.How to best analyze a company strategy?Ultimately, strategy comes down to, I think, in the book strategy is where you spend your money. So don't tell me what your strategy is, tell me where you're spending your money, and I'll tell you what your strategy really is. But, you know, strategy is a pattern of commitment to a pattern of behavior, and you don't always do the same thing. Can financial analysis become a systematic way to measure the results of a strategy and help business leaders set a framework for innovation? So you think about analytic as a process for structuring your thinking in a logical way, and a rigorous way to invite discussion and to invite exploration that is going to help the senior leaders make a better judgment. And at the end of the day, it's judgment. And that's all these things do, and that's what leaders do. They make judgment calls. But they want to make good judgment calls, and they want to make sure that they're not being biased. They want to make sure they're asking all the right questions.How can we eliminate silos that create impermeable boundaries inside an organization?You actually need people who can really bridge gaps, and you need talented people to do it. Technically talented people who become architects if you will, of the vision of a technology and who could say, 'Aha, this insight from field A and this insight is from the very different field B. It is something really powerful that nobody's thought about.' I mean, it's intellectual arbitrage of bringing an idea from one field over to another or combining ideas. I think that's what innovation is. And going back to Schumpeter, he talked about innovation as recombinations, and it's that, I think, is huge. But to get that to happen, again, you need some mechanisms inside the organization to bring those ideas together, and you actually need people who do it. And they really do have to be intellectual like an architect who can see all the pieces.Which aspect of the corporate culture tends to be the hardest one to implement for leaders who pursue innovation?I think innovative cultures are really tough on people. They're not necessarily the most pleasant places to be. I think, as an organization and as a leader, your job is to make sure that the organization is prepared for this. It's not a walk in the park. It's more like climbing Mount Everest. The view's great when you get there, but there's hell to pay along the way.Time Code Guide:00:02:25 Why do large companies have lesser innovation capacity00:05:16 What makes Innovation unique from other businesses decisions00:07:59 Identifying the purpose of Innovation00:10:09 The Innovation Strategy00:12:06 Financial Analysis as a Framework00:16:11 Innovation leads to dematurity of industries00:24:02 Allocating resources to develop new capabilities00:25:36 The Value Chain of Innovation: From Search to Synthesis to Selection00:28:49 Active ideation00:35:07 Onboard people with intellectual arbitrage00:38:16 Constructing mechanisms for cross-connections00:40:50 Building teams outside the silos00:45:26 Strategy, System, and Corporate CulturesShow Links:Guest ProfileGary Pisano's Profile at Harvard Business SchoolGary Pisano on InstagramGary Pisano on LinkedInGary Pisano on TwitterGary Pisano's Official WebsiteHis WorksThe governance of innovation: Vertical integration and collaborative arrangements in the biotechnology industryCreative Construction: The DNA of Sustained InnovationProducing Prosperity: Why America Needs a ManufacturingScience Business: The Promise, the Reality, and the Future of BiotechOperations, Strategy, and Technology: Pursuing the Competitive EdgeHarvard Business Review on Managing High-tech IndustriesThe Development Factory: Unlocking the Potential of Process Innovation

"Schumpeter would have loved Bitcoin. He would have seen in Bitcoin a living representation of his theory of capitalism, so often quoted but rarely understood. Creative destruction is the process by which capitalism continually rejuvenates itself. It is what drives markets forwards, constantly being refreshed with new ideas that destroy extant structures and erect better ones in their stead.” - Prateek Goorha & Andy Edstrom Today we are digging into the evolution of the economy and the cycles of creative destruction that the most significant innovations create in the economic order. What is Bitcoin in this view, and how might these cycles map onto of the cycles within the Bitcoin system itself? Check out the article, plus the others mentioned in today's episode for further exploring the cycles of Bitcoin, innovation, and society: The Schumpeterian Bitcoin Cycle: https://goorha.medium.com/the-schumpeterian-bitcoin-cycle-e79543443bdf Bitcoin and the Rhythms of History - By Brandon Quittem: https://bitcoinaudible.com/bitcoin-and-the-rhythms-of-history/ Check out our amazing sponsors below that keep this show alive, and all the things made audible for your listening pleasure! • The Fold Card will get you SATS BACK on EVERYTHING! You don't want to miss this with the Fold debit card, and gift card selection on the Fold App. Everything you already buy, except with sats back! Check them out at guyswann.com/fold for 5,000 free sats for signing up. • And the BitBox02 hardware wallet for keeping those sats SAFE! You need a secure, intuitive way to hold your digital money in a digital vault. That's the BitBox02 hardware wallet. Get 5% off with discount code "GUY" at guyswann.com/bitbox Learn more about your ad choices. Visit megaphone.fm/adchoices --- Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message

What are the similarities between the technology and the record industry? And what is situational leadership? In this episode, we connect with Padraic McMahon, Customer Success Manager at Hubspot, a software company that helps businesses grow. Padraic has worked in Management positions at Google and LinkedIn. Before that, he was the guitar player of The Thrills that had some major hits from 2003 on. Their first LP was going platinum in the UK and Ireland, and their top hit 'Big Sur' has more than 8 Mio plays on Spotify alone and is still growing.  We talk about the similarities in tech business and the record business and the situational leadership of the producer role that brings a group of people to their optimum performance regardless of the circumstances.  He shares with us what the Hubspot unplugged week means to the team and compares the studio analogy with the importance of the work-life balance in working for a technology company. And the insight that you need different leadership at different times.  Like the difference of the first record, to the second and the third - or in my words from start-up to scale-up to selling the company. Padraic gives us an example of 'the art of remixing' where visual and sonic cues help make the mix's best decision.  Quote: 'Where you invest, you need to divest!'    Show notes Connect with Padraic: https://www.linkedin.com/in/padraicmcmahon/  Hubspot website: https://www.hubspot.com/  The Thrills on Wikipedia: https://en.wikipedia.org/wiki/The_Thrills  Padraic explains Schumpeter's Theory of Creative Destruction and MBWA - management by wandering around.   More info The Power of Music Thinking is brought to you by CREATIVE COMPANION Learn more about The Music Thinking Framework, the Jam Cards and the blog on musicthinking.com or the Music Thinking LinkedIn page. See the latest episode of The Power of Music Thinking  

Dan Harden deliberates with futurist and Stuffocation Author James Wallman on what matters most in design today. They dissect a range of issues, from how the pandemic pushed us into an experience economy to how we can design more meaningful experience-driven innovations that value time above materialism. Episode TranscriptDan Harden 0:06Hello, and welcome to PRISM. PRISM is a design-oriented podcast hosted by me Dan Harden, like a glass prism that reveals the color hidden inside white light, this podcast will reveal the inside story behind innovation, especially the people that make it happen. My aim is to uncover each guest's unique point of view, their insights, their methods or their own secret motivator, perhaps, that fuels their creative genius.Dan Harden 0:34Today, I'm talking with James Wallman. It's such a pleasure to have you, thank you so much. You are a best-selling author, entrepreneur, futurist, keynote speaker and government advisor. That's interesting. I'd like to hear about that. I'm gonna say government, right?James Wallman 0:49Yeah, I'm also a dog walker.Dan Harden 0:50You're a dog walker! Why is this not the first thing on your bio?James Wallman 0:55It didn't used to be my thing. But you know, and also pick up dog poo therefore. But as you know, I gave a talk yesterday. And you know, when someone introduces you, and you always hear these kind of list of things that you've done, and you always think, oh, wow, listen to that. That sounds good. And then you kind of have, especially, you know, since we've entered the kind of zoom world of working from home, you know, during this COVID time, you think, Well, actually, I'm at home, and we're all at home during our days, trying to get through this thing.Dan Harden 1:23It's so good to bring it down to a human level. Isn't that?James Wallman 1:26Yeah, yeah, that's why. But I do do those other things as well. That's true.Dan Harden 1:30Okay. You have done some significant things, that's why we wanted you on this program. You've also written two best selling books about the experience economy,James Wallman 1:39YesDan Harden 1:40Stuffocation, which I read, when I met you; and Time And How To Spend It, which the Financial Times named one of the must read books of 2019. You also run this strategy, innovation and futures consultancy, The Future is Here. It'll be interesting talk about that. And your opinions have appeared in so many different places, New York Times, Financial Times, The Economist, Wired etc. And let's see what else here. You advise the British government and your role as sector specialists for the experience economy. There's a lot of interesting stuff to unpack here with you.Dan Harden 2:18And the reason I invited you is the things that you think about are things that I think industrial designers like me and the people that will be listening to this should hear about, you know, it's like, why are we designing? What is the context of our work? What is the definition of prosperity? You know, ever since the founding of industrial design, over 100 years ago, its primary business objective has been to sell more product, because the corporate rationale was that if you made your products better looking back, then they would be more marketable. And they were, you know, those early industrial designers, they proved that, and their design help to catapult these companies like General Electric, and John Deere, and IBM, and all these amazing companies that they, you know, became. But since then, design has certainly evolved into a much more sophisticated and multi dimensional professional that considers not only product appearance, but the entire user experience. Where we're really just trying to optimize, you know, starting with the initial brand exposure all the way to product disposal. So nowadays, almost every aspect of the product is researched and tailor made for a desired market effect.Dan Harden 3:39But one key and I'm coming to your major question here, one key factor remains the same. The core purpose of especially industrial design is to sell more product and fuel prosperity. Specifically, its purpose is to fuel prosperity as defined by our capitalist model, which means making more money. And it's all about profit, cost reduction, shareholder value, and going in number one, right? But what about what about people? You know, what if? What about experience design? And how can we evolve this model of prosperity to be more of a humanistic nature? What about wellbeing? What about happiness? What about the things that you write in your book? What are your opinions about this? And then even, maybe, maybe insert some of your more recent thoughts because I think in regards to what we now consider prosperity, I think after the pandemic, maybe we would all question, What does prosperity mean to me? What do you think about these things?Dan Harden 4:48I think a lot about these things. I think that is an incredible, an incredibly good, rich question. I feel like I feel like you set me up here to kind of, I could riff from what you've just said for probably three to four hours.Dan Harden 5:03I love it.James Wallman 5:06Nobody wants to listen for that long and that's, that's fair. But it's such a it's such a rich point that you've been I've been thinking about. In fact, I was really looking at. I don't know here, you're probably a fan of the Atlantic.Dan Harden 5:17Of courseJames Wallman 5:18In 1927, you may or may not know this, there was a wonderful essay published by a guy called Earnest Elmo Calkins called Beauty the New Business Tool. Have you come across that is that? Is that like a famous piece that people know about? Because it's such an important, important turning point is exactly what you were talking about there, in terms of what first came out. So actually you can see it in cars as much as anything. So first of all, you have, you know, the Industrial Revolution produces these, Henry Ford produces these cars. And he makes that crazy statement about how once somebody has one of his cars, they should never need to buy another one, I can't remember they've about verbatim quote or something like that. Okay. And that seems to him like a good idea because he keeps selling cars. And then along comes Alfred Sloan, and others like Alfred Sloan, in particular, General Motors, who does something incredibly simple, he sort of changes a few details and some colors. By season, he borrows an idea which originated back with Louis the 14th, actually, in the time of Louis the 14th, in the luxury industry, with the idea of the seasons, which is where we will borrow these ideas from. Right, so you can go way back to Louis the 14th for this, but the people that really got it right. They were of course, the Americans, and you can see this in the car thing.James Wallman 6:35And so in the 1920s, you had this wonderful situation where the problems of making stuff that was good, had sorted now. I mean, of course, we've evolved since then. But you know, there were good toasters, there were washing machines that were cars that worked. But in order to, what you needed to do is to get people to buy more and to keep buying. And there was a debate at the time about whether this was the problem of overproduction, or as it also was seen as under consumption. So this was the real moment.James Wallman 7:05The 1920s was the flex point, the shift from an industrial economy to a consumer economy. And for the first time ever, we saw of rising standards of living, that have been sustained over pretty much a century, which is incredible. And of course, the Americans did it first. And then the Brits, the other countries copied it, because what this led to was this consumer driven materialistic economy where people would buy more stuff than they need. And of course, consumer engineering was both in terms of not changing the the function of the product but is the aesthetic of the product, exactly as you're talking about there in terms of industrial design, or one at one element of it, but also consumer engineering in terms of credit.James Wallman 7:53Well, the thing is, if people don't have money to buy a car, they won't buy a car. But if you loan them the money to buy a car, if you give them credit card, they will go and buy that car, and they will buy these houses, etc. And what that does is it fuels the economy. And what that's led to is an incredible, unprecedented rise in standards of living that humans didn't have till then. It's really easy.James Wallman 8:18You know, lots of these millennials today. Now I'm sounding old, but will really kind of be cross about what's happened, you know, obviously, what's going on the environment is terrible. We have, we have real problems. But they forget that until, from the point of the 1920s, really, that the masses for the first time, got a chance to have really good standards of living.James Wallman 8:39I've given talks where I stood up at the beginning and said, who's had a shower here today? Yeah, and of course, you know, yeah, you have a few people that go, you can see them that maybe this in the UK that go a bit red, but generally everyone laughs and then I say, okay. Imagine, think about Queen Victoria for a moment. Now, you know, geographically the British Empire was the most successful ever. I think you covered about 20 something percent of the world's mass. You could you could go around the world pretty much without leaving. Was it Queen Victoria? Yeah, Queen Victoria. Yeah, without leaving Queen Victoria's land. There's a very wealthy woman and I say to people, what do you think her shower was like? Okay, do you think she had a good shower? Now think about the shower that you used this morning? Who's shower do you think was better now? Now not in terms , of course, she probably had some pretty amazing mosaics, right? In her shower. But think about the ability to choose the water temperature and the water pressure that you had. Chances are, Dan, you had a better shower this morning than Queen Victoria had for the whole of her life.Dan Harden 9:39Is all, everything you just talked about, you know, the rise of consumerism and product and materiality and conveniences. Yes, they make our life. We feel better, perhaps in the moment. Do you think it makes us happier? All this consumption and stuff and materiality and even design? I mean, I think it does. It's so hard for me to like, place myself back in like 1880. Would I be as happy as I am now in 1880? Or how much of what we have done with after the industrial revolution has contributed to my happiness?James Wallman 10:15Yeah. Hey, I'd say it's a brilliant philosophical question. The thing is living that, you know, we go back to Aristotle, for the idea of living the unconsidered life is not worth living, and consideration is design. So whether you're thinking about the design in the design is choices, right? So whether it's the design of a car design of a home design of a life, design of how you spend your time, this is designed design is about choices, I think. So therefore, yeah, there's loads of stuff that's come with materialistic consumerism and the Industrial Revolution, which I think has been terrible for us. But one of the things that's come with it is the ability to have health care, which means that we live longer lives. So we've got a lot of, we've got a lot more time to be miserable in, at which point, we can make some choices. And I think that too many people have got caught up in the bad sides.James Wallman 11:05There's a wonderful book by a guy called, oh, forgive my memory for a moment. But the book is called The High Price of Materialism. And he's at Knox University, it's a brilliant book. And the problem with being materialistic is really bad for your well being. If you think you're going to find happiness in stuff outside of you. And this is one of the problems that came with materialistic consumerism was that we ended up thinking that if you get the girl the guy, the car, we'll say the job right? There was a there was an incredible shift in the 20th century from ideas that were internal, and thinking that happiness was about being honest. And, you know, having integrity to being much more the culture of personality rather than character. So everything is about outside and you'll find happiness outside of you. And that is, has been really negative. So and that's when my work comes in.James Wallman 12:01I refer to Earnest Elmo Calkins piece, partly because I think that in the same way that that essay of his, Beauty is the New Design Tool, I want to write a piece of the Atlantic called Experience, the New Design Tool, The New Business Tool, forgive me. Because I think that we're at a point today where products are good, services are good. If you go with the concepts in the book, The Experience Economy, about the progression of economic value. Of how we've risen from agrarian to industrial to service, and now to experience economy. All those things that have come before have become commoditized. And the great example for this reason, and this is borrowing from Joe Pine, and Jim Gilmore, who wrote this book is coffee. If you think about the value of coffee beans. They're not worth so much, right? If you think about the service, industrial goods, so you think about buying. You guys have Nescafe?Dan Harden 12:58Yes.James Wallman 12:59Right. Okay. So you know, if you buy Nescafe, you know, instant coffee from your local store, that's I don't know what that costs about $4 or something. But per cup, it's probably like 25 cents a cup. And then you get a coffee, service good in a local cafe, maybe that's where that's going to be like 3, $4 per cup, right? And then you go to Starbucks, when you go to you go to Starbucks, it's probably gonna be what, five $6 for a venti, latte, no real milk, you know, some sort of special thing, you can spend six $7 on a coffer. Or you go to a speciality place and pay even more as well, right. So you can see each level here, what's happened is the previous incarnation of the economy, the the previous thing, in terms of the progression of economic value has less and less value, and it's become commoditized.Dan Harden 13:54SureJames Wallman 13:54And so if, as a designer, if as a business, you want to stand out, if you want to connect with customers, and where customers are seeing value, and you want to move beyond being commoditized. So you can charge a premium to be successful, you need to think about the next level here. So you can't make money from commodities. It's hard to make money from products, it's hard to make money from services, and really where you need to play where you'll make creating the greatest amount of value and therefore putting yourself in a position to capture the most value is through the experience.Dan Harden 14:29Absolutely. I think even what we're doing right now, you know, I have a lot of hardware around me, these commoditized products, they're good ones. But what we're doing now is something far more than that. It's the services and the software. It's enabling us to communicate that we are the way that we are. This is the experience economy happening right now. What we're doing right now.James Wallman 14:51Yeah, I saw this in China actually statistic and it said that something like 93% of people there said that it was a choice between their iPhone or Wechat. They ditched the iPhone.Dan Harden 15:02Yeah. Ironically, there's a parallel drive happening because there's still this insatiable desire to consume amazing design, right? We're seeing this everywhere. design has become commoditized. Yes. But more people appreciate it. More people see it, they want that identity, they want the brand association. But what I'm seeing is this insatiable drive is creating this disposable economy, of course. People are consuming product, the way that they watch TikTok, it's so fast. You know, people will buy something and look at my cool new headphones. And, and yet, it becomes a fad. And they might put it down after a month. And it's, it's, it's gone. They're on to the next thing. So how do we reconcile this dichotomy of Yes, we understand the experience economy one up, but we also want more hardware, there's a lot of want, isn't there in society today?James Wallman 16:05Well that's funny. I mean, again, this comes back to the structure of the design. And I think it was Victor Lablow, who wrote fantastically on this in the 1950s. And at the heart of the consumer project is consumer dissatisfaction. Somebody has to think what they have isn't as good as the next thing that comes along. And I'm not anti that because that's, that's also called progress. And the fact that so many people not just have this insatiable desire to have better things, but that it is available to them that it's possible to them. And this just wasn't possible for our ancestors in the masses. But I'm not going to fully agree with you that this insatiable drive exists for more and more products. And it is about the brands because take these headphones that you can see I'm wearing here, these are their Sony's ones, and I've got them in New York when I was there just before the pandemic, and they are awesome. I did some research. But my brother did some research, he got a pair by it wasn't Sony, it was some other firm. But you know, they're the great noise cancelling headphones, they work, they do a really good job. Of course, what happens here, you know, somebody figures out a way to do this, like Tesla, for example of how to do, you know, electric cars, and it's amazing, and you get that innovator, and then someone else figures out how to do it too. And then it becomes not quite commoditize yet, but that will happen.James Wallman 17:26My work as a trend forecast I've been doing since 2004 is understanding how things change through our societies. And this is data that I may have told you this when we were drunk in Vegas that time. So stop me here if this is too much. But the way this works, and this is based on work originally by a sociologist at the University of Iowa in 1962. And it's something called the Diffusion of Innovations. It was originally the back end of his PhD thesis, but it became this book. And this observes how ideas spread through any community and it works. It works everywhere. It's also people call it the Technology Adoption Curve. Nowadays, I've seen it called that. But it's all borrowed from Everett Rogers, the sociologist to figure this out, it basically works in a way that you've seen. It's it's this smooth S curve of adoption, you get the innovators who try something first, early adopters, early majority, late majority. And then the laggards the ones who you know, the people that still have landline phones.Dan Harden 18:24Right, rightJames Wallman 18:25Actually. Yeah, my mom still has on but not many people have them anymore.Dan Harden 18:29Yeah, you're almost extinct. Yeah, yeah. Right. Or the classic adoption curve, that we're all, especially as designers are all familiar with that. That we try to extend lengthen and elevate that curve. We try to control that curve, that adoption curve. But we're not very good at it. I would argue.James Wallman 18:53When you say control it surely as a designer, the idea is to push it steep as possible to get as many people as buy your product. Yeah, okay, fine. We, you know, you're you're an expert.Dan Harden 19:03For a more timeless experience. And we really seek that. The opposing force, of course, is technology because even those headphones that you're wearing now, as good as they are, and I think you were trying to convince me that that no, I'm that is a good product that is lasting, and I am satisfied, and I'm gonna stick with it. But I'm gonna guess it in a year or something better is gonna come along and you're gonna want that. So the technology is working against that curve. So maybe it's okay to have cyclical adoption curves where you have a wonderful experience with a product and then you have another one after that.James Wallman 19:43Just I know that this is for a podcast, but you can see me on this screen. Can you see how old this iPhone is?Dan Harden 19:50Oh my gosh, you actually have a real button on the bottom.James Wallman 19:54It does what I needed to do. And I also don't have email on my phone. So I make it I don't have email on my phone. I don't have Twitter on my phone, because I've done the research on what you should do in order to be happy. And this is partly this thing about to about this, this move. I'm not talking about it yet. But this move I believe from materialism to experiential ism is to do with the fact that we've reached it. It's not anti materialism, it's more kind of Super. And I mean, super with the Latin term on top of materialism.James Wallman 20:22Now we have enough things. What we should look for. The smart person who's just stopped for a moment. And let's use, Ferris Bueller as the great philosopher. Life knows pretty fast, you should stop and look around him once a while otherwise, you're gonna miss it. What you want out of life is not to die as the person with the most toys in the graveyard.James Wallman 20:46Winning nowadays, I think is changing. You want to get the most out of the existence you have you want to live a long and healthful life. Look at look at the push towards healthiness. I mean, in the old days, you live a certain time you do your job, you get your gold watch, and you'd have a short retirement and die. And that's why all those systems made sense. But now people are living longer. And we're much more conscious of of what life is going to be like when we're in our 70s and 80s in our 90s. Because obviously, there's just been a knock to our life expectancy expectancy because of this pandemic.James Wallman 21:22But I think it's not just about gathering things, but thinking, Okay, I've got this four score years and 10, and hopefully, you know, more kind of thing. But I want to live a healthy, fulfilling life, and I want to have this sense of life satisfaction. And within a consensus, I think a consumer society gives us that opportunity. We're lucky one of the magical things is spare money spent on healthcare.Dan Harden 21:48But how do you retool our description of what gain in one's life means, you know. It just seems like society is on this, this drive to consume all the time. And I agree with you, we don't need all that stuff, you really don't when you think about it. I even have to force myself at the end of the day, you're probably around eight o'clock at night, I just decided I'm not going to look at my phone anymore. I will listen to music, play the guitar, do some art. And I feel this pull. You know, I feel the pull that I really should be in contact or what if I miss this? And I have to just tell myself? No, you don't need to do that. But what if you know, I think there are a lot of people that maybe don't realize that they have these choices, and are we conditioned? Are we conditioned as as people to, to over consume? I think I think we are. And how do we deal with that?James Wallman 22:48That's a superb question. I think we are conditioned to consume. The problem is no one tells us how to stop because that's what the system is based around. And that's the reason for the success of our system. And I think this is why this book Time and How to Spend it has had some resonance and caught on with some people. The FT liked it because one of the things that it looks at is that we've taught to consume, but we're not taught how to spend our time. Everyone want everyone wants to learn the skills of production. But you know, we want to get an MBA, you want to learn how to do social media, you want to learn how to code, but no one wants to learn the skills of consumption of how to manage your time. It's interesting that you have that pulled down as someone who's really successful when you talk about listening to music. I'm guessing you've got a record player, you got record player or no?James Wallman 23:34I do yes. Ah, nice. And the joy, right?Dan Harden 23:38The crackle, the pops. Yeah. Listening to some old albums. You know from when I was 16.James Wallman 23:47My kids just got into the Fresh Prince of Bel Air or my daughter, she's just about to turn 10. And I'm like, you know, I've got a record of that guy's, before he was on the TV. She is like super impressed. Now what we need to do is not just think about the skills of production, but the skills of consumption, the skills of living. A friend of mine, a guy called Brian Hill is at Brigham Young University in I guess it's in Salt Lake City, but it's in Utah. And his is the most popular class. He has, like 700 people come to his class, and he's an experienced design professor. And he takes the learnings from how to design experiences and translate that for people into so this is what you should do with how you spend your time. And I'm nudging him actually, I think he's gonna write a book, which is great news. And that's what I did with Time and How to Spend it.James Wallman 24:40I talked to people much smarter than me at places like BYU and Stanford and MIT and LSE in London and Oxford and Cambridge, in Tokyo. And I took their ideas and I sort of formed it into something simple that people can use to think about how they spend their time. And the same structure, Dan, I'm sure I've pitched this too many times. So forgive me, but can be used for any designer who's designing somebody's time when you think about designing experience. Your design is quite responsibility because you're designing, when you design experience, you're designing somebody's time my first book Stuffocation, looked at how should you spend on how should we spend our money? And the answer was, spend less on stuff, spend more on experiences, it will make you happier. And the follow up was a was a response to the question that people would say to me, this is great James. Spend on experiences. Great. So what kind of experiences should I choose? I didn't know the answer. And the answer, when you think about it is okay these are the experiences you should choose, which is really saying, this is how you should spend your time. And if you think of the currency of the first book, Stuffocation was money, how you spend your money, stuff, or experiences, the currency of experiences, yes, it's money. Yes, if you fly to Vegas for the weekend, if you you know, go to Hawaii, if you I don't know, you know, go to an amazing restaurant, or you go to a theme park or whatever you do with your time. But the most important thing you're spending his time because you can go get more money, you can get a higher paid job and getting other clients. And you can stretch your time a little bit. If you restrict the calories, if you go jogging, if you do weight training, you know, these things will make you live a little bit longer. But you're going to die. And you won't you can't buy another week very much. But you can get more money. So when you think about your experiences, you really ought to make the right decisions. Because I'm borrowing from the American writer Annie Dillard, how we spend our days is, she says, of course, how we spend our days is how we spend our lives. And so from a personal point of view, knowing how to spend your time, if you don't know how to do that you're a full. From a designer's point of view, if you're designing sometyhing to suck time. If you're designing an experience, and that could be EX for employee experience, it could be a product because a product will come with the time you spend with it. It could be the experience at a theme park, it could be the experience in a restaurant, in a in an airport, it could be in a retail store, in a mall, wherever. That's one a hell of a responsibility actually.Dan Harden 24:40You bet.James Wallman 24:40Especially the more successful you are, the more people you reach, the more that your product scales, you have a responsibility to those people, I think. But you have an opportunity, you can help them live a better life. Or you can waste their time and drain it away in a negative way. And then you can wake up the next day thinking I sell cigarettes, or I do something that's good for people.Dan Harden 27:33Do you have advice for designers on on how they can absolutely make sure that they are imbuing these qualities of time in their solution? In other words, should designers build in affordances in a design that make people aware that they are consuming their time on something of value? Or should a product have more of an ambient presence so that you can think more about just the general experience and the product? The thing, the materiality, it's just there. I wrote something called the Disappearing Act of Good Design. Because sometimes, you know, like, well, I'm sitting on an Aeron chair, when I look at the chair, it's a very beautiful thing, right? Well, it's not beautiful. I don't think it's beautiful. But it there's a function.James Wallman 28:27Functionally it's amazing.Dan Harden 28:28Yeah, it is. But when I'm using it, I'm not thinking about it, because it's supporting me, and it's doing its job. But when I step away from it, I look at it, then I start to appreciate it for what it is. But during the consumption, it's ambient. So that's related to my question. So how should designers design in this element of time, in your opinion. Because we all need to be a little bit more consciously aware, especially when I see kids like on video games, now there's something that's design presenting something to them. They're enjoying it, they're engrossed in it. But how does that apply to more everyday consumer products?James Wallman 29:14Such a deep and interesting question, I want to come back to what you're saying about affordances. And whether a product is good or bad for you, I'm going to wander a little bit, if you don't mind. First, though, is the difference between a service and there's a distinction between a service and an experience as an economic offering, but also as a thing. And what I mean by that is in terms of, there are certain things that should be seamless and get out of your way. Like booking an airline ticket, like going through an airport, or you know, if you're flying commercial rather than flying private, right? You want it to be as smooth and you don't want to notice it. Or managing your taxes. Guy on the call yesterday from Sweden, but a British guy, actually. Brilliant UX designer. You come across some guy called Joe McLeod. He's written this wonderful cool stuff on engineering about the design of the endings of things. Super interesting.Dan Harden 30:05Yes. I've heard of him.James Wallman 30:07Okay. He was saying that so taxes. I don't know how painful taxes are for you in the in the US, but taxes in the UK are a real pain, right?Dan Harden 30:17I can guarantee you there. They're more painful here.James Wallman 30:20Okay. So you know, there are companies that have come in to try and make it easier for us because we all have our, you know, yeah, we have accountants to help us, etc. But apparently, in Sweden, it's a joyful experience. I don't even understand what that means yet, okay, I'll be absolutely honest. But we get to investigate it. And one of my writers is going to speak to him, we're going to get a piece together on this, although he's a great writer, too. That said, of course, in during the pandemic, because we had the NHS, I feel very happy to pay my taxes, because it kept us all alive, lovely people.Dan Harden 30:54Paying taxes can be joyful, that gives me hope that many things in this world can be solved.James Wallman 31:01And that's where great design count. And it's a really good example, you know, I think good design is really good design, you often don't notice it, because it's so damn good. Right? As you say, you mentioned your chair, you just don't don't, I mean, that's the point of that chair.James Wallman 31:14But then an experience is different in that you should notice it because a service should be intangible, and seamless and simple. But experience. Now there's a difference between every day. But you know, big experiences should be noticeable because they should be memorable, meaningful and possibly transformational. So there are different moments in the journey of a person might have with a product or with a service or with an experience that has different. And I'm borrowing it from a guy called Mike Lai, who is run something called Tango, Tango, UX or something. I should know that in Shanghai, but he's like an American Chinese guy. And he was talking about the journey of any kind of experience through something and there are different moments where you want it to be perfectly smooth or really good service, and you want the product to work. And there are other moments where you need it to be a really amazing experience that is meaningful for you.Dan Harden 32:15That's an interesting point. In some ways I want I want my service to be minimal. And my experience to be maximal.James Wallman 32:23Yeah, okay, thank you, I'll borrow that.Dan Harden 32:27But I don't even know if maximal was a word.James Wallman 32:30Oh, no it is. Yeah, yeah. We, you know, we talked about omega Mart. Omega Mart, the new thing from Weow Wolf that's just opened in Vegas. And those guys come from Santa Fe. And they talk about maximalism and being maximalist because they want their stuff to be noticed in a world that has been homogenized. A world that's been commoditized. And but everyone's like, artists be minimal, which is all about exactly what you said. Maximum. Welcome back. Man. maximalism in the right place.Dan Harden 32:59Yeah, but the service what I mean by service thing minimal is, you know, something like Amazon, for example, comes to mind, you know, five years ago, when you bought something on Amazon's Oh my God, I gotta get my credit card out. And though they didn't remember me from the last time dot dot dot. Now I just load things in my cart, and I press buy now, and it's all automated. Right? That's a service that works well, for me. Then even receiving it lands on my porch. It's minimal.James Wallman 33:28That's a great example of a service. I would describe that as a service, not an experience. Would you mind if I come back to that affordances point you're asking them? It's very interesting, I think, from the point of view of the designer, is, you know, the starting point is the end of what's the impact this is going to have on a person's existence and their time. And I'm going to borrow here from a guy called Michael Brown, Gardner Brown, who's the guy who came up with the concept of the circle to circle and the circular economy. Michael Brown Gaught the chemist. And I remember talking, we were both giving talks at some conference in Belgium or Luxembourg or something, he talks about how everyone talks about the idea of reducing their carbon footprint, reducing their footprint. And he said, let's just flip that around, why not increase your footprint, but have a positive footprint instead? So instead of thinking about your products, let's say I mean, you know, you can think about what Tristan Harris has done here in terms of technology. And, you know, the ethical point of view that lots of these things are designed to keep us on our phone and you know, they talk about TOD, time on device, which is obviously where they can make money and this is what's happening in Vegas with the slot machines, etc. And that's what these things have become their skinner boxes, of course for people, right, they're designed to keep us there again and again and again. And of course, when you're doing that, you know that you have a negative Human footprint, you're having a negative footprint on that person's existence. So if you look at the product you're making and you recognize that it has that you have to maybe look at yourself in the mirror and think okay, am I basically a tobacco seller? Am I one of these people and can I go to bed and I feel okay, that's what I'm doing to people in which case you go ahead. You know, mine the planet, destroy the place and see if you can look your children in the face and be happy with what you do. Or, maybe if you recognize that this is fun, but only so much fun. Let's take alcohol is a great example. Right? There's a difference use and abuse. It's exactly the same technology, the addiction stuff, if you look at Adam Outers, you know, Adam Outers of NYU, with it, fantastic. He's work he's done most recent book Irresistible, and he compares addiction to devices exactly like addiction to drugs like alcohol. You know, having a drink is great. Using alcohol is fantastic. There's data that shows that a bit of alcohol makes you happy. Who doesn't love a beer on a Friday afternoon. Who doesn't enjoy that first glass of champagne or, you know, or mojito on a beach or whatever. But there is a point of diminishing returns, you know, it's go back to Jeremy Bentham, when he talks about his first cup of coffee in the morning gave him this much pleasure. And then the next less pleasure, etc. It's the same with so many things, right? So if your product. If the diminishing returns kicks in soon, and it ends up being really negative for a person. Gambling, drinking, maybe you know certain games on your phone or whatever, maybe the responsible thing to do is go Okay, fine. Let's try and figure out a way to make money. Because this is addictive and well done to us ensure these people have a good time, but do it in a way that supports them to like. You know, let's drink some beer and some champagne. But let's not do it for taste and taste fine, because that's bad for us. And then if you flip that around, so instead of being concerned that your product or service or whatever thing you produce, has a has the potential to have a negative human footprint, if it has a positive human footprint. Let's take running as a great example. Let's take the, you know the Spartan Race or something like this, if you know it's got a positive for people, go for it. Get them hooked. Think about sports, sports is fantastic. Whether people are playing sports or watching sports, the positives that are associated with sport. Why not turn those people into sports addicts? They're called fans, which fans is another word for consumers. But it's a word for consumers who love it so much. They keep coming back, you know?Dan Harden 37:47Yeah, I love the idea of building in these mechanisms within a product solution, a design solution where it can be responsive. So if there is a waning of the experience, if the experience is falling off, if that third cup of coffee isn't doing it for you anymore, you know, as an analogy to a product to have something in that product, and some software does this, where the where the product begins to adjust itself for a changing condition. There's something interesting there.James Wallman 38:21That's so awesome. Are you designing something like that at the moment? Is that something you're working on? Or is it just I love it?Dan Harden 38:28No, it's just more of a thought picking up on what you just said. And certainly in software, you know, we tried to do that, you know, good, good UX design does that automatically. But in product, it's harder to do, because so many things are, you know, these tangible, material requirements and functionalities, you know, it's like you can't expect your drill to change. And for the contractor that has carpal tunnel syndrome.Dan Harden 38:59I also want to come back to this thing you said, about the starting point is the end. And I think more industrial designers need to think about that. First of all, as an industrial designer, you are automatically a futurist, because you're trying to do is think about, okay, I'm drawing something now I'm CADing something now. But what you need to do is project out into the future, and place your product in the hands and minds of that end user. And will it have the desired effect a year from now or two or five years from now when this finally hits the market? That I think it should have now when you're designing it? And too many designers are designing for the now like they make themselves feel good. They sometimes even feed their ego by creating some something that is satisfying to them. Without thinking about that endpoint. That endpoint is so far in the future sometimes, and the future keeps changing. By the time your design hits the market, it might be irrelevant. It might be like, Oh my gosh. And some designers are often surprised, like, Well, I didn't expect it to be received like that. And it could be either negative or positive. You know, sometimes you just get it right by luck. But the starting point, being the end, there's something there's something really fascinating there.James Wallman 40:22As a trend forecaster and futurist this is the moment I try and pitch my services. Well telling the future, to figure out what's going to happen is, of course, it's the great unknown. There are things you can do. You know, if you think about Schumpeter, the idea of destroying, you know, creative destruction, or you think about the magic of the marketplace means that all sorts of people create all sorts of things, and some of those things flop and fail terribly, and some of them fly and take off. And, and who knew and, you know, it's not when something's created, when someone's created a business model around it that makes it work, you know, innovation is, you know, I guess it gets taught nowadays, and people get it, it's not just having a great idea. It's everything that comes with it. And you know, sometimes people just miss that point so badly. You think about flight is a wonderful example. It wasn't until 1903 that flying literally took off. It was the 80s that has started to reach the masses. You know, it took a long time to affect war, you know. First of all, but wasn't particularly impacted by flying. But of course, the Second World War was crucially around flying. So, I mean, when I try and advise people on doing this, so the way that the way that I work in terms of thinking about what the future is going to look like, it's using this diffusion of innovations. So it's looking at what the actually the structure that I use, it's about the seed in the soil. And the seed is the innovations that I see happening around and the soil is the macro environmental factors that exist. And I mentioned diffusion of innovations, I base my work around Everett Rogers his work, but also using what the RAND Corporation came up with in the 60s and stuff that I've added to this over time. But one of the things that's really interesting, I think is here is that if you look at Everett Rogers would look at five different things to figure out if a innovation was likely to take off.James Wallman 42:22And you can remember there's because BECOS, and the B is for is it better? And better, just to be really clear, is a really moot point. Better could be functionally better, it could be economically better. You need to understand the target market very well.James Wallman 42:41The E though, is it easy to understand? Because things that are complex, just throw people overseas. Is it compatible with how we do things now? So you can think about the ideas that people have for new versions of transport back in the 80s, there was something in the UK called the Sinclair c five, which is this sort of like cross between us a go kart and a car, and it made all sorts of sense for the city. But it was so far removed from what people thought about, it just didn't make any sense.Dan Harden 43:11The segway is a good example. But it was supposed to change our lives. It wasn't compatible with sidewalks.James Wallman 43:18Okay. I mean, it also makes you look like an absolute idiot, which is the O. The O is it observable Now, the thing about the Segway, what's kind of interesting actually is observable because we've all seen tourists looking like idiots on Segway. So segway found the nice, but observable a really good example. Is those city bikes or you have lime scooters where you are presumablyDan Harden 43:41Yes, yeah.James Wallman 43:42Okay. So we don't, we don't really have them so much around here, because they're illegal in the UK. I used when I was in Bordeaux awhile back. The reason that scooters are taken off for adults. I mean, I'm old enough to think that it makes people look silly, but still, is they sold the last mile problem so well. I know last mile is in terms of delivery, but they sold that kind of, you know, if you live in a city, you want to get a short distance away. But you see other people on it, you see that it's convenient way to get about it looks kind of handy and easy.James Wallman 44:13Okay, we're coming to the S actually I got the E and the S are quite simple. The E is easy to try. And the S is simple to understand. So forgive me, the S is simple to understand the E is easy to try, is it right there. And then if you think about Lime, for example, is you put your credit card in and you can take it you can have a go. It's a really easy way to try things. Where this is kind of interesting, I think so Everett Rogers identified these factors. Back in the 60s. And a guy called BJ Fogg at Stanford. He may come across, he's the guy who's known for his tiny habits. He set up the behavioral design practice at Stanford. He's fairly famous for one of his classes that became known as I think the Facebook class because from about 2006 or 7 or something a bunch of people that were in his class used everything he was teaching they about behavioral psychology, and they went on to become, you know, like the growth marketing person at LinkedIn and, and the head of this at Facebook and the head of that, and one of the people in his class set up Instagram, you know. So basically, they took all his tools on how to design behavior, and they used it on humans. It turns out, you can create very addictive products and BJ likes to distance himself from that work as well. And if you've come across Neil's work so Neil studied with him, you know, the guy who wrote Hooked. If you look at PJ focusing, which is B equals M A T, so behavior equals motivation, plus or times ability, and the tears triggers and the A about ability as he talks about the six simplicity factors. So, you know, motivation, we all know what that means. But simplicity factors are the stuff that makes it either easy or hard for you to do something and the six map almost precisely with the BECOS stuff that Everett Rogers figures for ideas that take off.James Wallman 46:12And the six simplicity factors, if I remember them are one is what's the cost, and the cost can be the, the the actual price cost. But it could also be the physical effort involved, or the mental effort involved. He talks about I'll be non deviant, which is like compatible. So for the sake of argument, there was a time when sending somebody a message on LinkedIn or set or looking somebody up on LinkedIn was considered a weird, but now it's fine to do that. He talks about are they simple to understand? Are they easy to train and all these things that might get between you and actually trying this thing? A non routine is one thing that he talks about as well. So if we are not in the habit of doing something you may not do again? Is it better? So you know, is it easy to try? Is it simple to understand? Is it compatible? Is it observable? Do you see what I mean? You can, you can look at the thing that you are creating, and you can run it through this mill. And you can compare it to like I say, this is the seed. So we're analyzing the innovation, the product, the thing that you're making, and you compare that with the soil. I talk about the seed in the soil, because if you can imagine, I don't know how much gardening you do Dan. But if you put a sunflower seedDan Harden 47:31I'm a terrible gardenerJames Wallman 47:32Okay, most of us are nowadays right? We buy plants, we buy seeds. But imagine in those old days you'd buy a sunflower seed, you'd want to get a decent sunflower seed that wasn't dried out and cracked and you know, a week saved from poor stock or whatever. And then you want to put it in to rich alluvial soil, you know, decent compost and then you've watered well etc. And it's exactly the same with any innovation. So any innovation needs to be a decent seed in the first place, but the soil it lands and needs to be appropriate for it as well. So instead of it being dry desert like soil it needs to be rich alluvial soil. And so the way I remember this is BECOS. And the structure here is das steeple is I remember it because there's a dust boat, the German movie, there's a fantastic movie. But DAS is kind of my addition steepness standards. UYou may have come across Pest or Pestle or Steeple, classic at business schools. You probably come across you know, this is about socio cultural trends and economic trends and technology and environment, politics, legal. So you can think about the takeoff of marijuana here. Or you can think about actually what's going to happen with the takeoff of psychedelics in the States. You can see that the innovators, you can see is it better? Maybe I'll come back to this. And that is demographics, aesthetics, and science, which I think have been overlooked in the in the classic Pest Vessel Steeple way of thinking about things. Science is a great example. Until 1964, the consumption of cigarettes in the United States. You can see the graphs, it's amazing. We went up and up and up and up and up and up and up. In 1964, the US Surgeon General made the very clear statement that smoking leads to cancer and then what's happened is smoking is going down and down and down and down.James Wallman 49:18And you can see this in marijuana. It turns out that people that smoke marijuana Do not turn into murderous crazies they just sit around and end up eating a lot of food or whatever right. You can see this is psychedelic so I'm a real believer in that psychedelics will follow a similar path to marijuana. Even though it st seems really weird for people that have never, you know, taken LSD or DMT or whatever and you know, they are quite weird things to take. But if you look at the BECOS side of this. So are they better? Well, they're really good for post traumatic stress disorder. Research in the UK and the States. In the UK, a guy called Robin Carhartt Harris has found that for people with really bad depression, it's really hard to solve people with depression, particularly people with basically on their way to dying. It turns out that this has an impact. It's like 85%, successful, insane numbers. If they could put this in the water. They would you know, it's incredible. So is it better? Is it easy to try? I mean, he's gonna take, yeah, it's scary. It's scary for people, which is holding people back. But yes, it's easy. But it's not that difficult. And it's, you know, there are ways, you know, obviously, it's illegal at the moment too. Is it compatible with how we do things now? Well, we take drugs. Drugs are a thing that people take to make them better, both legal ones and illegal ones. There's the O, is it observable? What's really interesting here, is once you know, somebody who has, I've got a very good friend of mine who used psychedelics to go from having major alcohol and cocaine issues and being a really depressive person. And he, through somebody else, I can't remember who he, he ended up taking it, and he's become happy. Wow, this stuff, you know, it's amazing.James Wallman 51:16And you know, so you guys got the problems of fentanyl in the States. Yeah, that stuff is really bad. So this stuff is actually positive. And then is it simple to understand. Well here's how it works, you take it, in a controlled environment. Michael Pollan's written that fantastic book, how to change your mind about this as well. So you can see how the viewing on this is changing, and why it makes sense. And a few counties in the states are kind of legalizing to make it possible. There are countries that do it too, anyway. And then you can compare and think about, so I mentioned, it was a science that was talking about. So you can take this kind of BECOS structure and the star steeple competitor and think, is my product service experience likely to be relevant in the future? Yes, especially if you use the diffusion of innovations curve, to look at what the innovators are doing today. And maybe even the early adopters, and you can point the ways to the future.Dan Harden 52:12You know, you just said in the last 10 minutes, so many fascinating things that I didn't want to interrupt you. But this BECOS, seed to soil, your notions of simplicity, dos. You know, so many designers, innovators, entrepreneurs, etc, we're looking for, we're looking for tools of understanding, I think, you know, and how do how can we ensure that we're going to create something successful and meaningful and impactful to society and individuals and sustainable. All these values that we always try to instill in our creations?Dan Harden 52:16In foretelling the future, do use something like the BECOS better, easy, compatible, observable, simple as kind of a filter to know whether or not something is more likely to either take hold, like, like your analysis of psychedelic drugs, for example.James Wallman 53:17Yeah.Dan Harden 53:22I love that. And so many things like seed the soil, you know, to designer, the seed would be, you know, the innovation itself, and the soil would be the consumption model. And like, in our case, you know, the construct of capitalism and consumerism, that's our soil, right? So we don't necessarily think see the soil, but it's happening. It's a really great way to think about it.Dan Harden 53:48And simplicity, and your descriptions of simplicity, and breaking it down into cost and effort and being non deviant and non routine. Simplicity to designers is, it's kind of like one of our, our doctrines. You know, we strive for it, it's hard to achieve. Sometimes it's it's so elusive, because the harder you try as a creator, sometimes you're adding complexity, not simplicity. It's so hard to get back to the root of what's really good and really meaningful. And sometimes it is something just utterly simple. And the simplicity. Why is simplicity so beautiful? I don't know what is that? What is that? What's going on psychologically about simplicity? Do humans crave simplicity? Why is something simple beautiful?James Wallman 54:02Wow, I wish I knew the answer to that. I'll be honest, I don't. My wife will quote to me, I'm trying to think of the British philosopher who'd said that beauty always has something strange within it, which I think has a truth in it, because then you remember thinking about that idea of experience versus service. But in terms of simplicity, I think about the Coco Chanel thing about when just before you go out, you take one thing off, you know. What can you remove? But there's research conducted by is it Joseph Goodman, that's shown that people want their stuff. And there's actually a guy called David Robson. He's a science writer and a friend of mine. And he's written something for the BBC the other day about innovators and the great innovators. What you're saying, though, is interesting is the ones that keep going. That we believe that after while going through brainstorming or coming up with ideas that after all, our ideas will tail off. And actually, the research shows the opposite is true. I think about a quote, I used to use talking about this kind of stuff from Johnny Ive about how hard it is to create simplicity. And I think that Dan, I can't. I don't know how many people have you interviewed for jobs with your firm through the years, which is, insane.Dan Harden 55:11Oh god, hundreds, probably thousands you knowJames Wallman 56:04And how many try to impress you with designs, and you just feel Oh, my God, it's too much. And it's only going to be those who can boil it. Think about Jacques Rometty, you know, the, you know, the artist. How he takes away everything that it isn't. And I think maybe that's one of the things we should do with life. And maybe that's one of the problems with consumerism is because all these all this noise, you know, all this incoming noise. With ideas, and this stuff that people are trying to sell us and trying to be this, be that, be the other thing. Maybe that's why Zen Buddhism, and that kind of approach to things and simplicity and minimalism appeals to people. But just to be really clear, I'm not a minimalist at all. Because if you're a maximalist. And this is from a design point, I'm going to borrow what you said there about I want my services to be minimal. And I want my experiences to be maximal. I think we want our lives to be maximal, but in the right ways.James Wallman 57:08So I want complex, interesting conversations with sophisticated interesting people. Yeah, you know, I was looking at hiring someone the other day, and it ended up being really complicated. And it was that moment, I said, Oh, this is a red flag. I sent a really nice, as nice of an email as I could to say, Let's leave this. But I want complex, challenging. You've made me think of so many things that I haven't pulled out of the back of my mind for ages. So thank you for that.James Wallman 57:35But I think he may maximalism in our, you know, in our weekends, in our vacations, in our products. But only the stuff that's really good. If you think about a meal, really simple food cooked really well, is good. I think about some of the best restaurants, the most successful restaurants don't do the fancy food, they don't do the El Bulli kind of you know, crazy stuff. There's a restaurant in London called Jay Shiki. That just does simple food really well.Dan Harden 58:14I think there's a lot to be said about essence. Essence of experience. Essence of expression. You know, it reminds me of Roi Ku, you know, just like so few words. So few intonations so much meaning. And in today's society, it just seems like so many people are distracted with so much stuff. People sometimes lose sight of the fact that some of these simple essential things that life has to offer, they're there for the taking. But it's it's almost like it's so ever present these opportunities to experience the goodness of life. And yet you can't see it. It's almost like radio waves passing through us right now. I can't see it. But there's so much of it coming through us right now even as we speak. Why is that? Maybe there's just so much offered. And it's hard to get the attention of people to really understand Hey, you know what, it's okay to experience the essence. It might be a simple meal. It might be taking 10 minutes to look at a single painting where you start to feel something after not not 10 seconds because everybody wants that that instant, like Hey, where is it? Where's the punch line? You know, like a Rothko. It does not connect with you until you're sitting in a dark room with a Rothko, in a dim light. And after about 10 minutes, all of a sudden you realize oh my god, I'm feeling something. This almost like a deep vibration and understanding of visual vibration. turns into an intellectual vibration. All of a sudden, so much more is offered to you. That's what I find, to be the real meaning of essence. And it's so hard for people to absorb, to first see the essence. And to truly feel it and benefit from it.James Wallman 1:00:21I like what you said. I agree with you. I think that we are essentially tick box travelers. And there are many people who are tick box travelers through life. Who just want to get that thing. And they've done it. You know, if you talk to those people that do a two week, I guess you probably get to do a two week vacation in Europe. And they kind of go to Spain, Italy, Greece. And they're like, yeah, I think the other people that went into our country, they say I did that.Dan Harden 1:00:47Yeah, well, they step out of the tour bus. They take the pictures they get back on the tour bus. It's not the picture, it's experience.James Wallman 1:00:57Yeah, yeah. And maybe it's not their fault. It's definitely not their fault. But the problem is, if you watch too much TV, and you spend too much time online, and you're one of those people who's like, you think about a pinball machine. I think lots of people live their lives like they're in a pinball machine. And they're getting knocked here and pushed there. And, you know, maybe this is about like being on the ocean and pushed by the waves. Yeah, let's go to surfing as a way of thinking. You know, those people just get pushed around, they'll just go wherever. And then there are those people that would fighting against maybe the wave to get out. And then they'll get in there, right? The thing and maybe that's the… I'm warming to this idea of surfing as a metaphor for life. And I'm going to play here. You know, you know, the guys…Dan Harden 1:01:07Play with that for a minute.James Wallman 1:01:43Yeah, because maybe those people haven't learned that if you stop. The way you describe that Rothko picture. And obviously, you have a few in your home, Dan, who doesn't, right?Dan Harden 1:01:59Um, not real Rothko's. Those are all like 40 million a pieceJames Wallman 1:02:04Yeah, but too many people just want to see something and have been there done that tick the box. They think that's life. But the problem with that approach is because you've not paused long enough to appreciate something. And realize…Dan Harden 1:02:22I got to interrupt you because I love this idea of surfing because a surfer knows that that wave is here for about 20 seconds, you know. The good part of the wave. They appreciate that and they see it coming. They nail it. They ride it. The joy is, they know, it's very temporary. And if more people would view life like that, that it is very temporary. There is impermanence everywhere. Certainly in a wave. And every condition around it. You don't know if you're going to hit a rock. You don't know if you're going to be bitten by a shark. Yeah, life is the same way.James Wallman 1:03:05Yeah, there's a guy that taught me to surf. I was in Byron Bay, Australia, writing a piece for a magazine. I think it was not GQ, Esquire magazine. And he taught Elle Macpherson on the same board I was learning on for Elle, I have been in the same place not at the same time, regrettably, but laying down and then standing up. And I remember he said, When a wave would come in, and I am a pretty poor surfer. He was like, right, you know, I caught the first wave. He was like Oh, wow, okay, you're, you're British. And yet, you can actually do this a little. Big surprise. And I jumped off the wave, because I caught the good venues. Like, hold on, that wave has come all the way from the middle of the Pacific. Where was I? Oh, yeah. So that's the Atlantic. Come from the middle of the ocean, you ride it till you can't ride it anymore. And I thought that was a really interesting idea. But I'm totally with you.James Wallman 1:04:02When I give talks about this, this book time and how to spend it, I'll often start by by pointing out. I used to say, I can't think how many seconds it is now. I think it's only 64,000. Whatever it is, there's this idea of the time bank through a French guy. And if somebody gave you $64,000 every day, and at the end of the day, your bank account went to zero. What would you do is the question and the numbers not exactly that. And the answer, then I don't want to jump in is you;d spend as much as you could. Because otherwise, the money's gone. And that's what life is like. You get these 24 hours every day and it's gone. So how you spend it. It's not just about… I guess it's not just about the quantity of that time, but it's the quality of that time. And I think what you're talking about there is about focusing. And you know, Joseph Campbell, who wrote the book, The hero with 1000 faces about the hero's journey, really. He moved From the hero's journey, I think much more into this idea of being the vitality and a bit of feeling alive. And I think way too many people is that what is that wonderful zombie movie from like, late like late 70s, early 80s about that kind of that uses zombies as a kind of as a metaphor for consumerism. Dawn of the living dead, I think it is.Dan Harden 1:05:24Right, right.James Wallman 1:05:26And, you know, too many people are basically living their lives as they've been, you know, turn on the TV, go to work, drink coffee, come home…buy the things you're supposed to buy, you get your better time off. And we, of course, we are alive in moments, but we're too often asleep. And the key is to use our short window that we have to do something and to think about what we're doing.Dan Harden 1:05:51Yeah.James Wallman 1:05:52And that involves stopping in enjoying those moments, rather than moving on to the next moment.Dan Harden 1:05:57James, we've just come out of probably, well, definitely in the last 100 years, one of the strangest periods of time. With this pandemic, and all the fear and uncertainty in our society. And all this discussion about the future and maybe rethinking the ways that w

Key Insights:Josef Schumpeter’s “depressions are… forms of something which has to be done, namely, adjustment to previous economic change. Most of what would be effective in remedying a depression would be equally effective in preventing this adjustment…” is perhaps the most zombie of zombie economic ideas. Schumpeter’s zombie leads to episodes of dorkish zombie economic derp like John Cochrane’s claim in November 2008 that we needed a recession because we were then—in November 2008—building too many houses and employing too many people in construction: Another destructive zombie idea is the idea that the Phillips Curve and adaptive expectations guarantee that you only need to worry about inflation—the unemployment will take care of itself, and that if policy errs and pushes unemployment up too high above the natural this year, you will get it back because unemployment will then necessarily be an equal amount below the natural rate in some future year—as long as inflation is stabilized.The PCAE zombie leads to episodes like today, when a surprisingly large number of people who should know better are worrying not about unemployment but only about inflationTo mix metaphors, when we go hunting for zombie economic ideas, there are lots of fish in barrels for us to shoot. We do not have to try to shoot them all. Indeed, we should not.We should, instead, listen to Markus Brunnermeier at 12:30/09:30 EDT/PDT every Thursday at Hexapodia!!References:Markus Brunnermeier & Friends: Markus’ Academy Paul Krugman (2020): Arguing with Zombies: Economics, Politics, & the Fight for a Better Future John Stuart Mill (1844): Review of Thomas Tooke, “An Inquiry into the Currency Principle” & Robert Torrens, “An Inquiry into the Practical Working of the Proposed Arrangements for the Renewal of the Charter of the Bank of England, and the Regulation of the Currency” John Quiggin (2012): Zombie Economics: How Dead Ideas Still Walk Among Us &, of course:Vernor Vinge: A Fire Upon the Deep (Remember: You can subscribe to this… weblog-like newsletter… here: There’s a free email list. There’s a paid-subscription list with (at the moment, only a few) extras too.) Get full access to Brad DeLong's Grasping Reality at braddelong.substack.com/subscribe