An Economist’s Guide To Avoiding A Life of Misery - Erik Angner | Modern Wisdom 657

Added: Jul 22, 2023

Angner also addresses the misconception that economics is a dull and uninteresting field. He argues that economics is actually quite cool and offers valuable insights into various aspects of life. However, he acknowledges that the way economics is often presented, with its focus on numbers, data, and models, can be off-putting to many people. He suggests that economists need to do a better job of translating their research into a language that is accessible and comprehensible to the general public. The conversation then turns to a controversial statement made by a Yale economics professor, who suggested mass suicide of the elderly as a solution to Japan's aging population problem. Angner criticizes this view, stating that it fails to recognize the trade-offs involved and the need to consider the full range of costs and benefits. He emphasizes that economics cannot provide the values or determine the "right" option, as that is ultimately a question of individual and societal values. The discussion also touches on the advantages of an aging population, such as the experience and knowledge that older individuals can contribute to the workforce and society. However, Angner acknowledges the potential challenges of an inverted pyramid population structure and the need to find a balance between the benefits and burdens of an aging population. The conversation then shifts to the reputation of both economics and philosophy and the difficulty these disciplines face in communicating their relevance to the general public. Angner suggests that the abstract and inaccessible language used in these fields, as well as a focus on professional norms and approval, contribute to their poor reputation. He emphasizes the importance of engaging in conversations with the public and incorporating stakeholder involvement in decision-making processes. The podcast also explores the relationship between money and happiness. Angner explains that while money can indeed buy happiness, the effect is smaller for higher-income individuals. He emphasizes that happiness and well-being are not solely determined by financial wealth, but also by factors such as relationships, health, and personal values. The conversation concludes with a discussion on the challenges of adapting to health conditions and the impact of different conditions on happiness. Angner highlights that chronic pain and conditions that interfere with daily life, such as incontinence, can be more difficult to adapt to and have a lasting effect on happiness levels. Overall, the podcast provides a comprehensive exploration of the broad scope of economics, its relevance to human well-being, and the challenges faced in communicating its value to the public. Angner's insights shed light on the misconceptions surrounding economics and philosophy and emphasize the importance of considering the full range of costs and benefits in decision-making processes.