EconTalk

Bent Flyvbjerg of Oxford University speaks with EconTalk host Russ Roberts about the political economy of megaprojects--massive investments of a billion dollars or more in infrastructure or technology. Flyvbjerg argues that such projects consistently end up costing more with smaller benefits than projected and almost always end up with costs that exceed the benefits. Flyvbjerg explores the reasons for the poor predictions and poor performance of giant investment projects and what might be done to improve their effectiveness.

Did an 800-year old piece of parchment really change the world? Nicholas Vincent of the University of East Anglia talks with EconTalk host Russ Roberts about the Magna Carta, the founding document of English law and liberty. The Magna Carta was repudiated just ten weeks after King John issued it. Yet, its impact is still with us today. In this conversation, Vincent explains what led to the Magna Carta and how its influence remains with us today in England and elsewhere.

We're in the middle of a healthcare revolution but it's about more than marvelous life-saving and life-enhancing apps on our smartphone. Eric Topol of the Scripps Translational Science Institute and author of The Patient Will See You Now argues that the digital revolution will give us more control of our health information and data. More powerful patients will transform the doctor-patient interaction. Topol talks with EconTalk host Russ Roberts about his new book giving us a glimpse of the changes coming to medicine from the digital revolution.

Michael O'Hare of the University of California, Berkeley talks with EconTalk host Russ Roberts about the management of art museums. O'Hare suggests a number of changes that would allow museums to be more effective and to justify their non-profit status--lower admission prices, selling part of their substantial unseen inventory to other museums, and broadening the activities of the museum to include educational exhibits on the creation of art and the commercial side of art. He encourages trustees of museums to see their job more as tough-minded advisors and less as financiers of museum budgets.

Leonard Wong of the Strategic Studies Institute at the U.S. Army War College talks with EconTalk host Russ Roberts about honesty in the military. Based on a recent co-authored paper, Wong argues that the paperwork and training burden on U.S. military officers requires dishonesty--it is simply impossible to comply with all the requirements. This creates a tension for an institution that prides itself on honesty, trust, and integrity. The conversation closes with suggestions for how the military might reform the compliance and requirement process.

Scott Sumner, of Bentley University talks with EconTalk host Russ Roberts about interest rates. Sumner suggests that professional economists sometimes confuse cause and effect with respect to prices and quantities. Low interest rates need not encourage investment for example, if interest rates are low because of a decrease in demand. Sumner also talk about possible explanations for the historically low real rates of interest in today's economy along with other aspects of monetary policy, interest rates, and investment.

Phil Rosenzweig, professor of strategy and international business at IMD in Switzerland and author of the book Left Brain, Right Stuff: How Leaders Make Winning Decisions talks with EconTalk host Russ Roberts about his book. The focus of the conversation is on the lessons from behavioral economics--when do those lessons inform and when do they mislead when applied to real-world business decisions. Topics discussed include overconfidence, transparency, the winner's curse, evaluating leaders, and the role of experimental findings in thinking about decision-making.

Vernon Smith and James Otteson talk with EconTalk host Russ Roberts about Adam Smith in front of a live audience at Ball State University. Topics discussed include Smith's view of human nature, the relevance of Smith for philosophy and economics today, and the connection between Smith's two books, The Theory of Moral Sentiments and The Wealth of Nations.

David Skarbek of King's College London and author of The Social Order of the Underworld: How Prison Gangs Govern The American Penal System talks with EconTalk host Russ Roberts about the written and unwritten rules in America's prisons for the most violent and dangerous criminals. Skarbek explains how and why prison gangs emerged in the last half of the 20th century, their influence both inside and outside of prisons, and how their governance structure is maintained.

Campbell Harvey of Duke University talks with EconTalk host Russ Roberts about his research evaluating various investment and trading strategies and the challenge of measuring their effectiveness. Topics discussed include skill vs. luck, self-deception, the measures of statistical significance, skewness in investment returns, and the potential of big data.