The Joe Walker Podcast

Rational Minds Part 1: A Nation Of Gamblers - Ed Glaeser


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Ed Glaeser is the Fred and Eleanor Glimp Professor of Economics at Harvard University.


Show notes

Selected links

  • Follow Ed: Website
  • 'A Nation Of Gamblers: Real Estate Speculation And American History', 2013 Ely Lecture by Ed Glaeser
  • One Hundred Years Of Land Values In Chicago, by Homer Hoyt
  • The Land Boomers, by Michael Cannon
  • '25 years of housing trends' report by Aussie Home Loans


Topics discussed

  • A potted history of real estate speculation in the United States. 8:51
  • How would Ed describe the Great Convulsion of the 2000s to an alien observer? 13:40
  • Why is real estate well-suited to being a speculative asset? 16:04
  • If speculators aren't crazy, what are they? 17:00
  • Was the Great Convulsion primarily driven by credit availability? 20:44
  • What would a good Bayesian have thought in response to the 2000s housing market in the US? 22:23
  • Radical uncertainty and its implications for rationality in the context of housing markets. 24:06
  • Are extrapolative beliefs rational? 26:22
  • Are housing bubbles irrational? 29:51

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The Joe Walker PodcastBy Joe Walker

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