Gerd Gigerenzer is a German psychologist and director emeritus of the Center for Adaptive Behavior and Cognition at the Max Planck Institute for Human Development.

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David Hirshleifer is a professor of finance and currently holds the Merage chair in Business Growth at the University of California.

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Vernon Smith won the Nobel Prize in Economic Sciences in 2002. This is his second appearance on the show.

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Anne Goldgar is an historian and holds the Van Hunnick Chair in European History at the University of Southern California Dornsife.

Selected links

• Follow Anne: Website | Twitter
• Tulipmania: Money, Honor, and Knowledge in the Dutch Golden, by Anne Goldgar

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

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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Martha Olney is an economist and Teaching Professor in Berkeley's Economics Department.

Selected links

• Follow Martha: Website | Twitter
• Buy Now, Pay Later: Advertising, Credit, and Consumer Durables in the 1920s, by Martha Olney
• Did Monetary Forces Cause the Great Depression, by Peter Temin
• Advertising the American Dream: Making Way for Modernity, 1920 – 1940, by Roland Marchand
• Traitor to his Class: The Privileged Life and Radical Presidency of Franklin Delano Roosevelt, by H. W. Brands
• 'The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis', paper by Atif Mian and Amir Sufi

Topics discussed

• How did Martha become interested in the history of consumer credit? 3:28
• The birth of consumer credit. 6:54
• How consumer credit companies and advertisers midwifed a change in cultural attitudes regarding borrowing. 16:41
• What is the relationship between the increase in inequality and the rise in consumer credit during the 1920s? 31:34
• Political elites in the Great Depression versus the Great Recession. 47:35
• How did studying the 1920s prepare Martha for the Great Recession? 54:58
• If private debt is capitalism's Achilles Heel, what should we do about it? 57:54

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Yanis Varoufakis is an economist and politician.

Selected links

Topics discussed

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Arlie Hochschild is one of the most influential sociologists of the 20th and 21st centuries.

Selected links

• Follow Arlie: Website
• Strangers In Their Own Land, by Arlie Hochschild
• Power, Politics, and People, by C. Wright Mills
• 'Ayn Rand and Modern Politics', article by David Sloan Wilson
• Deaths of Despair and the Future of Capitalism, by Anne Case & Angus Deaton

Topics discussed

• Arlie's childhood spread across the world. 5:08
• How did C. Wright Mills influence Arlie? 8:34
• Was sociology an easy career decision for Arlie? 11:20
• When did Arlie decide she needed to write Strangers In Their Own Land? 12:54
• Why is the Tea Party strongest in the southern states? 16:47
• Why does the Tea Party love the atheist Ayn Rand? 25:14
• What are 'deep stories'? 34:55
• Taking the right's needs seriously. 42:07
• Trump's power as an orator. 55:04
• If the liberal elite failed to understand the white working class, how did a real estate magnate from Manhattan grock them so quickly? 1:03:10
• Trump won 10.1 million more votes in 2020 than in 2016. What does that say about America today? 1:04:57
• How can we learn to be more empathetic? 1:06:45

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See omnystudio.com/listener for privacy information.