The indecision problem of capital investment during times of crisis
One of the biggest lessons I had reading through WWII industrial mobilization literature is the waffling that goes on in the early days. Companies are […]
econtalk
Defense decision-making beyond neoclassical economics
Well, in the article I caricatured how economists look at preference. So, let me do it in two stages. First, the way economists usually look […]
The nature vs nurture debate for defense program planning
There is an interesting story about a single crayfish that managed to reproduce asexually creating offspring with the exact same genetics. The offspring, called marmorkrebs, […]
What the DoD doesn’t understand about markets
Most people in economics think of economics as being a largely positive, scientific approach to studying. More than that: It is a set of questions […]
Radical uncertainty + cost-benefit analysis = danger
Most big decisions that we take are unique. They’re one-offs. And that means you really do need to think through yourself what is happening now. […]
Nassim Taleb says prepare for the worst-case in fat-tailed events like pandemics and war
Russ Roberts: Another way to say it–and, again, to put it into folksy terms that I also got from you–is that you care about–you don’t […]
Should the Pentagon look to Detroit-style or Hollywood-style markets?
With the microphone and with recording devices [for example], you can reach the whole globe. So, that’s a huge improvement in productivity of a singer. […]
How open is the government to creative destruction?
Arthur Diamond had a great conversation with Russ Roberts about his new book, Openness to Creative Destruction. In the episode, Diamond tells us a story […]
Munger on Permissionless Innovation
Russ Roberts: What is the most important concept in political economy?… your answer, Mike, really surprised me. What was it? Michael Munger: Well, I would claim… that […]