Tyler Cowen Quotes

Economists love to talk about incentives, but the bottom line is that people hate being controlled or manipulated, even when done through voluntary institutions. This is one of the most important tensions in capitalism.

When it comes to ethnic markets, most of the shoppers really are very well informed. Most of the shoppers come from cultures - including China - where food preparation receives a lot more attention than in the United States. These shoppers also are largely immigrants or children of immigrants. Either they come from cultures where most food prices are lower than in the United States, or the immigrants have lower incomes themselves, or both.

Food is a product of supply and demand, so try to figure out where the supplies are fresh, the suppliers are creative, and the demanders are informed.

The fourth and final step is that the human isn't needed much at all because the program on its own is so strong.

I'm not a vegetarian. But I think people who are vegetarians, they are actually more virtuous than the rest of us. I think they should be admired.

There's so much free material on the Internet you can learn from, and some people are pure self-starters: they pick up computers and teach themselves everything. Certainly there are millions of people like that. But at the same time, I think it's a pretty small percentage of the population.

When you look at the actual data on technological innovation, one thing you see is that what I call the 'low-hanging fruit' has been exhausted. So radio, flush toilets, electricity, and automobiles - a lot of very basic inventions - have spread to almost all households.

Let's say that you could carry around a perfect copy of a three-dimensional realization of a Caravaggio painting (or if your tastes are more modern make it a Picasso). You would carry a small box in your pocket, and whenever you wanted, you could press a button and the box would open up into life-sized glory and show you the picture. You would bring it to all the parties you attended. The peak of the culture of the seventeenth century (or say the 1920s if you prefer Picasso) would be at your disposal. Alternatively, let's say you could carry around in your pocket an iPhone. That gives you thousands of songs, a cell phone, access to personal photographs, YouTube, email, and web access, among many other services, not to mention all the applications that have not yet been written. You will have a strong connection to the contemporary culture of small bits.

A lot of local food is very tasty. I'm very happy to eat it. I just don't think it's the same thing as saving the world.

Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.

In most of the world, breakfast is an important meal.

1. Quality land and natural resources 2. Intellectual property, or good ideas about what should be produced 3. Quality labor with unique skills

Buying from a local farmer can mean that he makes a two-hour extra truck drive, which can damage the environment more than a bunch of bananas on a boat.

When I look back at the last decade, I think the following: There are some very wealthy people, but a lot of their incomes are from financial innovations that do not translate to gains for the average American citizen.

It is often a puzzle for foreigners why the United States has such a dismal performance when it comes to murder, guns, and mental illness, all features of American life that, when compared to most of the other wealthy countries, are so awful they do not require further documentation. You might wonder how those bad results square with America's relatively strong performances on most social capital indices, such as trust, cooperation, and charitable philanthropy; on philanthropy, we even rate as the global number one. The truth is that those positive and negative facets are two sides of the same coin: Cooperation is very often furthered by segregating those who do not fit in. That creates some superclusters of cooperation among the quality cooperators and a fair amount of chaos and dysfunctionality elsewhere.

We're seeing an enormous amount of global upward mobility that's quite rapid and quite sudden, and undiscovered individuals have a chance - using the Internet, using computers - to prove themselves very quickly. So I think the mobility story will be a quite complicated one.

What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line.

Some Google employees have their self-driving vehicles take them to work. These car robots don't look like something from 'The Jetsons'; the driverless features on these cars are a bunch of sensors, wires, and software. This technology 'works.'

Apart from the seemingly magical internet, life in broad material terms isn't so different from what it was in 1953 ... The wonders portrayed in THE JETSONS, the space-age television cartoon from the 1960s, have not come to pass ... Life is better and we have more stuff, but the pace of change has slowed down compared to what people saw two or three generations ago.

In truth, it's not the shareholders of the American International Group who benefited most from its bailout; they were mostly wiped out. The great beneficiaries have been the creditors and counterparties at the other end of A.I.G.'s derivatives deals - firms like Goldman Sachs, Merrill Lynch, Deutsche Bank, Societe Generale, Barclays and UBS.

Most restaurants in most cities, including Washington, are at a sort of mid-level. They're somewhat trendy, or they have some sort of gimmick, or they're somewhat expensive. And they make a lot of money off drinks. I tell people don't go to most of them, unless your goal is just to socialize.

If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.

Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.

The measure of self-motivation in a young person will become the best way to predict upward mobility.

In the early stages of negotiation software, on your smartphone, there may be programs that listen to the pitch of a voice, or that test for stress. You'll just ask the program, 'Was he lying? Was he eager to do business with me?' Maybe the computer will be right sixty per cent of the time.

Marcel Proust shut out visitors from his cork-lined room, where he wrote, but he probably expected to be immortalized in the literary canon. Even the most introverted drives and motives are set in a social context and amplified by the potential for achieving fame.

Firms and employers and monitors will be able to measure economic value with a sometimes oppressive precision.

At fancy and expensive restaurants (say, $50 and up for a dinner), you can follow a simple procedure to choose the best meal. Look at the menu and ask yourself: 'Which of these items do I least want to order?' Or: 'Which one sounds the least appetizing?' Then order that item.

perhaps we are not as free as we might think in the first place. Given your background, your friends, your family, the books you read, and the movies you watch, how surprising is your vote in a federal election?

Vietnamese food has probably been saved from the mass market because most people never master the sauces and condiments that must be added to the food, at the table, for its glories to become apparent. It's too much trouble, and a lot of people don't like asking for help, especially if the interaction involves some linguistic awkwardness.

For many artists fame complements the value of creative self-expression. Ludwig van Beethoven loved composing music, but he probably would have enjoyed it less if no one ever listened to the product.

France has not only built a bureaucratic barrier against American culture, it has constructed a notorious intellectual case against it as well. The French spend hundreds of millions of dollars subsidizing film production, extend interest-free loans to designated filmmakers, and have placed quotas not only on imports but on television time.

The more information that's out there, the greater the returns to just being willing to sit down and apply yourself. Information isn't what's scarce; it's the willingness to do something with it.

The right wing will be identified with the monied class, even when the left often has more money. And the left wing will be identified as the whiners, even though the right at times whines as much or more. You might say that both sides are monied, high human capital whiners, on the whole.

Our love of art is often quite temporary, dependent upon our moods, and our love of art is subservient to our demand for a positive self-image. How we look at art should account for those imperfections and work around them.

The 'low' quality of many American films, and of much American popular culture, induces many art lovers to support cultural protectionism. Few people wish to see the cultural diversity of the world disappear under a wave of American market dominance.

Real cultural diversity results from the interchange of ideas, products, and influences, not from the insular development of a single national style.

Countries with lots of unmarried young men are the most vulnerable to sudden upheavals - this is what fueled the Arab Spring.

Economics is sometimes associated with the study and defense of selfishness and material inequality, but it has an egalitarian and civil libertarian core that should be celebrated.

For the very top earners, vision and inspiration are essential. You need those to become the next Steve Jobs, but perhaps not to be the highest paid dentist in Beverly Hills.

Our time and attention is scarce. Art is not that important to us, no matter what we might like to believe ... Our love of art is often quite temporary, dependent upon our moods, and our love of art is subservient to our demand for a positive self image. How we look at art should account for those imperfections and work around them.
Keep in mind that books, like art museums, are not always geared to the desires of the reader. Maybe we think we are supposed to like tough books, but are we? Who says? Many writers (and art museums) produce for quite a small subsample of the ... public.

Marshall Jevons is the pioneer for integrating economics and detective fiction, and The Mystery of the Invisible Hand is another fine effort in this genre.

I think a lot of people will be liberated from a lot of oppressive manufacturing jobs, or a lot of service jobs, because they'll be done by computers. There'll be the world's best education available online and free.

To get anything done, Obama has to be seen as having winning economy - which isn't easy.

I'm a pessimist about the euro, but not about Europe. So the southern periphery, Spain, Italy, Greece, leave - Italy might be the first to go - and the rest stay. That will work just fine. But unless they want to give up democracy, I don't see greater fiscal union as the answer.

I sometimes say I am a 'happiness optimist' but a 'revenue pessimist.'

Throwing more science at things isn't always the answer.

Markets are not just about the steam engine, iron foundries, or today's silicon-chip factories. Markets also supported Shakespeare, Haydn, and the modern book superstore. The rise of oil painting, classical music, and print culture were all part of the same broad social and economic developments, namely the rise of capitalism, modern technology, rule of law, and consumer society.

Often, economists spend their energies squabbling with one another, but arguably the more important contrast is between our broadly liberal economic worldview and the various alternatives - common around the globe - that postulate natural hierarchies of religion, ethnicity, caste and gender, often enforced by law and strict custom.

The iPhone is made on a global scale, and it blends computers, the Internet, communications, and artificial intelligence in one blockbuster, game-changing innovation. It reflects so many of the things that our contemporary world is good at - indeed, great at.

A particular personality trait that doesn't come easily to everyone will be needed in a lot of situations: the ability to handle or maybe just ignore the ongoing appearance of stressful situations.

One of the major Lockhart restaurants, Kreuz Market, ships to anywhere in the continental United States.

The key questions will be: Are you good at working with intelligent machines or not? Are your skills a complement to the skills of the computer, or is the computer doing better without you? Worst of all, are you competing against the computer?

At least in the United States, most economic resentment is not directed toward billionaires or high-roller financiers - not even corrupt ones. It's directed at the guy down the hall who got a bigger raise. It's directed at the husband of your wife's sister, because he earns 20 percent more than you do.

I've been a foodie most of my life. I started when I lived for a year in Germany in my early 20s, and here was this new food environment, and I decided I needed to make sense of it. And I found it was the rules of economics that do the best job. Food is a capitalist product of supply and demand.

I think higher ed in the U.S. is fairly healthy, and by global standards it dominates, and it makes people more productive. But a lot of our K-12 is a disaster. And the single most important reform would just be to fire the worst ten or 15 percent of teachers in the lot, and we would have massive improvements.

A bad or mediocre meal is more than just an unpleasant taste, it is an unnecessary negation of one of life's pleasures - a wasted chance to refine our palates, learn about the world, and share a rewarding experience.

It's harder to get outside your own head than you think.

Most of us are not pure self-starters; most people need role models, they need coaches, they need exemplars, they maybe need some discipline or some rewards. We need to be motivated.