Why capitalism doesn't live up to its promises (with Martin Schmalz)

Read the full transcript here. (https://podcast.clearerthinking.org/episode/136/#transcript) • Why doesn't capitalism seem to be living up to its promises of free and fair competition, low prices, and high quality goods and services (at least in Western nations)? What did Adam Smith fail to foresee about the ways economic systems would change on the way to 2022? What is "common ownership", and what effects does it have on economies? What interventions should be implemented to keep an economy healthy? Is it easier to put pressure on business leaders or politicians? In terms of shifting incentives for the sake of mitigating climate change, how effective is it to divest from "brown" businesses and invest instead in "green" ones? What is the AI revolution really about? Is it conceivable, even in theory, that AIs could make predictions in "uncharted territory" where the present is completely unlike the past? (But for that matter, how well can humans make predictions in such cases?) Is the hubbub around AI just a distraction from other more important issues? How can we keep AIs from reinforcing existing biases? • Martin Schmalz is Professor of Finance and Economics at Saïd Business School, University of Oxford. He holds a graduate degree (Dipl.-Ing.) in mechanical engineering from the Universität Stuttgart (Germany) and a M.A. and PhD in Economics from Princeton University (USA). Prof. Schmalz is the Academic Director of Oxford's Blockchain Strategy Programme, and co-director of the Open Banking ; AI in Finance Programme. He co-authored The Business of Big Data: How to Create Lasting Value in the Age of AI (https://www.amazon.com/dp/0995529582), and was featured as one of the "40 under 40" best business school professors worldwide at the age of 33. Read his writings on his blog (https://viewfromoxford.com/), learn more about him on his website (https://sites.google.com/site/martincschmalz), and follow him on Twitter at @martincschmalz (https://twitter.com/martincschmalz) (governance ; antitrust) and @oxfordfrom (https://twitter.com) (everything else). • Staff • Spencer Greenberg (https://www.spencergreenberg.com/) — Host / Director • Josh Castle (mailto:joshrcastle@gmail.com) — Producer • Ryan Kessler (https://tone.support/) — Audio Engineer • Uri Bram (https://uribram.com/) — Factotum • Janaisa Baril (mailto:janaisabaril@gmail.com) — Transcriptionist • Miles Kestran (mailto:digillennial@gmail.com) — Marketing • Music • Broke for Free (https://freemusicarchive.org/music/Broke_For_Free/Something_EP/Broke_For_Free_-_Something_EP_-_05_Something_Elated) • Josh Woodward (https://www.joshwoodward.com/song/AlreadyThere) • Lee Rosevere (https://archive.org/details/MusicForPodcasts04/Lee+Rosevere+-+Music+for+Podcasts+4+-+11+Keeping+Stuff+Together.flac) • Quiet Music for Tiny Robots (https://www.freemusicarchive.org/music/Quiet_Music_for_Tiny_Robots/The_February_Album/05_Tiny_Robot_Armies) • wowamusic (https://gamesounds.xyz/?dir=wowamusic) • zapsplat.com (https://www.zapsplat.com/music/summer-haze-slow-chill-out-house-track-with-a-modern-pop-feel-warm-piano-chords-underpin-the-track-with-warm-pads-and-a-repetitive-synth-arpeggio/) • Affiliates • Clearer Thinking (https://www.clearerthinking.org/) • GuidedTrack (https://guidedtrack.com/) • Mind Ease (https://mindease.io/) • Positly (https://positly.com/) • UpLift (https://www.uplift.app/) [Read more: https://podcast.clearerthinking.org/episode/136/martin-schmalz-why-capitalism-doesn-t-live-up-to-its-promises]

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Clearer Thinking is a podcast about ideas that truly matter. If you enjoy learning about powerful, practical concepts and frameworks, wish you had more deep, intellectual conversations in your life, or are looking for non-BS self-improvement, then we think you'll love this podcast! Each week we invite a brilliant guest to bring four important ideas to discuss for an in-depth conversation. Topics include psychology, society, behavior change, philosophy, science, artificial intelligence, math, economics, self-help, mental health, and technology. We focus on ideas that can be applied right now to make your life better or to help you better understand yourself and the world, aiming to teach you the best mental tools to enhance your learning, self-improvement efforts, and decision-making. • We take on important, thorny questions like: • What's the best way to help a friend or loved one going through a difficult time? How can we make our worldviews more accurate? How can we hone the accuracy of our thinking? What are the advantages of using our "gut" to make decisions? And when should we expect careful, analytical reflection to be more effective? Why do societies sometimes collapse? And what can we do to reduce the chance that ours collapses? Why is the world today so much worse than it could be? And what can we do to make it better? What are the good and bad parts of tradition? And are there more meaningful and ethical ways of carrying out important rituals, such as honoring the dead? How can we move beyond zero-sum, adversarial negotiations and create more positive-sum interactions?