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

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

Show notes

Selected links

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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