"sair da Zona Euro – teria custos muito elevados no curto prazo, mas poderia resultar numa recuperação da economia no espaço de um ou dois anos."
"Os efeitos da saída seriam muito duros no curto prazo, mas o economista considera que a recuperação chegaria num ou dois anos."
Apetece logo pensar, qual é a "
skin in the game" dele?
"If it's incorrect I should be harmed by it. So, if I make a forecast, if someone asks me for my opinion, it is immoral for me to say, well, the market is going up or the market is going down or this will happen, unless I stand to lose on that advice. Because people take risks based on other people's advice. This is where it's immoral. This is why skin in the game is very generalized to daily life. I cannot tell you, well, this is good, unless I've tasted it. If there is risk. If there is no harm, then who cares?
...
Exactly. The point is, we need to lower the dependence on people who don't have skin in the game.
Russ: Yeah, or ignore them.
Guest: But you cannot ignore them. You have to build a system. Because people can take over, prestige, a lot of pathologies can control in that way. The best way to do it is build a society in which mistakes made by economists stay on campus. That's the idea. The idea is that if Larry Summers wants to make mistakes, more mistakes, let him make them at Harvard where we are insulated from it. It's like the ivory tower; it's because we are protected from them, not because they have to protect themselves from us. Which works both ways, you see.
Russ: It's a great slogan: What happens on campus, stays on campus.
Guest: That's exactly it. So it should keep the mistakes local on campus. And that way everybody will be happy."
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