Category: Media

My Conversation with Fareed Zakaria

Here is the audio, video, and transcript.  You can tell he knows what an interview is!  At the same time, he understands this differs from many of his other venues and he responds with flying colors.  Here is the episode summary:

Tyler sat down with Fareed to discuss what he learned from Khushwant Singh as a boy, what made his father lean towards socialism, why the Bengali intelligentsia is so left-wing, what’s stuck with him from his time at an Anglican school, what’s so special about visiting Amritsar, why he misses a more syncretic India, how his time at the Yale Political Union dissuaded him from politics, what he learned from Walter Isaacson and Sam Huntington, what put him off academia, how well some of his earlier writing as held up, why he’s become focused on classical liberal values, whether he had reservations about becoming a TV journalist, how he’s maintained a rich personal life, and more.

Here is one excerpt:

COWEN: Why couldn’t you talk Singh out of his Nehruvian socialism? He was a great liberal. He loved free speech, very broad-minded, as you know much better than I do. But he, on economics, was weak. Or no?

ZAKARIA: Oh, no, you’re entirely right. By the way, I would say the same is true of my father, with whom I had many, many such conversations. You’d find this interesting, Tyler. My father was a young Indian nationalist who — as he once put it to me — made the most important decision in his life, politically, when he was 13 or 14 years old, which was, as a young Indian Muslim, he chose Nehru’s vision of secular democracy as the foundation of a nation rather than Jinnah’s view of religious nationalism. He chose India rather than Pakistan as an Indian Muslim.

He was politically so interesting and forward-leaning, but he was a hopeless social — a sort of social democrat, but veering towards socialism. Both these guys were. Here’s why, I think. For that whole generation of people — by the way, my father got a scholarship to London University and went to study with Harold Laski, the great British socialist economist. Laski told him, “You are actually not an economist; you are a historian.” So, my father went on and got a PhD at London University in Indian history.

That whole generation of Indians who wanted independence were imbued with . . . There were two things going on. One, the only people in Britain who supported Indian independence were the Labour Party and the Fabian Socialists. All their allies were all socialists. There was a common cause and there was a symbiosis because these were your friends, these were your allies, these were the only people supporting you, the cause that mattered the most to you in your life.

The second part was, a lot of people who came out of third-world countries felt, “We are never going to catch up with the West if we just wait for the market to work its way over hundreds of years.” They looked at, in the ’30s, the Soviet Union and thought, “This is a way to accelerate modernization, industrialization.” They all were much more comfortable with the idea of something that sped up the historical process of modernization.

My own view was, that was a big mistake, though I do think there are elements of what the state was able to do that perhaps were better done in a place like South Korea than in India, but that really explains it.

My father was in Britain in ’45 as a student. As a British subject then, you got to vote in the election if you were in London, if you were in Britain. I said to him, “Who did you vote for in the 1945 election?” Remember, this is the famous election right after World War II, in which Churchill gets defeated, and he gets up the next morning and looks at the papers, and his wife says to him, “Darling, it’s a blessing in disguise.” He says, “Well, at the moment it seems very effectively disguised.”

My father voted in that election. I said to him, “You’re a huge fan of Churchill,” because I’d grown up around all the Churchill books, and my father could quote the speeches. I said, “Did you vote for Churchill?” He said, “Oh good lord, no.” I said, “Why? I thought you were a great admirer of his.” He said, “Look, on the issue that mattered most to me in life, he was an unreconstructed imperialist. A vote for Labour was a vote for Indian independence. A vote for Churchill was a vote for the continuation of the empire.” That, again, is why their friends were all socialists.

Excellent throughout.  And don’t forget Fareed’s new book — discussed in the podcast — Age of Revolutions: Progress and Backlash from 1600 to the Present.

What should I ask Fareed Zakaria?

Here is Fareed’s home page, here is Wikipedia:

Fareed Rafiq Zakaria…is an Indian-American journalist, political commentator, and author. He is the host of CNN‘s Fareed Zakaria GPS and writes a weekly paid column for The Washington Post. He has been a columnist for Newsweek, editor of Newsweek International, and an editor at large of Time.

He was managing editor of Foreign Affairs at age 28, briefly a wine columnist for Slate, and much more.  His new book Age of Revolutions: Progress and Backlash from 1600 to the Present is very classically liberal, and in my terms “Progress Studies”-oriented.

So what should I ask him?

Hazlett on T-Mobile/Sprint

Tom Hazlett whose op-ed on the T-Mobile Sprint merger I quoted earlier writes me:

A few thoughts on your robust MR debate: (1) Were we to observe the counterfactual over the post-merger period we would have additional evidence – no disagreement. But the counterfactuals are themselves controversial to construct, and antitrust analyses typically make just the “before/after” prediction referenced. As the case against the merger (brought by several states, but rejected by a federal court) put it: “The proposed transaction would eliminate Sprint as a competitor… This increased market concentration will result in diminished competition, higher prices, and reduced quality and innovation.”

(2) There is powerful supporting evidence about merger effects apart from the retail price data. If real, quality-adjusted rates were anticipated to drop at even a faster clip (without a merger), reversing a pre-merger pro-consumer trend, then the post-merger performance in stock prices would have benefited the three incumbents in the market. Instead, two of the three firms have seen large abnormal declines in share values.

(3) The “cozy triopoly” theory is itself upended by both the firm stock price performances and the pattern of capital investments. The “Demsetz Critique” of the Structure-Conduct-Performance paradigm showed that a positive concentration-profits correlation does not imply monopolistic behavior if the proximate cause of the excess profits is efficiency. Here, T-Mobile’s network improvements appear to be caused by its merger-based spectrum acquisitions, and these upgrades linked to its subscriber growth and capital gains. The non-merging mobile rivals have suffered highly negative returns, likely in significant part from intensified competitive challenges that forced them to make large investments in response. In 2021, Verizon and AT&T combined to pay over $75 billion for spectrum rights in an FCC auction, easily the most ever paid by two (or any number of) license bidders. Cartel formation predictably reduces rivalry; evidence of firms aggressively increasing capex to better compete for market share runs counter to the expectation.

(4) Industry analysts – who provide third-party evaluations often given great weight by antitrust authorities – support these interpretations. In Dec. 2022, e.g., sector expert Craig Moffett (MoffettNathanson) wrote: “We expect T-Mobile to continue, and indeed accelerate, their market share gains versus AT&T and Verizon, as T-Mobile’s 5G network superiority becomes increasingly evident and increasingly relevant as 5G handsets become ubiquitous. The combination of a single telecom operator having both the industry’s best network and its lowest prices is unprecedented… “

(5) A 750-word oped is not the ultimate format for such evidence. My Working Paper with Robert Crandall (formerly of Brookings, now with the Technology Policy Institute) supplies a more complete analysis – comments again welcome.

Should AM radios be mandated in cars?

No. Here is my Bloomberg column to that effect, excerpt:

Personally, I prefer to listen to XM satellite radio, a paid subscription service. It features channels that appeal to my specific tastes (in this case, if you’re asking, the Beatles, classical music and various Spanish-language programs). AM radio, which is usually advertiser-supported, tends to have more of a “least common denominator” flavor, as it must attract many listeners to pull in the ad revenue. I do not think the federal government should be using the force of law to favor cultural options that are already trying to appeal to the least common denominator.

When I bought my current car, it was capable of receiving a satellite radio signal, and I simply had to request that it be turned on. (This ease of use is one reason why I purchased the model, so the commercial considerations here are real.) There was no law requiring the satellite radio option — just as there should be none requiring an AM radio option. This symmetry of treatment meets standards of both fairness and economic efficiency.

So I’ll say it again, no AM radio should not be mandated in cars, even though Congress is thinking of doing this on a bipartisan basis.

My Conversation with the excellent Ami Vitale

Here is the audio, visual, and transcript.  Here is the episode summary:

Ami Vitale is a renowned National Geographic photographer and documentarian with a deep commitment to wildlife conservation and environmental education. Her work, spanning over a hundred countries, includes spending a decade as a conflict photographer in places like Kosovo, Gaza, and Kashmir.

She joined Tyler to discuss why we should stay scary to pandas, whether we should bring back extinct species, the success of Kenyan wildlife management, the mental cost of a decade photographing war, what she thinks of the transition from film to digital, the ethical issues raised by Afghan Girl, the future of National Geographic, the heuristic guiding of where she’ll travel next, what she looks for in a young photographer,  her next project, and more.

Here is one excerpt:

COWEN: As you probably know, there’s a long-standing and recurring set of debates between animal welfare advocates and environmentalists. The animal welfare advocates typically have less sympathy for the predators because they, in turn, kill other animals. The environmentalists are more likely to think we should, in some way, leave nature alone as much as possible. Where do you stand on that debate?

VITALE: It depends. It’s hard to make a general sweeping statement on this because in some cases, I think that we do have to get involved. Also, the fact is, it’s humans in most cases who have really impacted the environment, and we do need to get engaged and work to restore that balance. I really fall on both sides of this. I will say, I do think that is, in some cases, what differentiates us because, as human beings, we have to kill to survive. Maybe that is where this — I feel like every story I work on has a different answer. Really, I don’t know. It depends what the situation is. Should we bring animals back to landscapes where they have not existed for millions of years? I fall in the line of no. Maybe I’m taking this in a totally different direction, but it’s really complicated, and there’s not one easy answer.

And:

COWEN: As you know, there are now social networks everywhere, for quite a while. Images everywhere, even before Midjourney. There are so many images that people are looking at. How does that change how you compose or think about photos?

VITALE: Well, it doesn’t at all. My job is to tell stories with images, and not just with images. My job as a storyteller — that has not changed. Nothing has changed in the sense of, we need more great storytellers, visual storytellers. With all of those social media, I think people are bored with just beautiful images. Or sometimes it feels like advertising, and it doesn’t captivate me.

I look for a story and image, and I am just going to continue doing what I do because I think people are hungry for it. They want to know who is really going deep on stories and who they can trust. I think that that has never gone away, and it will never go away.

I am very happy to have guests who do things that not everyone else’s guests do.

New data on media bias

In this study, we propose a novel approach to detect supply-side media bias, independent of external factors like ownership or editors’ ideological leanings. Analyzing over 100,000 articles from The New York Times (NYT) and The Wall Street Journal (WSJ), complemented by data from 22 million tweets, we assess the factors influencing article duration on their digital homepages. By flexibly controlling for demand-side preferences, we attribute extended homepage presence of ideologically slanted articles to supply-side biases. Utilizing a machine learning model, we assign “pro-Democrat” scores to articles, revealing that both tweets count and ideological orientation significantly impact homepage longevity. Our findings show that liberal articles tend to remain longer on the NYT homepage, while conservative ones persist on the WSJ. Further analysis into articles’ transition to print and podcasts suggests that increased competition may reduce media bias, indicating a potential direction for future theoretical exploration.

That is from a recent paper by Tin Cheuk Leung and Koleman Strumpf.

My Conversation with Rebecca F. Kuang

Here is the audio, video, and transcript, here is the episode summary:

Rebecca F. Kuang just might change the way you think about fantasy and science fiction. Known for her best-selling books Babel and The Poppy War trilogy, Kuang combines a unique blend of historical richness and imaginative storytelling. At just 27, she’s already published five novels, and her compulsion to write has not abated even as she’s pursued advanced degrees at Oxford, Cambridge, and now Yale. Her latest book, Yellowface, was one of Tyler’s favorites in 2023.

She sat down with Tyler to discuss Chinese science-fiction, which work of fantasy she hopes will still be read in fifty years, which novels use footnotes well, how she’d change book publishing, what she enjoys about book tours, what to make of which Chinese fiction is read in the West, the differences between the three volumes of The Three Body Problem, what surprised her on her recent Taiwan trip, why novels are rarely co-authored, how debate influences her writing, how she’ll balance writing fiction with her academic pursuits, where she’ll travel next, and more.

Here is one excerpt:

COWEN: Why do you think that British imperialism worked so much better in Singapore and Hong Kong than most of the rest of the world?

KUANG: What do you mean by work so much better?

COWEN: Singapore today, per capita — it’s a richer nation than the United States. It’s hard to think, “I’d rather go back and redo that whole history.” If you’re a Singaporean today, I think most of them would say, “We’ll take what we got. It was far from perfect along the way, but it worked out very well for us.” People in Sierra Leone would not say the same thing, right?

Hong Kong did much better under Britain than it had done under China. Now that it’s back in the hands of China, it seems to be doing worse again, so it seems Hong Kong was better off under imperialism.

KUANG: It’s true that there is a lot of contemporary nostalgia for the colonial era, and that would take hours and hours to unpack. I guess I would say two things. The first is that I am very hesitant to make arguments about a historical counterfactual such as, “Oh, if it were not for the British Empire, would Singapore have the economy it does today?” Or “would Hong Kong have the culture it does today?” Because we don’t really know.

Also, I think these broad comparisons of colonial history are very hard to do, as well, because the methods of extraction and the pervasiveness and techniques of colonial rule were also different from place to place. It feels like a useless comparison to say, “Oh, why has Hong Kong prospered under British rule while India hasn’t?” Et cetera.

COWEN: It seems, if anywhere we know, it’s Hong Kong. You can look at Guangzhou — it’s a fairly close comparator. Until very recently, Hong Kong was much, much richer than Guangzhou. Without the British, it would be reasonable to assume living standards in Hong Kong would’ve been about those of the rest of Southern China, right? It would be weird to think it would be some extreme outlier. None others of those happened in the rest of China. Isn’t that close to a natural experiment? Not a controlled experiment, but a pretty clear comparison?

KUANG: Maybe. Again, I’m not a historian, so I don’t have a lot to say about this. I just think it’s pretty tricky to argue that places prospered solely due to British presence when, without the British, there are lots of alternate ways things could have gone, and we just don’t know.

Interesting throughout.

Matt Yglesias on the media

A point I tried to make on our Politix episode with Will Stancil is that progressive-minded people — and particularly progressive-minded media figures — have a certain ideological investment in the promotion of bad vibes.

Younger left-wing people are notably more depressed than politically conservative ones, which may be partially selection effect, but I think is driven by the fact that so much progressive messaging about the world is marked by negativity and doomerism. I read a cool story last week out of the Bay Area about how BART brought engineering work for new rolling stock in-house, which wound up delivering the trains under budget and ahead of schedule. That’s an upbeat, positive news story that’s also straightforwardly left-wing in its implications. But that’s not the kind of narrative that gets traction in progressive media spaces, which are dominated by pronouncements about how we live in a late capitalist dystopian hellscape.

…it’s considered both un-progressive and un-journalistic to talk about good things rather than to expose problems.

Conservatives find it annoying that American journalists are so left-wing. But in practice, this generates a much more complicated partisan landscape than you might think. The conservative audience is alienated by the values of mainstream journalism and spends a lot of time consuming propaganda news that is optimized for partisan purposes. The progressive audience finds mainstream journalism congenial enough that it’s hard to compete with, and yet, mainstream journalism produces a steady stream of negativity and ultra-specific focus on the idiosyncratic problems of young urban professionals.

That is all from Matt’s (paid) Substack, worth subscribing to.

What should I ask Jonathan Haidt?

Yes, I will be doing another Conversation with him.  Here is my previous Conversation with him, almost eight years ago.  As many of you will know, Jonathan has a new book coming out, namely The Anxious Generation: How the Great Rewiring of Childhood Is Causing an Epidemic of Mental Illness.  But there is much more to talk about as well.  So what should I ask him?

2023 CWT retrospective episode

Here is the link, here is the episode summary:

On this special year-in-review episode, Tyler and producer Jeff Holmes look back on the past year in the show and more, including the most popular and underrated episodes, the origins of the show as an occasional event series, the most difficult guests to prep for, the story behind EconGOAT.AI, Tyler’s favorite podcast appearance of the year, and his evolving LLM-powered production function. They also answer listener questions and conclude with an assessment of Tyler’s top pop culture recommendations from 2013 across movies, music, and books.

And one excerpt:

COWEN: That’s a unique experience. You have a chance to do Chomsky. Maybe you don’t even want to do it, but you feel, “If I don’t do it, I’ll regret not having done it.” Just like we didn’t get to chat with Charlie Munger in time, though he’s far more, I would say, closer to truth than Chomsky is.

I thought half of Chomsky was quite good, and the other half was beyond terrible, but that’s okay. People, I think, wanted to gawk at it in some manner. They had this picture — what’s it like, Tyler talking with Chomsky? Then they get to see it and maybe recoil, but that’s what they came for, like a horror movie.

HOLMES: The engagement on the Chomsky episode was very good. Some people on MR were saying, “I turned it off. I couldn’t listen to it.” But actually, most people listened to it. It did, actually, probably better than average in terms of engagement, in terms of how much of the episode, on average, people listen to.

COWEN: How can you turn it off? What does that say about you? Were you surprised? You thought that Chomsky had become George Stigler or something? No.

Fun and interesting throughout.  If you are wondering, the most popular episode of the year, by far, was with Paul Graham.

Censorship of U.S. Movies in China

We introduce a structural econometric model to estimate the extent to which the Chinese government bans U.S. movies. According to our estimates, if a movie has characteristics similar to the median movie in our sample, then the probability is approximately 0.91 that the Chinese government will ban it. During our sample period, 1994-2019, U.S. movies comprised about 28 percent of the Chinese market and sales were about $22.6 billion. However, according to our estimates, if the Chinese government had not banned any U.S. movies, then the latter numbers would have risen to 68 percent and $45.1 billion.

As for what gets banned:

…, two factors that have very high statistical significance are: (i) whether the movie contains occult content, and (ii) whether the movie
receives an R rating from the Motion Picture Association of America (MPAA). The factors also have very high substantive significance. For instance, suppose two movies, A and B, are identical except that movie A contains occult content, while B does not. Suppose movie B’s probability of being banned is 50%. Then, according to our results, the occult content in movie A causes its probability of being banned to rise to 67%. A similar thought experiment implies that, if a movie has an R rating, then this raises its probability of being banned from 50% to 70%.

Three other factors seem to be important but come just short of reaching statistical significance. These are whether the movie contains themes related to (i) anti-communism, (ii) individualism, or (iii) Tibet. A fourth factor is similar. This is whether the actor Richard Gere
appears in the movie.

That is a new paper by XUHAO PAN, Tim Groseclose, and yours truly, forthcoming in the Journal of Cultural Economics.

Words to live by

I propose a model of a social media platform which manages a two-sided market composed of content producers and consumers. The key trade-off is that consumers dislike low-quality content, but including low-quality content provides attention to producers, which boosts the supply of high-quality content in equilibrium. If the attention labor supply curve is sufficiently concave, then the platform includes some low-quality content, though a social planner would include even more.

That is from the job market paper of Karthik Srinivasan of University of Chicago Booth School of Business.  Via Gavin Leech.

Why aren’t the American hostages receiving more attention?

Yesterday Senator Marsha Blackburn tweeted: “The White House admitted Hamas is holding nearly 500 Americans hostage in Gaza.”  To be clear, those are Americans not allowed to leave Gaza (NYT), they are not being held in a compound.  As for hostages in the narrower sense of that term, there seem to be about ten.  Neither are instances of liberty, nor are they safe positions to be in.  Personally, I would consider both groups to be hostages.

No matter which definition of hostage you prefer, I don’t see so many major MSM articles about these hostages.  I remember the much earlier Iranian hostage crisis, when many Americans even knew the identities and life stories of individual hostages.  It was a front page item almost every day.  As I am composing this post (the day before), I don’t see it on the NYT front page at all.  Same with WaPo, though they do have “Biden hosts Trick or Treaters at the White House.”  If you consider this New Yorker story, well yes it covers the American hostages somewhat, but it is nothing close to what I might have expected.  They are not even the article lead.  So why so little coverage?  I have a few candidate hypotheses, which may or may not be true:

1. The MSM wants Biden’s reelection, and they don’t want him ending up painted as “another Jimmy Carter” who cannot rescue the hostages.

2. The young Woke staffers at MSM don’t want to make Hamas look too bad, or to make the Israeli retaliation look too good.

3. These hostages are themselves not “The Current Thing,” even though the war itself seems to be The Current Thing.  Has “The Current Thing” become so narrowly circumscribed?

4. For some national security reasons, MSM has been told by our government that too much hostage coverage would endanger their possible release or rescue.

5. The Biden administration is pressuring MSM not to cover the hostages too much, out of fear that the domestic pressures for America to intervene will become too strong.

6. It simply hasn’t happened yet, due to noise in the system.

What else?  I am not saying any of those are true, and some of them are more conspiratorial than the kinds of explanation I usually find persuasive.  So why don’t the American hostages receive more attention?

My Conversation with Ada Palmer

Here is the audio, video, and transcript.  Here is the episode summary:

Ada Palmer is a Renaissance historian at the University of Chicago who studies radical free thought and censorship, composes music, consults on anime and manga, and is the author of the acclaimed Terra Ignota sci-fi series, among many other things.

Tyler sat down with Ada to discuss why living in the Renaissance was worse than living during the Middle Ages, how art protected Florence, why she’s reluctant to travel back in time, which method of doing history is currently the most underrated, whose biography she’ll write, how we know what old Norse music was like, why women scholars helped us understand Viking metaphysics, why Diderot’s Jacques the Fatalist is an interesting work, what people misunderstand about the inquisition(s), why science fiction doesn’t have higher social and literary status, which hive she would belong to in Terra Ignota, what the new novel she’s writing is about, and more.

Here is one excerpt:

COWEN: De Sade — where does that come from? What are the influences on de Sade as a writer?

PALMER: Thomas Aquinas. No, lots and lots of things, but he’s very interested in the large philosophical milieu in the period. Remember that the 18th century is a moment when the clandestine bookshop is a major, major thing. And if anyone enjoys and is interested in the history of censorship and clandestine publishing, I can’t recommend enough the work of Robert Darnton, a brilliant, brilliant historian of clandestine literature.

But the same underground bookshops sell all underground materials, which means an underground bookshop sells pornography, and it also sells Voltaire and Rousseau, and it also sells diatribes criticizing the king, and it also sells radical Jansenist theological pamphlets about whether the Holy Spirit derives from the Father and Son equally or from the Father alone.

The same kinds of people frequent these shops, and the same kinds of people buy things. So, think about how, when you go into a Barnes & Noble, the science fiction and fantasy section is one section, even though science fiction and fantasy are different things. But they have a lot of overlap, both in the overlap of readership and in overlap in books that have both science fiction and fantasy elements. It was perfectly natural, in the same way, for clandestine bookshops to generate these works that are pornography and radical philosophy at the same time. They’re printed by the same printers, sold to the same audiences, and circulate in the same places.

De Sade uses his extreme pornography to get at questions of morality, ethics, and artificiality. What are the ethics of hurting each other? Why do we feel that way about hurting each other? What are so-called natural impulses, as John Locke and Hobbes were very dominant at the time, or Descartes, who is differently dominant at the time in rivalry with them? They make claims about the natural human impulses or the natural character of a human being. What does extreme sexuality show us about how that character might be broader than it is?

I mean it when I say Thomas Aquinas, right? One of Thomas Aquinas’s traditional proofs of the existence of God is that everything he sees around him in nature — this also is one that Aristotle uses, but Aquinas articulates it in the most famous way for de Sade’s period — that when we look around us, it’s clear that everything is designed to work.

Interesting throughout.