Shadowing Practice: The Myth of 'Economic Man' - Learn English Speaking with Video
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Good afternoon and welcome.
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My name is Hank Clark.
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I'm the program coordinator for the Political Economy Project.
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It's great to see you here today.
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We'll get right to the business at hand.
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This is the fifth of an unprecedented PEP series of lectures that Mayer Cohn has been giving this year.
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Two in the fall term, two in the winter term.
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Those of you who missed one or more of them can find a YouTube video of them on our website.
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The sixth and final in this series, whose title by the way is Understanding the Economy, will be two weeks from today.
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I believe it's in exactly the same room.
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It will be in one of the rocky rooms.
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And that's May the first, also at the same time.
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6 p .m on Thursday, May the first.
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Mayor Cohen knows more about world economic history than anyone that I know at Dartmouth College.
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Without further ado, won't you please join me in welcoming me here.
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Hi, I'd like to begin by expressing my thanks to the PEP for inviting me to give the series,
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specifically to Russ Muirhead for suggesting it, to Hank for doing all the hard work of organizing it,
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and to George Records for sponsoring and general support of PEP that made this possible.
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So my agenda is to first of all talk about what I and we mean by economic man,
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also known as homo economicus, to those of you who speak Latin.
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Then I'll talk about what is the behavior of economic man, how does the economic man, how is he assumed to behave,
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then how this differs from real, the behavior of real human beings,
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and then why the difference matters for understanding the economy.
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Remember, understanding the economy is why we're here, and it makes a big difference.
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There's lots of things that don't make sense without taking care of this.
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And the last thing I'll talk about is why the difference matters for designing government policy, public policy.
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Once again, it's kind of essential.
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So first of all, what do we mean by economic man?
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It's the individual behavior assumed in economic theory.
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It's what you run into, for example, in economics one.
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When we talk about individual behavior, that's talking about economic man.
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It's not a description or meant to be a description of how people behave,
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it's the assumed behavior used in a mathematical model of economic theory.
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The model is built on a bunch of simplifying assumptions, and the individual behavior it assumes is one of those.
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And it's very limited, and it's meant specifically how to model how people respond to prices.
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That's sort of the business of this economic theory, it's called price theory.
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All kinds of other things are not particularly relevant to this, and they're not sort of included in the description.
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The individual is often called the representative individual, and it's easy to misunderstand that as meaning the typical individual.
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No, that's not what it means.
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What it means is it's the individual behavior that represents the demand curve or the supply curve.
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It represents those curves, not actual people.
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Okay, and economic man performs his functions well enough for price theory.
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Price theory is you don't need anything else.
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That's good.
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The problem is that economists came to understand economics as price theory.
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It isn't, it's much more than that, as we'll see.
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Okay, price theory is very limited, designed originally to answer very specific questions, and it does that reasonably well.
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And economic man is part of that structure, works well, But we'll see that for lots of other questions about how the economy works,
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it has nothing to say.
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And as part of thinking of price theory as economics, they came to think that this was actually a description of human behavior.
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A lot of economists don't worry about these philosophical details.
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They just do what sort of comes naturally.
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Those of you who attended my lecture on no such thing as market failure,
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there was a concept there that I introduced of confusing the map for the territory.
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A model is like a map.
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The territory is the reality.
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So a good map tells you a lot of things about the territory, but it also tells you things that don't describe the territory.
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This is another example.
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Homo economicus is sort of another example of this.
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Taking this feature assumption of a model and not realizing that it isn't actually a description of real behavior.
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So what is the assumed behavior?
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It's actually very simple.
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It's calculating, optimizing,
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specifically the economic man figures out the best plan of consumption
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and or production given prices and their circumstances,
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tastes, technology, other circumstances, resources.
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So those things are given, and given those things, economic man figures out what's the best thing to do.
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And it's a well -defined answer, not a problem.
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That's it.
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That's the behavior of economic man.
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Nothing else.
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And the nothing else implicitly implies a couple of particularly important things that are missing.
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It implies that these things don't appear in the description.
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The first is it implies that this individual is,
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the behavior is atomistic, okay?
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This individual, there are people who've described this as autistic economic theory, okay?
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There's no eye contact.
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This individual never talks to anybody.
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He just responds to this information that's given him, calculates with his little computer the best thing to do and does that.
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That's it.
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So in reality, of course, that's not the way it works.
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Okay, I'll get to the reality in a minute.
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Let's just finish talking about economic man.
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The second thing that's implicitly implied in this is that this individual is purely materialistic.
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That all that matters is stuff, and the more stuff, the better.
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That's it.
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And nothing else matters to this individual.
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Since he has no contact with anybody else, a lot of things you would think would matter obviously don't come up.
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So this assumed behavior is called rational, and some have taken that to mean implies how people should behave.
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Economists have noticed that they don't behave that way, and this has given rise to a new field of economics called behavioral economics.
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Some of you may have heard of it.
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And the gist of that is mainly empirically finding all the deviations of human behavior from what is predicted by this model.
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And they're generally considered as mistakes.
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These are failures of rationality.
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And then sometimes they talk about what could we do about this?
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It's an idea of a nudge.
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How can we nudge people to do what they really should be doing in their own best interest?
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Okay, I think that's nonsensical.
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All right.
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So how does the observed behavior of real humans, homo verus for the Latin speakers,
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differ from the assumed behavior of the model?
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So one difference is that the behavior is not only calculating,
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but also entrepreneurial and creative.
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We're not just responding to the puzzle that was given to us, we change the puzzle if we can.
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That's entrepreneurial.
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individuals, humans actively seek out and create new opportunities.
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It's not just that they take what's given.
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For example, new products, new processes, and we'll talk more about this in the next lecture,
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which is about managers and entrepreneurs.
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They will dig much deeper into to entrepreneurship.
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In addition, in their behavior, they're guided not only by calculation,
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but also by intuitions and emotions.
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This isn't a bug, it's a feature.
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These are a real help to human beings, okay?
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This is, you don't just rely on figuring it out, okay?
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You react to things.
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Entrepreneurial decisions in particular, calculation is typically not possible.
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You don't know how it's gonna turn out.
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Instead, if it feels right, you give it a try, and you expect to fail a lot of the time.
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Or if you think this is a bad idea, you take a pass.
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No calculation involved.
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It's just intuition, instinct, feeling.
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As in this environment, not surprisingly, people have observed that entrepreneurs tend to be very optimistic.
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You need to be in this line of business.
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I just recently read a biography of Elon Musk, who is much in the news lately.
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He's, in a sense, a typical entrepreneur, and he's crazy optimistic.
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He doesn't think that anything can't be done.
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He can do it, and quickly.
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Okay, so there's a very low success rate for entrepreneurial endeavors,
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but the idea is when they pay off, they pay off big.
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So it's worth taking the chance.
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There's even the saying, what is it?
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Fail again, fail better.
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Okay, you learn from your failures and you move and improve and finally figure it out.
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Okay, not calculating the answer, but really trial and error.
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All right, humans are not isolated but highly social.
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And this is where we bring in Hank's favorite, Adam Smith.
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Smith even had a book on this.
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Actually, I have two books on this.
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The Wealth of Nations, which is the one I'll mention here,
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is the fundamental idea is the secret of human productivity.
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And where the Wealth of Nations comes from, it's not that we're individually so smart,
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but it's because of the social organization of production.
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With Smith, it was expansion of the market leads to increasing trade,
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larger volume of production, larger scale of social organization.
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You can do things that make it more productive.
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That was sort of the basic mechanism.
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So social organization production, very important.
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We'll come back to that.
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So that was one thing, and the second thing is in the real world,
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Smith noted that social organization, prices play a role in this.
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Okay, markets, prices play a role in coordinating.
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Everybody does what makes sense to them given the prices, and then the whole organization, social organization works.
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Okay, that's the thing.
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And economics got very excited about this and has tended to focus on this, which I think for Smith was not a major theme of his work, just sort of an observation.
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And he wouldn't have disagreed with what I'm gonna say now is that social coordination is coordinated by prices,
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but not only by prices.
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There is eye contact.
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People do work, first of all, they work together.
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Economic man just works on his own.
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There's no cooperation with others.
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People cooperate in firms, in associations.
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Tocqueville was big on the association thing, the US was outstanding in this, very important for social organization.
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The other thing is even market transactions are not impersonal very often.
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Many transactions, particularly among producers,
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but also consumer producer, require negotiation and involve promises of future performance.
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So trust is involved.
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So these are things that matter.
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Then the final thing is, humans are not purely materialistic.
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The first aspect of this is when people work, they don't work only for the money.
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Shocking, but true.
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People enjoy doing their work, they get pleasure from doing their work, if they have the right kind of work, obviously.
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So this is obviously true for artists and musicians and athletes, yeah, it makes sense.
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But just look at plain, simple physical labor.
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A former colleague of of mine in economics,
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Frank Zarnofsky wrote a book called American Work Sports.
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Okay, so people enjoy their work and they particularly enjoy excelling at their work.
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And they like to show off that they're better than other people at doing this.
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You heard of rodeos?
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That's what rodeos are about for cowboys.
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Lumberjacks have similar kinds of organized contests.
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And he found, I mean I have no idea, but he found many, many other examples.
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So people would work then six days a week, and on the seventh day they'd get together for a rodeo.
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So they'd be basically on horseback, doing things with cows seven days a week.
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Entrepreneurs too don't do it just for the money.
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They enjoy creating things.
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They get a lot of satisfaction from doing it.
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Overcoming challenges is a big source of satisfaction.
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So if your work is challenging, that's a plus.
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And I often have discussions about careers with students
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And I often say that the ideal job is one that if you were independently wealthy, you'd pay to do.
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If you could afford to.
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That's what you'd like.
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You don't always find that, but that's sort of the ideal.
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Meaning is another important thing.
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So supporting yourself, supporting your family, gives meaning to what you're doing.
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Or if you're Elon Musk, saving humanity, okay?
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Making us a multi -planetary species, okay?
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Driving electric cars to save this planet, all this kind of thing.
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And it matters to him.
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That's a big motivation.
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He chooses things that give him this feeling of meaning.
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All right.
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So not purely materialistic.
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Work is not only for money.
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And then the second thing is people aren't purely selfish.
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Smith had another book on this, The Theory of Moral Sentiments.
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And it's a consequence of us being a highly social species.
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We care about other people we know in particular, members of our family more broadly.
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So these are the differences, a lot of differences.
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You could say, well, if you're just doing price theory, none of them matter.
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It's just non -economic.
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But there's other things than price theory.
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So let me give you some examples of where these things matter. And two examples.
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course.
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One is in understanding economic progress.
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According to the Econ1 model, everybody does what is absolutely best for them, and when we found that point, nothing changes.
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There's no reason to change it.
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Everyone's doing the best they can.
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So this theory isn't terribly good at explaining economic development, economic growth, adaptation of economies,
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all of these things change in general.
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And the way that standard economic theory explains economic growth is, well, it's technological progress.
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And technological progress is exogenous outside.
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It's not part of the economy, it just happens on its own.
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People just come up with these wonderful ideas and that causes the economy to grow and to develop.
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In the real world, economic progress is generally a result of entrepreneurship.
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People doing new things in new ways, same thing in better ways, all of these kinds of changes,
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but that assumes that we're not in the best of all possible situations, that it's possible to improve.
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Some examples.
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New opportunities for exchange and trade by reducing trading costs.
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So that's something you could do.
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And e -commerce is one example, okay?
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Coming up with the idea of e -commerce, hugely important one, very simple, containerization.
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Could have been done a hundred years earlier if someone had pushed it, okay?
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New opportunities to reduce production costs by adoption of new technology we've kind of, that's sort of in there,
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but also by changes in the way that production is organized.
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In particular, containerization made possible global supply chains.
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That made a huge difference in increasing productivity, which our current president is trying to get rid of.
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completely new products, the iPhone, Uber and Airbnb, mRNA vaccines,
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all of these made a huge difference.
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So understanding the importance of entrepreneurship in economic growth is key, That's what it's about.
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The second thing is understanding the role of organization in economic progress in general and in technological progress in particular.
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So it's not all about technology.
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There's something else that's very important is how we are organized to produce, the nature of the organization.
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This is best understood from an example, the Industrial Revolution.
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You've all heard of that, right?
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So the standard story of standard the economics is...
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I'm exaggerating a bit, but it's still fundamentally correct.
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The initial thing was the Enlightenment.
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Wise philosophers came up with new ways of thinking about things, which gave a big boost to science.
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Enlightenment causes science, science causes steam power.
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with steam power it became possible to create machinery to do lots of work
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that before was done by hand and the result was building a factory's industrialization.
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That's kind of the standard story.
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So it all started with ideas and science and so on.
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The real story is very different.
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Rick Shostak wrote a book, Transportation and the Industrial Revolution,
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and the subtitle is something comparing England and France because things work very differently in the two places.
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This is his story.
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So the initiating change, and this was the result of social organization, was the turnpike, building of turnpikes in England.
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Big improvement in internal communications, internal transportation, roads, better roads.
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The turnpikes were a private initiative.
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People got together to organize these associations to build a turnpike where they needed it.
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It was people who needed that road got together and got it built.
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So it became possible until then,
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if you were in London and you wanted to sell something in Bristol,
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you would have to send a representative there with the goods and he would show them to the people,
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and they would decide if they wanted to buy them and that's sort of how it went.
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Okay, not retail but you'd...
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this was wholesale business, so you'd sell to other kinds of merchants.
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With turnpikes, it became possible to send out representatives with samples.
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You'd show people the samples, you'd take the order, and you could promise not next four -day delivery,
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the order would go back, They'd fill the order and it would come on the stagecoach and it would be pretty fast.
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There was a problem with this change.
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The problem was the way production was organized at the time was what was called domestic production.
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So think of textiles, cotton textiles.
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They were produced in people's homes.
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People had a loom or a spinning wheel or whatever, and they produced it, and it worked.
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It made sense because this was done in the country where labor was cheaper, but the quality was not terribly uniform.
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So you'd send out someone with really nice samples, and the stuff that arrived didn't look anything like it.
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That was the problem, okay?
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So we had to do something, some quality control.
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And the only way you could do quality control was get people under the same roof
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and make sure that they were doing things as they should.
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So that was the origin of factories.
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And there was no mechanization.
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Factories used the same kind of looms that people used in their homes.
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There were just rows and rows of them on a big floor.
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But they could keep an eye and they could make sure that the quality was fairly uniform.
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After some time, somebody had the brilliant thought,
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you know, we could actually hook all this loom stuff up to a single machine and power,
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and we could do it a lot faster and a lot cheaper.
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And that is what that was the origin of the mechanization, and it wasn't steam, it was water power.
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It was long before steam power.
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Water power had existed since the been used for machinery since Roman times.
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This is hardly a new idea.
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So technological progress, you could say new kinds of water -driven machinery, yeah, but it's a relatively small step.
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So there's several lessons from this example.
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First one, growth is not only from technological progress, but also from improvements in organization.
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Another example, Walmart created a revolution in retail.
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Mainly, it was a revolution in how it was organized.
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Some technology was involved, but mainly it was just a change in organization.
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They could sell stuff cheaper than other retailers, put a lot of competitive pressure, retail got much more efficient,
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and they couldn't understand why prices weren't going up in that period because this was keeping them down.
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Amazon did the same thing a decade later.
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So you could.. no, I'll leave that out.
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The second lesson is technological progress is not exogenous.
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It's not the result of brilliant scientists inspired by the Enlightenment to invent new things,
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it's frequently the results of changes in organization.
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Changes in organization.
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It wasn't that mechanization was.. it just didn't make sense when everything was produced in people's homes.
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Setting up water machinery for a single loom made no sense whatsoever.
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When production was concentrated in one place, all kinds of new technology worked.
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And the same thing happened in what is called the second industrial revolution, the late 19th century.
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The next thing that you learn is, well I mentioned this already,
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that technical progress is not the result of invention, but of adoption.
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Very often there's good technology lying around that no one's using because it isn't profitable, it doesn't make sense.
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A big example of this, I have a colleague who's written on this, is if you look at developing countries, a lot of their technology,
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fantastic technology from the developed countries is in principle available to them.
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But in their circumstance, like the people working in their homes, it doesn't make sense to adopt this technology.
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It wouldn't be profitable.
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Okay.
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A final lesson is the relation of science to technology.
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This standard story gets it exactly backwards.
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Actually, steam technology was not the result of scientific progress.
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It was the result of tinkering, which is true for a lot of technology.
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However, it did raise a lot of scientific questions.
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So it's really technology causes science, I would say more than or it used to be more than science causes technology.
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Today it's sort of more reciprocal, science has become a bigger thing, but initially that was the way it works.
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Okay, why?
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So understanding the economy, understanding the importance of the social organization of production is very important.
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And yeah, okay, that's so we need to deal with that.
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Why differences?
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The next topic is why differences in behavior from economic man matter for government policy.
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So two examples, one I'll just talk about very briefly, because it was kind of the subject of my talk on market failure.
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Market failure, the concept of market failure, which makes no sense, is what I talked about, but the problems that arise,
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problems like that are described as market failures, public goods, externalities, these sorts of things,
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there's no solution to these problems other than the government.
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And the reason is autistic individuals, they never get together.
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In reality, people solve those problems by getting together.
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Externalities, Eleanor Ostrom got a Nobel Prize for her work on this.
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She actually went out and looked.
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So one of the externality problems is overgrazing of cattle.
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You have a range that everybody puts out their cattle.
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And you use up as much as you can.
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It doesn't matter that it decreases the availability to other people.
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Guess what?
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The ranchers get together, and they figure out a way of doing this, she found when she actually went and looked.
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Public goods, okay, an example of a public good in economics was a lighthouse.
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If you set up a lighthouse, it's a public good in that anybody can enjoy it without paying,
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and as a result, you can't make money from setting up a lighthouse, there won't be lighthouses.
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So Ronald Coase, another Nobel Prize winner in economics, went out and had a look,
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looked into the history of lighthouses, and guess what?
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People got together to build lighthouses,
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and in particular, the way it was done is lighthouses are located usually on the way to a particular port.
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Okay, so the port would sponsor the building of the lighthouse, and they would collect fees from users of the port to pay for it.
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Perfectly reasonable.
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Government not required.
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Monopoly, another example of market failure.
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So here it's the proper understanding of social organization gives you a different perspective.
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So standard economic theory sees only one form of joint action,
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people getting together to fix prices to fleece consumers. So, monopolization.
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Antitrust focused on that, essentially prohibits firms getting together for any reason,
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or tends to frown on it.
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Not exactly prohibits, they do allow it in some cases.
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It makes it difficult for firms to get together.
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But as we've seen firms get together for other good positive reasons.
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Somebody wrote, Richard Langlois, wrote a very interesting paper about how the antitrust of the beginning of the 20th century
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resulted in firms getting much larger.
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One of the things that people are worried about with market power is large firms.
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okay well if you can't do things together each firm has to do it itself
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but doing it there are big economies of scale it's not worth doing it
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if you're small so you tend to get much larger firms so this was sort of an unintended consequence of antitrust
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all right so market failure,
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that's one area of public policy that this bears on, being realistic about human behavior.
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The second thing, I see a couple of you here from my reading group,
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it's relevant to that, is the effect of government income support on human welfare.
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the effects of it on employment and on happiness.
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So the important thing here that the homo economicus gets wrong is it's not all about money.
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A good example that illustrates this is the Clinton welfare reforms,
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which are actually bipartisan and remarkably good.
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I was astonished that they could do something that good, but they did.
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So what it did was it set a maximum duration to various kinds of income support.
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We would support you up to six months after that, bye -bye.
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And they imposed work requirements.
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You actually have to be working to get this support, or at least very convincingly trying to find work.
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The result of these welfare reforms was a huge drop in the scale of welfare,
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an increase in employment, reduction in unemployment, a boost in self -respect, a drop in depression and suicides,
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and a general increase in happiness.
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Essentially, the welfare system was paying people not to work.
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And some people couldn't resist the temptation.
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It wasn't good for them.
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They lost their self -respect, they lost the satisfaction of working, all of the things that I talked about earlier.
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Another thing, actually I think I'll skip that.
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So those are the things.
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We need those aspects of human behavior that economic man leaves out in order to understand,
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first of all, how the economy works,
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and secondly, to understand the effects of economic policy, of government policy.
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Let me just take a minute to connect it to the series.
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The series title is Understanding the Economy,
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and those of you who've attended some of the lectures will see it wasn't just or even mainly applying standard economics.
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The the theme very much was that standard economics leaves stuff out that is important to understanding the economy.
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Okay, so that's where this fits in very well.
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And then the next lecture, the last one, is Managers and Entrepreneurs,
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and looks at much more broadly and deeply at the effects of the two different modes of behavior,
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the calculating versus the entrepreneurial, okay?
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Especially how you can really screw things up by doing calculating when entrepreneurial is the one that's required.
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Okay, thank you.
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Questions for Professor Cohn?
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Aaron, you must have a question.
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No?
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It's the first time I've seen you without a question.
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Yes?
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If we assume that we can...
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Hank, could you hand out the microphone?
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Sure.
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if we assume that human behavior does not follow these like ideal conditions
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and we also agree that market failure doesn't really make reasonable sense
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I guess is there a need to regulate it or is it kind of a self -correcting mechanism?
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Just markets, human behavior, or just things in general?
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Just things in general?
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Well, I mean those of you who've run into me before know I'm not a big fan of government intervention.
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So in theory, it's not impossible that government intervention can be helpful, but it's a pretty rare occurrence.
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I mean, a good example is the Clinton welfare reforms.
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That was terrific, but it was just fixing a problem that had been created earlier.
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We see things with deregulation in finance, what has wonderful effects, but it wouldn't have had those effects if we didn't have the regulation,
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which was bad to begin with.
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So the main thing government can do is correct its earlier errors, which usually involves doing less, not more.
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So, I'm trying to say, like, in the absence of government, are we naturally inclined to,
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like, I guess, operate efficiently or in the way that makes more sense to us?
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I guess efficiently isn't a word I like to use.
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Okay, this model, which I've talked about, kind of the focus is efficiency, optimality, whatever.
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My focus, I just don't think we're We're in a state of anything.
434
Our economy is constantly changing.
435
I think of the economy as a process.
436
And you can argue about what a good quality is for a process.
437
It's good if it's getting more prosperous.
438
It's good if it's reasonably stable.
439
You don't have big interruptions, all these sorts of things.
440
So those are the questions.
441
Efficiency is not a criteria that to me makes any sense.
442
Someone I knew did a study of labor in factories, and at the end when he was finished,
443
he told the manager, he thanked him for letting him sit there and watch things for six months,
444
but he'd noticed all kinds of things that were inefficient.
445
And the manager said, yeah, thanks, but that's not the problem.
446
Okay, the big decisions are what should we make?
447
Okay, what product should we produce?
448
And then after that you ask, well, how can we produce them at a reasonably low, you know, lowest cost possible?
449
But it's not something that real live managers spend all their time thinking about.
450
Choosing what to produce is much more important than how you do it.
451
Russ?
452
Yes.
453
Yes.
454
Some do and some don't.
455
Yeah.
456
Those who think, don't think it's, I mean, a property.
457
And those who just accept things as they are, that's how they are.
458
And I would have thought that under conditions of competition, you move closer to a condition where it's very difficult to reallocate resources.
459
But again, I mean, I think the economics department has sort of a little handout to people thinking about economics.
460
And the first thing is what is economics about?
461
Economics is about the efficient allocation of resources to different uses.
462
Really?
463
I don't agree.
464
I mean that's sort of one of the minor considerations.
465
But the big thing is what does competition do?
466
It puts pressure on firms, okay, not to to be efficient,
467
but very often to do entrepreneurial things that increase productivity and create new products and so on, okay?
468
The competition that Apple is facing isn't leading it to find ways to produce iPhones cheaper.
469
It's looking for new things to supplement its life.
470
Okay, so competition is crucially important, but that's not the reason.
471
I mean, what I find interesting is it seems like it's a far more, what to say, revisionist understanding even though I do agree.
472
Yeah.
473
It makes a lot of sense, you know.
474
Yeah.
475
Well, I said we're not doing the standard economics.
476
We're looking at things that I think are missing from it.
477
Okay.
478
Somebody, one of my students told me that another professor had told him, you really shouldn't talk to Professor Cohn.
479
His ideas are dangerous.
480
And I've never had a bigger compliment.
481
That's really what I aspire to.
482
Dangerous ideas.
483
Question?
484
Yes?
485
Jack.
486
Sorry?
487
Oh, OK.
488
Can you give him the microphone?
489
Yeah, so I think you're kind of making an argument.
490
You can't be if I'm wrong, but that humans, we can observe them making choices that don't reflect the desire to accumulate more money or more stuff,
491
and therefore we're not rational actors.
492
But to me, it seems like a better way to characterize that would just be to say that we are rational actors, we're just optimizing for a different utility function than money.
493
Yeah, you could put it that way, but the narrow idea of optimization doesn't really capture that.
494
Okay.
495
Well, is it really against economic theory to say that we're optimizing just a more complicated utility function?
496
It's not in it.
497
It's not anti.
498
You could say, oh, this is just an expansion of economics.
499
That's good.
500
There's nothing wrong with that, but it's not typically expanded in that way.
501
So we are rational, you know, optimizing creatures, we just don't do so for money.
502
It's what you would say.
503
Yeah, okay, you could say you're optimizing your happiness, okay, your satisfaction.
504
Yeah, okay, but that's pretty empty.
505
That's not, you know, that's not really.. what does that involve?
506
That's where it gets interesting.
507
I don't know if it's that empty.
508
I mean, it seems to characterize a lot of human behavior in my view, but I do see your perspective.
509
It makes a lot of sense.
510
Thank you.
511
Okay.
512
It's great.
513
I have you defending economics.
514
No, I'm kidding.
515
Just kidding don't take it personally.
516
That's good.
517
Christian?
518
Hi.
519
So just trying to think about the point you were making about efficiency earlier in defense of,
520
I guess, in defense of monopolization or in defense of people who critique monopolization, you mentioned economies of scale.
521
What would that be if not greater efficiency?
522
Greater innovation.
523
From economies of scale, specifically?
524
Yeah.
525
Okay.
526
Thank you.
527
I mean, there are all kinds of advantages.
528
It's not just lower cost.
529
If all you think, if your framework is just cost, then what larger scale gets you is lower cost.
530
But there's lots of other stuff.
531
So I'll give you kind of a follow -up to Zach and Christian's question.
532
How would you describe the difference between efficiency and productivity?
533
You've done reading groups on Lewis's book, The Power and Productivity, so you presumably embrace productivity.
534
Efficiency is doing the best possible.
535
You're given circumstances, in those circumstances, you do the best with those circumstances.
536
Most increases in productivity come from changing the circumstances, not doing the best you can given the circumstances.
537
Most important increases and productivity come from that.
538
We talked about communism and they were not that bad on this kind of efficiency, but they didn't go anywhere.
539
Time for one more question if there is one.
540
So you talked a bit about the idea obviously of like the economic man, like the rational person and how humanity complicates that.
541
So I wonder when we have constructions where people get together into something like a corporation
542
which might in some sense take a life of its own, how does humanity play a role in something like
543
that where someone might argue
544
that efficiency through like maximizing shareholder returns is now introduced as something
545
that can maybe be seen as inhuman and having a life of its own?
546
Yeah, I mean again, maximizing investor returns is not really what you want to do if you're running a company.
547
You have a longer -term horizon.
548
Usually managers that focus on maximizing short -run returns wind up out of the job because the firm fails.
549
That's not what it's about.
550
It's about the long run and doing the kind of things that you would do to maximize returns aren't actually harmful,
551
but focusing on that is really harmful.
552
isn't what it's about.
553
I'll give you an example today, it's really going to be in the next talk, but it's very rare to find a hospital that's run by a doctor.
554
It's usually run by an MBA, a management person, and they're very worried about efficiency.
555
So doctors have, you're allowed to have five minutes with each patient, more than that is too expensive, and so on and so forth.
556
The result of that is lousy medicine and doctors quitting.
557
That isn't what they want to do, okay?
558
So there's a lot of problems with early retirements and people going,
559
Dartmouth -Hitchcock is not particularly good in this respect. So, yeah.
560
Thank you.
561
Thanks very much.
562
Thanks very much.
563
Thank you.
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Bu dersin kelimeleri ve konuşma notları
Bu C1 seviyesindeki konuşma dersi “The Myth of 'Economic Man'” videosuna dayanıyor. Bu videoda gölgeleme çalışması için 563 cümle ve 6043 kelime var. Konuşma bölümü 51:27 sürüyor. Konuşmacı dakikada yaklaşık 117 kelimelik dengeli bir hızla konuşuyor; gölgeleme için rahat bir tempo. Kelimelerin %86’i İngilizcede en sık kullanılan 3.000 kelime arasında; geri kalanına başlamadan önce bakmakta fayda var.
Bu videodaki önemli kelimeler
Videodaki en ileri düzey 15 kelime, telaffuzu ve anlamıyla:
| Kelime | Telaffuz | Anlam |
|---|---|---|
| lighthouse isim | /ˈlaɪthaʊs/ | fener, fener kulesi |
| technological sıfat | /ˌtɛk.nəˈlɑ.dʒɪ.kəl/ | teknolojik |
| turnpike isim | /ˈtɜː(ɹ)npaɪk/ | turnike |
| calculate fiil | /ˈkælkjʊleɪt/ | hesaplamak |
| homosexual sıfat | /ˌhɒməʊˈsɛksjuːəl/ | eş cinsel, homoseksüel |
| imply fiil | /ɪmˈplaɪ/ | gerektirmek, işaret etmek |
| entrepreneur isim | /ˌɑn.tɹə.pɹəˈnɝ/ | atılımcı, girişimci |
| behave fiil | /bɪˈheɪv/ | davranmak |
| loom isim | /lum/ | araç, alet |
| entrepreneurship isim | /ˌɑn.tɹə.pɹəˈnɝ.ʃɪp/ | girişimcilik |
| calculation isim | /ˌkælkjuˈleɪʃn̩/ | hesaplama |
| economist isim | /iˈkɑ.nə.mɪst/ | ekonomist, iktisatçı |
| characterize fiil | /ˈkɛɹəktəɹaɪz/ | karakterize etmek |
| nudge fiil | /nʌd͡ʒ/ | dürtmek |
| rodeo isim | /ˈɹoʊ.di.oʊ/ | rodeo |
Duyacağınız deyimsel fiiller
| Kelime | Anlam |
|---|---|
| get together fiil | toplanmak, buluşmak |
| figure out fiil | açığa çıkarmak |
| go out fiil | çıkmak |
| hand out fiil | dağıtmak |
| put out fiil | çıkarmak |
| show off fiil | hava atmak |
Tekrar etmeye değer cümleler
Videodan, günlük konuşmada yeniden kullanabileceğiniz kısa ve tam cümleler:
- It's great to see you here today.
- We'll get right to the business at hand.
- I believe it's in exactly the same room.
- Hank, could you hand out the microphone?
- Can you give him the microphone?
Bu videodaki dil bilgisi
Konuşmacının en çok kullandığı yapılar, videodaki sözcüklerin aynısıyla:
| Yapı | Videoda |
|---|---|
| Present perfect have/has + fiilin üçüncü hâli — geçmişte olan ama şimdi de önemli olan bir eylem | who've described · have taken · have noticed |
| Edilgen yapı be + fiilin üçüncü hâli — kimin yaptığı değil, ne olduğu önemli | is built · is often called · are given |
| İlgi cümlecikleri who / which + cümle — bir kişi ya da şey hakkında ek bilgi | Nations, which is · people who needed · tinkering, which is |
Dikkat edilecek telaffuzlar
Konuşmacı don't, we're, I'll gibi kısaltılmış biçimleri 129 kez kullanıyor. Bunları duyduğunuz gibi kısa söyleyin.
- “sh” ve “zh” sesleri: rational /ˈɹæʃ(ə)nəl/, machinery /məˈʃiːnəɹi/, mechanization /ˌmɛkənaɪˈzeɪʃən/, monopolization /məˌnɑpəlaɪˈzeɪʃən/, entrepreneurship /ˌɑn.tɹə.pɹəˈnɝ.ʃɪp/
- Uzun kelimeler — vurguyu doğru yere koyun: entrepreneurial /ˌɑn.tɹə.pɹəˈnɝ.i.əl/, technological /ˌtɛk.nəˈlɑ.dʒɪ.kəl/, homosexual /ˌhɒməʊˈsɛksjuːəl/, entrepreneur /ˌɑn.tɹə.pɹəˈnɝ/, machinery /məˈʃiːnəɹi/
Türkçe konuşanların zorlandığı sesler:
- Kelime başındaki ünsüz kümesi — araya ünlü eklemeyin: prohibit /pɹəˈhɪbɪt/, broadly /ˈbɹɔːdli/, profitable /ˈpɹɑ.fɪ.tə.bl̩/, criterion /kɹaɪˈtɪɹ.i.ən/, musician /mjuˈzɪʃən/
- /æ/ — “e”den daha açık: calculate /ˈkælkjʊleɪt/, rational /ˈɹæʃ(ə)nəl/, antitrust /ˌæntiˈtɹʌst/, maximize /ˈmæksəmaɪz/, calculation /ˌkælkjuˈleɪʃn̩/
Bu videoyla nasıl çalışılır
- Videonun tamamını konuşmadan bir kez dinleyin ve bilmediğiniz kelimeleri not edin.
- Normal hızda cümle cümle tekrar edin; ritminiz konuşmacıyla aynı olana kadar her cümleyi yineleyin.
- Kendinizi kaydedin ve orijinaliyle karşılaştırın; lighthouse, technological, turnpike gibi kelimelere özellikle dikkat edin.
Gölgeleme Tekniği Nedir?
Gölgeleme, başlangıçta profesyonel tercüman eğitimi için geliştirilen ve çok dilli Dr. Alexander Arguelles tarafından popüler hale getirilen, bilim destekli bir dil öğrenme tekniğidir. Yöntem basit ama güçlüdür: ana dili İngilizce olan bir sesi dinler ve hemen yüksek sesle tekrar edersiniz — konuşmacıyı 1-2 saniye gecikmeyle takip eden bir gölge gibi. Pasif dinleme veya dilbilgisi alıştırmalarının aksine, gölgeleme beyninizi ve ağız kaslarınızı gerçek konuşma kalıplarını eşzamanlı olarak işlemeye ve yeniden üretmeye zorlar. Araştırmalar, telaffuz doğruluğu, tonlama, ritim, bağlı konuşma, dinleme anlama ve konuşma akıcılığını önemli ölçüde geliştirdiğini göstermektedir — bu da onu IELTS Konuşma hazırlığı ve gerçek dünya İngilizce iletişimi için en etkili yöntemlerden biri yapar.