Alex Tabarrok - Prizes, Prices, and Public Goods

Alex Tabarrok is a professor of economics at George Mason University and with Tyler Cowen a founder of the online education platform http://MRU.org.

I ask Alex Tabarrok about the Grand Innovation Prize, the Baumol effect, and Dominant Assurance Contracts.

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Episode website here.
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Alex Tabarrok's and Tyler Cowen's excellent blog: https://marginalrevolution.com/ 

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Timestamps:

(00:00) - Intro 

(00:34) - Grand Innovation Prize 

(08:45) - Prizes vs grants 

(14:10) -Baumol effect 

(27:50) - On Bryan Caplan's case against education 

(31:35) - Scaling education online 

(48:50) - Declining research productivity 

(52:15) - Dominant Assurance Contracts 

(58:40) - Future of governance

(1:04:05) - On Robin Hanson's Futarchy

(1:06:02) - Beating Adam Smith

(1:08:35) - Our Warfare-Welfare State 

(1:19:30) - The Great Stagnation vs The Innovation Renaissance 

(1:21:40) - Advice to 20 year olds

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