Arnold Kling on Patterns of Sustainable Specialization and Trade

2011-02-07 · 69 min · episode 249 · 18 entities

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Asserted relationships

→ appeared on EconTalk podcast

0.63

evidence rules-v4
Arnold Kling on Patterns of Sustainable Specialization and Trade
→ hosted by Russ Roberts person

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evidence rules-v4
Feed author/publisher: Russ Roberts
→ hosted by Library of Economics and Liberty person

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evidence rules-v4
Feed author/publisher: Library of Economics and Liberty
→ discusses Society & Culture concept

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evidence rules-v4
Feed category: Society & Culture
→ discusses Science concept

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evidence rules-v4
Feed category: Science
→ discusses Philosophy concept

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evidence rules-v4
Feed category: Philosophy
→ discusses Education concept

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evidence rules-v4
Feed category: Education
→ discusses Courses concept

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evidence rules-v4
Feed category: Courses
→ discusses Social Sciences concept

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evidence rules-v4
Feed category: Social Sciences

Entities found in this episode

concepts 12

mentioned Society & Culture concept

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evidence rules-v4
Feed category: Society & Culture
mentioned Science concept

0.50

evidence rules-v4
Feed category: Science
mentioned Philosophy concept

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evidence rules-v4
Feed category: Philosophy
mentioned Education concept

0.50

evidence rules-v4
Feed category: Education
mentioned Courses concept

0.50

evidence rules-v4
Feed category: Courses
mentioned Social Sciences concept

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evidence rules-v4
Feed category: Social Sciences
discusses Society & Culture concept

0.40

evidence rules-v4
Feed category: Society & Culture
discusses Science concept

0.40

evidence rules-v4
Feed category: Science
discusses Philosophy concept

0.40

evidence rules-v4
Feed category: Philosophy
discusses Education concept

0.40

evidence rules-v4
Feed category: Education
discusses Courses concept

0.40

evidence rules-v4
Feed category: Courses
discusses Social Sciences concept

0.40

evidence rules-v4
Feed category: Social Sciences

persons 5

mentioned Russ Roberts person

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evidence rules-v4
Feed author/publisher: Russ Roberts
mentioned Library of Economics and Liberty person

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evidence rules-v4
Feed author/publisher: Library of Economics and Liberty
mentioned Arnold Kling person

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evidence rules-v4
Arnold Kling on Patterns of Sustainable Specialization and Trade
hosted by Russ Roberts person

0.55

evidence rules-v4
Feed author/publisher: Russ Roberts
hosted by Library of Economics and Liberty person

0.55

evidence rules-v4
Feed author/publisher: Library of Economics and Liberty

podcasts 1

appeared on EconTalk podcast

0.63

evidence rules-v4
Arnold Kling on Patterns of Sustainable Specialization and Trade

Episode description as stored

Arnold Kling of EconLog talks with EconTalk host Russ Roberts about a new paradigm for thinking about macroeconomics and the labor market. Kling calls it PSST--patterns of sustainable specialization and trade. Kling rejects the Keynesian approach that emphasizes shortfalls in aggregate demand arguing that the aggregate demand approach masks the underlying complexity of the recalculations that periodically take place in a dynamic economy. Instead, Kling invokes the mutual exploration between entrepreneurs and workers for profitable opportunities that pay well using the workers' skills. This exploration takes time, involves trial and error, and can have false starts because businesses sometimes fail or employees are difficult to find or match with employment opportunities. Kling applies these ideas to the current crisis to explain why labor market recovery is so sluggish and what might policies might improve matters.