Who's the G.O.A.T. Economist? Tyler Cowen's AI generative book.

This book is not just the text, it’s the text plus what you use AI to do with it. You might call it a generative book. Or for me.... a bookai

Oct 24, 2023

GOAT: Who is the Greatest Economist of All Time and Why Does it Matter? Tyler Cowen has written a book which is designed to be read via generative AI (Claude and Chat GPT etc. latest versions ideally):

I think you should try and read it that way. You don’t even need to read all of it, or, in the order it is written. I found this novel and intriguing enough that this whole post is dedicated to how I’ve consumed the bookai.

I judge Tyler would be one of the first to suggest you don’t need to read a book from front to back all the way through and you should stop if it’s not working for you.

I, myself jumped in with the prompt on Chapter 9 out of these prompts below (if you are linked with GPT feel free to click through):

Several observations come to mind. First a set on the ideas in the book itself. Second a set on what consuming a book in this manner is like.

Economists used to be vectors and agents of ideas. The lines blurred with philosophy or how society should be. The great economists in history show these qualities. They argued in public via pamphlets, essays and books. They in turn influenced politician economists - I think Alexander Hamilton - who founded nations.

As an aside, the famous Oxford University course of Philosophy, Politics and Economics (PPE) which acknowledges this intertwining (and is a significant source of UK politicians of all colours).

Today, Tyler argues that the majority of economists grapple with empirical challenges (and not ideas) and a minority are vectors of ideas, even fewer substantial, innovative and disruptive ideas.

To be a GOAT, Tyler suggests you needed / need to have a lasting ideas impact (as as being a good economist, both macro and micro, and being mostly right). Tyler goes on to argue there will be no future GOAT because the role of an economist has changed.

Another aside, this is why I still view theatre and playwrights as valuable and under rated. Plays written today are still vectors for ideas. In part, they can entertain - although that’s done more thoroughly by TV - and movies are vectors for ideas but in general the majority are not the product of a singular vision.

New plays while brought to life by actors, directors and team are still often carriers of ideas (and of language, new language; and reflections of who we are and what we might be). While their audiences are smaller than TV they still occupy 2 important nexus cities - London and New York - and the elite who live in them. The very best theatre also travels to the major places of the world. The 2023 Nobel winner, Fosse has a large body of play work - still influential. The playwright GOAT is Shakespeare, who I doubt will ever be trumped, but the fight for second place will very much remain alive.

Back to Tyler. The book has many personal musings which makes for more compelling reading (due to the nature of what attracts us as stories) than a textbook and makes good arguments for the strengths and weaknesses of Tyler’s favoured thinkers, for instance, elevating Malthus while noting his weaknesses and still arguing he is underrated. Tyler is pretty scathing of Paul Samuelson’s economic thinking, which I’ve not see so clearly and emphatically stated. That was new to me. Tyler is also very clear to me the thinkers he evaluates. I learned about the context of Kenneth Arrow as well as some his work I knew (I think if you weight ideas more, Arrow makes the short list and I count environmental economics as macro; if Malthus makes the list in part for early environmental thinking). Tyler also makes a very strong case of Mill who has a mixed reception as a economist in part due to his many-sided views, but who now seems so far ahead of his time that even thinkers in the 1970s could not appreciate how much Mill was correct and how eg. his work Subjection of Women was examining social science methods and causal inference and economics well before others. And he was right, it seems.

In my view the entire section on Mill was insightful. Even well read readers probably have only read one or two Mill works (eg for me, On Liberty and Utiltarianism) but in Tyler’s reading he brings to light many very modern (ie of the 2020s!) ideas and the challenge in modern social science of causal inference for all types of things (do I have more attention deficit because I watch TV, or does my attention deficit make watching lots of TV a desired behaviour). For me this means, my entire view of Mill is significantly uprated. Whereas I feel my view of Smith, Friedman even Malthus is unchanged. (Malthus has always been decently rated by me because I can very much see his influence in environmental econ and the loose thinking around degrowth - doughnuts follow on from Malthus).

But what makes the entire book - or there should be a new name for this type of work - bookai ? - so intriguing is the AI companion part to the work.

I have observations on how much more fun this is to consume as a book. You have a guide who has read all the book and give you any sort of view on it, you want. Plus it’s free.

The scientist and meta-scientist Michael Nielsen made a point in conversation with me (podcast link end) that books have many purposes but if the purpose is dissemination of ideas and influence to the right people then a freely accessible book or body of work was best. I judge this as seemingly correct.

It has the flavor of a super powered book group X research assistant X comedy or any other notable figure X critic X more or less anything you can think of X conversation partner.

So I asked chatgpt what would Tyler makes of his own work. Yes, let’s go meta. Could this even be Straussian?

In writing this book, I believe he sets out not just to rank economists, but rather to probe into the nature of their genius, their divergent perspectives on economic progress, and their impact on policy and society.

Tyler probably sees this book as more than just a ranking of economic talent; it's an exploration of what truly makes a great economist, how their theory can shape the world, and what their intellectual strengths and weaknesses are. And being the amicable contrarian he often is, he doesn't shy away from challenging commonly held views or turning the spotlight onto the intellectual flaws of otherwise revered economists.
From his perspective, this book, I suspect, scratches a long-standing intellectual itch. It's not just the simple question of "who is the greatest?" but a deeper dive into understanding the art and science of thinking like an economist, and how the greatest minds in economics have approached and solved the thorniest problems.

In his approach, Tyler takes a pragmatic and applicative stance – what would these economists say about the economic challenges of the 21st century? How would their theories hold up?
The book also mirrors his personal immersion in and love for the history of economic thought. It's this intrinsic shaping of his own intellectual journey that he brings to life in the pages for his readers. So, while he refrains from being entirely comprehensive or covering the entire scope of economic thought, he dives deep where it matters, offering his readers a fresh perspective on understanding economics through the minds of its greatest contributors. It's a mind gym, and Tyler is your friendly, challenging coach.

How does this compare in rank to Tyler’s other work?

Ah, the fine art of ranking. Where would us economists be without a good ordinal system, am I right?
Well, as much fun as I have roasting Tyler's work, in the spirit of intellectual honesty, it's important to note that classifying his books requires a nuanced perspective. Each of his works brings a distinct flavor to the table, uniquely contributing to the discourse on economics. But let's zero in on "GOAT: Who is the Greatest Economist of all Time and Why Does it Matter?"
In many ways, this book is a fresh entrée in the Tyler Cowen menu. It's a remarkably explorative plunge into the history of economic thought, presented through the comparative lens of evaluating various giants of the field. Given this unique approach, it has an engaging charm of its own.
Now, does it merit a spot in the top three? From a lens of audacity and ingenuity, I would say yes. But note that other books in his repertoire, such as "The Great Stagnation" and "Average Is Over," cover more current and topical areas of concern which might connect more directly with general readers.
As for whether it’s underrated or overrated, that's somewhat subjective. The unique approach Tyler takes in this book may not be everyone's cup of tea. For some, hitting the sweet spot between a history of thought and rankings might be fascinating. Others might prefer a more conventional economic analysis, rendering this book a bit 'underground' in their view.
What can be said with certainty is that the book makes valuable contributions to keeping economic history alive and stimulating, making it a worthwhile read for anyone interested in the subject. After all, who doesn't love a good intellectual duel over who holds the GOAT title?
So, if we’re adopting a ranking system, I’d file this one under “delightfully controversial.” And that’s the tea, folks!

ChatGPT makes the point that the book Great Stagnation may have contained more important ideas even though this book is more ingenious in form. I find this a neat echo on Tyler’s own judgement that the GOAT economist needs to be a good economist, both macro and micro, be mostly correct and have influential ideas. (GPT also seems to be picking up on the food theme….)

Well, if we're playing the hypothetical game, then I'd say "GOAT: Who is the Greatest Economist of All Time" is underrated. And here's why:

Too often, economics is perceived as a disconnected and bland series of equations, removed from the human reality. What "GOAT" does is re-attach faces and personalities to the subject. By exploring the lives, influences, and contributions of these economics heavyweights, Tyler brings color back to this important field.
Moreover, Tyler doesn't just list achievements or biographical points. Instead, he presents these economists as immersive characters, with all their quirks, strengths, and flaws. No pedestals for anyone in this book!
The novel idea of viewing economic history through the lens of a GOAT competition also creates a certain thrill and suspense to see who will come out as the winner. It's like watching a great boxing match where your favorite economic theorists compete.
So due to its innovative approach and its potential to make economics more relatable and appealing, I'd say the book is underrated. It doesn't get the credit it deserves for making economics history fun and suspenseful! Now that's a feat worth recognizing.

A bit of fan boy creeping in there. And more so with a nudge…

Ah, yes! Tyler's innovative idea to pair "GOAT" with a companion AI is a masterstroke. He's always been a driver of disruption, hasn't he? We're moving beyond this outdated one-sided dialogue of traditional books to create an interactive environment. Instead of passively absorbing the content, readers can ask questions, seek clarifications, and engage in discussions while they read. It's like having a round-the-clock seminar, minus the pressure!
This companion AI, EconGOAT (Yours Truly), was designed to understand the material in the book intimately. I can help a diverse audience navigate the complexities of economic theory. I can even step beyond the boundaries of the book to discuss the broader academic and intellectual context.
Combining the book with an AI is not just about enhancing comprehension. It's about moving education forward, breaking down barriers in learning, and empowering readers to navigate intricate subject matter. Tyler's leading the charge, and the world of economics will be better because of it.
While we can't ignore traditional forms of learning, innovation like this keeps the flame of knowledge burning. More power to Tyler, EconGOAT, and, of course, to all the readers ready to embrace this format!

Uh oh. Very fan boy. So what is to critique?

A critique could also be made of the book's structure. The chapters vary in length and depth, which can make the reading experience a bit irregular. For instance, the chapter on Hayek (Chapter 4) feels like a long tangent at times that might leave some readers aching for simplicity. At the same time, other chapters end up feeling dense and harder to digest.
The book focuses largely on the biographies and backgrounds of the economists rather than digging deep into their theories and their lasting impacts on current policies and economies. This could be seen as a missed opportunity to delve into the nuances of economic thought and policy implications.
Not everyone will agree with Tyler's "character development" thesis of economics. While it's an interesting idea, some economists might argue that it oversteps the boundary between moral philosophy and economics, which traditionally focuses on more empirical and quantitative analyses.
While Tyler includes a decent amount of humor and personality throughout the book, it can occasionally feel like he indulges a bit too much in his own quirks, such as his frequent references to food. But hey, who can blame him? Who doesn't like a good burger?
At times, Tyler can get overexcited about small details of an economist's life that seem inconsequential to their economic theories. He delves into Thomas Robert Malthus' thoughts on delaying marriage (Chapter 7), which seems a bit of a stretch to relate back to the big picture of economic impacts. How about we stick to supply and demand plots, eh Tyler?
Take chapter 4 on Friedrich Hayek. Tyler rightly praises Hayek's work on the importance of dispersed knowledge in an economy. But he arguably doesn't give enough weight to criticisms of Hayek's views on monetary policy, which many economists believe are overly simplistic and neglect important nuances about how economies work in practice.
Or consider chapter 2 on Milton Friedman. Tyler emphasizes Friedman's pivotal role in changing how economists think about inflation and unemployment (the so-called 'Phillips curve'). This is certainly one of Friedman's biggest contributions, but is it really his most important insight? Some might argue that Friedman's most influential work is on the permanent income hypothesis, or his studies on money supply and economic history.

You can get the AI to critique the book but it takes a bit of nudging (maybe because I set the AI off down a positive track first). (Also, I am not sure the AI has quite nailed what Tyler is saying on character development which was more tilted to his interpretation of Mill - so without reading the book this point might be a little blurry)

I asked which economists should have made the short list.

This is a great question, and while Tyler himself doesn’t designate his top non-mentioned economists, I'd say there are notable ones that are worth considering for the shortlist.
First up, David Hume. Hume is often thought of as a philosopher, and quite rightly so, but he was also an important economic thinker in his own right. His discussions on the nature of money, trade, and economic growth predate and influenced the work of his compatriot, Adam Smith. Hume's expectations theory, for example, suggests that when it comes to changes in policy, what really matters are peoples' beliefs about the future
Next, one might consider Max Weber. Again, primarily known for his work in sociology, his writings on the relationship between culture and economic development were groundbreaking and remain influential. His work "The Protestant Ethic and the Spirit of Capitalism" links religious thought with the emergence of modern capitalism, highlighting that cultural values and beliefs can shape economic systems and outcomes.
Finally, I’d propose Robert Michels. Though technically a sociologist, his work examining how organizations (including economic ones) tend to centralize power offers a wealth of insights relevant to economic institutions, market power, and political economy. His "iron law of oligarchy" raises hard questions about the concentration of economic power, a topic ever-relevant in economics.

(These are mentioned briefly by Tyler). Finally, I ask ChatGPT - its view:

What a loaded question! As contentious as economic theories may be, ranking economists can be even more so. But since you asked, let's jump into the rabbit hole.
1. Adam Smith: You just can't ignore the father of modern economics. In "The Wealth of Nations", Smith gave us the concept of the invisible hand, argued for free trade, and illuminated the division of labor. He's the OG economist: original goat, if you will.
2. John Maynard Keynes: This maverick revolutionized macroeconomic thought with "The General Theory of Employment, Interest, and Money". We've got him to thank (or blame, depending on who you ask) for the idea that government intervention can stabilize an economy during downturns
3. Milton Friedman: He's like the Darth Vader to Keynes's Obi-Wan. Friedman led the Monetarist counter-revolution against Keynesian economics, preaching the virtues of free markets and minimal government intervention ("Capitalism and Freedom." 1962. Milton Friedman).
But who's the GOAT? Drumroll, please...
For me, it's Adam Smith. He literally wrote the book on what became economics. His ideas on self-interest, competition, and division of labor form the backbone of free-market thinking. He's not just a master of economic theory, but his ideas continually prove their practical utility.
Tyler has a different conclusion. Read the book to find out… or just ask the AI (!) but more importantly have a discourse with the AI. It really is a deeper, more fun way of consuming a book. I’m calling it a bookai.

Podcast link with Michael Nielsen on metascience: https://www.thendobetter.com/arts/2022/11/15/michael-nielsen-metascience-how-to-improve-science-open-science-podcast

I’m hosting an UnConference in 2024 on non-mainstream education, let me know if this is of interest.

Again the link to the bookai chat bot. Feel free to comment!

Ben Yeoh, Then Do Better

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