William Henderson and B. McGraw talk about corruption. What exactly is corruption? What forms of corruption are there? How can it be prevented or mitigated? This is Part 3 of 3 episodes.
Summary
We first discuss auditing the fed – does this make sense, and what would be the purpose of it? Then we go over rule by AI and whether or not it would be a good idea to have an AI tell politicians what to do. We go over the issue of politicians trading stocks using insider information, and also talk about how to fix problems when incentives are aligned against it. Then we talk about the interaction between income inequality and corrupt practices, whether it is more likely in extraction economies, and the role of wage inequalities within the public sector.
Afterward, talk about whether public pensions are an effective tool to fight corrupt practices, the role of term limits, and how transparency is key in reducing corrupt practices. Also, we talk about the effects of the rule of law, impunity, strength of institutions, and civic culture. Then, we discuss the exact mechanisms through which corruption hurts growth. This includes political instability, economic inefficiency, administrative performance, and changes in inequality. Then we talk about transparency mechanisms, the role of the free press, the role of public sector salaries, democracy, and political institutions.
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Timestamps and Links
0:32 Auditing the fed
3:02 Rule by AI
6:04 Politicians trading stock
7:30 Corruption incentives
8:50 Income inequality and corruption
9:30 Extraction economies
10:55 Wage inequality in the public sector
12:46 Pension to prevent corruption
16:17 term limits
16:35 Level of transparency
17:50 Rule of law
19:00 Impunity
20:13 Weak Institutions
21:19 Civic culture
22:15 Corruption & economic growth (2) (3)
23:00 Political instability
23:20 Investment efficiency
24:27 Administrative performance
25:18 Increases income inequality and poverty
27:00 Transparency mechanisms
27:50 Free press
28:47 Higher government salaries (2)
30:34 Gender equality and meritocracy
30:50 Democracy & corruption
32:04 Political Institutions