YouSaid · the spoken record

Luigi Zingales

lines on the record: 69
first: 2015-09-16
most recent: 2015-09-16
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Are really fantastic. And managers are not that good. And so I said, wait a minute, why is that the case? Oh, obvious because the market doesn't work. If you don't sort out the market, you can have some very tithe and people doing jobs that generally don't require the talent and you have unfortunately non-tithened people doing jobs that require a lot of talent. So my favorite line that did not make me very popular in Italy, Italy is the country with the best secretaries and the worst managers.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“You actually raise an excellent point. My wife, who's American, walked into an auto grill in Italy, and she's amazed by the fact that the guy speaks perfect English. She said much better than yours. And sort of she discovered that this guy is a university degree in English literature, and he was serving coffee at the autograph. I think that's pretty depressing. I think that that's maybe the reason why Talian cafe is so good is because there are no other opportunities. Actually, I have this line, again, campaign in the United States and Italy.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I wouldn't exclude it. Also because the people that best can negotiate with the European Union in Greece are part of the Greek elite. The people who speak English travel abroad are part of the very elite that run the country up to now into the grounds. Corrupt, crony, and every negative things that you want to say. And why do you expect these guys all of a sudden to change just because they're blessed by the European Union? I don't think that's the case. So I think that I thought that the so-called bailout of Greece in 2010 was a disaster, was really a bailout of French and German banks sort of covered with the pretense of helping Greece. And I think that since then, Not recover from that mistake. So I think that that's a really sour spot in the European history and something that will weigh heavily in the future.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Really in Brussels, except maybe the Greek representative care about Greece and Greek people. They care about stability in the EU and getting that problem off their agenda. Exactly like in two, people did not care about people in Sicily. They care that the revolt would be sedated. They did whatever it takes to sedate their revolt, including, by the way, a line with the mafia. One of the reasons why the mafia is alive and well is because it was a method of control of Sicily that the Northern Army used very effectively. And the long-term costs are huge. Now, I'm not saying that the European Union is helping the Greek mafia, but I wouldn't sort of exclude it.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Until yesterday was sort of a communist, revolutionary dangerous now is sort of part of the European team. Why? Because a sign on the dotted line, whatever they told him to sign. So my frustration is I agree with a lot of the reforms that the European Union is imposing on Greece. I think that longer term would probably benefit Greece. I am a democratic at heart and I think that the reforms you should own them, they should not be imposed on you. And I think that inevitably the northern countries are trying to do with Greece what the northern Italy did with southern Italy. They're trying to not to fix Greece, but to minimize the problem for Europe. So nobody...”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so the big hope is that eventually there will be some debt forgiveness in some form that is not called debt forgiveness but is delay of payment to infinity that is tantamount to debt from this. This is why politics is so hard because as an economist you call a spade a spade and if you sort of forgive in present value, is it that forgiveness? But in politics it's very different. So I think that's the hope. And the big fear that I have is the political backlash that we have seen with the rise of Siwiza. Now Syriza has been sort of tamed and made part of the European elite all of a sudden all the newspapers in Europe are celebrating how great is Tsipras.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“To produce the BS. So regulation, unfortunately, not just in the United States, but also in Europe, is driven by this special interest. So I think it would be a very nice comparison to do.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm sorry to disappoint you, but I've not looked at that. I think that your idea is extremely good to make the comparison, to see also which lobbies are winning the game. Because my bet is that the differences in regulation are driven entirely by who are the most influential groups across the board. So I was talking to some farmer in Italy who was saying in regulation of how much you give on the vineyard to, there is a, yeah, copper-based stuff that you put on the vineyard to prevent some diseases. There is some regulation. There is only one exemption in Europe, and he is for the plant now escapes the name, you make the beer, because the Germans wanted to make sure that you could produce sort of enough of that.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“To do that. If I were to point out the major problem to financial innovation today in the United States, another financial system in other countries I would think it's a financial system. In Italy, clearly the financial system, in the United States, is not. It's more sort of a patent policy and other form of bias to entry. One story that I tell in my book that really motivated me to write the book is when I got approached by some students that was trying to start a”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think that the role that the financial sector has in promoting new businesses, innovation, and small businesses is crucial. And that's much of the first book with Dwagu was dedicated precisely to celebrate this role. Do they succeed always so well? And the answer is no, because there are some frictions. Ironically, there was a period, I don't think we're there anymore, but there was a period in which venture capitalists were so much flooded with money that they had to sort of dish out this money sufficiently fast that they had to shell it out in big pieces so they were only financing more advanced companies because they couldn't find the time to actually shell it out in small pieces at the time. So it's very important that you have capital in the right people.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think that the first thing is spend time in hiring the best possible people. I think that one thing that works well in university is that we spend a huge amount of time selecting faculty. A lot of what we do is listening to seminars, reading papers, refereeing papers, selecting the next generation. And what I've learned in various organizations is the best most successful organization and the one that spends a huge amount of time sort of selecting the good people because it's very costly to fire. You don't want to fire unless you have to. And once you get the right people in place, organization wouldn't say run themselves, but almost. And if you don't have the right people in place, you spend a lot of time fixing the hiring mistakes.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think that an injection of democracy is what is most needed, and hopefully all the tension will emerge. If you want to be optimistic, like I want to be, the United States did not have an easy route. And as I said at the beginning, there was a lot of tension and there was a civil war. So in order to, hopefully, in Europe, we already fought the civil war in the last century, so we don't want any more of that. But the fact that the process is not linear, I think it's inevitable. The fact that there are tensions and bumps is inevitable. The important thing is at least you see the right direction. And this is what sometimes I'm not so sure that everybody sees. More democracy.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, quoting Gramshire, let's first give sort of the pessimistic rational view is there would be a breakup between the northern Europe and the southern Europe. The wishful thinking, or not the wishful thinking is too bad, is the optimism of well, the desire to make a change, and that's what I think every sensible human being should be working for is to try to actually make the European project a democratic process. Somebody that can decide something because we elect a parliament that is not the real power to appoint a prime minister to appoint somebody, and nobody really responds to the European people.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“What it means receiving a gift in cash, actually a check is not even a gift in check today over two weeks. Once you know you have received it, we think we were fairly credible as a faculty promising. So I think the credibility issue was not a major. If you know we have $1,300, you can go and spend it today on your credit card and get the check two weeks from now. The fact that you want to have it now, I think, is an interesting aspect about saliency. And the fact that once you have it, you relax and you forgot to check it, to cache it, is, I think, pretty interesting by itself.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Over $300 is both percentage wise huge, but even sort of nominally $30 is sort of not trivial, at least for me, maybe for my students is more important. So these guys really give up receiving $30 over two weeks to get the check in the mail that day. However, this is the only clever thing we've done in that particular study, is we follow when they cash that check. And on average was two weeks, but 10% never cash it. They lost it. So they are so eager to get that stuff. But then, and I think that if I had to give a sense, it's the salience of this. So honestly, these people, everybody should have accepted delay payment because we check 90% of them were not maxed out in their credit card.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Be AVA economics fine are present in our sample. And so the particular experiment that Tyler is talking about is at the end of a bunch of games that won an amount of money that was going from zero to $300. So some people were winning sort of a significant amount of money, $300, we offer them to delay the delivery by two weeks.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, you are setting me for a very low standard, right? A mother that I don't think I have a model that includes everything. And this is part of a larger experiment, which to some extent is still undergoing, where with a colleague of Northwestern, we sort of study an entire court of MBA students at Chicago, 550 people. And many experiments are done around the world, are done with undergrad, and most of them are the poorest undergrad because they're the ones that sort of desperately need money. So generally art major. So not really representative of business people. And so a lot of people in economics dismiss some of these results because they say, oh, these are the weird guys. They're not the ones that will run big corporations. So we started with a sample that hopefully will run big corporation statistically as run big corporation. And what we find in many of the deviations that”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so he's completely non prepared to think in those terms. In fact, I will raise this challenge because when the European leaders talk, they say that, oh, our objective is an inflation below but close to 2%. And I look for a statement of this type. If you look in the sort of web page of the ECB, they say that they want inflation below 2%. So there's no clause. It's below 2% where inflation is measured as the harmonics price index at the European level. And then they want every individual CPI of every country below but close to 2%. Now, if you have an average and every term must be below 2, even closer to 2, the average must be below 2, probably by a low. I think so. And so I think that the ECB has been designed basically to have”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is pretty terrible. And that's probably the worst possible outcome. And I think that generals are famous to be prepared to fight the last war, and so are economists and central bankers. So the ECB has been set up to fight inflation.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it is striking. And I am torn because there is a part of me that say that the zero interest rate policy redistribution in the wrong direction is taking away from the people with a bank deposit and give it to sort of the guys who can easily engage in speculation, etc. So from a sort of moral point of view, I think the distribution goes in the wrong direction. On the other hand, I sort of have seen the European fall slowly into the deflation for a sort of six month last year when the deflation range. And this maybe is my Italian hub bleeding, but when you have a huge amount of debt and you start to have a deflation, Ivan Fisher was right that that deflation”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that I got much more interested in monetary problems. In a sense, ironically, when I started studying economics because I grew up in a country with a double-digit inflation, so I thought that that was a big problem. But then by the time I became an economist, inflation was not an issue. And I thought I was not particularly interested. Now all this issue of deflation, how to fight deflation, is deflation a problem. I think that topics that 10 years ago I would be completely ignorant about and now I'm fascinated by.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“This is a very, very difficult question. Who is the most? I would have said Gordon Tallock, I did not just pass away. I think that I think he was really underrated for what he did.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Definitely. No, look, there is one thing you have to realize about BEPA grid law. First of all, he has a sort of degree in accounting, which first of all is not normal for a comedian. Accountants generally are not that funny. But second makes him more qualified than most people to actually, certainly most comedians, to read income statement balance sheets. And he started before he even was a politician. He started being kind of an agitator in shareholders meeting and going to shareholders meeting with one share and started to ask questions and Paul's sort of problems in Italian corporate governance and was very successful at least at raising the level of awareness. In that sense he did something very, very valuable.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think exactly one of the few cases. I never read the book first and then saw a movie that I thought that movie was the same level of the book.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“This story is a very sad story, but it's a very true story. It's a story of the northern troops arriving in Sicily and liberating Sicily and the novelty there saying we should change to remain the same. And so this ability of Italy, which by the way I think has absorbed from the Catholic Church who survived that long, is to change, not to change, to appear to change, to leave everything unchanged. And it's really a desperation, but the movie is wonderful. There is a Claudia Cardinale out of this world and Bart Lancaster and Alain Delon, really a fantastic thing. And I show it to my wife. She thinks she's slow because last three hour and a half is not something that generally you have in Hollywood movies, but the quality of the scenes and the quality of also the silences. Is out of this world. I once thought on a big.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, I'm not saying that you can't be successful as being Muslim. What I'm saying, and I don't think that it is necessarily the Muslim religion per se, is the association of the way religion has been sort of practiced and diffused in countries that are mostly Muslim. But, you know, I might be wrong on that because I think Weber was wrong on the fact on saying that sort of Catholicism is such a disaster. I think that in Catholic countries caught up fairly well. I think that some of the Protestant ethics is useful in the system, but I don't think it's necessarily the major cause of retardation in development. So I think it's something you want to think about, but I don't think is the major cause of underdevelopment or underwater.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I wouldn't go as far as that. I think, look, I don't think Argentina has the monopoly of good leader. And actually, the tradition is not in that direction. I'm just saying Pope Francis is a fantastic leader and I wish Italy had a leader like that.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I thought he was joking, but when they elected Pope Francis, I realized it was true. First of all, Pope Francis was elected basically by Northern and Southern American cariners who are sick and tired of the Italian mafia in the church. And they were sick and tired of, why? Because they end up being sued here in the States and losing money in the States for responsibilities of the Vatican and the Vatican did not chip in one dime. Not only that, was wasting money with this IOR institute Opera Eli Jose that was a money laundering organization. This is something that should dedicate to charity was a money laundering organization. And Pope Francis is changing all this. My only hope is that he's not killed because I think that the chances of him being killed is not zero, but he is fantastic.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have to say, I love Pope Fancas. I think it's hard to say he's underrated because everybody loves him, but not being a Catholic, I've been raised Catholic, but I'm not a practicing Catholic by any stretch of the imagination. And I've been known to be an anti-clerical all my life. And I've been an anti-clerical because I really thought that the problem of Italy was that the church was there. And once actually I was discussing with the Cardinal in Chicago, they said, no, no, the problem is the other way around. It's the problem of Vatican is the Vatican is in Italy.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Close to 1%. I think in a year would be a lot, but depends on how fast they are in learning Germans. But they already have a pretty good Turkish population that is not perfectly integrated, but they made them win the World Cup. So I think they're pretty high up in the sort of national respect and prestige.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that's an excellent question. I think that this is something that is not discussed enough about immigration, is the process of assimilation. And I think that it's important to try to get immigrants that are more similar so that they assimilate faster, precisely to avoid those fractures that we've seen in the French banlieux, in the suburbs of Paris and so on and so forth. Probably 800,000 people are, what, like is less than 1% of Germany.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's probably underrated. I'm impressed by her ability to, number one, run Europe for the interests of Germans in a very effective way. You should be impressed and says she's elected by German people. She has no European constituency, so she does a job as a politician extremely well. Now, it doesn't correspond to the interest of the rest of the Europeans, but that's a different. But the other thing that I'm impressed is how she handled the immigrant sort of crisis. And we're creating a positive feeling toward Germany that was absent in Europe. taking, I think, the right approach. We want refugees because refugees are the best people. Not only is a moral obligation to save people that escape extermination, it's also an economic consideration. These are the most talented, the most entrepreneurial, the most dynamic people in the world. We want to have them.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Paradoxically overrated in the sense that capture takes a lot more subtle ways than just campaign financing. So it is an important consideration, but even if tomorrow we could fix that, I don't think we'll have fixed the capture problem.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I could go to Iran without any problem. And I was moved by how European, if you wanted, the Persian culture is very much linked to all the tradition in the Mediterranean. So I don't feel it so much East. And by the way, Iranian people are super lovely people and they're not anti-American. In fact, you find more anti-American in France than you find in Iran.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's very interesting because when I go to Istanbul, I find it part of Europe in every sense, at least part of my world. I don't know whether I belong to Europe or not, it's all relative. But Byzantine is so similar to Venice that is impressive. So I feel completely at home in Istanbul. It's a bit Venice, a bit Rome. So how can you be sort of feel different? I've never been to Macedonia, but definitely when you go to Moscow, you feel it's a different world. So it's interesting because my notion of culture is probably more Mediterranean than East-West. So I feel fairly at home in the Mediterranean and I went actually to Iran before the Obama reached the deal because I'm an Italian citizen.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have a huge sense of pride, which is not typical of my region. It's typical of Sicilian. You know, my grandfather was a military, but in his life he did three duels. He won them all. That was part of the culture of Sicily at the time. And what is interesting is a very interesting mechanism. If you are in the military and you are challenged to a duel, if you did it, you were punished. If you did not do it, you are demoted. Which is the right way to do it? You don't want to encourage something like this, but you don't want to encourage people to be coward. So I thought it was a brilliant system. And so I think I have this element that goes back to my Sicilian roots.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's fantastic. I wish I had thought about it. Now, seriously, I think that it's very true. By the way, the only thing that you probably miss is that this tension between the North and the South is also Gramsci. It's called Block Historico. It's the block that rule Italy for a long time was this alliance between the northern elite and the southern elite. It was exactly Gramsci. So I think that intellectual tradition also of Chicago, Stiglitz, when he sort of invented regulatory capture, was borrowing from Marx, sort of right-wing Marxism, right?”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Concentrate in the end of few people, and as long as these few people are at the top of their game and they're smart and they are in the right sector at the right time, great. But as we all know, people aged will change and there will be a time in which they're not up to the game and they need to be replaced. And at that time, the temptation for them to waste a lot of money would be pretty strong.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Money is a necessary condition, but sometimes it's not actually, all the time is not sufficient, and sometimes it's also counterproductive. I heard some young entrepreneurs saying, look, you don't want to get too much money early on because it distracted, doesn't keep you focused, etc. So I think it's very important to find where to invest the money. This is why markets are so important because we're not that good at it. I admit, I teach entrepreneurship, but if I were that good at picking the right investments, I would be multi-billionaire and I'm not. And it's a difficult business to do. That's where the market is useful. And so my fear is that Google, especially because the governance of Google resembled more the governance of Italian companies rather than the one of sort of American companies, there's not sort of a lot of floating voting stock.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think it's not a bad idea for Google to separate the money making machine from the rest. Why? Because when you don't see how much transfer takes place, you tend to overdo it. So I think it's a first step to do this separation so that you see from an accounting point of view who is making money and who is sort of investing money or wasting money depending on the point of view.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“You say, why is it so important? I thought that this was everybody sat down at dinner with the family. I realized in America a lot of people don't sit down at dinner. Agree. When I grew up sit down at lunch at dinner, today is difficult because most people are not around at lunch. But there is a tradition of spending some time around the dinner table. And that's a place where you socialize, you learn, you transfer human capital from the older generation to the younger generation. I think that this is one thing that is lacking in the United States that they can learn from Italy.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“How much is important to transfer knowledge within the family? So Italian firms are specialized or used to be specialized in craftsmanship that is hard to teach unless you have a dedicated person transferring this. That's the reason why there were family firms because you had the parents transferred to the kids. So a lot of the education in Italy is done in the family. One of the best things about Italians, for example, is that they sit down at dinner.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that I always said that the perfect world is awarding which you take the best things from Italy and the best things from the United States. My dream would be to live in Italy and walk in the States. The commuting is a bit complicated, but I think that you're absolutely right. I think that I come from a region in Italy where there are a lot of family firms. And what is extremely moving and depressing in this moment is in these firms when they go bankrupt, the owners commit suicide. There is a pretty sort of large number of suicide today because unfortunately the business is not doing well. And sometimes they leave their life insurance to pay the salary of the employees. And then they commit suicide. That's a completely orthogonal view of the firm, like really effeminate. Now, which one is better depends on a lot of things, in a sense, depends on...”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that probably we're going a bit too much in a certain direction and says take also Netflix. Apparently Netflix is sort of as discredo that we are a team, not a family and like a team, we sort of set aside everybody who sort of is not up to being the first team. It works very well to motivate people. It's also quite sort of hard for many of the people to work. There is always the trade-off between incentive and some form of insurance. And if you eliminate every insurance, you have all incentives. The incentives are great, but people are not particularly happy. So you need to find the right trade-off.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“But the interesting thing is that Gordon Talok implicitly, because the type of game he designed for this, is a game in which there is a benefit for society to put some limits. And I actually enjoy in my book to peek a little bit on Robert Barrow because Robert Barrow defense restrictions in basketball and baseball, but not in everywhere else in the United States. So I don't understand why in the United States the only thing that is really non-competitive is sport. In Europe, the only thing that is really competitive is sport. In Italy, soccer, you have the first division, the second division, you are promoted or demoted, according to performance, you don't buy your way into the NFL or the major league, etc. Here you buy the franchisor. Once you're in, no matter how sort of incompetent you are, you stay there, which is completely un-American.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know that by buying all the tickets, for sure are you going to get $5 trillion. So it seems that why the collective amount of tickets doesn't sell for $5 trillion. And that's basically what Talak is saying. He's saying why if we are purely cynical and we try to buy all the votes, if you buy all the votes in Congress and for president, you get to allocate a lot of goodies. So that value, the value of the votes collected should be at least the value of the rents you get on all the goodies you allocate, which we can discuss how much it is, but it's of the order of trillions of dollars. The point is that The public at large is not able to coordinate and bid very much for those votes. So those votes sell cheap. Why they sell cheap? Because the party are not well organized. Now, since the time of Gordon Tallot to today, people got more and more organized, and so the price is going up. But there is way to go if we don't do something. There is way to go and spend more. So I think that God on Talo is absolutely right.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Long time ago at a time where there was much less money in politics. So, first of all, he got clearly the derivative right because from 1972 to today, the amount of money in politics exploded. So I think he was very farsighted in understanding this. The second is, in my view, the reason why we don't see enough money is twofold. Number one, there is ideology. So you can't really pay everybody, but people have some preferences, especially when they're not paid a lot, for some position. And so that decreases the power of money. But the most important fact is that some people find it very easy to collect money, which are vested interests. They organize because they're small. This is Manco Olson. They organize much faster. They can collect the money faster. In the public at large, find it difficult.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“First of all, let me spend a word to praise God and Talaka. They saw it pass away recently, and I'm even more sorry that it wasn't celebrated the way he deserved to be celebrated. In my view, he was extremely insightful economist who made the point of there is not enough money in politics in 1972, if I'm not mistaken.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Where his personal lawyer something else, and so on, they became sort of a member of parliament, ministries. So you had a means of telecommunication that was the employee of Berlusconi deciding on rules on telecommunication that affected Berlusconi.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is the integrated version of the US Congress? In what sense? In the US Congress, you have people that wear lobbies before, they become congressmen, and then they go back to lobby. But at least until their congressman or secretary of treasury, et cetera, they are not employee of somebody. Now, they're beholden to somebody because they come there, they go there, but at the moment there is a little bit of appearance of separation. Belos Curi did not even care about the appearance. Everything was integrated. His own employee. So he ran a party with his own employee. He created the party. It was a fantastic strategic point of view. In three months, he created the party. And he was sending his ad agent guy being the party leaders all over the place. The same people became then his member of parliament.”
2015-09-16 · Conversations with Tyler · Luigi Zingales on Italy, Google and Conglomeration, and Donald Trump (Live at Mason) · IDENTIFIED FROM THE TRANSCRIPT · source