[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.90,0:00:01.90,Default,,0000,0000,0000,,♪ [music] ♪
Dialogue: 0,0:00:03.80,0:00:05.70,Default,,0000,0000,0000,,{\i1}- [Narrator] Welcome to \NNobel conversations.{\i0}
Dialogue: 0,0:00:07.30,0:00:10.24,Default,,0000,0000,0000,,{\i1}In this episode, Josh Angrist \Nand Guido Imbens,{\i0}
Dialogue: 0,0:00:10.24,0:00:12.00,Default,,0000,0000,0000,,{\i1}sit down with Isaiah Andrews{\i0}
Dialogue: 0,0:00:12.00,0:00:14.30,Default,,0000,0000,0000,,{\i1}to discuss how the research\Nwas initially received{\i0}
Dialogue: 0,0:00:14.90,0:00:17.74,Default,,0000,0000,0000,,{\i1}and how they responded \Nto criticism.{\i0}
Dialogue: 0,0:00:18.70,0:00:19.30,Default,,0000,0000,0000,,At the time, did you feel like\Nyou are on to something,
Dialogue: 0,0:00:20.40,0:00:24.00,Default,,0000,0000,0000,,you felt like this was \Nthe beginning of a whole line of work
Dialogue: 0,0:00:24.00,0:00:27.40,Default,,0000,0000,0000,,that you felt like was going to be important or...?
Dialogue: 0,0:00:27.60,0:00:30.10,Default,,0000,0000,0000,,Not so much that it was\Na whole line of work,
Dialogue: 0,0:00:30.10,0:00:32.60,Default,,0000,0000,0000,,but certainly I felt like, "Wow, this--"
Dialogue: 0,0:00:32.60,0:00:34.70,Default,,0000,0000,0000,,We proved something be proved up\Nthat people didn't know before,
Dialogue: 0,0:00:34.70,0:00:39.00,Default,,0000,0000,0000,,that it was worth knowing.
Dialogue: 0,0:00:39.00,0:00:40.00,Default,,0000,0000,0000,,Yeah, going back compared to my
Dialogue: 0,0:00:40.00,0:00:41.40,Default,,0000,0000,0000,,job market papers having--
Dialogue: 0,0:00:41.60,0:00:45.90,Default,,0000,0000,0000,,I felt this was actually a very clear crisp result.
Dialogue: 0,0:00:46.40,0:00:48.40,Default,,0000,0000,0000,,But there were definitely
Dialogue: 0,0:00:48.90,0:00:53.20,Default,,0000,0000,0000,,was mixed reception and I don't\Nthink anybody said that,
Dialogue: 0,0:00:53.30,0:00:56.90,Default,,0000,0000,0000,,"Oh, wow, this is already,\Nsomething."
Dialogue: 0,0:00:57.10,0:00:59.60,Default,,0000,0000,0000,,No, which is the nightmare scenario for a researcher
Dialogue: 0,0:01:00.30,0:01:03.20,Default,,0000,0000,0000,,where you think you've discovered\Nsomething and then somebody else,
Dialogue: 0,0:01:03.30,0:01:04.80,Default,,0000,0000,0000,,says, "Oh, I knew that."
Dialogue: 0,0:01:05.00,0:01:08.60,Default,,0000,0000,0000,,But there were definitely was a need to\Nconvince people that this was worth knowing,
Dialogue: 0,0:01:09.00,0:01:12.80,Default,,0000,0000,0000,,that instrumental variables estimates\Na causal effect for compliers.
Dialogue: 0,0:01:13.20,0:01:18.00,Default,,0000,0000,0000,,Yeah, but even though it\Ntook a long time to convince
Dialogue: 0,0:01:18.60,0:01:20.40,Default,,0000,0000,0000,,a bigger audience,
Dialogue: 0,0:01:20.70,0:01:24.60,Default,,0000,0000,0000,,sometimes even fairly quickly, the\Nreception was pretty good
Dialogue: 0,0:01:24.80,0:01:27.00,Default,,0000,0000,0000,,among a small group of people.
Dialogue: 0,0:01:27.20,0:01:31.50,Default,,0000,0000,0000,,Gary, clearly liked it a lot from the beginning
Dialogue: 0,0:01:31.80,0:01:34.60,Default,,0000,0000,0000,,and I remember, because at that point Josh had left for Israel,
Dialogue: 0,0:01:34.70,0:01:37.40,Default,,0000,0000,0000,,but I remember explaining it to Don Ruben
Dialogue: 0,0:01:37.60,0:01:43.70,Default,,0000,0000,0000,,and he was like, "Yeah, this really is something here."
Dialogue: 0,0:01:43.80,0:01:47.20,Default,,0000,0000,0000,,Not right away though.\NDon took some convincing.
Dialogue: 0,0:01:47.50,0:01:48.40,Default,,0000,0000,0000,,By the time you got to Don,
Dialogue: 0,0:01:48.50,0:01:51.50,Default,,0000,0000,0000,,there have been some back\Nand forth with him
Dialogue: 0,0:01:51.80,0:01:53.50,Default,,0000,0000,0000,,and in correspondence actually.
Dialogue: 0,0:01:53.70,0:01:56.70,Default,,0000,0000,0000,,But I remember at some\Npoint getting a call or email from him
Dialogue: 0,0:01:56.70,0:02:02.30,Default,,0000,0000,0000,,saying that he was sitting at the\Nairport in Rome
Dialogue: 0,0:02:02.50,0:02:03.70,Default,,0000,0000,0000,,and looking at the paper and thinking,
Dialogue: 0,0:02:03.70,0:02:07.00,Default,,0000,0000,0000,,"Yeah, no actually, you guys are onto something."
Dialogue: 0,0:02:07.00,0:02:10.60,Default,,0000,0000,0000,,We were happy about but that\Ntook longer than I think you remember.
Dialogue: 0,0:02:10.80,0:02:12.50,Default,,0000,0000,0000,,Yeah, it wasn't right away
Dialogue: 0,0:02:12.60,0:02:13.60,Default,,0000,0000,0000,,[laughter]
Dialogue: 0,0:02:13.70,0:02:16.50,Default,,0000,0000,0000,,because I know that I was back in\NIsrael by the time that happened.
Dialogue: 0,0:02:16.50,0:02:18.30,Default,,0000,0000,0000,,I'd left for Israel in the summer--
Dialogue: 0,0:02:18.40,0:02:22.30,Default,,0000,0000,0000,,I was only at Harvard for two years. \NWe had that one year.
Dialogue: 0,0:02:22.60,0:02:25.70,Default,,0000,0000,0000,,It is remarkable, I mean, that\None year was so fateful for us.
Dialogue: 0,0:02:25.90,0:02:27.20,Default,,0000,0000,0000,,- [Guido] Yes.
Dialogue: 0,0:02:28.50,0:02:30.20,Default,,0000,0000,0000,,I think we understood there was\Nsomething good happening,
Dialogue: 0,0:02:30.20,0:02:34.00,Default,,0000,0000,0000,,but maybe we didn't think it was\Nlife-changing, only in retrospect.
Dialogue: 0,0:02:34.40,0:02:35.40,Default,,0000,0000,0000,,♪ [music] ♪
Dialogue: 0,0:02:35.80,0:02:39.30,Default,,0000,0000,0000,,- [Isaiah] As you said, it sounds like a small group\Nof people were initially quite receptive,
Dialogue: 0,0:02:39.30,0:02:41.00,Default,,0000,0000,0000,,perhaps took some time for
Dialogue: 0,0:02:41.10,0:02:44.20,Default,,0000,0000,0000,,a broader group of people to come\Naround to
Dialogue: 0,0:02:44.40,0:02:47.50,Default,,0000,0000,0000,,seeing the LATE framework\Nas a valuable way to look at the world.
Dialogue: 0,0:02:47.70,0:02:50.00,Default,,0000,0000,0000,,I guess, in over the\Ncourse of that, did you
Dialogue: 0,0:02:50.10,0:02:52.20,Default,,0000,0000,0000,,were their periods\Nwhere you thought,
Dialogue: 0,0:02:52.30,0:02:53.20,Default,,0000,0000,0000,,maybe the people
Dialogue: 0,0:02:53.30,0:02:55.80,Default,,0000,0000,0000,,saying this wasn't a useful way to\Nlook at the world were right?
Dialogue: 0,0:02:55.80,0:02:58.40,Default,,0000,0000,0000,,Did you get discouraged? \NHow did you think about?
Dialogue: 0,0:02:58.40,0:03:00.90,Default,,0000,0000,0000,,I don't think I was discouraged\Nbut the people who were saying
Dialogue: 0,0:03:00.90,0:03:03.90,Default,,0000,0000,0000,,that we're smart people, well informed metricians,
Dialogue: 0,0:03:05.00,0:03:08.00,Default,,0000,0000,0000,,sophisticated readers
Dialogue: 0,0:03:08.90,0:03:11.80,Default,,0000,0000,0000,,and I think the substance\Nof the comment was,
Dialogue: 0,0:03:11.80,0:03:15.60,Default,,0000,0000,0000,,this is not what econometrics is about.
Dialogue: 0,0:03:16.30,0:03:20.70,Default,,0000,0000,0000,,Econometrics was being transmitted at that time was about structure.
Dialogue: 0,0:03:21.30,0:03:24.70,Default,,0000,0000,0000,,There was this idea that\Nthere's structure in the economy
Dialogue: 0,0:03:25.10,0:03:27.10,Default,,0000,0000,0000,,and it's our job to discover it
Dialogue: 0,0:03:27.20,0:03:31.20,Default,,0000,0000,0000,,and what makes it structure\Nis it's essentially invariant
Dialogue: 0,0:03:31.90,0:03:34.80,Default,,0000,0000,0000,,and so we're saying, in the late theorem,
Dialogue: 0,0:03:34.90,0:03:39.10,Default,,0000,0000,0000,,that every instrument produces\Nits own causal effect,
Dialogue: 0,0:03:39.30,0:03:42.10,Default,,0000,0000,0000,,which is in contradiction to that\Nto some extent
Dialogue: 0,0:03:42.40,0:03:45.30,Default,,0000,0000,0000,,and so that was where the tension was.
Dialogue: 0,0:03:45.30,0:03:46.30,Default,,0000,0000,0000,,People didn't want to give up that idea.
Dialogue: 0,0:03:46.30,0:03:47.70,Default,,0000,0000,0000,,Yeah. I remember
Dialogue: 0,0:03:48.10,0:03:50.50,Default,,0000,0000,0000,,once people were started
Dialogue: 0,0:03:51.20,0:03:56.10,Default,,0000,0000,0000,,arguing kind of more more\Nvocally against that, it
Dialogue: 0,0:03:56.90,0:04:00.70,Default,,0000,0000,0000,,that never really bothered me\Nthat much. It seems, you know,
Dialogue: 0,0:04:01.00,0:04:03.70,Default,,0000,0000,0000,,sort of clear that we had\Na result there and it was
Dialogue: 0,0:04:04.90,0:04:08.90,Default,,0000,0000,0000,,Somewhat controversial, but instead\Nof controversial in a good way. It was
Dialogue: 0,0:04:09.10,0:04:10.40,Default,,0000,0000,0000,,clear that people felt
Dialogue: 0,0:04:10.70,0:04:12.80,Default,,0000,0000,0000,,they had to come out
Dialogue: 0,0:04:12.90,0:04:14.10,Default,,0000,0000,0000,,against it because well,
Dialogue: 0,0:04:14.10,0:04:16.80,Default,,0000,0000,0000,,I think what we think it's good\Nnow and it's good night wasn't that
Dialogue: 0,0:04:17.50,0:04:21.70,Default,,0000,0000,0000,,they might not have loved it at. Yeah,\NI you know, I remember being somewhat,
Dialogue: 0,0:04:21.80,0:04:26.40,Default,,0000,0000,0000,,the more upset there was some dinner\Nwith someone said, no, no. That paper
Dialogue: 0,0:04:26.70,0:04:28.30,Default,,0000,0000,0000,,that paper with Josh. That was really
Dialogue: 0,0:04:28.80,0:04:32.60,Default,,0000,0000,0000,,that was doing a disservice\Nto the profession enough.
Dialogue: 0,0:04:32.60,0:04:34.40,Default,,0000,0000,0000,,We had two reactions like that. So
Dialogue: 0,0:04:34.80,0:04:38.20,Default,,0000,0000,0000,,That at some level, that's that\Nmay be indicative of the culture
Dialogue: 0,0:04:38.40,0:04:40.00,Default,,0000,0000,0000,,in general in economics. In the time.
Dialogue: 0,0:04:41.40,0:04:44.30,Default,,0000,0000,0000,,I thought back later, but\NI'd have to happen. Now,
Dialogue: 0,0:04:44.60,0:04:48.20,Default,,0000,0000,0000,,if I was senior person sitting\Nin that conversation, I would
Dialogue: 0,0:04:48.30,0:04:52.20,Default,,0000,0000,0000,,we call that out because it\Nreally was not appropriate,
Dialogue: 0,0:04:53.00,0:04:54.20,Default,,0000,0000,0000,,but it was so bad.
Dialogue: 0,0:04:54.60,0:04:57.30,Default,,0000,0000,0000,,I think the criticism is\Nno, no. No, it wasn't,
Dialogue: 0,0:04:57.70,0:05:01.50,Default,,0000,0000,0000,,it wasn't completely\Nmisguided to be wrong.
Dialogue: 0,0:05:01.80,0:05:04.70,Default,,0000,0000,0000,,No. No, but saying if you can\Nsay two papers wrong order.
Dialogue: 0,0:05:05.00,0:05:05.30,Default,,0000,0000,0000,,Yeah,
Dialogue: 0,0:05:05.40,0:05:10.20,Default,,0000,0000,0000,,but it's saying that it's a disservice to\Nthe professor. That's not really personal.
Dialogue: 0,0:05:10.30,0:05:14.70,Default,,0000,0000,0000,,That's yes. And doing that, not to me, but\Nin front of my senior colleagues, yeah.
Dialogue: 0,0:05:14.90,0:05:18.70,Default,,0000,0000,0000,,The but nobody was saying the result\Nwas wrong and I remember also,
Dialogue: 0,0:05:18.70,0:05:20.90,Default,,0000,0000,0000,,some of the comments were, you know,
Dialogue: 0,0:05:20.90,0:05:24.00,Default,,0000,0000,0000,,thought-provoking so we had some\Nnegative reviews. I think on the
Dialogue: 0,0:05:24.40,0:05:26.30,Default,,0000,0000,0000,,average causal response paper. Yeah,
Dialogue: 0,0:05:26.50,0:05:30.60,Default,,0000,0000,0000,,somebody said, you know, these compliers\Nyou can't figure out who they are.
Dialogue: 0,0:05:31.50,0:05:31.90,Default,,0000,0000,0000,,Right.
Dialogue: 0,0:05:32.00,0:05:33.00,Default,,0000,0000,0000,,See it's one thing
Dialogue: 0,0:05:33.00,0:05:36.20,Default,,0000,0000,0000,,to say you're estimating the effect of\Ntreatment on the treated or something
Dialogue: 0,0:05:36.20,0:05:38.40,Default,,0000,0000,0000,,like that. You can tell me who's treated,
Dialogue: 0,0:05:38.60,0:05:42.60,Default,,0000,0000,0000,,you know, people in the CPS, you know,\Nyou can't tell me who's a complier.
Dialogue: 0,0:05:42.80,0:05:47.30,Default,,0000,0000,0000,,So that was a legitimate. That's, that's,\Nthat's only fair that it's because he's
Dialogue: 0,0:05:47.80,0:05:53.70,Default,,0000,0000,0000,,my dad. Yeah, my that part made people\Na little uneasy and uncomfortable.
Dialogue: 0,0:05:53.80,0:05:54.20,Default,,0000,0000,0000,,Yeah,
Dialogue: 0,0:05:54.30,0:05:56.40,Default,,0000,0000,0000,,but it's a at the same time
Dialogue: 0,0:05:56.90,0:06:00.80,Default,,0000,0000,0000,,because it showed that you couldn't\Nreally go beyond that, it was
Dialogue: 0,0:06:01.50,0:06:06.30,Default,,0000,0000,0000,,Very useful thing to realize\Neveryone was kind of on the day.
Dialogue: 0,0:06:06.50,0:06:11.90,Default,,0000,0000,0000,,We got to the key result that I was thinking.\NWow, you know, this is this is sort of
Dialogue: 0,0:06:12.10,0:06:17.10,Default,,0000,0000,0000,,as good as it gets them here. Be\Nactually having inside but it clearly
Dialogue: 0,0:06:17.50,0:06:21.70,Default,,0000,0000,0000,,and we had to sell it. It's about selling\Nquite a few years. We had to sell. Yeah,
Dialogue: 0,0:06:22.00,0:06:24.80,Default,,0000,0000,0000,,and it's proven it's\Nproven to be quite useful.
Dialogue: 0,0:06:25.50,0:06:29.30,Default,,0000,0000,0000,,I don't think we understood that. It\Nwould be so useful at the time. No,
Dialogue: 0,0:06:30.10,0:06:35.60,Default,,0000,0000,0000,,I did feel like early on this was\Na substantial inside something.
Dialogue: 0,0:06:35.60,0:06:40.40,Default,,0000,0000,0000,,But yeah, but I did not\Nthink goals were there. Yeah.
Dialogue: 0,0:06:40.50,0:06:42.40,Default,,0000,0000,0000,,I felt like we were aiming for the Nobel.
Dialogue: 0,0:06:43.90,0:06:46.30,Default,,0000,0000,0000,,We were very happy to get\Nthat noted econometrics.
Dialogue: 0,0:06:49.90,0:06:52.80,Default,,0000,0000,0000,,These are factors are ways of approaching\Nproblems that lead people to be better at
Dialogue: 0,0:06:52.80,0:06:53.10,Default,,0000,0000,0000,,like
Dialogue: 0,0:06:53.20,0:06:56.60,Default,,0000,0000,0000,,recognizing the good stuff and taking the\Ntime to do it as opposed to dismissing it.
Dialogue: 0,0:06:56.60,0:06:57.70,Default,,0000,0000,0000,,Sometimes I think it's helpful.
Dialogue: 0,0:06:57.70,0:07:01.30,Default,,0000,0000,0000,,If you're trying to convince somebody\Nthat you have something useful to say
Dialogue: 0,0:07:01.90,0:07:04.50,Default,,0000,0000,0000,,and maybe they don't, you\Nknow, speak your language.
Dialogue: 0,0:07:04.70,0:07:09.90,Default,,0000,0000,0000,,You might need to learn their language.\NYes. Yes. That's what we did with Don we cuz
Dialogue: 0,0:07:10.30,0:07:11.30,Default,,0000,0000,0000,,we figured out.
Dialogue: 0,0:07:11.40,0:07:12.20,Default,,0000,0000,0000,,How to remember.
Dialogue: 0,0:07:12.20,0:07:17.60,Default,,0000,0000,0000,,We had a very hard time explaining\Nthe exclusion restriction to Dawn May.
Dialogue: 0,0:07:17.80,0:07:19.70,Default,,0000,0000,0000,,Rightfully, so it probably
Dialogue: 0,0:07:20.00,0:07:24.60,Default,,0000,0000,0000,,I think he do and I eventually figured out\Nthat it wasn't formulated very clearly,
Dialogue: 0,0:07:24.90,0:07:25.40,Default,,0000,0000,0000,,you know,
Dialogue: 0,0:07:25.40,0:07:29.70,Default,,0000,0000,0000,,and we came up with a way to do that in\Nthe potential outcomes framework that
Dialogue: 0,0:07:29.70,0:07:32.70,Default,,0000,0000,0000,,I think kind of worked\Nfor the three of us. Yeah.
Dialogue: 0,0:07:33.40,0:07:35.80,Default,,0000,0000,0000,,Well, I've worked for\Nthe bigger literature but
Dialogue: 0,0:07:35.80,0:07:39.00,Default,,0000,0000,0000,,I think what you're saying that is exactly\Nright. You kind of need to figure out
Dialogue: 0,0:07:39.10,0:07:41.40,Default,,0000,0000,0000,,how not just kind of say, okay. Well,
Dialogue: 0,0:07:41.40,0:07:43.90,Default,,0000,0000,0000,,I've got this language\Nand this this works great
Dialogue: 0,0:07:43.90,0:07:45.90,Default,,0000,0000,0000,,and I've got to convince someone\Nelse to use the language.
Dialogue: 0,0:07:45.90,0:07:47.60,Default,,0000,0000,0000,,You could first figure out what language
Dialogue: 0,0:07:47.70,0:07:49.30,Default,,0000,0000,0000,,State using and then
Dialogue: 0,0:07:49.60,0:07:51.20,Default,,0000,0000,0000,,only then, can you try to say?
Dialogue: 0,0:07:51.20,0:07:56.10,Default,,0000,0000,0000,,Wow, but here you thinking of it this way,\Nbut that's actually a pretty hard thing
Dialogue: 0,0:07:56.70,0:08:00.00,Default,,0000,0000,0000,,to do. You get someone from a\Ndifferent discipline, convincing them.
Dialogue: 0,0:08:00.20,0:08:03.30,Default,,0000,0000,0000,,They kind of to Junior faculty in a\Ndifferent department actually have something
Dialogue: 0,0:08:03.30,0:08:06.60,Default,,0000,0000,0000,,to say to you. That's that\Ntakes a fair amount of effort.
Dialogue: 0,0:08:07.50,0:08:10.20,Default,,0000,0000,0000,,Yeah, I wrote I wrote\Non a number of times.
Dialogue: 0,0:08:10.30,0:08:10.60,Default,,0000,0000,0000,,Yeah,
Dialogue: 0,0:08:10.70,0:08:14.50,Default,,0000,0000,0000,,it fairly long letters. And I remember\Nthinking this is worth doing, you know,
Dialogue: 0,0:08:14.60,0:08:17.60,Default,,0000,0000,0000,,that if I could convince\NDon that would sort of,
Dialogue: 0,0:08:17.80,0:08:19.60,Default,,0000,0000,0000,,The framework to some extent.
Dialogue: 0,0:08:20.30,0:08:25.00,Default,,0000,0000,0000,,I think both both you and Dom were a little\Nbit more confident that you were right.
Dialogue: 0,0:08:25.00,0:08:28.20,Default,,0000,0000,0000,,We used to argue a lot and\Nyou would sometimes refereed.
Dialogue: 0,0:08:29.80,0:08:30.70,Default,,0000,0000,0000,,That was fun.
Dialogue: 0,0:08:30.80,0:08:34.10,Default,,0000,0000,0000,,I remember it wasn't. It wasn't hurtful.
Dialogue: 0,0:08:35.20,0:08:39.80,Default,,0000,0000,0000,,I remember getting a little testy.\NOnce we had lunch in The Faculty Club
Dialogue: 0,0:08:40.60,0:08:44.40,Default,,0000,0000,0000,,and we're talking, we're talking\Nabout the draft lottery paper. Yeah,
Dialogue: 0,0:08:45.20,0:08:47.60,Default,,0000,0000,0000,,talking about never take his kind of
Dialogue: 0,0:08:47.70,0:08:51.00,Default,,0000,0000,0000,,people wouldn't serve in\Nthe military irrespective of
Dialogue: 0,0:08:51.20,0:08:53.70,Default,,0000,0000,0000,,whether they were getting drafted.
Dialogue: 0,0:08:54.50,0:08:58.70,Default,,0000,0000,0000,,And you are done said something\Nabout shooting yourself in the foot,
Dialogue: 0,0:08:59.80,0:09:03.40,Default,,0000,0000,0000,,as a way of getting out of the military\Nand that may be the exclusion restriction
Dialogue: 0,0:09:03.40,0:09:05.30,Default,,0000,0000,0000,,for never takes Muslim working.
Dialogue: 0,0:09:06.30,0:09:08.90,Default,,0000,0000,0000,,And then wherever they were ever\Nsaid that the animal is going well.
Dialogue: 0,0:09:08.90,0:09:12.10,Default,,0000,0000,0000,,Yes, you could do that. But why would\Nyou want to shoot yourself in the foot?
Dialogue: 0,0:09:13.40,0:09:17.60,Default,,0000,0000,0000,,It is Khalil. The I usually go for\Nmoving to Canada from. Yeah. That's it.
Dialogue: 0,0:09:17.90,0:09:19.40,Default,,0000,0000,0000,,Lindsey Graham teacher,
Dialogue: 0,0:09:19.70,0:09:24.00,Default,,0000,0000,0000,,yes, but he thinks a tricky mean it's the,
Dialogue: 0,0:09:24.10,0:09:27.90,Default,,0000,0000,0000,,you know, I say I get students coming\Nfrom computer science and they want to do
Dialogue: 0,0:09:28.10,0:09:29.90,Default,,0000,0000,0000,,things on causal, inference.
Dialogue: 0,0:09:30.40,0:09:33.70,Default,,0000,0000,0000,,And it takes a huge amount of\Neffort to kind of do figure out how
Dialogue: 0,0:09:33.70,0:09:36.80,Default,,0000,0000,0000,,they actually thinking about problem\Nbetter. This, there's something there.
Dialogue: 0,0:09:37.00,0:09:38.50,Default,,0000,0000,0000,,And so, now over the years,
Dialogue: 0,0:09:38.50,0:09:40.60,Default,,0000,0000,0000,,I've got a little more\Nappreciation for the fact that Don
Dialogue: 0,0:09:40.80,0:09:42.10,Default,,0000,0000,0000,,was actually willing to kind of.
Dialogue: 0,0:09:42.20,0:09:46.00,Default,,0000,0000,0000,,Yeah, it took a while, but he did\Nengage kind of first with Josh.
Dialogue: 0,0:09:46.40,0:09:47.50,Default,,0000,0000,0000,,And then we both of us.
Dialogue: 0,0:09:47.70,0:09:51.00,Default,,0000,0000,0000,,And rather than kind of dismissing\Nthe say, okay. Well, you know,
Dialogue: 0,0:09:51.50,0:09:55.70,Default,,0000,0000,0000,,I can't figure out what these guys are\Ndoing and it's probably just not really that
Dialogue: 0,0:09:55.80,0:09:56.70,Default,,0000,0000,0000,,that interesting
Dialogue: 0,0:09:57.20,0:10:00.30,Default,,0000,0000,0000,,everybody always wants to\Nfigure out quickly, you know,
Dialogue: 0,0:10:00.30,0:10:04.30,Default,,0000,0000,0000,,you want to save time and you want to save\Nyour brain cells for other things. So,
Dialogue: 0,0:10:04.70,0:10:05.00,Default,,0000,0000,0000,,you know,
Dialogue: 0,0:10:05.00,0:10:08.90,Default,,0000,0000,0000,,the fastest route to that is to figure\Nout why you should dismiss something. Yes.
Dialogue: 0,0:10:09.00,0:10:11.30,Default,,0000,0000,0000,,Yes. I don't need to spend time on this.
Dialogue: 0,0:10:12.70,0:10:15.90,Default,,0000,0000,0000,,If you'd like to watch more\NNobel conversations, click here,
Dialogue: 0,0:10:16.30,0:10:18.60,Default,,0000,0000,0000,,or if you'd like to learn\Nmore about econometrics,
Dialogue: 0,0:10:18.70,0:10:21.30,Default,,0000,0000,0000,,check out Josh's mastering\Neconometrics series.
Dialogue: 0,0:10:21.80,0:10:24.70,Default,,0000,0000,0000,,If you'd like to learn more\Nabout he do Josh and Isaiah
Dialogue: 0,0:10:24.90,0:10:26.40,Default,,0000,0000,0000,,check out the links in the description.