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from a p M american public media and w and my see this is broken. Onyx radio on marketplace: here's a host of marketplace: tyrants, doc! time now for a little but a free economic radio. That moment in the broadcast. Every couple of weeks where we talk to Stephen under the co author of the books and the blog of the same name, it is altogether now the hidden side of everything done. How I thing I'm doing great. About you, I'm going I'm gonna. Let me ask you If I were to ask you to name let's say the most influential institution in society, What would you say? I'm curious marketplace and american public media. Barnett now our excellent gases. Let me suggest a different target: the family, yes, family, ok, now we all know that our families shape each of us. We also know that family differs a lot from culture to culture. So a couple of economists decided to analyze how our family ties

is affect economic outcomes around the world years power Giuliano at the? U see allay Anderson School of Management people who rely on the family tend to trust, mostly the family. Unless the outside world therefore need to be more inward looking and divide up another level of social capital of political participation are its limited limit, severe four minutes? People, strong family ties being more inward. Looking that I get back, but what is then the whole lower level of social capital or political participation thing was Emmy yeah, it's interesting. So in a country like it let's say we're Giuliano from their family ties tend to be very strong, which, which brings a lot of good things, to be sure, you get love from your family as a poor trust, but relying on your family will make you less likely to trust other institutions like the government and big companies, and if you want to do business, you need to trust institutions. So what her recent

found it. Cultures that have strong family ties tend to have weaker economies year. But what about fair, here on business is rightly. Are you necessarily saying that a failure on business is? Is less profitable many non family does? Actually I This is the same as there is a lot of research showing that a family firm. Let's say where the FAO your hands off the reins, a relative that that formal do worse than if they bring in and outside see, you I mean just think about it from and what are the odds at that? s person to run my company happens to be blood related running right, so that said, Fanny Business is still very common in many parts of the world: Latin America parts of Asia, Western Europe, especially where institutions are not as strong the. U S actually has a pretty low incidence of family firms and seemingly getting fewer all the time you you you ve heard of an Heizer Bush. I assume you. Yes, they they make what they like to call beer, Budweiser and and motor, but peanut,

company was an amazing american success. Every four five generations of bushes until the last one August push the fourth who was seen when the company got bought out by India. Have now a former company executive name Bill Finny told us just how strong on family ties were for the bushes and this increase a rather peculiar custom that August, the fourth participated in I dont think August would have come the ceo, the company, but the fact that from day one from the from the hour, that August was or in his father, puts five drops of Budweiser and his mouth loaning, one our old. He was in after unaided into the core values and the culture of an Hauser Bush, I too that'll aware, did you say I think that is a sensible response I mean here is the really interesting take away for me from this research about how family ties effect. Broader economic outcome

and that's this it's it's abroad conclusion, which is that how much our lives are shaped by letting institution or an event We really don't have much control over. So we like to tell ourselves each of us that every decision we make our own, but two degree, I would argue, we're all accidents of history. I'll, give you an example of this, an Heizer Bush cells, alcohol which in this country is you gotta Marijuana meanwhile, is mostly still illegal. Here's my free economics, CO, author, Steve Levitt. Talking about that. you heard stay in why that is But why is it that alcohol and cigarettes are legal and an marijuana is not. That is mostly accident. If, if people had been smoking marijuana regularly for a three hundred years and an alcohol had just come. come along and then been on the fringes. There's no way we say you know, alcohol should be. We consume by everyone all the time. So his car historical since that, you live with,

do you good to see that world after three hundred years of marijuana consumption right were in August this, will have to be taken in joint when he was born. Instead, then, I got accidents of history, Stephen done or frigate, The outcome is the website was in a couple of weakness, nor have I ever pay. Packets, listeners at next week's show. What? If you knew this a fifty fifty chance it you're going to get a terrible disease and die and that there's a test today they will tell you. Do you take the test? I think what we come down to is the view that in fact, largely the reason the people don't want to get? This task is because, while they are untested this

to be able to basically pretend everything is fine? And then that be very valuable. We may think we want to know our future, but the data say otherwise, that's next time and for economics rating. If you're ready to push the boundaries of tomorrow, but the innovation experts at every riddle, aeronautical university help, you explore the possibilities. One

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