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Tag econtalk

Private Buses: Econtalk Takes A Second look at Santiago

Back a couple years ago, I noted an Econtalk podcast with Russell Roberts and Duke University Professor Mike Munger on the private bus system in Santiago, Chile.  This week’s episode starts with Munger’s update on the Santiago transportation system after visiting for three weeks and spending a lot of time traveling the city’s buses and transit.  This discussion comes at a perfect time to follow-up on Stephen Smith’s post on private busing in New York. Munger and Roberts discussed the advantages and problems of the evolution of the system over the years.  In the case of the private system with over 3,000 competing private bus companies, accidents and injuries were common, and pollution was problematic.  However, the regulation and publicization of the buses led to unintended consequences that were probably far worse than the drawbacks of the private system.  Unfortunately, although the administration has apologized for the failures of the system, it would be politically impossible to revert to some of the beneficial aspects of the private system.

Econtalk Podcast: Shiller on Housing and Bubbles

Shiller on Housing and Bubbles Robert Shiller of Yale University talks with EconTalk host Russ Roberts about the current housing mess and related financial market problems. Shiller argues that the decade-long run up in housing prices was a bubble where speculative fervor outweighed any economic fundamentals. He also discusses the genesis of the Case-Shiller housing price index and his idea for how it might be used to reduce risk in the mortgage market. Note: This podcast was recorded on September 5, 2008, days before Secretary of the Treasury Paulson put Fannie Mae and Freddie Mac into conservatorship.

EconTalk Podcast on Public Transportation

I regularly listen to Russel Robert’s EconTalk podcasts. This week’s podcast with Michael Munger from Duke University is particularly interesting, and possibly my favorite, along with the Milton Friedman interview. Photo by Flikr user Silvia Sugasti Professor Munger had just returned from Santiago, Chile with some great insight into their transportation system. Up until a few years ago, Santiago had a completely private systems of transit and buses. He claimed that there were 3,000 different private companies operating transportation. The unsubsidized system worked very well and was profitable, until the city took over the transportation industry and forbade private companies from providing any transportation services. At the time the City took over, the planners thought they could improve the system by directing people to the subway system. It didn’t work, and now it’s a mess. photo of crowds cramming into a subway station by flickr user Thokrates I highly recommend taking an hour during your next commute to listen to the podcast. EconTalk Podcast – Munger on the Political Economy of Public Transportation Michael Munger of Duke University talks with EconTalk host Russ Roberts about Munger’s recent trip to Chile and the changes Chile has made to Santiago’s bus system. What was once a private decentralized system with differing levels of quality and price has been transformed into a system of uniform quality designed from the top down. How has the new system fared? Not particularly well according to Munger. Commuting times are up and the President of Chile has apologized to the Chilean people for the failures of the new system. Munger talks about why such changes take place and why they persist even when they seem inferior to the original system that was replaced.

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