Rules, Not Discretion | Episode 92 | Everything is Everything

Too often, we think a Strong Man will solve all our problems, and that decisive leadership is all a nation needs. This could not be more wrong. We need strong rules, not strong rulers — and we need those strong rules to restrain the state. The secret to prosperity lies in rules, not discretion.

Welcome to Episode 92 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Ajay explains the history of a concept that is one of the most important in political philosophy: Rules, Not Discretion. Also discussed: the contribution of economics to this concept, what poker also teaches us, and why rowing machines are good for you.

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TABLE OF CONTENTS:
00:00 Packaging
00:13 Intro: A Rebel With Rules
01:03 Chapter 1: Beware of the Strong Man
09:16 Chapter 2: Ireland’s Story
20:33 Chapter 3: Monetary Policy
26:01 Chapter 4: A Paper That Made Ajay Drunk With Happiness
28:52 Chapter 5: Focus on Rules
43:31 Chapter 6: Rules are the Key to Growth
48:48 Chapter 7: Amit’s Thoughts
1:05:08 Chapter 8: Other Applications of this Framework
1:17:25 Chapter 9: Recommendations

OTHER USEFUL RESOURCES:

Produced by Amit Varma

[RohinBhargava]

Fantastic episode. We need to build towards a more rule driven society. However, we should keep the rules at a minimum and the rules should not interfere with freedom. A critically important point: please covey to Ajay that he should follow what he preaches 🤣. In one episode he promises recommendation and then skips it in the next and then suddenly springs 7 recommendations on us. How can we trust Ajay to follow the rules and not discretion. Cholbe na! Cholbe na! 🤣

[SharathShepuri]

The conversations I overhear only reinforce how deeply rooted my socialist convictions are—and how subversive my ideas might seem within the framework of an already fragile economy like India’s.

[ksasidhar]

Thanks for the amazing video
Please make a video on logistics.

[vishwanathkashikar]

a few thoughts on listening to this insightful conversation- 1. Would you consider interpretation of rules as discretion? Judges go by rules but their application is interpretative on a case by case basis. And yet, interpretation opens up a can of worms 2. What is your opinion on performative rules vs. prescriptive rules. Performative rules give some room but are difficult to enforce; prescriptive rules are limiting but easy to enforce. 3. It seems that the crux of the episode is a demand for 'predictability' rather than blindly following the rule. In this context, a known unpredictable state suddenly becoming predictable could be as problematic [maybe in terms of loss of profit due to low risk taken] as the other way around.

[Akshay-zqcw]

Inside or behind every seemingly strong man persona, there is small clueless baby of a person. :3

[saswatnanda]

Ajay, where did you get this cool shirt from?

[aviralgupta]

31:15 how very prescient of you, Ajay 🤭

[mdahmed]

32:33 I fear of the united states is losing all that rationality these past years

[awenindo]

I have a rowing machine; but I am much too bengali for it.

[MMR]

There was a talk delivered by bibek debroy at a panel with karthik muralidharan and manish sabharwal for NCAER IN 2023.
"Discretion is the bitter part of advice."

[mamunurushankar]

Excellent!
What bothers me most is that our country's present-day ecosystem is so far away from the one you are envisaging; I fear we have miles to go. When the government breaks its promises made in its party manifestoes with impunity, how can one expect such a government to focus on contract implementation between private firms? They renege on all the promised welfare measures
because they know they are not implementable. People see this dichotomy, yet they vote them back to power. When you say people are smart, it is not to be seen! Sometimes, optimism in the face of dismal conditions is escapism.
Please have one episode on the rise and fall of Marxist political philosophy and economics.

[vaibhavsharma]

Machiavelle said leader ahould have strong men character.
He qouted examples for the same.