Btw, George Selgin has some good material (much available for free online) about how free markets without central banks worked and work. Scott Sumner has written a foreword to at least one of George Selgin's books.
"We begin with a question I’ve always had, which is how free market economists – like Milton Friedman and Scott himself – square their other views with the idea that the monetary system needs to be centrally planned."
The truth is, they can’t. It’s a fundamental contradiction. Even the best economists fall into this trap because they try to derive economics from politics, reversing the real causal order. That’s the source of most of their so-called “paradoxes.”
In reality, your political system shapes your economic system—not the other way around.
We don't need our political experts teaching themselves monetary theory, or economics. That will not make any difference.
What we really need is for our political experts to teach themselves the subject of *politics*.
This doesn't really seem accurate at all. Economists don't actually spend that much time studying the normative aspects, they try to find causal relations in the economy. So it makes much more sense for political theorists to learn from economists extensively rather than the otehr way around.
Btw, George Selgin has some good material (much available for free online) about how free markets without central banks worked and work. Scott Sumner has written a foreword to at least one of George Selgin's books.
"We begin with a question I’ve always had, which is how free market economists – like Milton Friedman and Scott himself – square their other views with the idea that the monetary system needs to be centrally planned."
The truth is, they can’t. It’s a fundamental contradiction. Even the best economists fall into this trap because they try to derive economics from politics, reversing the real causal order. That’s the source of most of their so-called “paradoxes.”
In reality, your political system shapes your economic system—not the other way around.
We don't need our political experts teaching themselves monetary theory, or economics. That will not make any difference.
What we really need is for our political experts to teach themselves the subject of *politics*.
This doesn't really seem accurate at all. Economists don't actually spend that much time studying the normative aspects, they try to find causal relations in the economy. So it makes much more sense for political theorists to learn from economists extensively rather than the otehr way around.
Great interview, Richard. You should invite Kevin Erdmann on your show next.
Keep reading Richard. "The “Market Monetarists” and NGDP Targeting"
https://mises.org/understanding-money-mechanics/market-monetarists-and-ngdp-targeting
Understanding Money Mechanics - Robert P. Murphy
Thank god the austrian brainrot never got to Hanania.
What is your criticism? Always open to new ideas, and possibly learn something.