Because Krugman is a bore, Tom and Bob field questions from the listeners. They handle objections about their recent arguments concerning the economics of slavery, clear up apparent contradictions in the libertarian handling of free trade and the welfare state, and explain Rothbard's view of debt repudiation.
Show notes for Ep. 203
David Stockman, director of the Office of Management and Budget under Ronald Reagan, joins Tom (Bob is on vacation) to explain what's really happening with the current inverted yield curve, as well as how to tell real growth from phony growth, and a lot more.
Show notes for Ep. 202
The ordinarily serene Bob Murphy is genuinely outraged in this episode, in which we cover Krugman's casual claim that Donald Trump is trying to establish an "authoritarian, white nationalist regime." Needless to say, it does not matter what your opinion of Trump is. This idea is out of some sort of alternate reality that in no way corresponds to the real world, but which in classic Orwellian style is presented as if all reasonable people just know it to be true.
Show notes for Ep. 201
Bob minds the store and explains what is interesting about Krugman's discussion on bonds vs. stocks as ways to forecast recession, how an inverted yield curve signals problems, and the precise way that Trump could be depressing investment. Yet even though these abstract discussions are instructive, Bob argues that they don't really work in the cases where Krugman deploys them.
Show Notes for Ep. 200
Krugman says that since Trump's tax cuts amounted to nothing but a giveaway to wealthy shareholders, and since many of those are foreigners, the tax cuts amounted to a perverse foreign aid program.
Show notes for Ep. 199