Bob and Tom discuss the work of Bob's favorite economist, Eugen von Böhm-Bawerk. Böhm-Bawerk refuted many an economic fallacy in his day, including Marxism itself. We discuss the arguments he made as well as how he made them.
Krugman surprises us by writing about economics. He tells us that in the wake of the financial crisis, the public and even other economists have drawn the wrong lessons. Contrary to what you've heard, says Krugman, the Keynesian macro model did great during the crisis, while microeconomics is overrated. Well yes, we agree that Krugman's model did great...if we overlook all the times it blew up in his face.
This week's column, which makes hysterical claims about Supreme Court nominee Brett Kavanaugh, is a combination of baseless assertion and historical ignorance. Joining us for this week's dismantling is special guest and James Madison biographer Kevin Gutzman, professor of history at Western Connecticut State University.
We take a listener question -- early-bird registrants for the Contra Cruise got this as a bonus -- about what would happen if one country went completely stateless, but the rest of the world stayed the same. Lots of potential consequences here, and we do our best to sort them out! Plus the usual fun.
The Cato Institute recently issued a ranking of economic freedom in the 50 U.S. states. Krugman thinks they're defining freedom too narrowly, for surely workers in New York, where they have many protections, feel freer than workers elsewhere. He further suggests a positive correlation between economic freedom and infant mortality. These and other Krugman claims are ground into sausage.
Senator Warren has proposed sweeping changes to how corporations would be allowed to operate in the United States -- no longer will they cater to stockholders only, but they will have to take into account the needs of a wide range of "stakeholders" (workers, communities, etc.). Special guests Gene Epstein and Peter Klein join Tom.
Krugman calls Nancy Pelosi "by far the greatest speaker of modern times," and says she "surely ranks among the most impressive people ever to hold that position." He credits her with helping push along financial reform, Obamacare, the stimulus, etc. -- and that gives us a chance to smash all those things.
Krugman advances two main arguments against cryptocurrency. One of them, it turns out, applies equally well to the U.S. dollar, a point Krugman fails to acknowledge. Neither argument carries much sting, and in fact cryptocurrencies can parry Krugman's criticisms without breaking a sweat.
There's been plenty of discussion of Supreme Court nominee Brett Kavanaugh, says Krugman, but it's been focused mainly on his views of presidential power, and not on his opinions on business and workers. On this, too, he's atrocious, says Krugman. We say: Krugman is leaving out 95% of the argument.
Krugman is on vacation this week, so we take a topic suggestion from someone who's joining us on this year's Contra Cruise: how to unwind the welfare state peacefully as the fiscal crisis becomes impossible to evade.
We recorded this episode before a live audience at the Mises Institute's Mises University summer program. What a blast!
During the 2016 campaign Krugman was critical of Bernie Sanders, but all of a sudden he can't see anything wrong with "radical Democrats" like Alexandria Ocasio-Cortez. We help him see more clearly.
The economy may be doing well, says Krugman, but when you look closer at what Trump touts as his great economic victories, they've been neutral to negative. (Also: winners of the Contra Cruise contest announced!)
The Libertarian Party's Mises Caucus held a special event last weekend during the Libertarian Party's national convention, and we both spoke. We recorded this episode with three other speakers as guests: Jordan Page, Michael Heise, and Murray Sabrin.
In this episode, Bob flies solo and fields another Contra Cruiser request. Specifically, he explains the standard Austrian approach to air pollution, and then talks about the risks of catastrophic climate change. Do libertarians just have to hope nothing really bad happens?
We get this question all the time: what did Krugman win it for, and can you explain it in an episode? It involves trade, and we're discussing it today.
It's one thing to find problems with the current monetary system. It's quite another to recommend an alternative. Switzerland has establishment commentators going berserk over its own proposal -- why, this would return us to the "Dark Ages," warns Business Insider. We're less interested in Switzerland than we are in figuring out what changes would move us in the right direction, and what changes would amount to the cure being worse than the disease.
Krugman bewails the mistakes and poor judgment of the establishment on both sides of the Atlantic, because the result has been a popular revolt tending towards fascism. We also discuss the euro, and Krugman's claim that "austerity" caused great damage to Europe. Paul Gottfried is our special guest.
Krugman is unconvinced by the Trump plan to get Americans lower drug prices, and tries to figure out why those prices are so high. Let's just say that in this episode we help him do a better job of that....
Krugman makes fun of the idea that conservatives and libertarians are treated particularly unfairly. Why, people criticize Krugman, too, and that's all right by him! Well, we have more fun in this episode than in any episode in recent memory. Not to mention: Tom says something fairly outrageous and decides to edit it out -- then let himself be talked into keeping it in the episode. You'll know it when you hear it....
Philip Goff argues that libertarians make a variety of unsupported and unsupportable assumptions when they claim that taxation is theft. We defend the libertarian claim against Goff. (What else did you expect us to do?)
Krugman says renewable energy is getting less expensive and more realistic as a power option all the time, and that the only thing standing in the way are shills for the various fossil-fuel industries. Really?