A Philosopher Argues for Pharmaceutical FreedomRead More
Producer Charlie Deist tries to cram a semester of economics into one hour with Professor J. Bradford Delong He continues to look at the Austrian Business Cycle Theory, (see part 1), which holds central banks responsible for creating booms and busts by “pumping” cheap credit into the economy and subsequently “slamming on the breaks” when inflation results. Brad DeLong is a former deputy assistant secretary of the U.S. Treasury, and a professor of economics at the University of California at Berkeley, where he is chair of the political economy major. He was also an early blogger, and is one of the most respected voices in the “neoclassical synthesis”—the hybrid of classical, Keynesian, and monetarist macroeconomics taught at universities throughout the world. DeLong has criticized Austrians for putting the blame for business cycles entirely on government. However, he too was concerned by Alan Greenspan’s excessive easing, starting all the way back in 2004, and during the lead-up to the housing bust.
Tune in to find out why DeLong considers himself a student of both Milton Friedman and John Maynard Keynes, and learn what it means to be a liberal in both the modern and classical senses.
- Bradford-DeLong.com — DeLong’s semi-daily web journal.
- @Delong on Twitter
- ABCs of Austrian Business Cycle Theory with Robert Wenzel, Part 1
- Note to Self: Getting in Touch with My Inner Austrian: Toy Stochastic Processes Edition, November 26, 2017 — DeLong’s attempt to build a mathematical model for the Austrian theory.
- Getting in Touch with My Inner Austrian: A Still-Unwritten Paper, by Brad DeLong, April 03, 2008
- Manias, Panics and Crashes: A History of Financial Crises, by Charles Kindleberger, December 2000
- Ben Bernanke versus Milton Friedman: The Federal Reserve’s Emergence as the U.S. Economy’s Central Planner, by Jeffrey Rogers Hummel, The Independent Review, Spring 2011
- Getting in Touch with My Inner Austrian: A Still-Unwritten Paper, by Brad DeLong
- Neel Kashkari, Pres. of the Minneapolis Fed: “My Take on Inflation”
- THINKING ABOUT THE LIQUIDITY TRAP, Paul Krugman, December 1999
The last time Baylen Linnekin joined the show, he had recently helped American farmers secure a major Supreme Court win in the case of Horne v. USDA, in which a raisin farmer Melvin Horne fought back against the federal government’s takings of a portion of his crops for the "National Raisin Reserve". This was a victory to all those cherish "the right of every American to grow, raise, produce, buy, sell, share, cook, eat, and drink the foods of their own choosing." But the fight for our food freedoms is far from over, as Baylen documents in his new book, Biting the Hands that Feed Us: How Fewer, Smarter Laws Would Make Our Food System More Sustainable (Island Press). As it stands, agencies like the USDA and FDA often enact absurd rules that make our food supply no safer, while limiting options and contributing to mountains of food that Americans already waste each year. Case in point: rules constraining the sale of “ugly” fruits and vegetables in supermarkets. Furthermore, many regulations hinder small, sustainable farms, but are no hurdle for Big Agriculture, which swallows up billions in subsidies only to produce surpluses of crops that end up in landfills due to other bad policies. Baylen returns to the show to argue that while some rules are necessary and beneficial, we must be pickier when it comes to our food laws.
There's a wave of state-based reform sweeping the nation, and it's giving hope to thousands of terminally-ill patients. Since just 2014, 31 states have passed so-called "right to try" initiatives, which allow those with incurable and life-threatening illnesses to access potentially life-saving experimental treatments that have not yet been approved by the FDA. Leading this legislative cascade is Arizona's Goldwater Institute. They believe the Food and Drug Administration has been overly paternalistic in making what amounts to an incredibly difficult, yet personal decision, on behalf of all Americans. When early "Phase I" evidence shows a treatment's potential, physicians in Right to Try states are able to take the experimental treatments out of the laboratory in an attempt to save their patients. Christina Sandefur, executive Vice President of the Goldwater Institute, is a co-drafter of the Right to Try initiative and has been pivotal in getting these laws passed around the country. She joins Bob to make the case to the remaining 19 states – including California.
Right to Try initiative (Goldwater Institute)
*Right to Try: How the Federal Government Prevents Patients from Getting Lifesaving Treatments* by Darcy Olsen (President of the Goldwater Institute)
Not long ago, Barack Obama's peers knew him as a moderate. As a constitutional law professor, Obama generally subscribed to the dominant progressive ideology at Harvard Law School, but voiced a strong belief in separation of powers and other checks on the executive branch. Many hoped he might become the first civil libertarian president. Now, even liberal law professors (not to mention liberal Supreme Court justices) are questioning the legal reasoning behind the Obama administration’s increasingly brazen edicts. David Bernstein, a constitutional law professor at George Mason University, has documented the worst of these abuses power in his new book, “Lawless: The Obama Administration’s Unprecedented Assault on the Constitution and the Rule of Law” – drone strikes without Congressional approval are only the tip of the iceberg. Regardless of your political tribe, you must listen to Bernstein’s warning. Obama supporters should be especially wary – after all, who knows who will be wielding these expanded powers down the road?