George Selgin on the Mind-Bending Methods of Modern Monetary TheoryRead More
If you bring up the idea of compensating donors of bodily tissues and fluids at a dinner party, you’re likely to evoke reactions of disgust (and fewer future dinner party invitations). However, given the importance of these procedures and shortage of donors, the conversation must be had somewhere.Read 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
Casey Given is a man on a mission. Ever since founding the UC Berkeley chapter of Students for Liberty in 2009, he has worked tirelessly to advance “a free academy and a free society” – writing and organizing on behalf of the libertarian minority on college campuses across the country. Now, as Director of Young Voices, an initiative of international nonprofit Students for Liberty, Casey helps students and young professionals jumpstart their careers as classically liberal pundits, and compete with the dominant progressive liberalism espoused by millennials. Young Voices recently published a collection of 13 essays that bodes well for the future of liberty in our lifetime (A Future for Millennials: Policies that Can Restore Prosperity). Reminiscent of Milton Friedman's classic *Free to Choose,* A Future for Millennials renews the case for using the power of the market to solve the most pressing issues of 2016. Casey joins Bob to talk about what is on younger people’s minds, and how the Young Voices network is penetrating the thick fog of ideological conformism on college campuses and in the mainstream media.
When video surfaces featuring scores of Yale students signing a petition to repeal the First Amendment, “hope” seems to be the hardest word to say. Sadly, the Bill of Rights appears to be on life support, and the up-and-coming generation of Ivy-educated citizens seems less than enthusiastic about resuscitating it. At the same time, the ideas of individualism and free enterprise are still alive and well in the general population, and it’s difficult to imagine anything replacing them. This Sunday, Bob will be embracing this silver lining with Skip Young, a SF-based entrepreneur and author of The Wisdom of 76: Young America’s Way to Wealth. In his debut book, Skip aims to inspire young audiences to the magic of the “invisible hand” – an idea which Adam Smith first put into print the same year that the Declaration of Independence was written. In just 10,000 words, Skip leads readers on a poetic journey of hope and discovery through the Declaration, The Wealth of Nations, Common Sense, and the “Way to Wealth.” A mix of engaging history and hypnotic monetary metaphors, Skip’s tract makes a compelling case that everyone can share in the American Dream with modest effort and a bit of bravery. The Wisdom of 76 may just hold the secret to saving the next generation before they are indoctrinated by the educational system.
There are many reasons why patients end up needing a new kidney, but only one reason why 12 of them die every day from their treatable illness: the shortage of willing donors. Compensating organ donation remains highly taboo, and federally illegal, even as we rely on monetary incentives for everything else we need (from hamburgers to heart surgery). 10 years ago, AEI Scholar Sally Satel, M.D., nearly succumbed to the long wait for a healthy kidney. She now fights for those who are still waiting, and who will continue to suffer until an educated public demands change. Sally is author of When Altruism Isn’t Enough: The Case for Compensating Organ Donors, and has brought her case to Congress, along with the readers of the New York Times & the Washington Post. Bob and Sally explore the pitfalls of using political correctness and “gut feeling” as the compass for rational policymaking when so many lives are on the line.
@slsatel on Twitter
When Altruism Isn’t Enough: The Case for Compensating Organ Donors (AEI Press, 2009)
Generosity won’t fix our shortage of organs for transplants (Washington Post, December 28, 2015)
Sixteen years ago, Virginia Postrel published The Future and Its Enemies, a manifesto for her personal philosophy of "dynamism." Dynamists like Postrel favor the spontaneous, evolving forces of free markets over the "stasist" philosophy common to reactionary conservatives and government technocrats. Even more than left versus right, Postrel argues, politics is a battle of the "stasists" versus the "dynamists." Nowhere is this seen more clearly than in the debate over compensation for kidney donors. Postrel, the editor of Reason during most of the 1990s, is a spokesperson for a new charity, the American Living Organ Donor Fund (ALODF). She also once donated a kidney to a friend in need. But many people with failing kidneys are not as lucky as the beneficiary of Postrel's altruism. Markets and financial incentives could save the lives of thousands of wait-listed patients on dialysis, but the National Kidney Foundation has resisted even marginal reforms at every turn. Postrel will join the show to reflect on her manifesto and its relation to this vital issue.