Faith and Economics

Economists disagree about things!  Levi Russell of the University of Kansas joins us today to discuss trade imbalances and tariffs, and why he thinks that Trump's use of tariffs to remedy trade imbalances is a prudent tactic.  Join us for a spirited debate about whether trade imbalances are a problem in the first place, and (if so) whether tariffs are a good tool for addressing those imbalances.  Listen in for a spirited discussion! 

When we claim that freedom leads to prosperity, we usually mean that economic and political freedom usually lead to an increase in overall wealth and well-being. But do all 'freedoms' promote general societal welfare? Do all types of freedom mutually reinforce one another? Dr. Feler Bose (Economics, Indiana University) joins the podcast to discuss his book Sexual Freedom and Its Impact on Economic Growth and Prosperity. Dr. Bose has been at the forefront of research on the intersection of economic and sexual freedom. Join us for an interesting and fruitful discussion!

Vít Jedlička, Founder of Liberland joins the podcast to discuss the trials and tribulations involved in founding a state from scratch.  Liberland itself is a 'micronation', situated between Serbia and Croatia, founded in 2015 with the aim of fostering liberty in Eastern Europe.  But wait - what exactly is involved in starting a country?  Join us for a discussion!Vít Jedlička bio https://docs.google.com/document/d/1Ilr8Wb7oDnVmpHL7Ma0wc1iMua75R40a8L2nMdz-dCc/edit?usp=drivesdkLimberland Citizenship Testhttps://docs.google.com/document/d/19NuIE6iWBx2Ml6QsU2ya9G_62GdUreHN/edit?usp=share_link&ouid=108921779264816348074&rtpof=true&sd=trueCall for Papershttps://docs.google.com/document/d/1h7WBvuP66kyDKMXtUGWEf7e14pMka4TN4WsJHk-U4bs/edit?usp=drivesdk

'Free Banking' advocates want banks to be able to issue their own currency and let the market dictate answers to questions regarding things like the currency's relation to various precious metals and optimal levels of bank reserves.  Such advocates historically have argued that the market would settle on something like a gold standard but have disagreed about fractional reserves.  Russ leads an informative discussion of how bitcoin fits into this picture.  Join in for a discussion of what may be the future of banking, bitcoin, or both!

The traditional mainstream narrative has it that those on the left are more empathetic than those on the right.  However, new research suggests that the issue is more nuanced than this might suggest.  Justin leads a discussion about some interesting recent findings claiming that there is a rather large difference between left and right, and that those on the right are much more likely to be empathetic toward perceived 'political enemies' than those on the left are.  What are we to make of this?

Declining fertility rates across the globe have been in the news lately.  Peter notes that the Amish have a high fertility rate, that rate isn't dropping, and they pair this with an upbringing and coming-of-age ritual (Rumspringa) which results in a very high religious retention rate (those born Amish tend to stay Amish).  How do they do this?  Is this good?  If it is good, is there anything the rest of us can learn from the Amish? 

China has been the target of Trump's trade rhetoric for more than a decade.  China plays multiple roles in our current discourse, as a trading partner, geopolitical enemy, and all-around boogeyman.  What do we do with a problem like China, if in fact China is a problem?  Join the Gwartney Team for a discussion of the available options.

Jevon's Paradox is an unintuitive result in economics concerning the effect that increased efficiency has on resource use.  Peter explains the standard examples of the paradox, and the team thinks about how this paradox might play out with regard to Artificial Intelligence and energy consumption.

People often say, "you can't prove a negative".  These people are wrong, and they drive Justin crazy, and he wants to set the record straight: you can absolutely, positively, prove a negative. 

Elon Musk's Department Of Government Efficiency (DOGE) has been busy identifying government programs and expenditures that are inefficient, wasteful, or downright corrupt.  One proposal on the table involves giving a fairly generous percentage of the DOGE cuts/savings back to taxpayers in the form of a 'DOGE Dividend'.  Does this proposal make sense, or would this just be another wasteful program in and of itself?  Join the Gwartney Team for a discussion of the merits of the DOGE Dividend Plan.

Trump has been rattling sabers and threatening to expand the territorial claims of the United States. Canada and Greenland have been the most discussed targets of this potential expansion. Are these proposals serious?  If these proposals are serious, are they desirable or defensible?

Boys seem to be having a hard time. Why is that? One answer is that our cultural/educational/economic apparatus is increasingly structured to frustrate boys, and to eliminate behavior that thriving boys engage in, enjoy, and benefit from. What exactly does this mean, and how much truth is there to it? Finally, what should we do?

Have people forgotten how to talk normally to each other? With the rise of social media and texting, the art of in-person, real-time conversation seems to have been lost. What exactly are people doing wrong? There are plenty of recent articles, podcasts and books about how to have 'difficult' conversations. This isn't that.  We're concerned with how to havenormal conversations.  Listen in, and pick up a tip or two to make sure that your encounters don't leave the other person wanting less.

The hit show 'Severance', directed by Ben Stiller and available on Apple+, raises a number of extremely interesting questions regarding personal identity, our work/life balance, and what exactly it means to be a human being.   'Severance' is described by Justin as "the best show about anything, ever."  Has he finally, completely, lost his mind?  

Irony, cynicism, and sarcasm seem to be pervasive in our culture.  Is this a good or bad thing?  Peter leads the discussion today, presenting an analysis of the different forms that irony can take (and the different layers in which it can be embedded). Does irony help us communicate with each other, or is it an impediment to clear communication?  Should we expect more or less irony going forward, and what does this mean?

What are some easy things that most people could do that would dramatically improve their quality of life?  The Gwartney Team has tips and tricks get more bang for your buck.  Live better!

What does everyone get wrong about Philosophers and Economists?  What do Philosophers and Economists get wrong about everyone? The view from inside a field is often startlingly different from the public's perception of that field.  Join the Gwartney Team for a fun discussion about what the public gets wrong about what we do in our respective disciplines, followed by a discussion about what our disciplines get wrong about the way the world actually works.

Will tariffs save America? We debate, you decide! Listen in to a live recording of an exciting and informative debate between the Gwartney Institute's own Dr. Russ McCullough and podcast friend and occasional guest Jon. Jacobsen (who also teaches at Ottawa University). It is a battle of brains, a war of words and a fight for the future of freedom. Let us know who you think came out on top!

Donald Trump's hands are now on the wheel, and so far, he has been making changes quickly.  Join the Gwartney Team for a discussion covering some of the more interesting, important, and surprising maneuvers from the former and current Commander in Chief.

Who and what should we spend our time caring about?  A paper has been making the rounds that shows that there are profound differences in the way those on the political left and the right think about our moral obligations.  What does this mean?  Why is this so?  Can this difference be bridged?  

The Department of Government Efficiency (DOGE) may recommend we get rid of the penny.  It costs about 3 pennies to make one penny. That appears to be a big waste of taxpayer money, but is there an argument that it is worth it?  Dr. McCullough say ditch it and Dr. Jacobsen says don't!  Both learn through the discussion a few things they did not consider before.  What's the difference between stopping production of the penny, and taking away its ‘legal tender' status. Tune into this episode to decide for yourself if the country is better off or worse without the penny.

The CEO of United Healthcare was murdered.  The public response to this incident has been extremely interesting, and highlights exactly how toxic the discussion around healthcare and health insurance has become.  What can we learn from this tragedy? 

The Gwartney Team shares their resolutions for 2025, and they reflect on the nature of New Years Resolutions in general.  What makes a good resolution?  Why should we be making them?  Join us for a fruitful discussion!

As a former Iowa State Legislator for seven years, Jon Jacobsen saw first-hand the way the power structure of the state government operates. Join Jon, Peter, and Russ as they get their hands dirty uncovering what really goes on behind the closed doors of public service.

The Gwartney Team gives their predictions for 2025. Politics! Sports! Bitcoin! The Catholic Church! Listen in and have every question that anyone could ever ask answered ahead of time in full, with 100% accuracy guaranteed.

What is Drama? The telling of stories is one of humanity's most distinctive activities, and yet the basic mechanics of a good story often go unnoticed. Justin outlines the theory of Drama articulated by American playwright and director David Mamet. Listen in and learn how to tell your stories better, or at least learn how to critique your significant other!

Bitcoin has surged to new all-time highs, passing the 100k ceiling. The Gwartney team breaks down what this means, and they make some predictions about what we can expect going forward.

Why do we care so much about sports? Sports play a large role in our lives. Most of us grow up playing sports, and then slowly settle into the role of spectator as age takes its toll on us. Why do we care so much about sports, and which ones are the good ones?  What is a ‘sport' anyway?

Which system contributes more to human flourishing: capitalism, or democracy? Are capitalism and democracy the same thing, or are they mutually exclusive? what do these terms even mean? Dr. Chris Boudreaux of Florida Atlantic University joins the Gwartney Team to discuss capitalism, democracy, flourishing, freedom, and how we ought to think of their intersection.

Recorded prior to RFK Jr.'s nomination for Secretary of HHS, the Gwartney Institute's resident RFK Jr. fanboy (Justin) articulates his bullish case for a pivotal RFK Jr. role in the incoming administration.

Recorded after the election but prior to any nominations, the Gwartney team discusses the promises and perils of a second Trump term.  How will this term compare to the previous Trump administration? How did we get here, and where are we going?

Russ leads a discussion about Tarriffs: What they are, how they work, and why he doesn't like them. Along the way the team discusses the manner in which other state interventions in the market (such as regulations) generate the demand for tariffs, and what this all means going forward.

A recent article makes the now familiar claim that AI will render most of the population unemployable.  Rather than advocate for a universal basic income, the author argues that we should use the state to shape the labor market to guarantee employment.  This is a 'jobs program', but for everyone!  Is this really the least-bad option?

Peter leads the Gwartney team in fruitful discussion of the Psalms. A rich and rewarding book, The Psalms comprises songs and prayers and prayerful songs, without a single author or viewpoint. How then are we to interpret them?

Russ recently advised an Arizona municipality that was considering extending a 1-cent sales tax to fund transportation infrastructure such as road maintenance.  Russ advised in favor of extending the tax for another 20 years.  Peter and Justin aren't so sure.  Who is right?  Tune in for the sales pitch!

Tall Poppy Syndrome is the tendency for groups to punish members for their success, or even for aiming at very high achievement.  Once made explicit, it's possible to find tall poppy syndrome all over.  Where did it come from?  Why does this tendency show up in some groups more than others?  What are the effects--both positive and negative--of this tall poppy syndrome?

Russ details the trials and tribulations of trying to move his bitcoin off of Coinbase and take personal custody of his crypto.  If that sentence didn't make sense to you, tune in as the Gwartney team explains what a hardware wallet is, why many bitcoin enthusiasts recommend keeping your crypto in 'cold storage' and the ways in which the crypto ecosystem has changed over the last decade as industry has anticipated and responded to regulation.

Kamala Harris has proposed taxing 'unrealized capital gains'. What does this even mean?  How would such a tax restructure incentives and market forces?  Is this a good idea, or something you should be worried about?  Find out!

The Gwartney Team takes a break from serious political, philosophical, and economic issues to discuss their favorite movies and why they love them.  Except, it turns out these choices reveal serious political, philosophical, and economic issues...

Continuing our discussion of one of the fathers of Existentialist philosophy, Justin walks us through one of Nietzsche's famous thought experiments.  Nietzsche thought he had found a recipe for living in a way that affirms life.  Did he?

If our society kills God, then what? In this episode, the Gwartney Team explores this question by unpacking the surprisingly prescient views of the famous 19th century German philosopher Nietzche.

In this week's Faith & Economics podcast, the professors talk about the "Is/Ought" problem, a key issue in philosophy. They explain the difference between describing what is (facts) and what ought to be (morals). The discussion also covers how this difference affects our views on ethics, morality, and decision-making in public policy.

The Gwartney team looks at recent political events (an assassination attempt, a party ticket switcheroo), and the conversation quickly turns to the vitriolic nature of our political discourse.  What causes our political debates to be so heated?  Are we headed for turmoil? How can we turn down the temperature?

Not raising the federal minimum wage of $7.25 since 2009 has been one of the best things for the American labor market.  Learn the reasons for this as the Gwartney Economists explain how unemployment rises when the minimum wage is above market wage.  Individual states like Arizona, have minimum wage above the market and are proposing yet another increase this fall from $14.35 to $18.  What predictions can be made on unemployment, labor benefits, labor conditions, small business, inflation and other things we care about?

The Gwartney team looks at recent political events (an assassination attempt, a party ticket switcheroo), and the conversation quickly turns to the vitriolic nature of our political discourse.  What causes our political debates to be so heated?  Are we headed for turmoil?  How can we turn down the temperature?

Historian Niall Ferguson recently published an article about the place of the USA in the global order titled 'We're All Soviets Now'.  What did he mean?  Is he right?  Listen to the Gwartney Team discuss Ferguson's intriguing claims, and let us know if you agree!

Most people use the terms 'uncertainty' and 'risk' interchangeably, but philosophers and economists both agree that these two terms denote very different situations.  Even more importantly, mistaking one situation for the other can be extremely costly.If you're uncertain, know that it would be risky to skip this episode.  Or it might be uncertain?  I forget... 

On June 28th, the Supreme Court struck down the Chevron Doctrine, which as Justin explains: "states that when the law is ambiguous, judges should defer to federal agencies." Join us as the Gwartney team breaks down the reasoning behind the decision and what effects it could have on human choice in the world we live. Timeline: Definition // 1:30 A closer look at the branches of government // 5:00 Effects // 8:00 A brave new post Chevron world (or not)? // 16:30

Join the Gwartney Team to discuss the first Presidential debate.  What was most surprising?  What does the election look like going forward?  

People disagree about whether particular acts are moral or immoral.  But there is a deeper disagreement lurking, which is a disagreement about the fundamental nature of morality itself, and this is a disagreement that Justin claims is currently playing out in contemporary philosophy.        So, what is morality, and why should we care?