The Great Antidote

Send us a textIn this special episode of The Great Antidote, Amy Willis of Liberty Fund takes the mic to interview Juliette Sellgren, the voice behind the show. Together, they reflect on the evolution of the podcast—from its early days to the hundreds of guests it has featured—and how Juliette herself has grown in the process.They talk about what it means to foster curiosity, how Juliette approaches reading (and recommends you do, too), and what makes for a great question. They also discuss the future of the podcast, the future of Juliette, and how The Great Antidote continues to explore the ideas of liberty and flourishing through meaningful conversation.We explore questions like:What have been the most surprising lessons from interviewing economists, philosophers, and thinkers about liberty?How has Juliette's own worldview changed since the podcast began?What is her approach to reading—and how does it fuel her curiosity?If she could have dinner with any past guest (or figure), who would it be?Juliette Sellgren is the creator and host of The Great Antidote, a podcast by Liberty Fund that explores the ideas, institutions, and people behind a free society. She's a researcher, writer, and lover of questions whose work bridges classical liberal ideas and public conversation.Whether you're a longtime listener or just tuning in, this behind-the-scenes episode offers an honest, reflective look at the voice behind the mic—and what's next.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWhat happens when people stop trusting rules—and start rewriting them?In this episode, we are joined by economist Edward Lopez about the life and legacy of James M. Buchanan, the Nobel Prize-winning founder of public choice economics. We begin by unpacking Buchanan's biography and intellectual roots: what shaped his worldview, who influenced his thinking, and why his work remains foundational to understanding government, rules, and freedom.From there, we dive into the rich ideas in The Limits of Liberty—a dense but powerful book in which Buchanan asks: How can free individuals live together without descending into chaos or coercion? Lopez shares with us Buchanan's key questions, his analytical framework, and the underlying principles that guide his work—especially his emphasis on rules, consent, and the boundaries of state power.We explore questions like:Who was James Buchanan, and why does his work matter today?What makes Buchanan a “consummate Smithian” and a classical liberal?What are the central ideas in The Limits of Liberty—and why are they still so relevant?How does public choice theory reshape how we understand politics, institutions, and individual freedom?Edward Lopez is a professor of economics and the BB&T Distinguished Professor of Capitalism at Western Carolina University. He directs the Center for the Study of Free Enterprise and is the past president of the Public Choice Society. His work focuses on the intersection of law, economics, and political processes, especially in the tradition of public choice and constitutional political economy.If you've ever wondered what holds free societies together—or what happens when the rules start to break—this episode is for you.Want to explore more? Intellectual Portrait Series: A Conversation with James BuchananPierre Lemieux, Lessons and Challenges in The Limits of Liberty, at Econlib.Randy Simmons on Public Choice, a Great Antidote podcast.Sandra Peart on Ethical Quandaries and Politics Without Romance, a Great Antidote podcast.Edward Lopez, Socialism from the Bottom Up: Where Lawson and Powell Meet Hayek and Buchanan, at Econlib.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWhat makes some states thrive while others trap people in place? And what does it really mean to be free to move, grow, and flourish?In this episode, I talk with economist Justin Callais about the deep connections between personal fulfillment, economic mobility, and institutional quality. We begin with the personal: why real change starts internally, and how self-mastery and agency are prerequisites for meaningful, external progress. Then, we zoom out to ask: what kinds of systems make it easier for people to rise?We explore questions like:What is economic mobility—and what does it look like in practice?Why is Utah the top-performing states on the Archbridge Institute's Social Mobility Index, while Louisiana lags behind?How do factors like governance quality, opportunity, and freedom of movement shape people's life outcomes?What role do individuals, institutions, and state policies play in promoting (or restricting) upward mobility?Justin Callais is the chief economist at the Archbridge Institute. He studies development economics, polycentric governance, and the institutional roots of freedom and flourishing.If you've ever wondered why where you live matters—or what it takes to build a society where people can truly move up in life—this conversation is for you.Want to explore more?James Heckman on Inequality and Economic Mobility, an EconTalk podcastRaj Chetty on Economic Mobility, an EconTalk podcastArnold Kling, The Kids Are...Different, at EconlibKerianne Lawson on Equal Economic Freedoms, a Great Antidote podcastJeremy Horpedahl on the Real Cost of Thriving Index, a Great Antidote podcastSupport the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textRemember the Amazon HQ2 frenzy? When nearly every U.S. state competed to become Amazon's next home, offering billions in tax breaks and incentives? I do — I grew up right next door to Crystal City, Virginia, the site Amazon ultimately chose.In this episode, I talk with economist Peter Calcagno about targeted economic incentives—the controversial policy tool that fueled the Amazon HQ2 bidding war and countless other corporate deals.We explore questions like:What are targeted incentives?Do they actually create economic development and job growth?Why do politicians favor targeted incentives over other tools?Who wins—and who loses—when states compete this way?Peter Calcagno is a professor of economics at the College of Charleston and director of the Center for Public Choice and Market Process. He's also a fellow at the American Institute for Economic Research, where he studies public choice theory and fiscal policy.If you've ever wondered whether government subsidies for big business pay off—or if they just create unfair advantages—this conversation is for you.Want to explore more?Peter Calcagno, Follow the Money, at EconLog.Russell Sobel, Who Really Gains from Billions in Economic Development Incentives? at Econlib.Lauren Heller, Prosperity Without a Price Tag, at EconlibRandy Simmons on Public Choice, a Great Antidote podcast.Art Carden, From Here to Serenity: How Public Choice Makes Me Less Cynical, at Econlib.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWhat if modern economics has overlooked what truly makes us human?In this episode, Bart Wilson joins us to explore humanomics—an approach to economics that reintroduces meaning, culture, and moral judgment into how we understand economic behavior.We talk about how economists miss the mark by assuming too much about how rational we really are—and too little about what it means to be human.Wilson shares insights from his experimental work with non-human primates, showing how comparing monkey behavior to human decision-making can reveal deep truths about markets, cooperation, and fairness.We explore big questions all economists should grapple with: What is humanomics, and how does it challenge traditional models? What makes human goals different from animal instincts? Can monkeys and other animals help us understand moral behavior in economics?Bart Wilson is a professor of Economics and Law at Chapman University and the Director of the Smith Institute for Political Economy and Philosophy. He is the co-author (with Vernon Smith) of Humanomics and the author of Meaningful Economics. His research spans experimental economics, moral philosophy, and decision-making in both humans and non-human primates.Join us for a wide-ranging and thought-provoking conversation about the future of economics, human nature, and what monkeys can teach us about meaning.Want to explore more?Maria Pia Paganelli, "Humanomics: Moral Sentiments and Wealth of Nations for the Twenty-First Century," at Econlib.Vernon Smith on Markets and Experimental Economics, an EconTalk podcast.From the Shelf with Arnold Kling: Bart Wilson, Jack Hope, and Chris Martin, a discussion of Nichaol Raihani's The Social Instinct.Charles Noussair on Experimental Economics and Testing Institutions, a Great Antidote podcast.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWhat is it like to grow up under a dictatorship? The speakers of The Dissident Project don't have to wonder — they've lived it. And they've escaped.In this episode, Grace Bydalek joins us this week to discuss her work with The Dissident Project, which brings survivors of authoritarian regimes into American high schools to share their powerful, firsthand stories. From Cuba and Venezuela to Russia and beyond, these voices bring the reality of life without freedom into the classroom.We talk about why these stories matter — especially for students who may never have questioned their own liberties. Why high schoolers? Why now? And does this kind of civic education actually make a difference?Join us for a moving and timely conversation about freedom, resilience, and the importance of living for something larger than yourself.Grace Bydalek is the Director of The Dissident Project, an initiative of the nonprofit Young Voices dedicated to educating American students about the dangers of authoritarianism. She is also a visiting fellow at the Independent Women's Forum, a ministry apprentice at Redeemer Presbyterian Church in New York City, and is currently pursuing a master's in theology. Oh — and she's also an actor.Want to explore more?Daniel DiMartino on Life in Venezuela and Immigration, a Great Antidote podcast.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textRyan Streeter is the executive director of the Civitas Institute at the University of Texas at Austin. Today, he tells us about his time in the intersection of think tanks, government, and academic communities. We talk about cities, the importance of mobility and growth, how to foster those characteristics, skepticism of government, and living in and creating a community that fosters social cohesion and critical thinking. Want to explore more?Alain Bertaud on Urban Planning and Cities, a Great Antidote podcast.Raj Chetty on Economic Mobility, an EconTalk podcast.Scott Winship on Poverty and Welfare, a Great Antidote podcast.Charles Murray on Dignity and the American Dream, a Future of Liberty podcast.Jeremy Horpedahl, Americans are Still Thriving, at Econlib.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWe've talked about objectivism before on the podcast, but that was fairly introductory. Today, for the first time ever, I host two guests on the podcast to discuss the limitations of objectivism and where it fails to depict the good life. We talk about how they got interested in Rand's thought, how they philosophically dealt with works that were mostly fiction, and where their philosophy, individualistic perfectionism, diverges from Rand's and fills in some important blanks. Den Uyl is a resident scholar at Liberty Fund, and Rasmussen is a professor emeritus in philosophy at St. John's University and senior affiliated scholar at the Center for Economic Inquiry at Creighton University. Together, they have written extensively on the subject, including editing a collection called The Philosophic Thought of Ayn Rand. They've written a lot on the topic at the Journal for Ayn Rand Studies. Den Uyl has a book on the subject, titled The Fountainhead: An American Novel.Want to explore more?Jennifer Burns on Ayn Rand and the Goddess of the Market, an EconTalk podcast.Timothy Sandefur on Freedom's Furies, a Great Antidote podcast.Caroline Breashears, Adam Smith, Ayn Rand, and the Power of Stories, at Econlib.Craig Biddle on Philosophy and Objectivism, a Great Antidote podcast.Dianne Durante on Innovations in Sculpture, a Great Antidote podcast.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textJoin us today for a fun conversation about all things government, UK and US, with Lord Daniel Hannan of Kingsclere! Lord Hannan is a member of the House of Lords. Today, we talk about how the U.K.'s legislative is structured, what is up with executive power, the importance of the West and cohesion on the freedom front, and the idiocy of tariffs. Want to explore more?Yuval Levin on Burke, Paine, and the Great Debate, an EconTalk podcast.Phillip Klein on Fight Club Conservatives versus Disney, a Great Antidote podcast.Robert Higgs, Government Growth, in the Concise Encyclopedia of Economics.Troy Senik on Grover Cleveland, a Great Antidote podcast.Is There a Role for Monarchy in a Free Society? A Liberty Matters forum at the Online Library of Liberty.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textBob Ewing is the founder of the Ewing School and hosts a Substack called Talking Big Ideas (go check it out). He has also gifted me most of the great books that I've read. Today, we talk about how he got started and how many of the great lessons in life are learned. We talk about counter-intuitive ideas, how to find the answers to them, and how to effectively communicate them. He talks to us about kettle bells and quotes (almost) every great author under the sun. Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWe talk a lot about civil society and the importance of local, communal networks which hold us up when we're down and inspire us to be good, striving members of society. But what does that actually look like? How do civil institutions get build, and what does it take?  Today, I'm excited to welcome Rachel Ferguson to the podcast. She is the director of the Free Enterprise Center at Concordia University in Chicago and an affiliate scholar at the Acton Institute. She is the president of the board at Love the Lou, a neighborhood stabilization project which we are talking about today.  Join us for an honest and inspiring conversation about why civil society matters, how it is built, what threatens it, and what the implications of civil society (or the lack thereof) are on the ground. How do institutions we speak of conceptually actually change people's lives, in real and concrete ways? Tune in to find out. Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textJo Jensen is the founder of MovieGoer and she's currently the SVP of Digital and Entertainment Strategy at Touchdown Strategies, a PR firm. and is an Aspen Institute Civil Society Fellow. Since all fellows have ventures over there, she's currently writing a book called America Has a Girlfriend Problem.Today, we talk about the anxiety of my generation and how to unplug, attempting to grow comfortable with discomfort. We talk about how things have changed and how we can become more active, willing to take leaps that will either succeed or teach us fundamentally important lessons. We also talk about her work with growing audiences and relationships. The first step is always caring about others and seeing their potential. Then we move on to talk about America's Girlfriend Problem, addressing the issues which disproportionately affect single women in America today. Kristi Kendall on Human Action and Inspiring Through Ideas, a Great Antidote podcast.Anna Claire Flowers on F.A. Hayek and Social Structures, a Great Antidote podcast. Kerianne Lawson on Equal Economic Freedoms, a Great Antidote podcast.Nicholas Snow, A Gentlemanly Experiment in the "Loose, Vague, and Indeterminate," at Speaking of Smith.Edward J. Timmons, Occupational Licensing, in the Concise Encyclopedia of Economics.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWhat is Universal Basic Income (UBI) and why is it so popular among economists and freedom lovers relative to other types of poverty policy solutions? What does it even mean to “solve a problem” or to “learn” in the social sciences?  Join us today to explore the answers to these two questions and many more. Today, I am excited to welcome on Peter Van Doren to talk about the history of poverty policy and policy debates and the reality about universal basic income. We talk about some pretty conclusive economic studies which highlight the effect of UBI type policies and what to make of them!  Peter Van Doren is a senior fellow at the Cato Institute and the editor of Regulation, a quarterly magazine about applied microeconomics and economic policy issues.Want to explore more?Michael Munger on the Basic Income Guarantee, an EconTalk podcast.Thomas Koenig, Adam Smith, Francis Fukuyama, and the Indignity of the UBI, at Speaking of Smith.Bruce Meyer on Poverty, an EconTalk podcast.Scott Winship on Poverty and Welfare, a Great Antidote podcast.Clark Nardinelli, Industrial Revolution and the Standard of Living, in the Concise Encyclopedia of Economics.Jeremy Horpedahl on the Real Cost of Thriving Index, a Great Antidote Podcast.Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWelcome back. Continuing our ongoing exploration of what it means to be an individual living in a liberal society, today I am happy to host Charlotte Thomas to talk to us about what it means to learn and the importance of the liberal arts.  Join us to find out what it truly means to be “educated” and how to do it. A mix of personal, inspirational, and relatable, Professor Thomas brings her knowledge of teaching in the classroom into our conversation. Of course, rather than simply lecturing, teaching and learning in the liberal arts context means discussing, connecting, and questioning.  Charlotte Thomas is a professor of philosophy and Great Books at Mercer University. She also runs the Association for Core Texts and Courses. She is also the author of “The Female Drama: The Philosophical Feminine in the Soul of Plato's Republic.” Support the showNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textThe most common statistic cited regarding marriage and relationships in the United States is that the 50% of all marriages end in divorce. Another one that is gaining traction is that more Americans than ever before will end up unmarried and alone. Nobody likes these statistics. How did we get from the 60s, hairdos and stay at home moms, to a 50% divorce rate and a high probability of dying alone? Should we care? How do we balance the benefits of modernity – women in the workplace, higher incomes, more interesting jobs – with the benefits of structured families, love, and children?  Today, UVA Professor Brad Wilcox is here to explain to us how we can have both: better economic status and better family life. After all, the highest indicator of long-term happiness, meaning, and satisfaction is close relationships. He is the director of The National Marriage Project and the author of Get Married: Why Americans Must Defy the Elites, Forge Strong Families, and Save Civilization. Want to explore more?Emily Oster on The Family Firm, an EconTalk podcast.Jessica Todd Parker on Beauty, Family, and Photography, an EconTalk podcast.Amy Willis, Could Too Much Division of Labor Be Bad? at Speaking of Smith.Erik Rostad, Friedrich Engels' The Origin of the Family, at Speaking of Smith.Patrick Fitzsimmons, Adam on Polygamy and Kin Networks, at AdamSmithWorks.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textThomas Jefferson was a complicated figure. Essential to the start of our country and the university I attend, he is impossible to ignore. Yet, he held slaves, and at the same time said “all men are created equal.” What's up with that?!Yet, we need to be able to talk about him. We also need to be able to acknowledge the contributions he has made to the world, while also acknowledging the flaws in his character and behavior. His legacy is complicated, and he was a complicated person. We all are. So how do we reconcile these parts of him? Join us in our attempt to understand this. Today, we talk about Thomas Jefferson and his complicated relationship with slavery. Cara Rogers Stevens, professor of history at Ashland University and codirector of the Ashbrook Scholars Program, joins us to talk about this. She is also the author of Thomas Jefferson and The First Against Slavery, which informs much of our conversation.Want to explore more:Read the Complete Works of Thomas Jefferson at the Online Library of Liberty.Hans Eicholz, 1776 and All That: Thomas Jefferson on Adam Smith, at AdamSmithWorks.Darren Staloff on the American Founding, a Great Antidote podcast.Understanding Jefferson: Slavery, Race, and the Declaration of Independence, a Liberty Matters forum at the Online Library of Liberty.Jeffrey Rogers Hummel, U.S. Slavery and Economic Thought, in the Concise Encyclopedia of Economics.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textTrade is all the rage these days. Or, at least, raging about trade is. Today, we unpack what trade and free trade are, and how to talk about it. We also address the abundance of lawyers in trade policy. Douglas Irwin is a professor of economics at Dartmouth College and the author of several books including Clashing Over Commerce and Against the Tide: An Intellectual History of Free Trade.Want to explore more?Douglas Irwin, International Trade Agreements, in the Concise Encyclopedia of EconomicsSamuel Gregg on National Security and Industrial Policy, a Great Antidote podcast.Why Industrial Policy is (Almost) Always a Bad Idea (with Scott Sumner), an EconTalk podcast.Colin Grabow on the Jones Act 2: Treason and Cruises, a Great Antidote podcast.Jon Murphy, Does National Security Justify Tariffs? at Econlib Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a text Today, I am excited to host Anna Claire Flowers to discuss F. A. Hayek and the mesocosmos. The mesocosmos is a fancy way to describe all the social groupings on the spectrum between the extremes of individualism and society. Think families, neighborhoods, farmers markets, firms, and universities. We talk about the importance of characterizing this missing middle piece of social organization and how it can resolve issues than a single individual or government can. She characterizes some of the important aspects of these associations for us. We talk about the family's role in particular, and what benefits it brings to individuals and society. Anna Claire Flowers is pursuing a PhD in Economics from George Mason University. She is a PhD Fellow with the Mercatus Center and a Graduate Fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics for 2024-2025. Want to explore more?Bruce Caldwell on Hayek: A Life, a Great Antidote podcast.Amy Willis, Could Too Much Division of Labor be Bad? at Speaking of Smith.Dan Klein on Hayek and the Band Man, a Great Antidote podcast.Viviana Zelizer on Money and Intimacy, an EconTalk podcast. Profile in Liberty, Friedrich A. Hayek, at Econlib.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWelcome back! Happy New Year! Glad to be back! Come one, come all! Eric Leeper is the Paul Goodloe McIntire Professor in Economics at the University of Virginia. He also is a visiting scholar at the Mercatus Center at GMU. Today, we talk about inflation. He explains to us how inflation theory has evolved and how we forgot about the relationship between the fiscal and monetary sides of the economy.Want to explore more?John Cochrane on Monetary versus Fiscal Policy, A Great Antidote podcast.Leonidas Zelmanovitz, The Boundaries of Fiscal and Monetary Policy, at Econlib.Allen Meltzer on Inflation, an EconTalk podcast.Thomas Hoening on Inflation and the Federal Reserve, a Great Antidote podcast.Maryann Keating, Adam Smith and the Public Debt, at AdamSmithWorks.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textNot often do we find people who make the case for how race, liberty, and equality belong together. Even less often do we find them making arguments in the height of racially and economically troubled times. And EVEN LESS do we find audio clips of them doing so. These people are inspiring. They stand up against the currents of the time to speak their minds, for the benefit of everyone. In doing so, they garner respect and build coalitions across ideological lines, because they have to. We can learn from them and aspire to be like them today.In a really unique episode, I am excited to welcome David Beito to the podcast to talk about Rose Wilder Lane's column, "Rose Lane Says," and how she brought together these three concepts of race, liberty, and equality to make an appealing case for freedom. He shares with us a clip of Lane herself, speaking on these issues. Want to explore more?Timothy Sandefur on Freedom's Furies, a Great Antidote podcast.Nico Perrino on Individual Rights and Free Expression, a Great Antidote podcast.Rachel Ferguson on Black Liberation Through the Marketplace, a Great Antidote podcast. Alice Temnick, Prudence on the Prairie, at Speaking of SmithMustafa Akyol, Liberty Was Islam's First Call, at the Online Library of LibertyNever miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textAdam Smith was a man who read the Stoics. He liked them, too, talking them up in The Theory of Moral Sentiments, particularly in the section on grief. Then he lost two of his closest relations (old timey, right?), David Hume and his mother. These world-shaking events caused him to reevaluate what he said about grief in TMS and change our interpretation of his commentary on grief.So what did he say about grief before, and how did the actual experience of grief change his mind? How does grief work, and how do we get through hard times? How do art and philosophy play different roles in the human experience?Today, I'm excited to welcome Liberty Fund's Sarah Skwire back to the podcast. She is a Senior Program Officer there, and a resident scholar on people-who-thought-things-and-wrote-things. I truly enjoyed this conversation and I hope you do too! Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textThis year's Nobel Prize winners in economics are Daron Acemoglu, Simon Johnson, and James Robinson, who wrote on the importance of inclusive institutions to economic growth. But what on earth are ‘inclusive institutions' and how do they differ from exclusive ones?Inclusive institutions are norms, either written or unwritten, about things like property rights, democracy, and the rule of law. But what other institutions are important to economic growth, if there are others?Some of this year's winners endorse a strong antitrust regime. How do you reconcile the importance of property rights to growth with a desire to limit and take down companies built upon those rights?At the time this episode was recorded, everyone in economics was talking about the Nobel Prize, both this year's winners and their research. But what other economists (and their work) should we be looking to? Today, I am excited to welcome David Henderson back to the podcast. Henderson is the Wall Street Journal's go-to writer when it comes to the Nobel in economics and an Emeritus Professor of Economics at the Naval Postgraduate School and a research fellow with the Hoover Institution at Stanford University. His substack is titled I Blog to Differ, so go check it out! He answers questions just like these in our interview, so tune in to hear the answers!!Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textPicture a policy conversation, perhaps in Washington, about national security. Who's sitting around the table? It might be the President, national security advisors, military personnel, or generals, but not economists. And yet, national security is often used as a reason to intervene into the economy. At the mention of national security, it seems economists often shut their mouths and run away (or hide under a rock, or something). But why? How should economists think about and engage with concerns about national security? Today, the wonderful Sam Gregg joins us to talk to us about industrial policy and national security. He is the author of The Next American Economy and he is the Frederick Hayek Chair in Economics and Economic History at the American Institute for Economic Research.He explains how national security is often used as a justification for industrial policy, and how industrial policy actually harms both national security and economic strength. Join us to hear about the economic policy that improves national security!!Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textHow do you teach about a man who does not fit neatly into a box? Hayek is one such man, and today, we tackle the difficult task of putting him in a box. We conclude that we cannot put someone like F. A. Hayek into boxes such as “economist” or “philosopher” or “political theorist”, because he did it all. How and when do you teach the ideas of a man who did it all? I'm excited to welcome Tawni Hunt Ferrarini to the podcast today to talk to us about teaching Hayek and his most important ideas. Ferrarini is a co-author of Common Sense Economics and an economic educator worldwide. We go through multiple ideas of in-class examples and places his thought could be applied in the context of modern education. Keep listening to hear me talk about how I, Pencil is scary. Want to explore more?Explore the Common Sense Economics website.Tawni Hunt Ferrarini, Real Life Economics: Rational or Complex, at EconTalk.Ryan Yonk on the China Dilemma, a Great Antidote podcast.Come explore Hayek with us in these two upcoming Online Programs led by Dr. Ferrarini:A Timeless [asynchronous] discussion, October 28-November 3 in the LF Portal.Dive Deep into Hayek's "Use of Knowledge in Society," a one session Virtual Reading Group, November 13th.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textIt's often said that if you want to get to know someone, you should look through their garbage. Now, I don't recommend this method of getting to know someone (it's kind of gross). But biographers often have the luck of getting to know the people they study by looking through their stuff- that stuff not being actual garbage. For example, Bruce Caldwell spent time with Hayek's skis and botanical photographs. You might be thinking, why do I care? Why does anyone care? Hayek didn't even write about skiing or photography! That's exactly the point: the minutia of life, those characteristics that are seemingly irrelevant to the output of an academic can give insight into their uniqueness. Hayek's context, his family, and youth and involvement in certain political parties, shines a light on what, why, and how he thought, which helps us to better understand him and his ideas. Join me today in conversation with Bruce Caldwell, one of Hayek's biographers, to explore the context of Hayek and what it means to be a biographer. Caldwell is a research professor of economics at Duke where he is the Director of the Center for the History of Political Economy. He is also the co-author of the book Hayek: A Life, among other works. He also believes Santa Claus exists (stay tuned to hear why!). Want to explore more?Don Boudreaux on the Essential Hayek, a Great Antidote podcast.Bruce Caldwell on Hayek, an EconTalk podcast.Rosolino Candela, Using Reason to Understand the Abuse and Decline of Reason, an Econlib Liberty Classic.Peter Boettke, Hayek's Nobel at 50, at EconLog.Peter Boettke, Hayek's Epistemic Liberalism, in Liberty Matters at the Online Library of Liberty.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textThe title of this episode might confuse you: what on earth do Adam Smith and F. A. Hayek have to say about social justice? A surprising amount, given how much we talk about it!Smith makes a big point of critiquing men of pride and vanity. What happens when those ultimately negative aspects of humanity go too far, into the territory of what he calls “domineering”? What happens when small acts of domination are aggregated throughout a society? So here we are, talking about slavery, Jim Crow, and the civil rights movement, through the lens of Hayek and Adam Smith. Our tour guide on this perilous journey towards the implementation and understanding of justice is the wonderful Jacob Levy.  Levy is the Tomlinson Professor of Political Theory at McGill University. He is also the coordinator of the research group on Constitutional Studies at McGill. Want to explore more?Jacob Levy, Rationalism, Pluralism, and the History of Liberal Ideas, a Liberty Matters symposium at the Online Library of Liberty. Don Boudreaux on the Essential Hayek, a Great Antidote podcast.Steven Horwitz, Spontaneous Order in Adam Smith, at AdamSmithWorks.Dan Klein on Adam Smith's Justice, a Great Antidote podcast.Rosolino Candela, Private Property and Social Justice: Complements or Substitutes? at Econlib.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textThe month of October 2024 marks the 50th anniversary of F. A. Hayek winning the Nobel Prize. Winning such a prize is obviously a big deal, but someone wins one every year, so what's the big deal about this guy? Well. Hayek's contributions to the field of economics are significant because they spoke to more than simply economics. Spontaneous order, price signals as information, and the pretense of knowledge all might come to mind, but they might not. (Maybe you're new to this! If so, helloooo there!) These concepts branch into philosophy, social structure, and the nature of the human mind. Stick with us to learn the depths and beauty of Hayekian thought, in the first of this series! Want to explore more?Profile in Liberty: Friedrich A. Hayek, at Econlib.Don Boudreaux on Reading Hayek, an EconTalk podcast.Elaine Sternberg, The Power and Pervasiveness of Spontaneous Order, at Econlib.Nicholas Wapshott on Keynes and Hayek, an EconTalk podcast.Hayek and Spontaneous Orders, at the Online Library of Liberty.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a text Do you ever take a moment to think about the fact that Americans, the people of the land of the free, spent 13 years under Prohibition? Did you know that Americans used to seriously “drink like a fish”? And no, I'm not talking about fraternity men in college. I'm talking about everyone, everywhere, from George Washington's parties to lunchtimes in the manufacturing factories (until Henry Ford put a stop to it, you know, for efficiency purposes). Then Prohibition happened. What were the forces that drove Prohibition into existence? Our first and only constitutional amendment to be repealed, what was so severe about America under prohibition that it only lasted 13 years? How did a guy smuggle whiskey into America in an egg carton? All that and more on this episode with Wabash College Professor Nicholas Snow. Tune in! Want to explore more?Read John Alcorn's 2019 series on prohibition of all kinds at EconLog.Daniel Okrent on Prohibition and his Book, Last Call, an EconTalk podcast.Lysander Spooner, Vices are Not Crimes. A Vindication of Moral Liberty, at the Online Library of Liberty.Randy Simmons on Public Choice, a Great Antidote podcast.Sandra Peart on Ethical Quandaries and Politics Without Romance, a Great Antidote podcast.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textWhat does it actually mean to run a think tank, to create harmony within an office building full of idea-confident folk? Some have called the think tank a monastery, some have called it an academic social club, and some have even called it a policy incubator. What truly is it and how on earth do you lead one? Leading a think tank is a multifaceted job, because you have your own scholarship to do too. Today, I'm excited to welcome the president of AEI, Robert Doar, to the podcast for a similarly multifaceted conversation. Doar talks to us about his work on poverty and, more recently, the Nixon impeachment, as well as his job as the president of AEI. Stay with us till the end to hear us talking about our favorite books! Want to explore more?Daniel Rothschild on Liberalism and Think Tanks, a Great Antidote podcast.Yesim  Sayin on the DC Life and Policy, a Great Antidote podcast. Undivide Us: Ben Klutsey on Exploring and Confronting Polarization, a Great Antidote podcast.Max Borders, Can We Have Welfare Without the Threat of Violence? at Econlib.Richard Gunderman, Joy in Economics...And Tolstoy? at Econlib.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textEven though I hope you've been avoiding the election news like I have (as you would the plague), admittedly, it's hard to do. It's like someone is blasting it outside your window at 5 AM. Or like a billboard outside your front door that you can't help but see every time you step outside. Bummer.  Fortunately, AEI's wonderful Yuval Levin joins us today to talk about the remedy to the plight of election season and America's recent malaise (not to echo Jimmy Carter…): the American constitution. Now, I know, you might be rolling your eyes and thinking “Those classical liberals are at it again, always talking about the founding…” But seriously. Remembering and embracing the spirit upon which America was founded—one of intellectual and political dynamism—is key to striking the balance between life, politics, and disagreement that has felt so off-kilter recently. Levin is the director of Social, Cultural, and Constitutional Studies at AEI, as well as the founder and editor of National Affairs. He recently released the book American Covenant, which we are talking about today. Join us today for a livelier, timelier version of what you learned in your 7th-grade civics class. Want to explore more?How the Constitution Can Bring us Together, an EconTalk podcast with Yuval Levin.Yuval Levin on a Time to Build, an EconTalk podcast.Darren Staloff on the American Founding, a Great Antidote podcast.Christy Lynn Horpedahl, A Skeptic's Guide to the Perfect Commonwealth, at Speaking of Smith.Understanding Jefferson: Slavery, Race, and the Declaration of Independence, a Liberty Matters Forum at the Online Library of Liberty.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textGrowth is essential to human life. Always has been, always will be. From the moment we are born, we grow, and we continue to throughout our lives, whether that is physically, mentally, or otherwise. Societies grow too.But what is growth? Real growth is replicable, durable, and sustainable (and not in the sense that immediately comes to mind). Your seven-year-old doesn't shrink back down after she grows an inch. It might happen when she's ninety, but that's gravity (and don't you think she's had a good run at this point? We should accept that it's ok to have a growth recession every now and again). So how have intellectuals conceptualized the growth of societies, environments, and economies over time? And how should we think about growth? The wonderful Henry C. Clark joins us on the podcast today to answer these questions and more. He is the program director of the Political Economy Project at Dartmouth College and the author of several books including the newly released The Moral Economy We Have Lost: Life Before Mass Abundance. Go check it out!Want to explore more?Henry Clark on the Enlightenments, a Great Antidote podcast.Pierre Desrochers, From Prometheus to Arcadia: Liberals, Conservatives, the Environment, and Cultural Cognition, at Econlib.Robert Pindyck on Averting and Adapting to Climate Change, an EconTalk podcast.Sandra Peart and David Levy, Happiness and the Vanity of the Philosopher: Part1, at Econlib.Deirdre McCloskey and Economists' Ideas About Ideas, a Liberty Matters forum at the Online Library of Liberty.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a textSome questions are hard to ask. Some questions you don't want to ask. Some questions are hard for you to hear the answers to. Like, how do you tell someone, politely, that they eat with their mouth open? Between a rock and a hard place, you know you gotta do it. You really don't want to, but you know you can't stand to watch it anymore either.Candace Smith is a wonderful teacher of etiquette and the creator of the Etiquette: For the Business of Life blog. Her philosophy on the importance of etiquette is that if the world was a little more polite, that we'd live in a much kinder world. Join us today for a conversation about how to make that change in your life and community today! Want to explore more?Candace Smith, Etiquette and Adam Smith, at Speaking of SmithDan Klein on Smith: Self-Command, Pride, and Vanity, a Great Antidote podcast.Leonidas Montes, The Importance of Self-Command, at AdamSmithWorks.Sarah Skwire, The Science of Dining, at the Online Library of Liberty.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.What does it mean for something to be ESG when two of those words are adjectives and one is a noun? I mean think about it. “Environmental, social, and governance” doesn't really describe anything. It's also a good example of cacophony. So can someone please explain what it means? Today, luckily, Paul Mueller, senior research fellow at the American Institute for Economic Research, comes to my rescue. He explains what ESG means and how it relates to CSR (corporate social responsibility, ESG's more comprehensible predecessor). He answers a question that's been plaguing me forever, which is, why are free marketeers generally against these types of movements, even though they are private endeavors? Want to explore more?Paul Mueller, A Short Guide to ESG, at AIER.Paul Mueller, ESG Puppeteers, at AIER.Dwight R. Lee, Corporate Social Responsibility: The Seen and the Unseen, at Econlib.David Henderson, ESG Feeds Inflation, Hurts Economic Growth, at Econlib.Read the entry on Corporate Governance in the Concise Encyclopedia of Economics. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.What's in a price? Good question. How can you be “enslaved” to something like a price, to something that doesn't eat, sleep, or breathe? Good question. What does it mean to wage a war against this inanimate enslaver? Good question. Join me today with Ryan Bourne, the R. Evan Scharf Chair for the Public Understanding of Economics at the Cato institute. Bourne paints a picture of a bloodless yet economically catastrophic war. It's one which leaves us vulnerable as the weapons of the market (dollars) diminish in our pockets (inflation) and the state of war (price controls) depletes the quality and quantity of our conquests (market interactions) until they are vastly inferior to the opposition's (free markets). Want to explore more?Russ Roberts, Where Do Prices Come From? at Econlib.Michael L. Davis, Price Gouging is Fine, but Humans are Better, at Econlib.Michael Munger on John Locke, Prices, and Hurricane Sandy, an EconTalk podcast.Rosolino Candela, Can Price Controls Fight Inflation? at Econlib.Michael Cannon on Prices and Health, a Great Antidote podcast.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Michael Cannon is the Cato Institute's director of health policy studies and it is his third time on the podcast. He has been on The Washingtonian's list of most influential people for four years in a row. Today, we talk about why people think the American healthcare system is “free market” and the role of prices in determining health outcomes--- and how unfettered markets improve the lives of everyone in need of healthcare. He tells us about the ways government intervention, like patchwork, distorts and attempts to undistort prices, and how it leaves us all worse off. He leaves us with a bit of hope though, so tune in for a sunbeam of optimism in the thundering sky of our health policy landscape! Want to explore more?Michael Cannon on Medicare, a Great Antidote podcast.Michael Cannon on Employer-Sponsored Healthcare, a Great Antidote podcast.Keith Smith on Free Market Healthcare, an EconTalk podcast.Explore all the EconTalk episodes on healthcare. There are a lot! Richard McKenzie and Katherine Shelton, How Free-Market Kidney Sales Can Save Lives- and Lower the Total Cost of Kidney Transplants, at Econlib.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Charles Noussair is the Eller Professor of Economics at the University of Arizona and the Director of the Economic Science Laboratory. He also serves as the President of the Economic Science Association. Today, we talk about experimental economics, how it complements other types of economic research, and how economic experiments are conducted. He tells us about a recent macro experiment that tests institutions for growth and welfare, such as electoral systems, political speech, and corruption. He explains the difference between extractive and inclusive economic institutions. Finally, he explains how experimental economics applies to everyone's lives, not just to economists.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Sandra Peart is a Distinguished Professor of Leadership Studies and the President of the Jepson Scholars Foundation at the University of Richmond, as well as a coauthor of Towards an Economics of Natural Equals: A Documentary History of the Early Virginia School, with David Levy. She is also a distinguished fellow of the history of economics society. Today we talk about the importance of humility in discussing important ideas in addition to the importance of asking the right questions, ethical questions. She leads us through the intellectual landscape of the 60s, post World War II, and the birth of the Virginia School of Economics, which was intent on asking important questions about humanity and the nature of equality. We talk about James Buchanan, Warren Nutter, Gordon Tullock, and their influences such as Adam Smith and Frank Knight. We talk about how public choice and experimental economics both critique and improve the field of economics. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Daniel Di Martino is a PhD candidate in Economics at Columbia University and a graduate fellow at the Manhattan Institute—where he focuses on high-skill immigration policy he also founded the Dissident Project to teach high school students about the evils of socialist regimes. Today we talk about his life in Venezuela and the economic realities he faced growing up, particularly inflation and shortages. He explains how poor institutions, even democratically elected ones, can turn a trusting and prosperous society into a mistrusting and thieving one (watch out ladies, they'll even steal the hair from your head). We talk about the incentives involved in immigration policy and the immigration situation in places like New York City and Miami today. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Anne Bradley is an economics professor at the Institute of World Politics and the Vice President of Academic Affairs at The Fund for American Studies. Today, we talk about the political economy of terrorism: what terrorism is, what makes a terrorist, and what the war on terror does to attempt to prevent terrorism. We talk about how economics is uniquely positioned to pose questions and find answers about this area usually dominated by those studying defense and international relations, and how the human element of economics informs her framing of the issue. Want to explore more?Anne Rathbone Bradley, The Economics of al-Qaeda, at Econlib.Gary Shiffman on the Economics of Violence, an EconTalk podcast.Robert P. Murphy, Ensuring- and Insuring- Air Security, at Econlib.Chris Coyne on Manufacturing Militarism, a Great Antidote podcast.Kristi Kendall on Human Action and Inspiring Through Ideas, a Great Antidote podcast.Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Craig Richardson is a professor of economics at Winston-Salem State University, and the director of the Center for the Study of Economic Mobility there. Today, we talk about a ton of things, from a breakdown of compelling narratives to magic. He tells us why Elizabeth Warren is more interesting to listen to than economists, although she doesn't understand economics as well as economists do. We talk about the importance of relationships and trust in society, from multinational corporations and small towns to the communication of big ideas. We talk about the lack of awe and magic in economics and communication, and he explains why bringing back the *wow* factor will help us personally and professionally. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Dan Klein is a professor of economics at George Mason University. Today, He talks to us about another of Smith's great ideas: self-command. We discuss what the difference between command and control is, and how its important in today's society. He describes the pride man and the vain man, including details such as their reactions to unwanted estimation (usually bad, not valuing them as they value themselves or want you to value them). We discuss whether Adam Smith is a reason-oriented philosopher. This episode is jam-packed, so check it out! Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Katherine Mangu-Ward is the editor-in-chief of Reason: the Magazine for Free Minds and Free Markets. Today, we talk about what it is like to be an editor-in-chief and what that job description actually entails. She talks to us about the recent AI issue of Reason, in which they grapple with the big questions regarding the future of AI, what the valid concerns are, and what the less valid concerns are. We talk about how "tech bros" are responding to AI fears and whether being optimistic for the future has a place in this discussion. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message.Ryan Yonk is a Senior Research Faculty at the American Institute for Economic Research where he is the director of the Public Choice and Public Policy Project. He is also a co-author of The China Dilemma: Rethinking US-China Relations Through Public Choice Theory, with Ethan Yang. Today, we talk about the book and how to apply public choice thinking to a topic like international relations, and how it diverges and critiques the mainstream thought on this topic. He gives us examples and breaks down how this analysis can help US policy makers and citizens think about China. I ask him if he is optimistic or cynical about the future of US-China relations. His response might shock you, so tune in to find out! Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Send us a Text Message. Erik Matson is a senior research fellow at the Mercatus Center at George Mason University and the Deputy Director of the Adam Smith program. He recently released a new book, New Paternalism Meets Older Wisdom: Looking to Smith and Hume on Rationality, Welfare, and Behavioral Economics. Today we talk about paternalism, and how new paternalists differ from classic paternalists and how this arose. We talk about the difficultly of knowing one's own preferences and how important freedom and choice are to the discovery of the good life and how to obtain it. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Alice Temnick joins us today on The Great Antidote. She is an IB economics teacher at the United Nations International School in Manhattan and is an education consultant for Liberty Fund's Adam Smith Works. We continue a previous conversation on Adam Smith, this time exploring his time at Glasgow and his Lectures on Rhetoric and Belle Lettres, lectures from his time there. We talk about why he left the University and the ways that we as modern day learners benefit, but how it impacted his students at the time. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Russell Sobel is a Professor of Economics and Entrepreneurship at the Baker school of Business at The Citadel and he just put out a new book with the Fraser Institute, The Essential Joseph Schumpeter. He has also written an introductory economics textbook and many, many papers on the economics of entrepreneurship. Today, we talk about what an entrepreneur is, what institutions ---both cultural and governmental --- uplift entrepreneurs, and why we want more entrepreneurs. He explains the work of the economist Joseph Schumpeter, walking us through his views on entrepreneurship to his pessimistic view that capitalism necessarily ends in socialism. We talk about ways to prevent that, if indeed we are on that path. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Byron Carson is an associate professor of economics and business at Hampton-Sydney College in Virginia. He is also the author of a recently published book, Challenging Malaria, which we talk about today. He explains to us what malaria is and the different ways that individuals and private interests responded to it before the invention of pesticides. We talk about why it is so difficult for larger groups to respond quickly and how individuals moving towards an emergency solution can align with societal interests. He gives examples of private malaria prevention action and private COVID prevention action, giving us insight into how we as members of our communities can solve problems held up by collective action. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Matt Mitchell is a senior fellow in the Center for Economic Freedom at the Fraser Institute and senior research fellow at the Knee Regulatory Research Center at West Virginia University . Today, we talk about what socialism really means and what it meant for a country like Estonia, which was first occupied by Hitler and then Stalin. He tells us about what life under occupation was like and how Estonia broke away from socialism. Join us for stories of oppression, cultural resilience, and to hear what makes real the realities of socialism. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Kristi Kendall is the director of Undivide Us, a documentary about political polarization in America, what it does to us, and how to fix it, along with many other productions. Today, we're going to be talking about what's in a documentary, or film generally, that makes it so moving, especially with members of my generation. We talk about  Ludwig von Mises's human action model, and how it's actually applicable to inspiring action in media. We discuss how to inspire and make our communication relevant to audiences, and how audiences have changed over time. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Stan Veuger is a senior research fellow at the American Enterprise Institute, with a myriad of different research areas including the political situation in the Netherlands, which he's written about at The Unpopulist, and the “Implications of Cannabis Legalization for the U.S. Federal Budget”, a paper which he wrote with Alex Brill and Brian J Miller for AEI. Today, we talk about both. He explains not only the Dutch political situation, but the differences between Dutch populism and populism elsewhere. We talk pros and cons about the American system versus parliamentary systems of government and their ability to get us to the correct political outcome. Then we pivot to cannabis, talking about what the costs of legalization are and correcting the record of what's to come on the road to legalization. We talk trade, healthcare, and more, Veuger explaining to us the different ways legalization could cost the government- and as a result, taxpayers- in the future.  Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Giandomenica Becchio is a professor of economics and the history of economic thought at the University of Torino. Today, she tells us about feminist economics and why it's an important criticism of neoclassical economics. Without understanding the role of typical gender and family roles, we cannot correctly understand or think about the true division of labor between genders in the workforce and in the home. She talks to us about how to measure these statistics, the history of the field, and the differences between types of feminists. We later discuss how to account for religion or other cultural preference-shaping institutions in measuring what equality looks like. She tells us about her favorite feminist economist, Barbara Birdman. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.