Podcasts about keynes

US President Donald Trump wants to use tariffs as part of a plan to save the dominance of the dollar as the global reserve currency. His top economic advisor Stephen Miran outlined the Trump administration's strategy to force other countries to pay the USA to maintain its imperial financial and military order. Ben Norton explains the idea behind the hypothetical "Mar-a-Lago Accord". VIDEO: https://www.youtube.com/watch?v=VnajhDMAWVA Topics 0:00 Trump's top economic advisor 0:42 Trump wants to save dollar hegemony 1:04 (CLIP) Trump on US dollar 1:21 Dedollarization 2:01 BRICS 2:46 (CLIP) Trump threatens BRICS 3:15 Tariffs 3:50 Bretton Woods system 4:38 Keynes' Bancor proposal 5:07 US exorbitant privilege 5:39 Nixon shock, gold standard, petrodollar 6:43 Financialization 7:35 Billionaires 8:01 Deindustrialization 8:10 Current account deficit 8:33 Trump advisor Stephen Miran 9:17 Overvaluation of US dollar 10:30 Stephen Miran's plan 11:16 Mar-a-Lago Accord 12:59 Economic nuclear war 14:07 Trump admin's goals 15:20 Paying for US empire 17:30 Trump admin's 5 demands 20:25 (CLIP) Sharing costs of US empire 21:13 China 21:32 (CLIP) Decoupling from China 21:55 Hudson Institute 23:58 US financial crisis of 2008 25:42 Manufacturing 26:02 Trump hits China with 104% tariffs 27:23 Economic game of chicken 27:50 Can USA win trade war? 30:04 (CLIP) Miran: US has leverage over China 30:59 China vows "to fight to the end" 32:00 US economic dependence on China 33:00 Chinese exports 34:01 China's top export destinations 34:36 ASEAN is China's top trading partner 35:16 Indonesia 36:08 China is world's top trading partner 36:54 China's trade with Russia 38:34 Can USA reindustrialize? 38:52 (CLIP) "We can make stuff at home" 39:09 Reindustrialization is very difficult 41:40 Trade war will hurt Americans 42:17 Moving taxes from rich to poor 43:15 Do other countries pay US tariffs? 43:34 Dollar falls 44:38 Yield on US Treasury securities 46:10 Mortgage rate spread 46:42 Credit card interest rate 47:14 Interest payments on US national debt 48:37 Backlash on US economy 49:51 Danger of blowback 50:31 Plaza Accord revisited 51:16 Changes in global economy 52:50 China learned from Japan crisis 54:33 Imperial hubris 55:12 Vietnam in a multipolar world 58:07 Outro

Was Keynes a brilliant economist—or the architect of modern socialism? In this explosive lecture, Edward Fuller uncovers the political roots of Keynesian theory and exposes the myth behind its most influential model.The Henry Hazlitt Memorial Lecture, sponsored by Shone Sadler. Includes a welcome by Joseph T. Salerno.The Austrian Economics Research Conference is the international, interdisciplinary meeting of the Austrian school, bringing together leading scholars doing research in this vibrant and influential intellectual tradition. For more information, visit https://Mises.org.

Hvem skal betale for opprusting? Spørsmålet er høyt på dagsorden i dag, men var også et sentralt spørsmål for John Maynard Keynes i hans "How to Pay for the War?". Keynes argumenterte blant annet for viktigheten at kostnaden måtte fordeles sosialt rettferdig. Axel Fjeldavli og Hilde Nagell snakker med Morgenbladet-journalist Maria Berg Reinertsen

From this week's Moneyweek Magazine …Two rumours have been swirling around the gold markets for many years. Some have called them conspiracy theories. Others note that conspiracy theories often prove true. What's the difference between conspiracy and truth? About 30 years.The first is that China has far more gold than it says it does. We actually now know this to be true. The other is that America has far less than the 8,133 tonnes of gold it says it possesses.This rumour has been doing the rounds since 1971, when Peter Beter, a lawyer and financial adviser to former president John F. Kennedy, said he had been informed that gold in Fort Knox had been removed. He went on to write a best-selling book about it: The Conspiracy Against the Dollar.The problem is a total lack of transparency on the part of the US authorities, something that according to current US president Donald Trump, and the head of the Department of Government Efficiency, Elon Musk, will not be the case for much longer.Roosevelt triggers a boomBut to understand this situation we need to go back in time, all the way to 1933, when US president Franklin D. Roosevelt famously devalued the US dollar and revalued gold upwards by 70%, from $20 an ounce (oz) to $35/oz, in order to bolster growth. US gold reserves would increase to unprecedented levels in the next 15 years.Some of the gold came from US citizens. It was now illegal for them to own gold and they had to hand any they owned over to the authorities. Some came from the fact that the government then bought all US mined supply (the upwards revaluation of gold triggered a mining boom) and any gold imported to the US assay office. The US even began buying gold on foreign markets to protect the new higher price.Thus US official holdings in 1939 on the eve of World War II totalled 15,679 tonnes. They would only increase. With Nazi invasions, European nations sent all the gold they could across the Atlantic, either for safekeeping or to buy essential supplies; 1949 saw the high watermark of US gold holdings – 22,000 tonnes, as much as half of all the gold ever mined.In July 1944, with it clear that the Allies were going to win the war, representatives from the 44 Allied nations met at the Mount Washington Hotel in Bretton Woods for the United Nations Monetary and Financial Conference to design a new system of money for the new world order.International accounts would be settled in dollars, and those dollars were convertible to gold at $35/oz. Countries had to maintain exchange rates within 1% of the US dollar. In effect, the US was on a gold standard, and the rest of the world was on a dollar standard.The system relied on the integrity of the US dollar to work, and that integrity was in question, even before the end of the war. The June 1945 Federal Reserve Act reduced required gold reserves for notes outstanding from 40% to 25%, and against deposits from 35% to 25%. Between 1944 and 1954, because of increased supply, the dollar lost a third of its purchasing power, though the $35 Bretton Woods price remained.“Six major European countries,along with the UK, co-ordinated sales to suppress the gold price”US government spending was soaring, and it began running balance of payments deficits – made worse by the costs of foreign aid, America's new welfare systems and maintaining a military presence in Europe and Asia. Gold began leaving the US. By 1965 reserves had fallen by 9,500 tonnes, down 40% from the 1949 peak.Successive US administrations tried to stop the outflow, without success. Dwight D. Eisenhower banned Americans from buying gold overseas, Kennedy imposed the “equalisation tax” on foreign investments, and Lyndon B. Johnson discouraged Americans from travelling altogether. “We may need to forgo the pleasures of Europe for a while,” he said.Fears that the dollar would devalue following the election (won by Kennedy) sent the gold price in London to $40/oz. The Bank of England, in collusion with the Federal Reserve, began increasing gold sales to keep the price down.Thus did the London gold pool begin, with the addition of six major European nations the following year (Belgium, France, the Netherlands, West Germany, Italy and Switzerland), which co-ordinated sales to suppress, or “stabilise”, to use their word, the gold price and defuse unwanted, upward market pressure.But the pool struggled against growing demand. In 1965, an ounce of gold was still $35, but the purchasing power of the dollar had decreased by 57% from 1945, while gold reserves had also fallen sharply. The culprit was the costs of the US government, in particular the Vietnam War and president Johnson's enormous welfare spending.If you are buying gold to protect yourself in these uncertain times - and you should if you do not already own some - as always I recommend The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. More here.Bretton Woods under pressureWith inflation rising at home and international confidence in the dollar waning, these programmes were not just costly – they undermined Bretton Woods. Non-American nations felt aggrieved that they had to produce $100 worth of goods and services to get a $100 bill, when the US could just print one. French finance minister Valéry Giscard d'Estaing called it “America's exorbitant privilege”.President de Gaulle, meanwhile, had had enough. He ignored the pool to turn all French dollars and sterling balances into gold. The French even sent battleships to New York to collect their gold. De Gaulle became the target of several assassination attempts – coincidence, I'm sure. There were rather more US dollars in the world than there was gold to back them, he felt, and he was right.By 1967, US foreign liabilities were $36bn, but it only had $12bn in gold reserves – a third of what was needed to back the dollar. West Germany, Spain and Switzerland began demanding gold for their dollars. Even the British, with sterling going through one of its quadrennial collapses, asked the Americans to prepare $3bn worth of Fort Knox gold for withdrawal. Private gold demand was overwhelming.“The floor of the Bank of England's weighing room collapsed under the weight of all the bullion”In November 1967, the British government devalued the pound by 14%, from $2.80 to $2.40, in order to “achieve a substantial surplus on the balance of payments consistent with economic growth and full employment”.In that month, the London market saw greater bullion demand than it would typically see in nine: as much as 100 tonnes per day. To stem demand they banned forward buying, leverage and the purchase of gold with credit. The pool still lost 1,400 tonnes that year, more than a whole year's mined supply.Selling pressure on the US dollar only increased when the Viet Cong and North Vietnamese People's Army of Vietnam launched the first of a series of surprise attacks on US armed forces in South Vietnam in January 1968.Desperate to prop up the system, US military aircraft flew tonne after tonne of gold to RAF Lakenheath from where it was trucked in military convoys to the back entrance of the Bank of England: at one point the floor of the Bank of England's weighing room collapsed under the weight of all the gold.You really should subscribe to this amazing publication.Shoring up the systemIn the four days between 11 March and 14 March 1968, some 780 tonnes were sold to market. The effort to protect the price was deemed hopeless. On 15 March, UK chancellor Roy Jenkins declared a bank holiday, and the gold market was closed for a fortnight, “at the request of the United States”.Zurich also closed. Paris stayed open with gold trading at a 25% premium. All in all, the final 15 months saw over 3,000 tonnes sold to market to protect that $35 price. The pool had lost more than an eighth of its reserves.Two days later, in the rushed-through Washington Agreement, governors of the central banks in the gold pool declared there would be one fixed gold marketfor official government transactions at $35/oz and another, free-market, price for private transactions. Not for the last time, central bankers were living in a world of their own.Gold is one thing. Gold standards are another. They tend not to last, particularly bogus ones such as this one, under which citizens themselves did not handle gold. Keynes called them barbarous – ironic, perhaps, given that he was one of the architects of this one.In August 1971, president Nixon took the US off the gold standard, a “temporary” measure that remains more than 50 years later. For the first time in history, gold – Switzerland aside – played no part in the global monetary system.Of course it was the fault of the speculators. It always is. “I have directed the secretary of the Treasury to take the action necessary to defend the dollar against the speculators,” Nixon said, deflecting responsibility, and “to suspend temporarily the convertibility of the dollar into gold”.High time for a US gold auditThe US keeps its gold in four places: at Fort Knox, Kentucky (roughly 56% of its 8,133 tonnes); at the Federal Reserve Bank of New York (8%); and the remaining 36% at the mints in Denver and West Point. There has not been a proper public audit of this gold since 1953. There have been internal audits, especially between 1974 and 1986, but these were not transparent.There are many people, among them gold experts, who do not believe the gold is there. The US spent it trying to suppress the gold price in the 1960s, theysay. But in this new age of American transparency, both Trump and Musk have repeatedly pledged that this gold will be audited.There is talk of it being done on a livestream. Trump has even suggested the gold has been stolen. “We're actually going to Fort Knox to see if the gold is there,” he said, “because maybe somebody stole the gold. Tonnes of gold.”They've been making such light of it, one has to assume they know the gold is there. Musk was laughing about the conspiracies on podcasts, and he even posted a picture of a Fort Knox starter kit: a brick and some gold spray. I can't see how they would be joking if there were any serious doubts.Secretary of the Treasury, Scott Bessent, has said quite categorically that the gold is there. The last audit was in September 2024, he said in a recent Bloomberg interview, before looking down the camera and assuring the US people that “all the gold is present and accounted for”. But this would only have been an internal audit, and it would not have been a full audit.According to the US Mint, “the only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits”. No other gold has been transferred to or from the depository “for many years”. How long is many years, though? As far back as the 1960s?It's quite astonishing just how secretive the whole thing is. They opened the vaults for a congressional delegation and certain members of the press to view the gold in 1974. There were rumours swirling about then too. “We've never done this before and we'll probably never do it again,” said the then director of the US Mint Mary Brooks.“The gold commonly confiscated under Roosevelt contained some copper, and is not pure enough for sale”Then in 2017, during Trump's first administration, Treasury secretary Steven Mnuchin and Senate majority leader Mitch McConnell were invited to view the gold. “The gold was there,” Mnuchin said. He is “sure” nobody's moved it. There are “serious security protocols in place”. But there are more than 4,000 tonnes in Fort Knox. A tonne would be about the size of a medium to large suitcase. Did he see all 4,000 of them?The other big issue is the purity of the gold. What is there might not all be of good delivery quality, meaning it would not be readily accepted in international bullion markets. If much of the gold is the bullion Roosevelt confiscated in the 1930s, it will be in the form of “coinmelt”: melted down coins.The commonly confiscated coins, such as the $20 double eagle, were only 90% pure and mixed with copper to make them harder. When melted down, they were not always properly refined to modern standards, while the bars they were melted into weighed 320-330 ounces, not the 400 oz bars of good delivery standard today. In practice, this means Fort Knox gold would not be accepted without additional processing.But, until a proper audit takes place, this is all speculation, albeit reasoned speculation. We don't know the full facts. The reasons given for not conducting a full audit are flimsy: we don't need to, it would be too much of an undertaking. Please!If the US gold turns out not to be there, then the gold price goes up – potentially a lot. If it is there, it's business as usual.For now, I'd say the markets are behaving as though it is business as usual. They are climbing, and every dip is being bought, largely, it seems, by central banks (especially in Asia), who are diversifying their holdings and de-dollarising. But this audit cannot come quickly enough.Large volumes of physical gold - over 1,000 tonnes by some counts - have recently been transferred from London to New York. One theory is that was the gold was transferred in anticipation of tariffs. Another is that it was the US buying ahead of its audit. We will soon find out.Finally, I would just like to debunk one theory doing the rounds. US gold is currently marked to market at $42/oz. After the audit, those 8,133 tonnes – assuming they are there and of good delivery quality – could be marked to market at current prices, meaning a significant uplift in the value of holdings.The theory doing the rounds is that Treasury ecretary Bessent will use some of the upwards revaluation to monetise the balance sheet – not unlike how Roosevelt did in 1933 – to create funds for, among other things, the strategic bitcoin reserve. But Bessent has quite clearly stated that is not his intention.This article first appeared in Moneyweek Magazine. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

From this week's Moneyweek Magazine …Two rumours have been swirling around the gold markets for many years. Some have called them conspiracy theories. Others note that conspiracy theories often prove true. What's the difference between conspiracy and truth? About 30 years.The first is that China has far more gold than it says it does. We actually now know this to be true. The other is that America has far less than the 8,133 tonnes of gold it says it possesses.This rumour has been doing the rounds since 1971, when Peter Beter, a lawyer and financial adviser to former president John F. Kennedy, said he had been informed that gold in Fort Knox had been removed. He went on to write a best-selling book about it: The Conspiracy Against the Dollar.The problem is a total lack of transparency on the part of the US authorities, something that according to current US president Donald Trump, and the head of the Department of Government Efficiency, Elon Musk, will not be the case for much longer.Roosevelt triggers a boomBut to understand this situation we need to go back in time, all the way to 1933, when US president Franklin D. Roosevelt famously devalued the US dollar and revalued gold upwards by 70%, from $20 an ounce (oz) to $35/oz, in order to bolster growth. US gold reserves would increase to unprecedented levels in the next 15 years.Some of the gold came from US citizens. It was now illegal for them to own gold and they had to hand any they owned over to the authorities. Some came from the fact that the government then bought all US mined supply (the upwards revaluation of gold triggered a mining boom) and any gold imported to the US assay office. The US even began buying gold on foreign markets to protect the new higher price.Thus US official holdings in 1939 on the eve of World War II totalled 15,679 tonnes. They would only increase. With Nazi invasions, European nations sent all the gold they could across the Atlantic, either for safekeeping or to buy essential supplies; 1949 saw the high watermark of US gold holdings – 22,000 tonnes, as much as half of all the gold ever mined.In July 1944, with it clear that the Allies were going to win the war, representatives from the 44 Allied nations met at the Mount Washington Hotel in Bretton Woods for the United Nations Monetary and Financial Conference to design a new system of money for the new world order.International accounts would be settled in dollars, and those dollars were convertible to gold at $35/oz. Countries had to maintain exchange rates within 1% of the US dollar. In effect, the US was on a gold standard, and the rest of the world was on a dollar standard.The system relied on the integrity of the US dollar to work, and that integrity was in question, even before the end of the war. The June 1945 Federal Reserve Act reduced required gold reserves for notes outstanding from 40% to 25%, and against deposits from 35% to 25%. Between 1944 and 1954, because of increased supply, the dollar lost a third of its purchasing power, though the $35 Bretton Woods price remained.“Six major European countries,along with the UK, co-ordinated sales to suppress the gold price”US government spending was soaring, and it began running balance of payments deficits – made worse by the costs of foreign aid, America's new welfare systems and maintaining a military presence in Europe and Asia. Gold began leaving the US. By 1965 reserves had fallen by 9,500 tonnes, down 40% from the 1949 peak.Successive US administrations tried to stop the outflow, without success. Dwight D. Eisenhower banned Americans from buying gold overseas, Kennedy imposed the “equalisation tax” on foreign investments, and Lyndon B. Johnson discouraged Americans from travelling altogether. “We may need to forgo the pleasures of Europe for a while,” he said.Fears that the dollar would devalue following the election (won by Kennedy) sent the gold price in London to $40/oz. The Bank of England, in collusion with the Federal Reserve, began increasing gold sales to keep the price down.Thus did the London gold pool begin, with the addition of six major European nations the following year (Belgium, France, the Netherlands, West Germany, Italy and Switzerland), which co-ordinated sales to suppress, or “stabilise”, to use their word, the gold price and defuse unwanted, upward market pressure.But the pool struggled against growing demand. In 1965, an ounce of gold was still $35, but the purchasing power of the dollar had decreased by 57% from 1945, while gold reserves had also fallen sharply. The culprit was the costs of the US government, in particular the Vietnam War and president Johnson's enormous welfare spending.If you are buying gold to protect yourself in these uncertain times - and you should if you do not already own some - as always I recommend The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. More here.Bretton Woods under pressureWith inflation rising at home and international confidence in the dollar waning, these programmes were not just costly – they undermined Bretton Woods. Non-American nations felt aggrieved that they had to produce $100 worth of goods and services to get a $100 bill, when the US could just print one. French finance minister Valéry Giscard d'Estaing called it “America's exorbitant privilege”.President de Gaulle, meanwhile, had had enough. He ignored the pool to turn all French dollars and sterling balances into gold. The French even sent battleships to New York to collect their gold. De Gaulle became the target of several assassination attempts – coincidence, I'm sure. There were rather more US dollars in the world than there was gold to back them, he felt, and he was right.By 1967, US foreign liabilities were $36bn, but it only had $12bn in gold reserves – a third of what was needed to back the dollar. West Germany, Spain and Switzerland began demanding gold for their dollars. Even the British, with sterling going through one of its quadrennial collapses, asked the Americans to prepare $3bn worth of Fort Knox gold for withdrawal. Private gold demand was overwhelming.“The floor of the Bank of England's weighing room collapsed under the weight of all the bullion”In November 1967, the British government devalued the pound by 14%, from $2.80 to $2.40, in order to “achieve a substantial surplus on the balance of payments consistent with economic growth and full employment”.In that month, the London market saw greater bullion demand than it would typically see in nine: as much as 100 tonnes per day. To stem demand they banned forward buying, leverage and the purchase of gold with credit. The pool still lost 1,400 tonnes that year, more than a whole year's mined supply.Selling pressure on the US dollar only increased when the Viet Cong and North Vietnamese People's Army of Vietnam launched the first of a series of surprise attacks on US armed forces in South Vietnam in January 1968.Desperate to prop up the system, US military aircraft flew tonne after tonne of gold to RAF Lakenheath from where it was trucked in military convoys to the back entrance of the Bank of England: at one point the floor of the Bank of England's weighing room collapsed under the weight of all the gold.You really should subscribe to this amazing publication.Shoring up the systemIn the four days between 11 March and 14 March 1968, some 780 tonnes were sold to market. The effort to protect the price was deemed hopeless. On 15 March, UK chancellor Roy Jenkins declared a bank holiday, and the gold market was closed for a fortnight, “at the request of the United States”.Zurich also closed. Paris stayed open with gold trading at a 25% premium. All in all, the final 15 months saw over 3,000 tonnes sold to market to protect that $35 price. The pool had lost more than an eighth of its reserves.Two days later, in the rushed-through Washington Agreement, governors of the central banks in the gold pool declared there would be one fixed gold marketfor official government transactions at $35/oz and another, free-market, price for private transactions. Not for the last time, central bankers were living in a world of their own.Gold is one thing. Gold standards are another. They tend not to last, particularly bogus ones such as this one, under which citizens themselves did not handle gold. Keynes called them barbarous – ironic, perhaps, given that he was one of the architects of this one.In August 1971, president Nixon took the US off the gold standard, a “temporary” measure that remains more than 50 years later. For the first time in history, gold – Switzerland aside – played no part in the global monetary system.Of course it was the fault of the speculators. It always is. “I have directed the secretary of the Treasury to take the action necessary to defend the dollar against the speculators,” Nixon said, deflecting responsibility, and “to suspend temporarily the convertibility of the dollar into gold”.High time for a US gold auditThe US keeps its gold in four places: at Fort Knox, Kentucky (roughly 56% of its 8,133 tonnes); at the Federal Reserve Bank of New York (8%); and the remaining 36% at the mints in Denver and West Point. There has not been a proper public audit of this gold since 1953. There have been internal audits, especially between 1974 and 1986, but these were not transparent.There are many people, among them gold experts, who do not believe the gold is there. The US spent it trying to suppress the gold price in the 1960s, theysay. But in this new age of American transparency, both Trump and Musk have repeatedly pledged that this gold will be audited.There is talk of it being done on a livestream. Trump has even suggested the gold has been stolen. “We're actually going to Fort Knox to see if the gold is there,” he said, “because maybe somebody stole the gold. Tonnes of gold.”They've been making such light of it, one has to assume they know the gold is there. Musk was laughing about the conspiracies on podcasts, and he even posted a picture of a Fort Knox starter kit: a brick and some gold spray. I can't see how they would be joking if there were any serious doubts.Secretary of the Treasury, Scott Bessent, has said quite categorically that the gold is there. The last audit was in September 2024, he said in a recent Bloomberg interview, before looking down the camera and assuring the US people that “all the gold is present and accounted for”. But this would only have been an internal audit, and it would not have been a full audit.According to the US Mint, “the only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits”. No other gold has been transferred to or from the depository “for many years”. How long is many years, though? As far back as the 1960s?It's quite astonishing just how secretive the whole thing is. They opened the vaults for a congressional delegation and certain members of the press to view the gold in 1974. There were rumours swirling about then too. “We've never done this before and we'll probably never do it again,” said the then director of the US Mint Mary Brooks.“The gold commonly confiscated under Roosevelt contained some copper, and is not pure enough for sale”Then in 2017, during Trump's first administration, Treasury secretary Steven Mnuchin and Senate majority leader Mitch McConnell were invited to view the gold. “The gold was there,” Mnuchin said. He is “sure” nobody's moved it. There are “serious security protocols in place”. But there are more than 4,000 tonnes in Fort Knox. A tonne would be about the size of a medium to large suitcase. Did he see all 4,000 of them?The other big issue is the purity of the gold. What is there might not all be of good delivery quality, meaning it would not be readily accepted in international bullion markets. If much of the gold is the bullion Roosevelt confiscated in the 1930s, it will be in the form of “coinmelt”: melted down coins.The commonly confiscated coins, such as the $20 double eagle, were only 90% pure and mixed with copper to make them harder. When melted down, they were not always properly refined to modern standards, while the bars they were melted into weighed 320-330 ounces, not the 400 oz bars of good delivery standard today. In practice, this means Fort Knox gold would not be accepted without additional processing.But, until a proper audit takes place, this is all speculation, albeit reasoned speculation. We don't know the full facts. The reasons given for not conducting a full audit are flimsy: we don't need to, it would be too much of an undertaking. Please!If the US gold turns out not to be there, then the gold price goes up – potentially a lot. If it is there, it's business as usual.For now, I'd say the markets are behaving as though it is business as usual. They are climbing, and every dip is being bought, largely, it seems, by central banks (especially in Asia), who are diversifying their holdings and de-dollarising. But this audit cannot come quickly enough.Large volumes of physical gold - over 1,000 tonnes by some counts - have recently been transferred from London to New York. One theory is that was the gold was transferred in anticipation of tariffs. Another is that it was the US buying ahead of its audit. We will soon find out.Finally, I would just like to debunk one theory doing the rounds. US gold is currently marked to market at $42/oz. After the audit, those 8,133 tonnes – assuming they are there and of good delivery quality – could be marked to market at current prices, meaning a significant uplift in the value of holdings.The theory doing the rounds is that Treasury ecretary Bessent will use some of the upwards revaluation to monetise the balance sheet – not unlike how Roosevelt did in 1933 – to create funds for, among other things, the strategic bitcoin reserve. But Bessent has quite clearly stated that is not his intention.This article first appeared in Moneyweek Magazine. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

While we like to think our financial decisions are based on logic, the truth is, they are largely driven by emotion. So when John Maynard Keynes looked for methods to measure economic fluctuations, animal spirits were a key ingredient. Karthik Sastry is a macroeconomist and assistant professor at Princeton University. In this podcast, he says personal instincts and primal urges are known to cause cycles of boom and bust, and one way to gauge those emotions is through economic narratives. Sastry is coauthor with Joel Flynn of How Animal Spirits Affect the Economy published in Finance and Development magazine. Transcript: https://bit.ly/43HkuoB Read the article at IMF.org/fandd

Nick Keynes - a British music and creative entrepreneur, and the co-founder of Tileyard - joins us on this episode of Celeb Savant. Nick tells us how his career started as the bassist for the '90s pop band Ultra, we discuss all the behind-the-scenes aspects of the industry - including the Tileyard journey - the highs and lows, and more. Website - www.tileyard.co.uk Instagram - @tileyardlondon Facebook - @tileyardlondon Twitter - @tileyardlondon TikTok - @tileyardlondon YouTube - @tileyardlondon

In the long run, Keynes famously quipped, we are all dead. But Swedish entrepreneur Kristian Ronn reverses Keynes to argue that in the short term we, as a species, might also be death. In his new book Darwinian Trap, Ronn argues that we're hardwired to prioritize immediate benefits over long-term consequences, creating existential risks like nuclear war and uncontrolled AI development. Ronn suggests we need better system design with proper incentives to overcome these tendencies. He proposes controlling critical parts of technology supply chains (like AI chips) to ensure responsible use, similar to nuclear nonproliferation treaties. Despite acknowledging all the obvious challenges of these kind of UN style regulatory initiatives, Ronn remains hopeful that rational thinking and well-designed systems can help humanity transcend its evolutionary limitations.Here are the 5 KEEN ON take-aways from our conversation with Kristian Ronn:* The "Darwinian Trap" refers to how humans and systems are hardwired for short-term thinking due to evolutionary forces, creating both personal and existential risks.* "Offensive realism" in international politics drives nations to compete for resources and develop increasingly dangerous weapons, creating existential threats through arms races.* AI poses significant existential risks, particularly as a technology multiplier that could enable more destructive weapons and engineered pandemics.* System design with proper incentives is crucial for overcoming our evolutionary short-term thinking—we need to "change the rules of the game" rather than blame human nature.* Strategic control of technology supply chains (like AI chips) could potentially create frameworks for responsible AI development, similar to nuclear nonproliferation treaties.Kristian Rönn is the CEO and co-founder of Normative, a software tool for sustainability accounting. He has a background in mathematics, philosophy, computer science, and artificial intelligence. Before he started Normative, he worked at the University of Oxford's Future of Humanity Institute on issues related to global catastrophic risks. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe

Here's the original video from where this audio came. Here's a list of links to John reading every chapter (released so far) in his 2021 book Contending Perspectives. I have edited both the video and audio to eliminate mistakes, coughs, interruptions, and etc. Sections in this chapter These timestamps are exact for the audio. For the video, you'll need to add around seven seconds in order to get to the precise spot. (This is because of the opening credits, which are over around seven seconds of silence.) 1:04 - Section: The Great Depression and Keynes' General Theory 4:08 - Section: Uncertainty, animal spirits, and demand 21:12 - Section: Investment and the business cycle 26:26 - Section: Financial markets and money 35:17 - Section: Method 41:14 - Section: Views of human nature and justice 43:05 - Section: Standards of behavior - primary and secondary 50:30 - Section: Criticisms 51:33 - Section: Final rejoinder 53:12 - Section: Further reading

Here's the from where this audio came. Here's a list of links to (released so far) in his 2021 book Contending Perspectives. I have edited both the video and audio to eliminate mistakes, coughs, interruptions, and etc. Sections in this chapter These timestamps are exact for the audio. For the video, you'll need to add around seven seconds in order to get to the precise spot. (This is because of the opening credits, which are over around seven seconds of silence.) 1:04 - Section: The Great Depression and Keynes' General Theory 4:08 - Section: Uncertainty, animal spirits, and demand 21:12 - Section: Investment and the business cycle 26:26 - Section: Financial markets and money 35:17 - Section: Method 41:14 - Section: Views of human nature and justice 43:05 - Section: Standards of behavior - primary and secondary 50:30 - Section: Criticisms 51:33 - Section: Final rejoinder 53:12 - Section: Further reading

Today we’re tackling our second non-negotiable pillar of establishing a Civilian Labor Corps, and the timing couldn’t be more critical. You may have picked up on chatter in the wind about the impending job apocalypse at the hands of artificial intelligence (AI). I’m here to tell you that this is real. It is coming faster and more furiously than you realize, and we are wholly unprepared. This episode breaks down the speed and totality of what’s coming in the AI revolution and speaks to how prominent economists from history through today would manage the impending employment crisis. Chapters Prologue: 00:00:43 Introduction: Storm Clouds. 00:03:52 Chapter One: The Coming AI Job Apocalypse. 00:06:52 Chapter Two: Full Employment. 00:20:55 Chapter Three: Breaking from Neoliberal Thinking. 00:28:34 Bring It Home, Max. 00:37:26 Post Show Musings: 00:42:23 Outro: 01:10:58 Watch YouTube Video: Unpacking the Ceasefire Agreement: Shades of the Iran Hostage Deal. https://youtu.be/Bnfzl1xWumc Resources Goldman Sachs: What to expect from AI in 2025: hybrid workers, robotics, expert models Levy Institute: Working Paper No. 542 Keynes’s Approach to Full Employment: Aggregate or Targeted Demand? Fisher Phillips: U.S. House Delivers Sweeping AI Report: 10 Biggest Takeaways for Employers 118th Congress: Bipartisan House Task Force on Artificial Intelligence Congressional Budget Office: Artificial Intelligence and Its Potential Effects on the Economy and the Federal Budget Congressional Research Service: The Macroeconomic Effects of Artificial Intelligence Convin: Is AI a Threat to the BPO Industry? AI in BPO Industry Explained UNFTR Episode Resources Housing First: Non-Negotiable #1. The U.S. Economy: Have we reached a boiling point? Has “Creative Destruction” Reached Silicon Valley? The Capitalism Trap. Modern Monetary Theory. Can we afford it? Yes. Yes, we can. F*ck Milton Friedman. The Chicago school of economics. Book Love Abhijit V. Banerjee and Esther Duflo: Good Economics for Hard Times Kurt Vonnegut: Player Piano -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, TikTok and Instagram at @UNFTRpod. Visit us online at unftr.com. Buy yourself some Unf*cking Coffee at shop.unftr.com. Check out the UNFTR Pod Love playlist on Spotify: spoti.fi/3yzIlUP. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility. Unf*cking the Republic is produced by 99 and engineered by Manny Faces Media (mannyfacesmedia.com). Original music is by Tom McGovern (tommcgovern.com). The show is hosted by Max and distributed by 99. Podcast art description: Image of the US Constitution ripped in the middle revealing white text on a blue background that says, "Unf*cking the Republic."Support the show: https://www.buymeacoffee.com/unftrSee omnystudio.com/listener for privacy information.

After spending 25 years as a columnist for the New York Times, Paul Krugman is finally retiring from that position—25 years too late, if one wishes to be honest.Original article: Paul Krugman Rides into the Sunset

durée : 00:59:24 - Entendez-vous l'éco ? - par : Aliette Hovine, Bruno Baradat - Piero Sraffa (1898-1983) est un économiste obligé de fuir le régime fasciste de Mussolini en 1927. Ayant trouvé refuge à Cambridge auprès de Keynes, il se consacra à l'édition des œuvres complètes de Ricardo et à l'écriture de son ouvrage majeur "Production de marchandises par des marchandises". - réalisation : Françoise Le Floch - invités : Jean-Pierre Potier Professeur émérite de sciences économiques à l'université Lumière-Lyon 2 et membre du laboratoire Triangle; Richard Aréna Professeur émérite de sciences économiques à Université Côte d'Azur et chercheur au Gredeg

In this episode, we welcome Brittany Alexander, Director of Client Strategy and Growth at Keynes Digital, a full-service programmatic company specializing in connected TV.  Brittany shares insights on how Keynes Digital helps brands reach new customers and drive measurable results through their unique audience-first approach. She discusses their data-centric solutions, the importance of transparency in programmatic campaigns, and how they cater to various client goals. Brittany also delves into their client acquisition strategies, the role of their website in lead generation, and offers valuable advice for marketers in the digital advertising space.  This episode is packed with insights for anyone interested in leveraging connected TV for brand growth.

John Maynard Keynes is the best-known economist from the 20th Century, that not being a good thing. At least he was more famous for his success in promoting his views than for his lack of success as an investor. His failures were an extension of his lack of economic understanding.Original article: Keynes Was Not Much Better at Investing than He Was at Understanding Economics

John Maynard Keynes is the best-known economist from the 20th Century, that not being a good thing. At least he was more famous for his success in promoting his views than for his lack of success as an investor. His failures were an extension of his lack of economic understanding.Original article: Keynes Was Not Much Better at Investing than He Was at Understanding Economics

One of the myths of Keynesian theory is that through monetary injections and government purchases, an economy can spend itself into prosperity. While such a scenario is economically impossible, most mainstream economists still believe it.Original article: The Keynesian Multiplier Fairy Tale

One of the myths of Keynesian theory is that through monetary injections and government purchases, an economy can spend itself into prosperity. While such a scenario is economically impossible, most mainstream economists still believe it.Original article: The Keynesian Multiplier Fairy Tale

O "Ulrich Responde" é uma série de vídeos onde respondo perguntas enviadas por membros do canal e seguidores, abordando temas de economia, finanças e investimentos. Neste episódio, falamos sobre assuntos como a dolarização, sanções comerciais, inflação, mercados internacionais e o impacto das políticas dos Brics. Oferecemos uma análise profunda, trazendo informações para quem quer entender melhor a economia e tomar decisões financeiras mais informadas. 00:00 - Hoje, no Ulrich Responde 01:12 - Dolarização: Qual o valor mínimo para começar? 02:26 - A nova moeda dos Brics pode ter relevância? 04:44 - Atualização da crise econômica da Turquia 06:46 - Impacto de uma vitória de Trump na economia brasileira 10:52 - Mercado sem Banco Central: é possível? 12:18 - Como o Índice Big Mac mensura o valor relativo das moedas? 13:34 - Sanções e protecionismo: qual o impacto? 17:27 - Compra de Bitcoin sem corretora, como funciona? 18:53 - Endividamento em LFTs: impacto nas contas públicas 20:05 - A moeda Brics ameaça a hegemonia do dólar? 22:06 - Definição de depressão segundo Keynes: o que está certo? 23:52 - Investimentos em bancos digitais são seguros? 25:05 - Dolarização na Argentina versus o Plano Real 26:57 - Crescimento do M2 pode prever a inflação? 28:55 - Aumento da oferta monetária e inflação real

L'or enchaîne les records et affiche une hausse de 32% depuis le début de l'année. C'est évidemment nettement plus que le rendement d'un compte d'épargne. On vous en dit plus sur l'évolution du métal jaune. Plus l'année avance et plus l'or semble être le placement de l'année. C'est vrai que le métal jaune, cette relique barbare comme l'appelait Keynes, le plus grand économiste de tous les temps. Ce métal jaune n'en finit pas d'enchaîner les records. Plus de 37 records pour l'année 2024, c'est énorme. Il faut remonter à l'année 1979 pour voir le métal jaune enchaîner davantage de records. En dépassant, cette semaine, le seuil des 2700 $ l'once. L'or affiche une progression de 32% depuis le début de cette année. Alors c'est évidemment impressionnant, surtout si on compare à l'évolution de ce métal avec celui de la Bourse. À titre d'exemple, l'indice S&P 500 qui représente le mieux la bourse américaine, n'a réalisé qu'une hausse, si je puis dire, de 25%. C'est superbe bien entendu, mais moins bien que le parcours de l'or. Côté actions européennes via l'indice Euro Stoxx 600, un indice très représentatif des actions européennes, il ne réalise qu'une hausse de 10% depuis le début de l'année. Autrement dit, pour le moment, le métal jaune est quelque part champion toute catégorie. Et quand vous êtes le champion, chacun se pose la question de la durée. Et pour l'instant, les analystes qui suivent l'or restent assez optimistes et pensent pour la plupart que le métal jaune va encore continuer à grimper et pourrait même atteindre les 3000 $ l'once. Qu'est-ce qui est à l'origine de la très bonne forme de l'or ? Il y a plusieurs explications… Mots-Clés : intérêt, dividende, taux d'intérêt, baisse, Europe, Etats-Unis, poil de la bête, statut, valeur refuge, incertitudes, monde, bruit des bottes, Ukraine, Proche-Orient, stress, invasion, Taïwan, Chine, tensions géopolitiques, amateurs d'or, carte, dédollarisation, sanctions financières, Russie, pays, pays émergents, dette américaine, dollar américain, banques centrales, avoirs, achats massifs, piquant, histoire, décision, insensé, étude, cabinet conseil, budget, recherche, gisements, transition énergétique, cuivre, antenne, esprit, court terme, plaisir immédiat, bonheur, Bergman, bonne santé, mauvaise mémoire. --- La chronique économique d'Amid Faljaoui, tous les jours à 8h30 et à 17h30. Merci pour votre écoute Pour écouter Classic 21 à tout moment i: https://www.rtbf.be/radio/liveradio/classic21 ou sur l'app Radioplayer Belgique Retrouvez tous les épisodes de La chronique économique sur notre plateforme Auvio.be :https://auvio.rtbf.be/emission/802 Et si vous avez apprécié ce podcast, n'hésitez pas à nous donner des étoiles ou des commentaires, cela nous aide à le faire connaître plus largement. Découvrez nos autres podcasts : Le journal du Rock : https://audmns.com/VCRYfsPComic Street (BD) https://audmns.com/oIcpwibLa chronique économique : https://audmns.com/NXWNCrAHey Teacher : https://audmns.com/CIeSInQHistoires sombres du rock : https://audmns.com/ebcGgvkCollection 21 : https://audmns.com/AUdgDqHMystères et Rock'n Roll : https://audmns.com/pCrZihuLa mauvaise oreille de Freddy Tougaux : https://audmns.com/PlXQOEJRock&Sciences : https://audmns.com/lQLdKWRCook as You Are: https://audmns.com/MrmqALPNobody Knows : https://audmns.com/pnuJUlDPlein Ecran : https://audmns.com/gEmXiKzRadio Caroline : https://audmns.com/WccemSkAinsi que nos séries :Rock Icons : https://audmns.com/pcmKXZHRock'n Roll Heroes: https://audmns.com/bXtHJucFever (Erotique) : https://audmns.com/MEWEOLpEt découvrez nos animateurs dans cette série Close to You : https://audmns.com/QfFankx

When people speak of “old school economics,” they generally mean the application of economic thinking that involves what we might call “common sense.” That would include permitting a price system to work, protecting private property, and so on. But there is more.Original article: What is Old School Economics?

When people speak of “old school economics,” they generally mean the application of economic thinking that involves what we might call “common sense.” That would include permitting a price system to work, protecting private property, and so on. But there is more.Original article: What is Old School Economics?

A veces aprendemos de las personas mas inesperadas, en este caso mi perro Keynes me enseñó el arte de dar y recibir amor

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.

Sam Harris speaks with Nick Bostrom about ongoing progress in artificial intelligence. They discuss the twin concerns about the failure of alignment and the failure to make progress, why smart people don't perceive the risk of superintelligent AI, the governance risk, path dependence and "knotty problems," the idea of a solved world, Keynes's predictions about human productivity, the uncanny valley of utopia, the replacement of human labor and other activities, meaning and purpose, digital isolation and plugging into something like the Matrix, pure hedonism, the asymmetry between pleasure and pain, increasingly subtle distinctions in experience, artificial purpose, altering human values at the level of the brain, ethical changes in the absence of extreme suffering, our cosmic endowment, longtermism, problems with consequentialism, the ethical conundrum of dealing with small probabilities of large outcomes, and other topics. If the Making Sense podcast logo in your player is BLACK, you can SUBSCRIBE to gain access to all full-length episodes at samharris.org/subscribe. Learning how to train your mind is the single greatest investment you can make in life. That's why Sam Harris created the Waking Up app. From rational mindfulness practice to lessons on some of life's most important topics, join Sam as he demystifies the practice of meditation and explores the theory behind it.

Share this episode: https://www.samharris.org/podcasts/making-sense-episodes/385-ai-utopia Sam Harris speaks with Nick Bostrom about ongoing progress in artificial intelligence. They discuss the twin concerns about the failure of alignment and the failure to make progress, why smart people don’t perceive the risk of superintelligent AI, the governance risk, path dependence and "knotty problems," the idea of a solved world, Keynes’s predictions about human productivity, the uncanny valley of utopia, the replacement of human labor and other activities, meaning and purpose, digital isolation and plugging into something like the Matrix, pure hedonism, the asymmetry between pleasure and pain, increasingly subtle distinctions in experience, artificial purpose, altering human values at the level of the brain, ethical changes in the absence of extreme suffering, our cosmic endowment, longtermism, problems with consequentialism, the ethical conundrum of dealing with small probabilities of large outcomes, and other topics. Nick Bostrom is a professor at Oxford University, where he is the founding director of the Future of Humanity Institute. He is the author of more than 200 publications, including Anthropic Bias (2002), Global Catastrophic Risks (2008), Human Enhancement (2009), and Superintelligence: Paths, Dangers, Strategies (2014), a New York Times bestseller which sparked the global conversation about the future of AI. His work has framed much of the current thinking around humanity’s future (such as the concept of existential risk, the simulation argument, the vulnerable world hypothesis, astronomical waste, and the unilateralist’s curse). He has been on Foreign Policy’s Top 100 Global Thinkers list twice, and was the youngest person to rank among the top 15 in Prospect’s World Thinkers list. He has an academic background in theoretical physics, AI, computational neuroscience, and philosophy. His most recent book is Deep Utopia: Life and Meaning in a Solved World. Website: https://nickbostrom.com/ Learning how to train your mind is the single greatest investment you can make in life. That’s why Sam Harris created the Waking Up app. From rational mindfulness practice to lessons on some of life’s most important topics, join Sam as he demystifies the practice of meditation and explores the theory behind it.

Have you ever wanted to walk in the footsteps of the great economists? Do you want to breathe the same air they breathed? Do you want to be inspired by the ghosts of Economics past? Well now's your chance. Cambridge is rich with economic history and in this podcast special, recorded on the hoof, your friendly neighbourhood economists, Pete and Gav, take you on a 4 mile journey around Cambridge. Starting at Keynes' family home and ending at Jesus College, you will find out why certain landmarks are important within the world of economics. It should take you 90 minutes to walk and on the journey, you can pay homage to the likes of Robinson, Marshall, Deaton and Malthus. Technical support as always comes from 'I think they are usable' Nic.

This is a talk at the Black Spark Cultural Center in Melbourne, Australia. I feel that a lot of attention is being put on what I would describe as the symptoms of climate change, but few people are focused on the underlying root cause. We don't want to do that because it makes us too uncomfortable. We refuse to embrace the reality that consumerism (driven by greed and envy) which is rooted in our spiritual emptiness, is to blame. We don't want to accept it because that would really challenge us to consider what we collectively hold to be the goal of life. Only a spiritual perspective will empower us to embrace the fundamental changes needed to how we all live. Some of the quotes I used in the talk: “I used to think that top environmental problems were biodiversity loss, ecosystem collapse and climate change. I thought that thirty years of good science could address these problems. I was wrong. The top environmental problems are selfishness, greed and apathy, and to deal with these we need a cultural and spiritual transformation. And we scientists don't know how to do that.” - Gus Speth – American environmental lawyer and advocate, former dean of the Yale School of Forestry and Environmental Studies, former Administrator of the United Nations Development Programme "We must shift America from a needs, to a desires culture, people must be trained to desire, to want new things even before the old had been entirely consumed. We must shape a new mentality in America. Man's desires must overshadow his needs." - Paul Mazur, Director - Lehman Brothers The last century saw “the rise of an idea that has come to dominate our society. It is the belief that satisfaction of individual feelings and desires is our highest priority.” - Adam Curtis, BBC documentarian and writer. EF Schumacher (Economist, Author) speaking of a proposal from perhaps the most influential economist of the last century, Lord Keynes, that prosperity, delivered by economic growth, brings all good. And the great engine to deliver economic growth was to cultivate greed and envy in people. Keynes – “the day might not be all that far off when everybody would be rich. We shall then, he said, “once more value ends above means and prefer the good to the useful”. “But beware!” he continued. “The time for all this is not yet. For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still. For only they can lead us out of the tunnel of economic necessity into daylight.” “The modem economy is propelled by a frenzy of greed and indulges in an orgy of envy, and these are not accidental features but the very causes of its expansionist success. The question is whether such causes can be effective for long or whether they carry within themselves the seeds of destruction.” - EF Schumacher “If human vices such as greed and envy are systematically cultivated, the inevitable result is nothing less than a collapse of intelligence. A man driven by greed or envy loses the power of seeing things as they really are, of seeing things in their roundness and wholeness, and his very successes become failures. If whole societies become infected by these vices, they may indeed achieve astonishing things but they become increasingly incapable of solving the most elementary problems of everyday existence.” - EF Schumacher The business model of big social media companies "is to create a society that is addicted, outraged, polarized, performative and disinformed. That's just the fundamentals of how it works." - Tristan Harris, Big Tech critic. “They have literally rewired our brains so that we are detached from reality and immersed in tribalism.” – Tim Kendall, former director

Mainstream economists speak of GDP as though it is the economy itself, however, GDP is not a good measure of economic reality. Instead, it presents a distorted picture of genuine economic activity and leads to mistaken conclusions about the economy.Original article: Is GDP an Accurate Measure of Reality?

Keynesians are known for using obscure and jumbled jargon to explain their fallacious ideas. The hope being that, the more confusing the language, the greater the perceived scholarship. Good economics can and should be clearly logically explained.Original article: Conceptual Clarity in Dismantling Economic Jargon

Mainstream economists speak of GDP as though it is the economy itself, however, GDP is not a good measure of economic reality. Instead, it presents a distorted picture of genuine economic activity and leads to mistaken conclusions about the economy.Original article: Is GDP an Accurate Measure of Reality?

Keynesians are known for using obscure and jumbled jargon to explain their fallacious ideas. The hope being that, the more confusing the language, the greater the perceived scholarship. Good economics can and should be clearly logically explained.Original article: Conceptual Clarity in Dismantling Economic Jargon

Take the 2024 Planet Money Summer School Quiz here to earn your personalized diploma!Find all the episodes from this season of Summer School here. And past seasons here. And follow along on TikTok here for video Summer School. We are assembled here on the lawn of Planet Money University for the greatest graduation in history – because it features the greatest economic minds in history. We'll hear from Adam Smith, Karl Marx, John Maynard Keynes, and some surprising guests as they teach us a little bit more economics, and offer a lot of life advice. But first, we have to wrap up our (somewhat) complete economic history of the world. We'll catch up on the last fifty years or so of human achievement and ask ourselves, has economics made life better for us all? This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Take the 2024 Planet Money Summer School Quiz here to earn your personalized diploma!Find all the episodes from this season of Summer School here. And past seasons here. And follow along on TikTok here for video Summer School. We are assembled here on the lawn of Planet Money University for the greatest graduation in history – because it features the greatest economic minds in history. We'll hear from Adam Smith, Karl Marx, John Maynard Keynes, and some surprising guests as they teach us a little bit more economics, and offer a lot of life advice. But first, we have to wrap up our (somewhat) complete economic history of the world. We'll catch up on the last fifty years or so of human achievement and ask ourselves, has economics made life better for us all? This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

The roots of the Great Depression have been debated for decades, but what if the real culprit was bad government policy? In this episode, Ben dives into the economic chaos of the 1930s, examining the theories of Keynes, Friedman, and the Austrian economists. From government overreach to monetary mismanagement, discover how different interpretations of the Depression still influence economic decisions today. Could these historical lessons be the key to avoiding future financial disasters?  Today's Sponsor:  Birch Gold - Text "BEN" to 989898, or go to https://birchgold.com/ben, for your no-cost, no-obligation, FREE information kit. Qualifying purchases will get an exclusive GOLDEN Truth Bomb.

Dr. Yeva Nersisyan is a professor of economics at Franklin and Marshall College whose research focus includes Modern Monetary Theory, Post-Keynesianism, and the Institutionalist traditions. She has published widely on the subject of banking and financial instability, which is why we invited her on to talk about how the economy *actually* works. MMT theorists argue that Neo-classical economists have a deeply limited understanding of the economy, as demonstrated by the Fed's recent inability to control inflation by adjusting interest rates - which is basically the only lever available to it. We discuss how it seems that no one who is sitting at the top of the economic pyramid seems to understand how to shift the course of the economy, how providing jobs is the key to stability, the emergence of modern economic policy in the post-war years, and much more. Sign up for our Patreon and get episodes early + join our weekly Patron Chat https://bit.ly/3lcAasB AND rock some Demystify Gear to spread the word: https://demystifysci.myspreadshop.com/ (00:00:00) Go! (00:06:41) What are the basic economic levers? (00:13:14) Regulation comes either way (00:20:29) Keynes says (00:26:15) Money supply first (00:34:26) What is money? (00:43:29) FDIC - has it been tested? (00:56:00) Industry & money (01:07:08) Jobs needed v. jobs wanted (01:13:20) Patreon Ask (01:13:27) Revised MMT (01:28:50) Government brain drain (01:40:10) Extreme povery at home (01:53:00) Economic policy starts post war (02:04:26) Inflation v. employment (02:19:40) Financialization v. humanization (02:30:04) Today's democrazy (02:40:03) Infrastructure vs. ATMs #sciencepodcast, #longformpodcast, #ModernMonetaryTheory, #EconomicsExplained, #PostKeynesian, #FinancialStability, #JobsFirst, #EconomicPolicy, #MoneySupply, #BankingInsights, #InflationDebate, #GovernmentSpending, #EconomicLevers, #FiscalPolicy, #MonetaryTheory, #EmploymentFocus, #EconomicInequality Check our short-films channel, @DemystifySci: https://www.youtube.com/c/DemystifyingScience AND our material science investigations of atomics, @MaterialAtomics https://www.youtube.com/@MaterialAtomics Join our mailing list https://bit.ly/3v3kz2S PODCAST INFO: Anastasia completed her PhD studying bioelectricity at Columbia University. When not talking to brilliant people or making movies, she spends her time painting, reading, and guiding backcountry excursions. Shilo also did his PhD at Columbia studying the elastic properties of molecular water. When he's not in the film studio, he's exploring sound in music. They are both freelance professors at various universities. - Blog: http://DemystifySci.com/blog - RSS: https://anchor.fm/s/2be66934/podcast/rss - Donate: https://bit.ly/3wkPqaD - Swag: https://bit.ly/2PXdC2y SOCIAL: - Discord: https://discord.gg/MJzKT8CQub - Facebook: https://www.facebook.com/groups/DemystifySci - Instagram: https://www.instagram.com/DemystifySci/ - Twitter: https://twitter.com/DemystifySci MUSIC: -Shilo Delay: https://g.co/kgs/oty671

"The Treaty includes no provisions for the economic rehabilitation of Europe, nothing to make the defeated Central Empires into good neighbours, nothing to stabilise the new States of Europe." This damning critique of one of history's best-known peace treaties by a little-known UK Treasury official keeps shaping popular understandings of the accord's legacy. John Maynard Keynes published The Economic Consequences of the Peace (1919) during the Paris Peace Conference, painting its chief outcome, the Treaty of Versailles, as not just flawed, but a harbinger of yet more conflict. The Carthaginian peace terms imposed on Germany, Keynes argued, augured revenge. But is this the full story? Were the treaty's consequences as dire as Keynes suggested, or has the economist's indictment, seemingly prophetic in retrospective terms, overshadowed key dynamics that played out during negotiations, but are now forgotten? To delve into this complex history, we are joined by two distinguished guests: historian Margaret MacMillan, the author of Peacemakers: The Paris Peace Conference of 1919 and Its Attempt to End War (2001), and veteran French diplomat and former guest on the podcast Gérard Araud, who is very familiar with the intricacies of such international negotiations and the author of Nous Étions Seuls (2023), a history of French diplomacy between both world wars. The episode explores the treaty's immediate and longer-term consequences, how it aimed to reshape Europe, and why it remains one of the most misunderstood agreements in modern history. Did the treaty plant the seeds of World War II, or has its popular critique left out some important context? As always, please rate and review Uncommon Decency on whatever platform you use, and send us your comments or questions either on Twitter at @UnDecencyPod or by email at undecencypod@gmail.com. Consider supporting the show through Patreon (https://www.patreon.com/undecencypod) to get access to the full episode, where we dive deeper into the intricate details of Versailles and its repercussions. Bibliography: The Economic Consequences of the Peace (1919), by John Maynard Keynes. Peacemakers: The Paris Peace Conference of 1919 and Its Attempt to End War (2001), by Margaret MacMillan. Nous étions seuls: une histoire diplomatique de la France 1919-1939 (2023), by Gérard Araud.

Sean sits down with Los Angeles-based Antifada political economy correspondent, Jason Smith of the Brooklyn Rail, to discuss demographic decline, a hot button issue relatively untouched by the Marxist left.Why has fertility gone up in the past? Why has it gone down in the developed world? What do Marx, Adam Smith and Keynes have to say about this phenomenon? Why has the potential for population decline made the capitalists so crazy?For the complete episode and much more bonus content become a patron today at www.patreon.com/theantifadaCheck out Jason's article in Brooklyn Rail: https://brooklynrail.org/2024/07/field-notes/After-the-Wave-WinterReferenced article: https://newleftreview.org/issues/i137/articles/wally-seccombe-marxism-and-demographySong: Dystopia - Population Birth Control

Before moving on from the times when Lloyd George held power, we take a look in this episode at one of the major moments of his time as an international statesman: the Paris Peace Conference and, above all, the specific agreement that emerged from it concerning Germany, the Treaty of Versailles. The episode draws heavily on the views of Maynard Keynes on the Treaty and its likely effects, in particular on its failure to react to the massive gap between the expectations of money from Germany by the victors and the real ability of Germany to pay. At the end, we look at the fact that as well as leaving a deep resentment in Germany of the victorious powers, it also left two nations that were actually with them, Japan and Italy, bitter with the outcome of the Paris conference. Germany, Italy and Japan. Compare that list with the membership of the Axis that the Allies would have to fight in World War 2 twenty years after the end of World War 1. An event which Keynes foresaw. Illustration: Covert og John Maynard Keynes's book, The Economic Consequences of the Peace, of 1919. Music: Bach Partita #2c by J Bu licensed under an Attribution-NonCommercial-No Derivatives (aka Music Sharing) 3.0 International License

(2:00) Trump Trials & the Jerry Springer ElectionWeaponization?  How about the "FACE Act" elderly people given what's effectively life sentences on an issue that Trump is running away from — pro lifeLifelong Republican's Hegelian Dialectic.  Two is the magic number of parties — no more, no lessSerial killer's property littered with 10,000 human remains — how many humans have been killed by the bi-partisan "pandemic" and jabs? Fauci questioned on masks & the magic 6 foot distance.  If Congress ever gets serious what would/could they do that no one is suggesting?(42:38)  The Anti-Christ MAGA OccultistsJulie Green — another laughable "thus saith the Lord" from this blasphemous grifter.  You won't believe what she said or how HUGE her followingEric Trump & Julie Green — Trump's being abused by the "justice" system as if he were black.  (What did Trump do to reform the system when President?)Mike Flynn, and Julie Green "channel" their "god"ReAwaken Tour — promoting paganism with a very thin veneer of "Christian"(55:12) Trump's Role in the Civil WarLaura Loomer and Tim Pool, sycophant suck-ups, give mainstream media the soundbites they want in order to justify their lawfare against conservativesTrump says "house arrest" (in Mar-a-Lago?) would be the "breaking point" for his supporters who want warThe race war — long pushed by schools and CRT, is that the way Civil War would break?(1:08:16) "Vulture Capitalists" Flock to Trump Post-VerdictA look at the background of the guy who bragged about his $300k donation to TrumpHe donated to Hillary and STILL believes in RussiaGateThe UNI-PARTY — Was Trump always on the side of NATO, ramping up for Ukraine war while pretending he wanted to reduce NATO or exit altogether?(1:19:31) "For He's a Jolly Good Felon" — the Alex Soros strategy for dealing with Trump as other billionaires pony up the money as Trump betting odds go way up (1:31:59) Alex Jones "Repels Ambush"?  The Truth About Alex's Bankruptcy and Where I Think He's Headed Everything appears to be going as planned.  Meanwhile, one encore "final performance" after another (1:52:48) New PCR Lie for a New Pandemic — Bring Me the Sample, I'll Find the Pandemic 40 cycles, 1.1 TRILLION magnification?  That's so 2020.  Now there's something even better.  A medical martial law variation on Stalin's "bring me the man, I'll find the crime" (2:00:10) Fauci Distances Himself from "Social Distancing" More Congressional hearings to hear Fauci say what we always knew.  When will Congress DO SOMETHING — here's what they could/should do (2:08:10) Gain-of-Function is Being Used as Gain-of-FEAR — also distraction and misdirectionTime for Rand Paul to tell the WHOLE truth — NOT the "Wu-Flu" nonsenseFauci commits perjury — so did James Clapper.  NO ONE DID ANYTHINGQuestion — "The WHO's pandemic treaty wasn't adopted, but countries have adopted their own version of it. Have you touched on this yet?" — it's worse than thatScottish Inquiry told by hospital worker that hospitals were half full during "pandemic".  WATCH FLASHBACK: Brazilian hospital workers show EMPTY hospitalIt's not only mainstream media pushing lies and fear about "bird flu"…Bulk Testing of Milk to Begin THIS MONTHWhy were they never worried about "evolving" strains with ordinary flu but panicking now?(2:37:46) States move to support Gold & Silver — and, what about Gold Prohibition?Louisiana's 6th bill this year to support gold and silver and they're not the only stateDid FDR confiscate all gold? Could it be done today? What does marijuana tell us about States vs Federal government unconstitutional prohibitions?Inflation the deliberate plan to destroy the middle class — as envisioned by Lenin, Keynes, and others(2:54:43) Pride Month and the ChristianFind out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money is only what YOU hold: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHT

(2:00) Trump Trials & the Jerry Springer ElectionWeaponization?  How about the "FACE Act" elderly people given what's effectively life sentences on an issue that Trump is running away from — pro lifeLifelong Republican's Hegelian Dialectic.  Two is the magic number of parties — no more, no lessSerial killer's property littered with 10,000 human remains — how many humans have been killed by the bi-partisan "pandemic" and jabs? Fauci questioned on masks & the magic 6 foot distance.  If Congress ever gets serious what would/could they do that no one is suggesting?(42:38)  The Anti-Christ MAGA OccultistsJulie Green — another laughable "thus saith the Lord" from this blasphemous grifter.  You won't believe what she said or how HUGE her followingEric Trump & Julie Green — Trump's being abused by the "justice" system as if he were black.  (What did Trump do to reform the system when President?)Mike Flynn, and Julie Green "channel" their "god"ReAwaken Tour — promoting paganism with a very thin veneer of "Christian"(55:12) Trump's Role in the Civil WarLaura Loomer and Tim Pool, sycophant suck-ups, give mainstream media the soundbites they want in order to justify their lawfare against conservativesTrump says "house arrest" (in Mar-a-Lago?) would be the "breaking point" for his supporters who want warThe race war — long pushed by schools and CRT, is that the way Civil War would break?(1:08:16) "Vulture Capitalists" Flock to Trump Post-VerdictA look at the background of the guy who bragged about his $300k donation to TrumpHe donated to Hillary and STILL believes in RussiaGateThe UNI-PARTY — Was Trump always on the side of NATO, ramping up for Ukraine war while pretending he wanted to reduce NATO or exit altogether?(1:19:31) "For He's a Jolly Good Felon" — the Alex Soros strategy for dealing with Trump as other billionaires pony up the money as Trump betting odds go way up (1:31:59) Alex Jones "Repels Ambush"?  The Truth About Alex's Bankruptcy and Where I Think He's HeadedEverything appears to be going as planned.  Meanwhile, one encore "final performance" after another (1:52:48) New PCR Lie for a New Pandemic — Bring Me the Sample, I'll Find the Pandemic40 cycles, 1.1 TRILLION magnification?  That's so 2020.  Now there's something even better.  A medical martial law variation on Stalin's "bring me the man, I'll find the crime" (2:00:10) Fauci Distances Himself from "Social Distancing" More Congressional hearings to hear Fauci say what we always knew.  When will Congress DO SOMETHING — here's what they could/should do (2:08:10) Gain-of-Function is Being Used as Gain-of-FEAR — also distraction and misdirectionTime for Rand Paul to tell the WHOLE truth — NOT the "Wu-Flu" nonsenseFauci commits perjury — so did James Clapper.  NO ONE DID ANYTHINGQuestion — "The WHO's pandemic treaty wasn't adopted, but countries have adopted their own version of it. Have you touched on this yet?" — it's worse than thatScottish Inquiry told by hospital worker that hospitals were half full during "pandemic".  WATCH FLASHBACK: Brazilian hospital workers show EMPTY hospitalIt's not only mainstream media pushing lies and fear about "bird flu"…Bulk Testing of Milk to Begin THIS MONTHWhy were they never worried about "evolving" strains with ordinary flu but panicking now?(2:37:46) States move to support Gold & Silver — and, what about Gold Prohibition?Louisiana's 6th bill this year to support gold and silver and they're not the only stateDid FDR confiscate all gold? Could it be done today? What does marijuana tell us about States vs Federal government unconstitutional prohibitions?Inflation the deliberate plan to destroy the middle class — as envisioned by Lenin, Keynes, and others(2:54:43) Pride Month and the ChristianFind out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money is only what YOU hold: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHT

It's no mystery where the IMF was born but its origin story might surprise you. While the spotlight was on the charismatic British economist John Maynard Keynes during the 1944 Bretton Woods Conference, a little-known American economist was working in the shadows. Harry Dexter White's plan would lead to the creation of the IMF and forever change the world economy. In this podcast, IMF historian and author, James Boughton speaks with Rhoda Metcalfe about how Harry White made history without making a splash. Transcript: https://bit.ly/456YgLB Read the article in Finance and Development: IMF.org/fandd James Boughton is also the author of Harry Dexter White and the American Creed

George Selgin is a senior fellow and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute. George is also a frequent guest of the podcast, and he rejoins Macro Musings to talk about some of the recent developments in the monetary and fiscal policy space. Specifically, David and George discuss recent updates regarding Fed master accounts, the problematic aspects of the Fed's balance sheet, why a second Trump term would threaten central bank independence, and much more.   Transcript for this week's episode.   George's Twitter: @GeorgeSelgin George's Cato profile   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   Caitlin Long's tweet regarding the Fed's special treatment for approving master accounts   *Public comments on the Proposed Guidelines for Evaluating Requests for Accounts and Services* by George Selgin   *Custodia Bank Inc v. Federal Reserve Board of Governors* Court documents from the Wyoming District Court   *Annual Report on Open Market Operations (2023)* by the Federal Reserve Bank of New York   *Trump Allies Draw Up Plans to Blunt Fed's Independence* by Andrew Restuccia, Nick Timiraos, and Alex Leary   *Trump Advisers Discuss Penalties for Nations That Move Away From the Dollar* by Saleha Mohsin, Jennfier Jacobs, and Nancy Cook   *Hayek versus Keynes on How the Price Level Ought to Behave* by George Selgin   *The Menace of Fiscal QE* by George Selgin   *George Selgin on False Dawn: The New Deal and the Promise of Recovery* by Macro Musings   Timestamps:   (00:01:36) – Intro   (00:06:26) – Updates on Fed Master Accounts and the Custodia Case   (00:17:57) – Problematic Aspects of the Fed's Balance Sheet   (00:22:50) – The Importance of the Overnight Unsecured Interbank Lending Market   (00:34:26) – Responding to the Jared Bernstein Incident   (00:46:33) – Donald Trump, Central Bank Independence, and Dollar Dominance   (00:56:54) – Outro

“We know more about black holes now, than we know about interest rates.” That's Ty Keynes, explaining just how incomprehensible our global financial system actually is. And as a devout practitioner of Systems Dynamics, he has more than put in the legwork to try making sense of the mess. Imagine that you were able to create a model of what will happen in our world, based on the cycles that it tends to follow – that's more or less what systems dynamics allows us to do. But when applied to capitalist economics, the results are chaos.   They do show one thing clear as day, however: a capitalist system is guaranteed to destroy our biophysical environment at breakneck speed. And it will drag us through cycles of personal and collective misery along the way. By the end of this episode, you'll see through Ty's models how closely we can predict the future of our world if we stay the course we're on currently. And you'll understand why the most effective remedy for our situation is people making decisions together, and supporting each other on the road back to any kind of sustainable sanity.

The attempt by the mainstream economics profession to create economic literacy has turned into a movement to promote economic illiteracy.Order a free copy of Murray Rothbard's What Has Government Done to Our Money? at Mises.org/Money.Original Article: Economic Education Has Become Economic Disinformation

The attempt by the mainstream economics profession to create economic literacy has turned into a movement to promote economic illiteracy.Order a free copy of Murray Rothbard's What Has Government Done to Our Money? at Mises.org/Money.Original Article: Economic Education Has Become Economic Disinformation

Henry Hazlitt's The Failure of the New Economics remains the best criticism of J.M. Keynes's General Theory.Original Article: Hazlitt Against Keynes on Unemployment and Wages: A Lesson for Modern Macroeconomics

PREVIEW: Keynesianism: From a conversation later tonight with author Nicholas Wapshott re the debate in the pages of Newsweek in the 1960s between those who believe Keynes theory of spending as an answer to recession (Paul Samuelson)  vs those who believe spending causes inflation which contributes to underperformance(Milton Friedman).   Samuelson Friedman: The Battle Over the Free Market. by Nicholas Wapshott . https://www.amazon.com/Samuelson-Friedman-Battle-Over-Market-ebook/dp/B08589Z7M9/ref=sr_1_1?dchild=1&keywords=Nicholas+Wapshott+%2B+samuelson&qid=1627690920&s=digital-text&sr=1-1 From the author of Keynes Hayek, the next great duel in the history of economics. In 1966 two columnists joined Newsweek magazine. Their assignment: debate the world of business and economics. Paul Samuelson was a towering figure in Keynesian economics, which supported the management of the economy along lines prescribed by John Maynard Keynes's General Theory. Milton Friedman, little known at that time outside of conservative academic circles, championed “monetarism” and insisted the Federal Reserve maintain tight control over the amount of money circulating in the economy. 1925 Calvin Coolidge (not a Keynesian) throws out the first ball of the season.

**RP Book Club is beginning a new series, Sunday April 7, 14, and 21, at 3pm ET/12pm PT. Register once for all three sessions. realprogressives.org/event/rp-book-club-the-communist-manifesto/2024-04-07L. Randall Wray talks with Steve about the concept of value in the context of MMT. Randy discusses the labor theory of value and the liquidity premise theory, saying both approaches are critical to understanding how money works in a capitalist economy.Randy looks at the historical development of economic thought and the neoclassical revolution of the 1870s, which aimed to prove that a free-market economy could reach equilibrium without considering money. He explains why this just isn't so. He compares and contrasts the intentions and conclusions of Keynes and Marx. He emphasizes the need to look beyond surface phenomena and understand the structure of the capitalist economy to determine the value of money.The conversation also goes into the importance of the federal job guarantee in setting wages and stabilizing the value of labor.L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute.www.levyinstitute.org

Who is the greatest economist of all time? In Tyler Cowen's eclectic view, you need both breadth and depth, macro and micro. You can't have been too wrong--and you need to be mostly right. You have to have had a lasting impact, and done both theory and empirical work. If you meet all these criteria, you may just be history's greatest economist. Listen as Cowen talks about his new and freely accessible book GOAT with EconTalk's Russ Roberts. Along the way to crowning a winner, Cowen offers original insights into what shaped the theories and worldviews of the greatest economists of all time. Cowen and Roberts also talk about the evolution of economics from a field concerned mainly with ideas to one that mostly grapples with empirical challenges.