If the Only Way You Can Get Your Great Idea Implemented…

Economics textbooks are full of clever-and-appealing policy proposals.  Proposals like: “Let’s redistribute money to the desperately poor” and “Let’s tax goods with negative externalities.”  They’re so clever and so appealing that it’s hard to understand how any smart, well-meaning person could demur. When you look at the real world, though, you see something strange: Almost no one actually pushes for the textbooks’ clever-and-appealing policy proposals.

Fake Credentials

You might have a medical degree and be a doctor. You might be an expert in your field. People might come to you for medical advice and help. Some patients might even get better while you are “caring” for them. But if you were trained to believe in (and treat) the four humors or that evil spirits cause disease, you aren’t credible as a doctor. Your degree is worthless in the real world of medicine. You’re a fake doctor.

Donald Boudreaux: Market Failure, Government Failure and the Economics of Antitrust Regulation (1h6m)

This episode features an interview of economics professor Donald Boudreaux from 2007 by Russ Roberts, host of EconTalk. They talk about when market failure can be improved by government intervention. After discussing the evolution of economic thinking about externalities and public goods, the conversation turns to the case for government’s role in promoting competition via antitrust regulation. Boudreaux argues that the origins of antitrust had nothing to do with protecting consumers from greedy monopolists. The source of political demand for antitrust regulation came from competitors looking for relief from more successful rivals.

Tom Woods: Economics Is About Social Cooperation, Not Money or Greed (31m)

This episode features a lecture by historian and Austro-libertarian Tom Woods from 2015. What is it, fundamentally, that fascinates us about economics? Some people hear economics and think greed. But to the contrary, what fascinates us about economics is the phenomenon of social cooperation, which takes place on a global scale despite the lack of any global authority directing it.