Episode 87: Reality Economics 101 with Don Boudreaux and John Tamny

A must see and wide ranging conversation about all things economic with Donald Boudreaux, best-selling author, professor of economics at George Mason University who writes the popular blog Cafe Hayek and John Tamny, editor of Real Clear Markets, an editor for Forbes Magazine and the author of “The End of Work” and “They’re Both Wrong.”

 

Even if, or maybe especially, you think economics is too abstract or arcane or harsh, this is a fresh and engaging take that everyone can learn from. I did. Some excerpts:

 

“Politicians are never very good about taking economic considerations into account when they make policy. They are especially bad at it now, with people frantic over COVID-19, so politicians who don't know much economics, have taken the easy way out, basically putting us all into house arrest, shutting down an incredibly complex system and set of processes for producing goods and services.”

 

“One of my favorite economists Thomas Sowell said that one of the first laws of economics is that reality is not optional, and the first law of politics is to deny the first law of economics.”

 

“When politicians declare this job or that job non-essential, they deny the dignity of work, the non-economic and spiritual value of work.”

 

“One of the beautiful things about the economy is that we all contribute our little small inputs into the larger output.”

 

“To understand financial markets, the essential thing to know is that capital has to be allocated from people who save it to places where it's productive.”

 

And my favorite:

 

“CEOs are like Michael Jordan. We haven't been taught to think of them that way, but when they can bring that kind of value, the advance they can bring to society more broadly is just stunning.”

 

There’s a lot more in this fascinating and, I'm sure to some, controversial conversation and I hope you’ll find the time to watch or listen.