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EconTalk Archives, 2009

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EconTalk is an award-winning weekly talk show about economics in daily life. Featured guests include renowned economics professors, Nobel Prize winners, and exciting speakers on all kinds of topical matters related to economic thought. Topics include health care, business cycles, economic growth, free trade, education, finance, politics, sports, book reviews, parenting, and the curiosities of everyday decision-making. Russ Roberts, of the Library of Economics and Liberty (econlib.org) and George Mason U., draws you in with lively guests and creative repartee. Look for related readings and the complete archive of previous shows at EconTalk.org, where you can also comment on the podcasts and ask questions.

EconTalk is an award-winning weekly talk show about economics in daily life. Featured guests include renowned economics professors, Nobel Prize winners, and exciting speakers on all kinds of topical matters related to economic thought. Topics include health care, business cycles, economic growth, free trade, education, finance, politics, sports, book reviews, parenting, and the curiosities of everyday decision-making. Russ Roberts, of the Library of Economics and Liberty (econlib.org) and George Mason U., draws you in with lively guests and creative repartee. Look for related readings and the complete archive of previous shows at EconTalk.org, where you can also comment on the podcasts and ask questions.
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United States

Description:

EconTalk is an award-winning weekly talk show about economics in daily life. Featured guests include renowned economics professors, Nobel Prize winners, and exciting speakers on all kinds of topical matters related to economic thought. Topics include health care, business cycles, economic growth, free trade, education, finance, politics, sports, book reviews, parenting, and the curiosities of everyday decision-making. Russ Roberts, of the Library of Economics and Liberty (econlib.org) and George Mason U., draws you in with lively guests and creative repartee. Look for related readings and the complete archive of previous shows at EconTalk.org, where you can also comment on the podcasts and ask questions.

Language:

English


Episodes

Winston on Market Failure and Government Failure

12/28/2009
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Clifford Winston of the Brookings Institution talks about the ideas in his book, Market Failure vs. Government Failure, with EconTalk host Russ Roberts. Winston summarizes a large literature on antitrust, safety regulation and environmental regulation. He finds that government regulation often fails to meet its objectives. While markets are imperfect, so is government. Winston argues that idealized theories of government intervention based on textbook theories of market failure are not the...

Duration:01:06:17

Hamilton on Debt, Default, and Oil

12/21/2009
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James Hamilton of the University of California, San Diego, and blogger at EconBrowser talks with EconTalk host Russ Roberts about the rising levels of the national debt and the growing Federal budget deficit. What is the possibility of an actual default, or an implicit default where the government prints money to meet its obligations and causes inflation? What might signal an impending default? And what is the long-range forecast for the U.S. government's obligations? Later in the...

Duration:01:07:02

Kling on Prosperity, Poverty, and Economics 2.0

12/14/2009
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Arnold Kling of EconLog and the author (with Nick Schulz) of From Poverty to Prosperity: Intangible Assets, Hidden Liabilities and the Lasting Triumph over Scarcity talks about the book with EconTalk host Russ Roberts. Kling discusses how modern economists think about growth in both developed and undeveloped countries and contrasts those ideas with earlier views in economics. The focus of the modern understanding is on ideas and the ability of ideas to improve technology, leading to...

Duration:00:58:21

McArdle on Debt and Self-Restraint

12/7/2009
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Megan McArdle, who writes the blog Asymmetrical Information at The Atlantic, talks with EconTalk host Russ Roberts about debt and the challenge of self-restraint. She discusses her recent Atlantic article on her experience at a Dave Ramsey personal finance seminar, how it affected her life, and the psychology of self-restraint. The conversation concludes with a discussion of debt and savings during the Great Depression and the current national debt of the United States.

Duration:01:18:01

Boettke on Elinor Ostrom, Vincent Ostrom, and the Bloomington School

11/30/2009
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Peter Boettke of George Mason University and author of Challenging Institutional Analysis and Development: The Bloomington School (co-authored with Paul Dragos Aligica), talks with EconTalk host Russ Roberts about the Bloomington School--the political economy of Elinor Ostrom (2009 Nobel Laureate in Economics), Vincent Ostrom, and their students and colleagues at Indiana University. The discussion begins with the empirical approach of Elinor Ostrom and others who have studied the myriad of...

Duration:01:03:18

Reinhart on Financial Crises

11/23/2009
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Carmen Reinhart of the University of Maryland talks with EconTalk host Russ Roberts about the ideas in her book This Time is Different: Eight Centuries of Financial Folly (co-authored with Kenneth Rogoff). They discuss the role of capital inflows in financial crises, the challenges of learning the right lessons, and what is generally true about financial crises over time and place. Reinhart applies these observations to the current crisis, discusses the possibility of the U.S. defaulting...

Duration:01:07:17

Posner on the Financial Crisis

11/16/2009
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Richard Posner, federal judge and prolific author, discusses the financial crisis with EconTalk host Russ Roberts. Posner (despite the title of his recent book on the crisis, A Failure of Capitalism) places most of the blame for the crisis on the Federal Reserve, inattentive regulators and the subsidization of risk. He also criticizes economists for complacency in the face of impending disaster. A recent convert of sorts to Keynesianism, Posner confesses some disillusion with the...

Duration:01:03:19

Sumner on Monetary Policy

11/9/2009
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Scott Sumner of Bentley University and the blog The Money Illusion talks with host Russ Roberts about monetary policy and the state of the economy. Sumner argues that tight money in late 2008 precipitated the recession. He argues that the standard measures of monetary policy--growth in reserves or the Federal Funds rate--are misleading. Sumner suggests focusing instead on nominal GDP. He argues that the failure of the Fed to counter the drop in nominal GDP in late 2008 intensified the...

Duration:01:09:02

Heller on Gridlock and the Tragedy of the Anticommons

11/2/2009
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Michael Heller of Columbia Law School and author of The Gridlock Economy talks to EconTalk host Russ Roberts about the book and the idea that fragmented ownership is a barrier to innovation. Heller makes an analogy between the tragedy of the commons and what he calls the tragedy of the anticommons--the problem of bundling together numerous individual claims to a resource. Examples discussed include drug innovation when the innovator wants to use technologies of multiple patent holders, new...

Duration:00:58:44

Calomiris on the Financial Crisis

10/26/2009
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Charles Calomiris of Columbia Business School talks with EconTalk host Russ Roberts about the financial crisis. Calomiris argues that it is important to put the crisis in historical perspective in the context of other bank crises. He argues that bank crises differ widely across time and place--some times and some places are placid, others are prone to regular crises. Calomiris argues that frequent episodes of failure are tied to government guarantees such as various forms of deposit...

Duration:01:28:27

Munger on Shortages, Prices, and Competition

10/19/2009
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Mike Munger of Duke University talks with EconTalk host Russ Roberts about the limits of prices and markets, especially in the area of health. They talk about vaccines, organ transplants, the ethics of triage and what role price should play in allocating. The discussion concludes with a discussion of how markets respond to price controls, particularly minimum wages.

Duration:01:08:00

Willingham on Education, School, and Neuroscience

10/12/2009
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Daniel Willingham of the University of Virginia and author of the book Why Don't Students Like School? talks with EconTalk host Russ Roberts about how the brain works and the implications for teaching, learning, and educational policy. Topics discussed include why we remember some things but not others (and what we can do about it), the central role of memory in problem solving and abstract reasoning, the current state of math education in America, and what makes a good teacher.

Duration:01:02:59

Gary Stern on Too Big to Fail

10/5/2009
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Gary Stern, former President of the Minneapolis Federal Reserve Bank, talks with EconTalk host Russ Roberts about Stern's book, Too Big To Fail (co-authored with Ron Feldman), a prescient warning of the moral hazard created when government rescues creditors of financial institutions from the consequences of bankruptcy. Stern traces the origins of "too big to fail" to the rescue of Continental Illinois in 1984 and then follows more recent rescues including those of the current crisis. The...

Duration:01:07:23

Cohan on the Life and Death of Bear Stearns

9/28/2009
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William Cohan, author of House of Cards: A Tale of Hubris and Wretched Excess on Wall Steet, talks with EconTalk host Russ Roberts about the life and death of Bear Stearns. The discussion starts with how Bear Stearns and other Wall Street firms made money and how they financed their operations. The conversation then turns to the collapse of Bear Stearns's hedge funds in the summer of 2007 and how that collapse and the firm's investments in subprime mortgages led to the death of the firm in...

Duration:01:05:07

Buchheit on Google, Friendfeed, and Start-ups

9/21/2009
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Paul Buchheit, developer of Gmail and founder of FriendFeed, talks with EconTalk host Russ Roberts about the evolution of the Gmail project, how innovation works and doesn't work in a large corporation, how Google has changed as it has grown, and corporate culture generally. The conversation then turns to social networking and what might be coming next. The discussion concludes with Buchheit's observations on Silicon Valley and the power of failure.

Duration:01:01:36

Nye on the Great Depression, Political Economy, and the Evolution of the State

9/14/2009
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John Nye of George Mason University talks with EconTalk host Russ Roberts about the Great Depression, the evolution of the State, and attitudes people have toward free markets. Nye argues that support for modern capitalism is fragile because people have trouble trusting the market process which is based on anonymous exchange with strangers. So when a crisis comes, it leads to demands for a larger role for top-down decision making. Nye sees the Great Depression as part of a larger public...

Duration:00:58:04

Cowen on Culture, Autism, and Creating Your Own Economy

9/7/2009
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Tyler Cowen of George Mason University and author of Create Your Own Economy talks with EconTalk host Russ Roberts about the ideas in his recent book. The conversation ranges across a wide array of topics related to information, the arts, and the culture of the internet. Topics include how autistics perceive information and what non-autistics can learn from them, what Buddhism might teach us about our digital lives, the pace of change in the use of technology, Nozick's experience machine and...

Duration:00:56:47

Munger on Cultural Norms

8/31/2009
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Michael Munger of Duke University talks with EconTalk host Russ Roberts about cultural norms--the subtle signals we send to each other in our daily interactions. Mike, having returned from a four-month stint as a visiting professor in Germany, talks about the challenges of being an American in a different culture with very different expectations on how people will interact. Our speech patterns, how we wait in line, how we treat each other at the grocery, the interaction between a teacher and...

Duration:00:58:32

Brady on Health Care Reform, Public Opinion, and Party Politics

8/24/2009
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David Brady of Stanford University talks with EconTalk host Russ Roberts about American public opinion on changing the health care system. Brady discusses the impact of taxation on public opinion toward health care reform--if the poll includes a measure of the likely increase in taxes necessary to pay for expanding coverage, support for expanding coverage drops dramatically compared to generic polls that ignore costs. He also discusses the role of the party system and partisanship for the...

Duration:01:10:29

Hitchens on Orwell

8/17/2009
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Christopher Hitchens talks with EconTalk host Russ Roberts about George Orwell. Drawing on his book Why Orwell Matters, Hitchens talks about Orwell's opposition to imperialism, fascism, and Stalinism, his moral courage, and his devotion to language. Along the way, Hitchens makes the case for why Orwell matters.

Duration:01:09:10