keynes

It was a great pleasure speaking with Tyler Cowen for the 3rd time.

We discussed GOAT: Who is the Greatest Economist of all Time and Why Does it Matter?, especially in the context of how the insights of Hayek, Keynes, Smith, and other great economists help us make sense of AI, growth, animal spirits, prediction markets, alignment, central planning, and much more.

The topics covered in this episode are too many to summarize. Hope you enjoy!

Watch on YouTube. Listen on Apple Podcasts, Spotify, or any other podcast platform. Read the full transcript here. Follow me on Twitter for updates on future episodes.

Timestamps

(0:00:00) - John Maynard Keynes

(00:17:16) - Controversy

(00:25:02) - Fredrick von Hayek

(00:47:41) - John Stuart Mill

(00:52:41) - Adam Smith

(00:58:31) - Coase, Schelling, & George

(01:08:07) - Anarchy

(01:13:16) - Cheap WMDs

(01:23:18) - Technocracy & political philosophy

(01:34:16) - AI & Scaling

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It's macro time! Today: Keynes vs. Hayek.

Season 3 of summer school is here asking the biggest economic questions about what makes an entire economy grow or contract? Things like, is there a "right" level of unemployment? Who gains from trade? What rhymes with 'paradox of thrift'? Also, inflation, we'll get to inflation.

Episode 1 begins with the rise of macroeconomics as a field, with one of the great economic debates of the 20th century: what causes booms and busts, and what can the government do about it? How free should a free market be?

It's a debate (over beats and with an actual rap battle) between John Maynard Keynes and F.A Hayek.

Watch this Tik Tok to learn more. | Subscribe to our weekly newsletter here. | Listen to past seasons of Summer School here. | Listen to our econ songs of the summer on Spotify. |

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The novel coronavirus — and America’s disastrously inept response — has shuttered the economy, leaving factories quiet, businesses closed, workers unable to do their jobs. Pulling out of this hole will require an economic effort unlike anything in recent history. We don’t just need a bit of stimulus. We will need a remobilization. But towards what end? This is the first episode in a four-part series exploring how to rebuild the economy after COVID. Future episodes will look at a Green New Deal, a children-centric economy, and a universal basic income. But I wanted to start at the beginning. What can the government do? What is the economy for? Why should we trust politicians, rather than markets, to allocate resources on this scale? Zach Carter is a senior reporter at HuffPost and the author of a new book, The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes. The book, which has widely been hailed as one of the year’s best, is a remarkable biography animated by a question many of us have forgotten Keynes asked: What values should guide an economy? What are the higher purposes economic policy should serve? Carter and I discuss: What Keynes would advise the US government to do if he were alive today How good domestic economic management can reduce the risk of global war Whether economics should be about maximizing consumer preferences or pursuing a social purpose The limits of democracy The role advertising plays in economic preferences Why the gold standard was — and is — a terrible idea Why Democratic politicians are stuck in the 1990s when it comes to their thinking on budget deficits Modern Monetary Theory (and its discontents) And much more. Book recommendations: The Globaists by Quinn Slobodian The Deluge by Adam Tooze  Nova by Samuel R. Delany John Kenneth Galbraith: His Life, His Politics, His Economics by Richard Parker  This podcast is part of a larger Vox project called The Great Rebuild, which is made possible thanks to support from Omidyar Network, a social impact venture that works to reimagine critical systems and the ideas that govern them, and to build more inclusive and equitable societies. You can find out more at vox.com/the-great-rebuild Please consider making a contribution to Vox to support this show: bit.ly/givepodcasts Your support will help us keep having ambitious conversations about big ideas. New to the show? Want to check out Ezra’s favorite episodes? Check out the Ezra Klein Show beginner’s guide (http://bit.ly/EKSbeginhere) Credits: Producer/Editor/Audio fanatic - Jeff Geld Researcher- Roge Karma Want to contact the show? Reach out at ezrakleinshow@vox.com Learn more about your ad choices. Visit podcastchoices.com/adchoices