The Tom Woods Show, episode 1005.

Prepare to set fire to the index card of allowable opinion.

Your daily dose of liberty education starts here, the Tom Woods Show.

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Hi everybody. Tom Woods here.

I want to talk about an article today by Martin Feldstein, my old professor of economics,

having to do with figuring out whether our standard of living is improving or not, and whether

or not the next generation is going to be better off than the current one. And of course,

we hear it said all the time, the next generation is going to be worse off than the current one.

But he raises some objections

that I found interesting, that maybe we're actually better off than we think, and the figures

we're using to judge how well off we are, are misleading and leave out some important factors.

So I thought, just to make sure I'm understanding and thinking about this clearly,

let's bring somebody on who's a real expert. So I decided Jeff Herbiner. Our old friend, Jeff Herbiner, is

the chairman of the Department of Economics at Grove City College, which is, again, one of the best

four-year liberal arts schools you've never heard of, ranked very highly, very capable

students, and an entirely Austrian or Austrian sympathetic economics department. So a lot of great

things to be said about Grove City College. He is also assistant editor of the quarterly journal

of Austrian economics. Jeff, welcome back.

Hey, thanks, Tom.

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