Ep. 1125 Are Economists Obsessed With "Efficiency"?

The Tom Woods Show

Tom Woods

Politics, Government, News

4.8 • 3.4K Ratings

🗓️ 2 April 2018

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

The general public sure thinks they are -- and sometimes, economists give them good reason to think so. Bob Murphy joins me to discuss (and critique) the Coase Theorem, which purports to solve an important economic puzzle, but which makes methodologically suspect moves that it appears only Austrians may have noticed.

(P.S. We're postponing the discussion of Public Choice, mentioned at the beginning, until a future episode.)

Show notes for Ep. 1125

Transcript

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0:00.0	The Tom Woods Show, episode 1125.
0:03.3	Prepare to set fire to the index card of allowable opinion.
0:08.1	Your daily dose of liberty education starts here, the Tom Woods Show.
0:14.6	Folks, Bob Murphy and I are doing it again.
0:16.5	Contra Cruz, 2018.
0:18.7	You know you want to join us.
0:20.3	You've seen how much fun it is. Everybody who's
0:22.8	joined us absolutely raves about it. It is the vacation of a lifetime. Check it out at
0:29.0	contracruise.com. Hi, everybody, Tom Woods here talking to Bob Murphy today. Bob, of course, is my co-host
0:36.0	on the Contra Krugman podcast over at
0:38.9	contra Krugman.com. But he has credentials other than just that. Of course, he is the author
0:44.6	of numerous books, including the politically incorrect guide to capitalism, the politically
0:49.0	incorrect guide to the Great Depression and the New Deal, an excellent distillation of the work
0:54.1	of Lubbik Vad Mises,
0:55.2	particularly his book Human Action, called Choice, Cooperation, Enterprise, and Human Action.
1:01.0	Most recently, The Case for IBC, How to Succeed from our Current Monetary Regime, one household
1:07.6	at a time. He holds a PhD in economics from NYU. And we're going to talk today
1:12.4	about the Koste theorem in particular, because that is a topic I think listeners ought to know about.
1:20.4	It is a widely, widely discussed topic in the economics literature. And in talking about it, we can get in some ways to the
1:29.3	bottom of some of the differences between the Austrian School of Economics, which we
1:34.4	support on this podcast, and the Chicago and even just mainstream economics. Because here we're
1:42.0	going to be talking about efficiency and economic efficiency and optimal outcomes
	...

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