Ep. 1990 The Dreadful State of Economics, and How to Fix It

The Tom Woods Show

Tom Woods

Politics, Economics, Libertarian, Government, News

4.8 • 3.3K Ratings

🗓️ 14 October 2021

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

One of this year's winners of the Nobel Prize in economics, David Card, co-authored the notorious Card-Krueger study of the minimum wage, which appeared to turn the conventional economic wisdom about the effects of minimum wages on its head. Peter Klein of Baylor University joins us to discuss what's gone wrong with economics such that we've reached the point where economists, rather than describing the constraints on what politics can accomplish, have become cheerleaders for the state.

Transcript

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0:00.0	The Tom Woods Show Episode 1990.
0:03.0	Prepare to set fire to the index card of allowable opinion.
0:07.6	Your daily dose of liberty education starts here.
0:11.2	The Tom Woods Show.
0:13.0	Hey, everybody, Harry's the official razor of the Tom Woods Show is offering listeners
0:17.5	their starter set at harries.com slash woods.
0:20.4	That's a five blade razor, a weighted ergonomic handle, foaming shave gel, and a travel blade
0:24.9	cover, a $13 value, all for just $3 at harries.com slash woods.
0:30.7	Hey folks, Tom Woods here.
0:32.1	We're going to be talking about the Nobel Prize in economics today, and we're going to be
0:36.4	talking about, frankly, one of the three winners in particular, and talking about the meaning
0:42.4	of this, what this means for economics as a field.
0:45.9	And we're going to be doing that with our old friend Peter Klein, who's a professor of
0:49.6	economics at Baylor University.
0:51.9	And Peter, I know you have a million credentials, you have your PhD from University of California
0:56.6	at Berkeley.
0:57.8	But at Baylor University, what is your specific title and are you teaching not just economics
1:04.2	but entrepreneurship?
1:05.2	Are you in the business school?
1:06.9	Give us the details.
1:07.9	Yeah, Tom, I am an economist by training, but at Baylor University, I am in the business
1:13.0	school.
	...

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