From the historic campus of Hillsdale College in Hillsdale, Michigan, where the good, the true, and the beautiful are taught, nurtured, and honored, this is the Radio Free Hillsdale Hour, bringing the activity and education of the college to listeners

across the country.

They are spending inordinate amounts of time trying to write statements explaining how their

research on cell signaling and nematodes is particularly beneficial to advancing a diversity, equity,

and inclusion agenda when in fact that is not the mission of science.

This is your host, Scott Bertram.

Welcome to the Radio Free Hillsdale Hour, part of the Hillsdale College Podcast Network.

That was Heather McDonald, a fellow at the Manhattan Institute,

and author of the new book, When Race Trump's Merit,

how the pursuit of equity, sacrifices excellence,

destroys beauty, and threatens lives.

We'll talk in depth with Heather about the new book in just a couple of minutes.

First, we're joined by Dr. Gary Wolfram. He is

William Simon Professor of Economics and Public Policy, Director of Economics and Professor

of Political Economy at Hillsdale College. Dr. Wolfram, thanks for joining us. Well, again,

thank you for having me. Washington Examiner.com for your recent essay, why it's high time,

the Federal Reserve stopped

raising interest rates. For most of my life, we've had low interest rates, very low interest rates,

and recently that has changed. So why did it change and what have been the consequences so far,

these increased interest rates by the Federal Reserve?

Well, the increase in interest rates by the Federal Reserve has been as a response to the

the increase in inflation that started to happen. But this is wrongheaded in many sense in that this is really a Keynesian

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