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🗓️ 21 June 2010
⏱️ 70 minutes
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0:00.0 | Welcome to Econ Talk, part of the Library of Economics and Liberty. I'm your host Russ Roberts |
0:13.9 | of George Mason University and Stanford University's Hoover Institution. Our website is econtalk.org |
0:21.2 | where you can subscribe, find other episodes, comment on this podcast, and find links to |
0:26.5 | another information related to today's conversation. Our email address is mailadicontalk.org. We'd |
0:33.6 | love to hear from you. Today is June 10, 2010 and my guest is Scott Sumner of Bentley University. His |
0:43.8 | blog is the Money Illusion. Scott, welcome back to Econ Talk. Thanks for inviting me, Russ. Our topic |
0:50.7 | for today is growth, very broadly defined. Why do some countries do better than others? What role does |
0:57.3 | public policy play in determining or affecting growth? And you've written a lot on the topic recently |
1:02.7 | at your blog and you've written a very interesting paper on the topic as well. We're interested as |
1:07.6 | economists and citizens in the relation between economic policies and outcomes of various kinds. So I |
1:14.3 | want to start by trying to clarify some language about how we might describe different policy regimes, |
1:20.0 | different rules of the game, and inevitably these are crude definitions because there's so much |
1:25.6 | variation, but it's helpful to categorize things broadly and you've been doing that lately. In |
1:30.8 | particular, you make a distinction between different kinds of liberalism. Can you describe those? |
1:37.2 | Okay. I distinguish between what I call classical liberalism, which is sort of belief in small |
1:45.5 | government in economic sense, and modern liberalism, which is more socialist in orientation, and then |
1:54.9 | neoliberalism, which I see is sort of a postmodern synthesis of the two, where it combines relatively |
2:01.5 | free markets with a sizable government in terms of social welfare spending especially. So if you |
2:09.8 | break down government activities into two broad groups, one would be social welfare spending, |
2:16.3 | which forms a large chunk of total government spending, and the other set of government |
2:21.9 | activities is sort of a catch all I call stateism, which involves things like price controls, |
2:27.8 | market entry controls, trade barriers, ownership of companies, high marginal tax rates, all sorts |
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