Ep. 45 Contra Krugman LIVE: Are We Just Like Milton Friedman? Where Austria and Chicago Differ

2 August 2016     |     Tom Woods     |     4

In this special episode of Contra Krugman, recorded live at the Mises Institute‘s Mises University summer instructional program for college students, Bob and Tom are joined by three other professors: Peter Klein (Baylor University), Lucas Englehardt (Kent State University), and Mark Thornton (Mises Institute).

This week, a Krugman blog post about supply-side economics becomes a jumping-off point to consider Austrian similarities with and differences from other schools of what is clumsily called “free-market economics.”

Krugman Blog Post

The GOP’s Original Sin” (July 18, 2016)

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Book Mentioned

The Foundations of the Market Price System (free book), by Milton Shapiro

Related Article

Bursting Eugene Fama’s Bubble,” by Bob Murphy

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  • Bob_Robert

    Now I’ll have to listen to this again when the video gets posted.

    What is this, Capitalism?

  • http://www.ixaarii.com Void lon iXaarii

    great show again! Gets crazy funny around 38:30 where it explains abstract theory
    discussion of different schools of thought via the practical question of
    punching Bob in the face :))
    Would be great if there was a way to share from a moment in time the audio stream like you can on soundcloud/youtube. Especially in cases like this of longer episodes with multiple gems and you wanna share it with somebody it would be very handy to be able to spare the other person of the (possibly interest blocking) chore of scrolling to that point to get first interested enough for the whole show.

  • tgmolitor

    The definition of Austrian economics as “causation economics” rather than Keynesian or Chicago school of economics as “mathematical economics” caught my ear. One is a “measurement” school; the other a “cause and effect” school.

  • Jan Masek

    Great and funny episode but i wasn’t satisfied with the value judgement thing at the end. Dr. Woods asked: “don’t our critics have a point when they say you are bringing in value judgement when you say you shouldn’t punch Bob Murphy in the face regardless of what harm it causes him as compared to the gain of Peter Klein, the attacker?”
    Dr. Klein attempts to weasel out of it by way of demonstrated preferences, i didn’t quite get it. Dr. Murphy then mentions but doesn’t elaborate on natural law, then Dr. Klein says “so i do have value judgement, so what”
    So which is it? Does Austrian Economics depend on value judgement or not?
    I think I know the answer from Kinsella/Hoppe. AEconomics is value-free and doesn’t answer it, it only says that cost-benefit analysis is impossible. That’s why we have Ethics which is not value-free and answers that hitting is wrong (argumentation ethics etc).