Austrian economist Friedrich A. Hayek fought in the First World War, lived through the Great Depression and the rise of fascism, and enjoyed a postwar career as a Nobel Prize-winning economist. He is known to us today as a champion of classical liberal thought and author of The Road to Serfdom. In this episode of Political Economy, I'm joined by Bruce Caldwell to learn more about Hayek's life and ideas. Bruce is a Research Professor of Economics at Duke University and the general editor of The Collected Works of F.A. Hayek. He is the author of 2004's Hayek's Challenge: An Intellectual Biography of F. A. Hayek. Bruce's latest book is Hayek: A Life, 1899–1950, with Hansjoerg Klausinger.

Bruce Caldwell: The Life and Ideas of F.A. Hayek

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The Child Tax Credit is a tax benefit available to many American families for the purpose of reducing their federal income tax liability. It’s specifically designed to help offset the cost of raising children. The CTC of today, however, differs starkly from its pre-pandemic structure. Many economists, including Kevin Corinth, think that the post-pandemic changes were a step in the wrong direction. Corinth is a senior fellow and the deputy director of the Center on Opportunity and Social Mobility here at AEI. His research interests include poverty, safety net programs, homelessness, social capital, and economic mobility. Previously, Corinth served as the staff director of the congressional Joint Economic Committee, and he was also chief economist in the White House Council of Economic Advisers.

Kevin Corinth: The Child Tax Credit

Generation after generation seem to pine for “the good old days,” an elusive time when many of us think morals, institutions, and the quality of life, in general, were higher. Americans are no exception to this rule, but there’s something unique about American nostalgia. While we reminisce about the past, we also owe much of our success as a nation to our forward-thinking culture that embraces the possibility of the American Dream. Today on Political Economy, I talk with Karlyn Bowman about the way Americans view their nation, and the tensions between their love of their past and their strong hope for the future. Bowman is a distinguished senior fellow emeritus here at AEI, where she specializes on American public opinion. In 1982, she founded “Election Watch,” the longest-running political analysis program in Washington. She has also been a Forbes columnist since 2008.

Karlyn Bowman: American Nostalgia

Medicare is a trillion-dollar federal health insurance program designed to meet the medical needs of senior citizens and Americans with disabilities. Yet, despite its staggering amount of funding, Medicare is far from a perfect system. Here on Political Economy, I sit down with Joe Antos to discuss the current state of Medicare and its systemic challenges. Antos is a senior fellow here at AEI where he studies the economics of health policy. He is currently Vice Chair and serving a third term as commissioner at the Maryland Health Services Cost Review Commission. He is also a professor of emergency medicine at George Washington University.

Joseph Antos: The State of Medicare

Milton Friedman was one of the most influential economists of the 20th century, right alongside John Maynard Keynes. His work pushed economic thought toward free markets in the 1970s and 1980s. His passionate defense of capitalism and economic freedom had global appeal right through the present day. As such, the closing decades of the 20th century have been termed "The Age of Friedman," yet commentators have sought to hold him responsible for both the rising prosperity and rising inequality of recent times. Jennifer Burns is a professor at Stanford University, where she teaches 20th century American history. Her research focuses on how capitalism and the power of the market have influenced the American Political Economy. Burns' new book is Milton Friedman: The Last Conservative. 

Jennifer Burns: Milton Friedman: The Last Conservative

Over the past 40 years, children born to parents without college degrees have become less and less likely to grow up with the advantages of a two-parent home. This trend is perpetuating inequality between college-educated and non-college-educated families. To talk about this issue, I’ve invited on Melissa Kearney.  Melissa is the Neil Moskowitz Professor of Economics at the University of Maryland and a Senior Fellow at the Brookings Institute. Her new book is The Two-Parent Privilege: How the Decline in Marriage Has Increased Inequality and Lowered Social Mobility, and What We Can Do about It. 

Bruce Caldwell: The Life and Ideas of F.A. Hayek

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