Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong?  On this episode of the Hayek Program Podcast, Scott Sumner and Lawrence White engage with this question as part of a broader discussion of Sumner's new book, "The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy."  As part of the discussion, Sumner and White address the 2008 crisis in the context of fundamental questions regarding what type of monetary framework provides the best environment for a flourishing market economy.  The pair address the use of tools such as nominal GDP targeting to foster this enviornment and consider the school of thought known as "market monetarism," for which Sumner is a leading advocate.

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Lawrence White & Scott Sumner on "The Money Illusion"

The Hayek Program Podcast includes audio from lectures, interviews, and discussions of scholars and visitors from the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. The F. A. Hayek Program is devoted to the promotion of teaching and research on the institutional arrangements that are suitable for the support of free and prosperous societies. Implicit in this statement is the presumption that those arrangements are to some extent open to conscious selection, as well as the appreciation that the type of arrangements that are selected within a society can influence significantly the economic, political, and moral character of that society.
The Hayek Program Podcast is partially funded by a grant from the John Templeton Foundation on "Work, Self-governance, and the Challenge of Unsustainable Dependency." The Grant is for a three-year project to explore the themes of work and self-governance as well as the root causes and consequences of the modern shift toward a greater reliance on government efforts to solve collective challenges.

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Lawrence White & Scott Sumner on "The Money Illusion"

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