This is my appearance on the Venture Stories Podcast by Village Global, April 6 episode, hosted by Erik Torenberg: A Comparison of Austrian and Keynesian Economics with Noah Smith, Parker Thompson and Stephan Kinsella. It ended up being a bit of a debate with the other guest, Noah Smith of Bloomberg. This was a bit of an interesting episode, as I explain in the informal “bonus” episode KOL262 (to be posted soon). We ended up discussing/debating a variety of issues, such as: Austrian economics and praxeology, the business cycle, bitcoin, libertarianism, the federal reserve, anarcho-capitalism and related.
By the time we started the podcast I had forgotten it was not exactly for an already-libertarian or Austrian audience, and in fact the host seemed at first (off-air) to think I was the Irish economic journalist Stephen Kinsella (see Stephen Kinsella’s I am Not), and I had forgotten it was a debate and that Smith would be taking positions opposed to Austrianism and libertarianism. My performance was a bit subpar, but I did the best I could to present Austrian views even though I’m not a professional economist.
From the show notes:
On this episode Erik is joined by Stephan Kinsella (@NSKinsella), libertarian writer and patent attorney, Noah Smith (@Noahpinion), Bloomberg opinion writer, and Parker Thompson (@pt), partner at AngelList.
In a spirited debate, the three of them discuss the relative merits of Austrian economics vs. Keynesian economics.
They start out by defining the primary schools of economic thought and explaining where each of the guests sits on the spectrum of economic thinking. They talk about the value of empiricism when it comes to economics and whether economic theories can be derived from first principles.
They discuss inflation and whether centralized control of the money supply leads to better economic outcomes, as well as how one can determine these things in the messy real world. They also touch on a number of other topics, including whether it would be a good thing to get rid of the FDA and pharmaceutical patents, whether antitrust law is “unethical,” and whether the patent system is a net positive for society.