Today I’m speaking with economist Bryan Caplan about education and bullshit, with a particular focus on his book, The Case Against Education: Why the Education System Is a Waste of Time and Money (Princeton University Press, 2018).

In our modern economy, possessing a college degree feels like a necessity for professional advancement. The age of good jobs for college dropouts is largely gone as more people spend more time in the classroom, writing papers, taking tests, and, of course, goofing off. On the one hand, policymakers celebrate the additional degrees attained by more people. Surely a more educated society means a more intelligent and productive one. It’s no secret that college grads make more money than dropouts, and high school grads make more than those who didn’t complete 12th grade.

Why is this the case? Does more education truly endow students with the skills necessary to succeed in the working world, or does education merely serve to certify that an individual has the intelligence and people skills needed to succeed? If the primary value of education is to signal conformity to employers’ expectations, then education as we know it is a waste of time, energy, and money.

Degrees range in practicality, but most—like economics—hardly spend time teaching the kinds of skills that translate to the jobs most graduates actually take. As Bryan puts it, “As far as I can tell, the only marketable skill I teach is how to be an economics professor.” The world certainly needs some economics professors, but the sentiment behind the point reflects an undeniable dirty little secret. Professors, by and large, teach students about their favorite subjects, not skills for career success.

For years, I’ve trumpeted the line that the purpose of higher education is not to teach skills but rather to teach students how to think. The Case Against Education deflates this argument with statistics and great humor. As the type of student who loved taking Russian literature, political philosophy, and economic history, I’m thrilled to speak with Bryan Caplan about bullshit and education.

Bryan Caplan is Professor of Economics at George Mason University.

Caleb Zakarin is CEO and Publisher of the New Books Network.

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As European empires crumbled in the 20th century, the power structures that had dominated the world for centuries were up for renegotiation. Yet instead of a rebirth for democracy, what emerged was a silent coup – namely, the unstoppable rise of global corporate power.

Exposing the origins of this epic power grab as well as its present-day consequences, Silent Coup: How Corporations Overthrew Democracy (Bloomsbury, 2023) by Claire Provost & Matt Kennard is the result of two investigative journalist's reports from 30 countries around the world. It provides an explosive guide to the rise of a corporate empire that now dictates how resources are allocated, how territories are governed, and how justice is defined.

This interview was conducted by Dr. Miranda Melcher whose doctoral work focused on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars.

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Are jobs fair? In The Accidental Equalizer: How Luck Determines Pay after College (U Chicago Press, 2023), Jessi Streib, an associate Professor of Sociology at Duke University, uncovers the remarkable story of the way luck shapes the hiring process for a key strata of business jobs in America. Offering a thesis that is initially counterintuitive but clearly argued, empirically grounded, and ultimately compelling, the book introduces the idea of ‘luckocracy’. ‘Luckocracy’ underpins the functioning of important parts of the graduate labour market, and equalises what would otherwise be significant class differences between college graduates. Rich with details, as well as offering a broad new perspective on education and the labour market, the book is essential reading across the social sciences, as well as for anyone interested in understanding work, fairness, and the importance of luck.

Dave O'Brien is Professor of Cultural and Creative Industries, at the University of Manchester.

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Most development histories focus on large-scale projects and multi-year plans. But how would we understand development differently if we chose a different starting point? In Village Work: Development and Rural Statecraft in Twentieth-Century Ghana (Ohio UP, 2021), Alice Wiemers exchanges the center for the periphery. Writing outwards from Kpasenpke, a village in northern Ghana, Wiemers shows how the daily labor of rural people, local officials and family networks have all shaped a practice of rural statecraft centered on developmentalism. By insisting on the specificity of the hinterland and interchangeability of its so-called “developers”, Village Work proposes a new framework for approaching Ghana’s twentieth century.

Elisa Prosperetti is a Visiting Assistant Professor in African history at Mount Holyoke College. Her research focuses on the connected histories of education and development in postcolonial West Africa. Contact her at: www.elisaprosperetti.net.

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Making War Safe for Capitalism: The World Bank, IMF, and the Conflict in Ukraine (Bristol UP, 2025) by Dr. Elliot Dolan-Evans examines the impact of World Bank and International Monetary Fund (IMF) economic restructuring programmes during active conflicts.

Using a critical political economy perspective, the book explores how these restructuring efforts affect vulnerable communities’ survival amid violence. Chapters provide a detailed case study of Ukraine during the War in Donbas, analysing the controversial reforms in agriculture, gas and pension sectors. The resulting analysis offers valuable insights into how these reforms have influenced Ukraine’s political economy and the survival of conflict-affected populations since the 2022 Russian invasion.

This interview was conducted by Dr. Miranda Melcher whose book focuses on post-conflict military integration, understanding treaty negotiation and implementation in civil war contexts, with qualitative analysis of the Angolan and Mozambican civil wars. You can find Miranda’s interviews on New Books with Miranda Melcher, wherever you get your podcasts.

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In Money and Promises: Seven Deals That Changed the World, the distinguished banker, executive, and historian Paolo Zannoni examines the complex relationship between states and banks that has changed the world. Drawing on in-depth archival research, he explores seven case studies: the republic of Pisa, seventeenth-century Venice, the early years of the Bank of England, imperial Spain, the Kingdom of Naples, the nascent United States during the American Revolution, and Bolshevik Russia in 1917 through 1923. Zannoni also tells the story of how the Continental Congress established the first public bank in North America, exploring the roles of Thomas Jefferson, Benjamin Franklin, and Alexander Hamilton. Spanning many countries, political systems, and historical eras, this book shows that at the heart of these institutions is an intricate exchange of debts and promises.

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In this episode, Joe Williams speaks with Andrew White about how the digital economy is reshaping inequality, work, and the social contract. Drawing on the themes of his book Inequality in the Digital Economy: The Case for a Universal Basic Income (Palgrave Macmillan, 2024), our conversation explores why technological progress has not translated into shared prosperity, how structural features of digital markets concentrate power and wealth, and what this means for the future of work and social policy. We discuss universal basic income as part of a broader attempt to rethink how societies provide security and dignity in an era of automation, and consider what a more sustainable and humane economic model might look like in practice.

Joe Williams website here

- Censorship and Sacralisation of Politics in the Portuguese Press during the Spanish Civil War
- "Year X of the National Revolution" — Salazarist Palingenetic Myth in the Diário da Manhã

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In The Making of Modern Corporate Finance: A History of the Ideas and How They Help Build the Wealth of Nations (Columbia Business School Publishing, 2025) Donald Chew profiles key figures in the development of modern corporate finance while emphasizing their counterintuitive lessons for shareholders, companies, and countries. He deals with such questions as: Why did the stagflation of the 1970s prove so painful and protracted? What explains the U.S. stock market’s forty-year run of 12 percent average annual returns? Why is Japan still mired in a decades-long recession? What accounts for the resilience of U.S. stock markets in the wake of COVID and the Fed’s interest rate hikes? Chew argues that answers to these questions lie ideas formulated and tested by finance scholars―notably, an efficient stock market in which prices reflect the long-run values of public companies and a market for corporate control that exerts pressure on management.

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The Highest Exam: How the Gaokao Shapes China (Harvard UP, 2025), provides a detailed, research-driven survey of the gaokao, China's high-stakes college entrance exam. Authors Ruixue Jia and Hongbin Li--past test-takers themselves--show how the exam system shapes schooling, serves state interests, inspires individualistic attitudes, and has lately become a touchstone in US education debates.  

Ruixue Jia is a professor of economics at the School of Global Policy and Strategy at UC San Diego. She also serves as co-director of the China Data Lab, executive secretary of the Association of Comparative Economic Studies (ACES) and co-chair of the China Economic Summer Institute (CESI).

Hongbin Li is the James Liang Chair, Faculty Co-director of the Stanford Center on China's Economy and Institutions, a Senior Fellow of Stanford Institute for Economic Policy Research (SIEPR) and Freeman Spogli Institute for International Studies (FSI), Stanford University. 

Interviewer Peter Lorentzen is an associate professor of economics at the University of San Francisco, where he leads the Master's program in International and Development Economics.

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China's approach to digital governance has gained global influence, often evoking Orwellian 'Big Brother' comparisons. Governing Digital China (Cambridge UP, 2025) challenges this perception, arguing that China's approach is radically different in practice. This book explores the logic of popular corporatism, highlighting the bottom-up influences of China's largest platform firms and its citizens. Drawing on extensive fieldwork and nationally representative surveys, the authors track governance of social media and commercial social credit ratings during both the Hu Jintao and Xi Jinping eras. Their findings reveal how Chinese tech companies such as Tencent, Sina, Baidu, and Alibaba, have become consultants and insiders to the state, thus forming a state-company partnership. Meanwhile, citizens voluntarily produce data, incentivizing platform firms to cater to their needs and motivating resistance by platforms. Authors Daniela Stockmann and Ting Luo unveil the intricate mechanisms linking the state, platform firms, and citizens in the digital governance of authoritarian states.

Daniela Stockmann is Director of the Centre for Digital Governance and Professor of Digital Governance at the Hertie School.

Ting Luo is an Associate Professor in Government and Artificial Intelligence at the University of Birmingham.

Interviewer Peter Lorentzen is an associate professor of economics at the University of San Francisco, where he leads the Master's program in International and Development Economics.

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