Economic Rockstar

Connecting Brilliant Minds in Economics and Finance

082: Peter Boettke on Smith and Keynes and Why We Should Be ‘Living Economics’

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082: Peter Boettke on Smith and Keynes and Why We Should Be ‘Living Economics’

Peter Boettke is Professor of Economics and Philosophy at George Mason University, the BB&TPeter Boettke Economic Rockstar Professor for the Study of Capitalism, and the Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.

Peter is now the co-author, along with David Prychitko, of the classic principles of economics texts of Paul Heyne’s The Economic Way of Thinking.

Professor Boettke’s most recent book, Living Economics, provides a resource for how teachers and students can engage in many fascinating questions in economics and illuminates the core principles that should guide our thinking.

Peter’s efforts in the classroom have earned him a number of distinctions including the Golden Dozen Award for Excellence in Teaching from the College of Arts and Sciences at New York University and the George Mason University Alumni Association’s 2009 Faculty Member of the Year award.

Peter’s research has primarily been in the area of comparative political and economic systems and the consequences with regard to material progress and political freedom.

Economics:

In this episode, Peter mentions: Classical economics, Austrian economics, Keynesian economics, credit transmission, institutions, the invisible hand, mainline economics, mainstream economics, private property, public choice, rent-seeking, opportunity cost, scarcity, exchange, markets, negative externalities, laissez-faire, Coase theorem, Pigouvian tax, reciprocity, inflation, stagflation and Malthus’ theory of The General Glut.

Economists:

In this episode, Peter mentions: Adam Smith, F. A. Hayek, Ludwig von Mises, Milton Friedman, Paul Samuelson, John Maynard Keynes,Frédéric Bastiat, David Hume, Vernon Smith, Thomas Robert Malthus, J. K. Galbraith, Paul Heyne, Hyman Minsky, Thorstein Veblen, Steve Keen, Ben Bernanke, Arthur Pigou, Gordon Tullock, James Buchanan, Robert Coase, Elinor Ostrom, Vincent Ostrom and Major Douglas.

Papers:

Books:

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081: Julie Nelson on the Importance of Ecology in Economics and the Misconception of Gender Roles in the Economy

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081: Julie Nelson on the Importance of Ecology in Economics and the Misconception of Gender Roles in the Economy

Julie Nelson is Professor of Economics at University of Massachusetts Boston and Senior Research Fellow at Global Development and Environment Institute, Tufts University, also in the USA.Julie Nelson Economic Rockstar

Julie’s research areas include feminist economics, ecological economics, the philosophy and methodology of economics, ethics and economics, the teaching of economics, and the empirical study of individual and household behavior.

Professor Nelson has also served as a Research Economist at the U.S. Bureau of Labor Statistics and a Visiting Associate Professor at Harvard University amongst others.

Julie is the author of Economics for Humans and author, co-author, or co-editor of several other books including Beyond Economic Man: Feminist Theory and Economics.

She has also authored numerous articles in journals ranging from Econometrica, the American Economic Review, and the Journal of Political Economy, to Signs: Journal of Women in Culture and Society, Feminist Economics, and Ecological Economics.

Professor Nelson earned a B.A. degree in Economics from St. Olaf College and an M.A. and Ph.D. in Economics from the University of Wisconsin, Madison, USA.

Julie, along with Mark Maier, runs the website introducingeconomics.org

Economics:

In this episode, Julie mentions: statistical inference, bias, production function, land, labor, capital, resource maintenance, feminist economics, care, GDP, Pigouvian tax, carbon, welfare gains, negative externality and Kyoto Agreement.

Economists:

In this episode, Julie mentions: John Stuart Mill, Gary Becker and Amartya Sen.

Quotes by Julie in Episode 81:

“Math gives you internal consistency. It does not give you objectivity and reliability.” – Julie Nelson

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“Most economic textbooks tell you there are three basic economic activities… production, distribution and consumption. We added one at the beginning and what we called ‘resource maintenance’. That is, how are you ever going to produce anything if you don’t have the resources and if you haven’t taken care of them and sustained them in a way that they’ll be productive in the future” – Julie Nelson

“No one would be so silly to try to address an economic problem without looking at its social, ethical, physical and political dimensions. But later economists didn’t remember those cautions of Mills and just ran with the math aspect of it.” – Julie Nelson

“There’s still a long way to go to think of gender in an intelligent and equitable way.” – Julie Nelson

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Takeaway:

“Be careful about what you believe that economists are telling you.” – Julie Nelson

“Wherever we are in our life whether we’re at work in a business or at home or bringing our whole selves with us. We don’t just bring parts of ourselves. So if you want to be an ethical person anywhere, we need to do that when we’re at work.” – Julie Nelson

Books:

Links:

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