304. Understanding Economics for a Better World with Dr. Pete Boettke | Let People Prosper Ep. 119🎙️

Exploring the importance of economic literacy, the influence of Hayek and Friedman, and the role of government in shaping economic policy.

Hello Friends!

Join me for Episode 119 of the Let People Prosper Show with Dr. Peter Boettke, a Distinguished University Professor of Economics at George Mason University, the BB&T 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. Pete recently received the Public Choice Society's highest academic honor for his significant contributions to Public Choice scholarship.

You can watch the episode on YouTube below, listen to it on Apple Podcast or Spotify, and visit my website for more information.

In our conversation, Pete discusses the evolution of economic thought, the importance of education in shaping economists, and the role of government in economics. We explore personal experiences that led them to economics, the influence of key figures like Milton Friedman and Friedrich Hayek, and the challenges of public governance. The discussion emphasizes the need for economic literacy, the importance of rules in policy, and the future of economic thought in addressing contemporary issues. You can check out our previous discussion in episode 83 and register for his No Due Date reading group to join me and many others to read more about these ideas and much more.

---

Key Topics Discussed:

• The Evolution of Economic Thought and Key Influences: He discusses how past economists’ work helped shape modern economic theory, emphasizing the importance of understanding scarcity, trade-offs, and how the "invisible hand" guides economies toward the common good.

• The Importance of Education in Shaping Economists: Education plays a crucial role in developing economists who critically evaluate policy and economic issues. He stresses that economic literacy is not only essential for economists but also for the general public. With informed citizens, better public discourse and more effective policy-making become possible.

• Rules Over Expediency in Governance and Economic Policy: In the conversation, Dr. Boettke highlights the challenges of public governance, advocating for clear rules rather than short-term expediency in policy-making. He explains how inflation is always a monetary phenomenon, stressing the need for policies that document and assess their long-term consequences to ensure sustainable economic growth and governance.

---

Thank you for subscribing! Check out vanceginn.com for more of my insights, research, and opportunities. You can also invite me on your podcast, speak at an event, or conduct research.