How Free-Market Economists Got It Wrong

The late 1960s saw a revolution in public policy, as economists began to play an important role in shaping politics. On the wings of ideas popularized by Milton Friedman and other economists, the world was forever changed by free markets, dominant corporations, and stakeholder capitalism. Azeem Azhar discusses this with New York Times editorial writer and author Binyamin Appelbaum, whose recent book, “The Economists’ Hour,” is a deep dive into the history of ideas that formed capitalism, as we know it.

In this podcast, they also discuss:

• Why supply-side economists were able to drive home their ideologies with such success.
• Why the theories that formed the foundation of free-market economic policies have failed in practice.
• What kinds of solutions economists can offer during this period of explosive technological change.

Further reading:

• “Blame Economists for the Mess We’re In” (The New York Times, Binyamin Appelbaum, Aug. 24, 2019)
• “Milton Friedman Was Wrong” (The Atlantic, Eric Posner, Aug. 22, 2019)
• “The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society, Review” (Binyamin Appelbaum)

@BCAppelbaum
@azeem
@exponentialview

Exponential View newsletter