Shermer and Blinder discuss: serving on Bill Clinton’s Council of Economic Advisers • being the Vice Chair of the Federal Reserve Board • What kind of science is economics? • how one’s political leanings influence cause-and-effect economic theories • the difference between monetary and fiscal policy • a Keynesian approach to economics • inflation, stagflation, recessions, depressions, Bull and Bear markets defined • interest rates • the Federal Reserve • the money supply • What makes money valuable without the gold standard? • COVID relief • deficit spending • boom-and-bust cycles • employment: what’s the right percentage? • income tax: what’s the right percentage? • the best investments to make in the long run • modern monetary theory, and • utility maximizing.
