2min chapter

Uncommon Knowledge cover image

Dropping Money From Helicopters: Economist John Cochrane On Inflation | Peter Robinson | Hoover Institution

Uncommon Knowledge

CHAPTER

Are We Departing From Free Market Principles in This Emergency to Save Capitalism?

It felt to me as though after the crisis, beginning with the crisis of 2008, President Bush famously said we are departing from free market principles in this emergency to save capitalism. Something happened there where the government began injecting huge amounts of liquidity. There were bailouts and it seemed, I'm now talking about economics as a profession, as a discipline, as a field. And I know a lot of economists, but I'm not an economist. Am I just wrong about that? Well economics as a Profession has always embraced big government with unseemly enthusiasm.

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