The Great Depression and the Nobel Prize - What's Funny About It?

Irving Fisher was once lauded by fellow economist Joseph Schumpeter as the ‘greatest economist America has ever produced’. This is high praise indeed but one could easily argue that the most recent Economic Nobel Prize laureates owe Fisher a considerable debt for their award. The financial crisis of 2008 spurred a renewed interest in Fisher’s work after what could be seen as a lengthy period of neglect.  In his own life-time he went from being the first "celebrity economist" to seeing his reputation in tatters after some overly optimistic and in hindsight ill-advised comments on what was to turn out to be the eve of the Great Depression.  In this episode, your friendly neighbourhood economists, Pete and Gav, take you on a journey or rediscovery to find out more about this fascinating man and his ideas. We suspect you will find yourself agreeing at least in part with the accolade Schumpeter laid at his feet. Along the way, you’ll find out why it’s important to chew your food for your health and wellbeing, who the mysterious ‘Bonesmen’ are and why AI can’t yet match the poetry skills of our economists. Technical support as always comes from ‘Chatbot’ Nic.