The Government's Credit Is What Is the Native Token of the Fiat Monetar System

In this episode Saifedean talks to Dr Terence Kealey, adjunct scholar at The Cato Institute, about government funding of science. They discuss the history of technological development including how the Industrial Revolution was able to take place in Britain at a time of limited government and no significant state support for science. They cover how western government involvement in science accelerated during the atmosphere of panic that followed the 1957 launch of Sputnik, and why the misguided policies that followed were based on flawed economic assumptions. Terence and Saifedean also critique some popular misconceptions about how scientific progress happens, including the influential work of Philippe Aghion, Ken Arrow and Mariana Mazzucato.

Related links:

• Adam Smith’s The Wealth of Nations 
• Rand Institute paper on government funding of science by Ken Arrow and Richard Nelson
• Ludwig von Mises’ critique of socialism
• Why Most Published Research Findings Are False by John P. A. Ioannidis 
• The Big Fat Surprise by Nina Teicholz 
• Genesis and Development of a Scientific Fact by Ludwik Fleck
• Introduction to Jason Potts 
• Terence Kealey’s book Breakfast is a Dangerous Meal
• Terence’s articles on Mazzucato are here and here
• Open: How Collaboration and Curiosity Shaped Humankind Paperback by Johan Norberg

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