The Commercial Revolution in the United States - Is It a Catholicism?

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In northern europe, there was a transformation toward what we would to day call a commercial economy. That created something very different from what they had in the italy and spain context of earlier centuries. I think these were not really market economies in the way that we know to day. For that matter, seventeenth century britain wasn't either. But it was an awful lot closer. And it was people like smith and hume who finally, finally had a real story about why market economy's work....

Benjamin Friedman has been a leading macroeconomist since the 1970s, whose accomplishments include writing 150 papers, producing more than dozen books, and teaching Tyler Cowen graduate macroeconomics at Harvard in 1985. In his latest book, Religion and the Rise of Capitalism, Ben argues that contrary to the popular belief that Western economic ideas are a secular product of the Enlightenment, instead they are the result of hotly debated theological questions within the English-speaking Protestant world of thinkers like Adam Smith and David Hume.

Ben joined Tyler to discuss the connection between religious belief and support for markets, what drives varying cultural commitments to capitalism, why the rate of growth is key to sustaining liberal values, why Paul Volcker is underrated, how coming from Kentucky influences his thinking, why annuities don’t work better, America’s debt and fiscal sustainability, his critiques of nominal GDP targeting, why he wouldn’t change the governance of the Fed, how he maintains his motivation to keep learning, his next big project on artificial intelligence, and more.

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Recorded December 4th, 2020 Other ways to connect

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