The Dangers of Modern Monetary Theory

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Modern monetary theory is basically what we call crude Keynesian model that was during the Great Depression. As long as you have the ability to tax, then you can expand to the point where you reach full employment. In a laissez-fairet market, you've got to be very careful what you do. A lot of foreigners, including the Chinese own government debt.

Shermer and Skousen discuss: whether economics is politicized • Adam Smith and what he really said • how the economy really works • fiat money vs. gold standard money • inflation and what to do about it • experimental economics • regulation on capitalism • what the Fed does (or should do) • Modern Monetary Theory • bitcoin/cryptocurrency • monopolies, duopolies, and market capture • antitrust, trustbusting • What’s wrong with free market capitalism? • money, happiness, and meaningfulness.

Mark Skousen is a Presidential Fellow and the Doti-Spogli Endowed Chair of Free Enterprise at Chapman University. He has a BA, MA, and Ph.D. in economics (George Washington University, 1977). In 2018, Mr. Steve Forbes awarded him the Triple Crown in Economics for his work in theory, history, and education. He has taught economics, business and finance at Columbia Business School and Columbia University. He has worked for the government (CIA), non-profits (president of FEE, the Foundation for Economic Education), and been a consultant to IBM and other Fortune 500 companies. He is the author of over 25 books, including The Making of Modern Economics and The Maxims of Wall Street. He has been editor in chief of an award-winning investment newsletter, Forecasts & Strategies, since 1980. He has written for the Wall Street Journal and Forbes magazine. He produces “FreedomFest, the world’s largest gathering of free minds,” every July in Las Vegas and other cities. He and his wife have five children and eight grandchildren, and have lived in three countries and visited 77. Influenced by his work The Structure of Production(NYU Press, 1990), the federal government began publishing a broader, more accurate measure of the economy, Gross Output (GO), every quarter along with GDP. It is the first macro statistic of the economy to be published quarterly since GDP was invented in the 1940s. His books can be found at skousenbooks.com. His website is markskousen.com.