In this book, Eric D. Beinhocker argues that modern science provides a radical perspective on how wealth is created within the global economy. He posits that the economy is a 'complex adaptive system' where physical technologies, social technologies, and business designs interact to create novel products, new ideas, and increasing wealth. Beinhocker explores how 'complexity economics' offers insights into issues such as creating adaptive organizations, the evolutionary workings of stock markets, and new perspectives on government policies. The book takes readers on an entertaining journey through economic history, from the Stone Age to the modern economy, highlighting the three-step evolutionary formula of differentiate, select, and amplify as the key to wealth creation.
Jacqueline Goldfinger's adaptation of 'A Christmas Carol' is a family-friendly version that includes music, making it suitable for a wide range of audiences. This play retains the core themes and characters of the original while adding a musical element to enhance the storytelling and emotional impact.
Phil Gramm and Donald J. Boudreaux examine seven pivotal events in American history, arguing that government intervention, rather than capitalism, poses the greatest threat to economic freedom. They challenge conventional wisdom by presenting a factual, non-partisan analysis of these events, including the Industrial Revolution, the Great Depression, and the Great Recession.
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
In 'The Mind of the Market,' Michael Shermer uses evolutionary psychology and behavioral economics to explain why people make irrational financial decisions. He discusses how our tribal roots influence brand loyalty, why business negotiations can turn emotional, and how trust is established in economic transactions. The book also delves into the concept of 'virtue economics,' arguing that markets are moral and founded on our virtuous nature. Shermer draws on research from neuroeconomics, complexity theory, and the works of Adam Smith to illustrate how evolution and economics are interconnected, and he discusses the implications of globalization and free trade on economic behavior[1][3][4].
Since the dawn of the Industrial Revolution, capitalism has unleashed unimaginable growth in opportunity and prosperity. And yet, at key points in American history, economic disruption has led to a greater role for government, ostensibly to protect against capitalism’s excesses. Today, government regulates, mandates, subsidizes and controls a growing share of the American economy.
Today on the show, retired U.S. Senator Phil Gramm, one of America’s premier public policy advocates, and noted economist Donald J. Boudreaux look at the seven events and issues in American history that define, for most Americans, the role of government and how the 21st century world works. To many, these 5 periods of American history—the Industrial Revolution, Progressive Era, Great Depression, decline of America’s postwar preeminence in world trade, and the Great Recession—along with the existing levels of income inequality and poverty, represent strong evidence for expanding government in American life. Gramm and Boudreaux argue that the evidence might point to a contrary verdict.
Phil Gramm served six years in the U.S. House of Representatives and eighteen years in the U.S. Senate where he was Chairman of the Banking Committee. Gramm is a Visiting Scholar at the American Enterprise Institute. He was Vice Chairman of UBS Investment Bank and is now Vice Chairman of Lone Star Funds. He taught Economics at Texas A&M University and has published numerous articles and books.
Donald J. Boudreaux is an American economist, author, professor, and co-director of the Program on the American Economy and Globalization at the Mercatus Center at George Mason University in Fairfax, Virginia. His writings have appeared in The New York Times, Wall Street Journal, Investor’s Business Daily, The Washington Times, and many scholarly publications.
Their new book is The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism.
The Michael Shermer Show 
