The Michael Shermer Show

The Myths of American Capitalism Explained

32 snips
May 31, 2025
Phil Gramm, a retired U.S. senator and economics professor, joins Donald J. Boudreaux, a noted economist and author, to dissect the interplay between capitalism and government intervention throughout American history. They discuss how key events like the Industrial Revolution and Great Depression shaped perceptions of government roles. The duo argues against common beliefs about income inequality and welfare, advocating for personal responsibility and the transformative power of capitalism. Their insights challenge the conventional narratives on economic policies and social mobility.
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INSIGHT

Why Economists Disagree

  • Economists often agree on many basic economic principles despite ideological differences.
  • Disagreements arise mostly due to different lenses shaped by personal experience and worldviews.
ANECDOTE

Phil Gramm's Upbringing

  • Phil Gramm shares his personal story of rising from a family where no one graduated high school.
  • His experience shapes his belief that America is not rigged, and opportunities are abundant for hard work.
INSIGHT

Perspective on Wealth and Luck

  • Luck and circumstances play a role in economic outcomes but should be kept in perspective.
  • Wealth and consumption equality have greatly improved over recent decades despite perceived income inequality.
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