EconTalk Two Cheers for Libertarianism and Econ 101 (with Noah Smith)
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Jun 9, 2025 
In this discussion, economist Noah Smith, known for his No Opinion Substack, reflects on the political significance of libertarianism after reevaluating his stance due to recent U.S. policies. He explores the balance between economic freedom and necessary government intervention, highlighting the flaws in a purely libertarian society. The conversation touches on the implications of defense spending in geopolitics, the erosion of American democratic norms, and the need for a pragmatic approach to economic education, challenging traditional teachings.
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Libertarianism's Limits on Defense
- Libertarianism underestimates the need for state power to defend freedom against bad actors and bullies.
- Some government intervention, like industrial policy, is necessary for national defense and societal protection.
US Right's Libertarian Shift Fades
- American political right historically embraced economic liberty as a core pillar, unlike many other countries.
- This unique libertarian-conservative alliance has deteriorated mainly due to immigration issues shifting political priorities.
America's Unique Libertarian Right
- The political economy of libertarianism is unique and fragile, especially in America.
- Other countries' right wings tend to be corporatist and protectionist, unlike the libertarian-leaning American right.
