Conversations with Tyler Benjamin Friedman on the Origins of Economic Belief
Jan 27, 2021
In this engaging discussion, Benjamin Friedman, a Harvard Professor and renowned macroeconomist, explores the deep link between religion and economic beliefs. He argues that Western economic ideas stem from theological debates, not just secular Enlightenment thought. Friedman delves into how American religious sentiment influences capitalism and critiques policies like nominal GDP targeting. He also shares insights on fiscal sustainability, the importance of growth for democracy, and how his Kentucky upbringing shapes his economic outlook. Plus, he hints at his upcoming project on artificial intelligence!
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Religious Roots of Economic Beliefs
- American economic beliefs have deep intellectual roots, influenced by religious thought.
- These beliefs about markets and capitalism have religious origins, not solely secular Enlightenment ideas.
Catholicism to Protestantism
- The shift from Catholicism to Protestantism in capitalism's history coincides with northern Europe's commercial revolution.
- This period saw the development of competitive, financial, and monetized economies, leading to debates about market morality.
Eastern European Exceptionalism
- Eastern European countries historically haven't achieved stable liberal democratic capitalism.
- This suggests deeper forces at play beyond Soviet influence, potentially cultural or historical factors.
