The Mixtape with Scott S3E15: Peter Boettke, Austrian Economics, George Mason University
Apr 30, 2024
Peter Boettke, a Distinguished University Professor at George Mason University, shares his profound insights into Austrian economics and mentorship. He recounts his transformative academic journey, the pivotal figures that inspired him, and the joys of guiding young economists. The conversation also touches on the crucial balance between creativity and structure in mentoring, using engaging metaphors to explore economic perspectives. With anecdotes from his own life, Peter illustrates the lasting impact of nostalgia and the community within academia.
01:41:14
1 chevron_right 2 chevron_right 3 chevron_right 4 chevron_right 5 chevron_right 6 chevron_right 7 chevron_right 8 chevron_right
Intro
00:00 • 4min
Nostalgic Journeys: Vacations and Memories
03:57 • 20min
From Disinterest to Passion: An Economic Journey
23:54 • 29min
Reflections on an Academic Journey
52:52 • 21min
The Heart of Mentorship in Academia
01:14:05 • 10min
The Five Tool Academic
01:23:43 • 10min
Exploring Economic Perspectives Through Metaphors of Understanding
01:33:30 • 4min
The Balance of Creativity and Structure in Mentoring
01:37:03 • 4min
For a new liberty
The Libertarian Manifesto
Murray Rothbard
In this book, Rothbard presents a comprehensive case for libertarianism, arguing that state power is unworkable and immoral and should be curbed and eventually abolished. He draws on natural law, natural rights, Austrian economics, American history, and the theory of the state to make his case. The book begins with an analysis of American history, highlighting the libertarian roots of the 1776 revolution. Rothbard then discusses the philosophy and ethics of freedom, justifying the central axiom that no man or group of men may aggress against the person and property of anyone else. He also outlines a strategy for achieving liberty, emphasizing the importance of educational efforts and building libertarian institutions from the ground up.
The calculus of consent
James M. Buchanan
This book, written by James M. Buchanan and Gordon Tullock, is a classic in the field of public choice theory and constitutional political economy. It introduces a model of constitutional decision making, focusing on the choice of rules that govern political activities. The authors use economic methods and contractual constitutionalism to address the problem of democratic justification, exploring how individuals might consent to institutional rules that benefit everyone. The book is significant for its analysis of constitutional choice, logrolling, and political exchange, and it has had a lasting impact on the fields of economics and political science[1][3][4].
The new world of economics
Richard B. McKenzie
Gordon Tullock
Gordon Tullock's "The New World of Economics" is a wide-ranging exploration of the application of economic principles to various aspects of human behavior and social institutions. Tullock challenges traditional economic thinking by applying economic analysis to areas such as politics, law, and social norms. He emphasizes the importance of individual incentives and strategic behavior in shaping social outcomes. The book's interdisciplinary approach and its insightful analysis of human behavior have had a lasting impact on economic thought and policy. It remains a valuable resource for understanding the broader implications of economic principles.
Law, Legislation and Liberty
Law, Legislation and Liberty
A New Statement of the Liberal Principles of Justice and Political Economy
Friedrich Von Hayek
This work, spanning three volumes, is a detailed examination of the conditions necessary for human freedom. Hayek argues that a free society must be governed by general and abstract rules rather than by specific legislation aimed at achieving social justice. He critiques the notion of social justice, arguing it is incompatible with the functioning of a complex market society. Hayek advocates for a system where law evolves from customary practices rather than solely from legislation and proposes a constitutional framework that limits government power through a division of power between two distinct democratically elected assemblies and an independent constitutional court[3][4][5].
Free to choose
a personal statement
Rose D. Friedman
Milton Friedman
In this book, Milton and Rose Friedman argue that free-market principles are more effective than government intervention in achieving economic prosperity and personal freedom. They critique the explosion of laws, regulations, agencies, and spending in Washington, highlighting how these have eroded freedom and undermined affluence. The book provides examples of how free markets have succeeded in various historical contexts, such as Hong Kong and the United States before the Great Depression, and contrasts these with the failures of centralized planning in countries like India. The authors also propose remedies for various economic and social issues, including education, inflation, and consumer protection, advocating for a minimalist economic policy and greater personal freedom[1][2][5].
Lectures on Astronomy
Lectures on Astronomy
null
Adam Smith
We the Miners
Andrea G. McDowell
The Extent of Industrial Development in the Soviet Union
The Extent of Industrial Development in the Soviet Union
null
G. Warren Nutter
Science, faith and society
Science, faith and society
Michael Polanyi
Property Rights
Property Rights
Armen Alchian
Armen Alchian's work on property rights emphasizes their crucial role in efficient resource allocation and economic growth. He argues that clearly defined and enforced property rights incentivize individuals to invest in and maintain resources, leading to greater productivity and innovation. Alchian's analysis highlights the connection between property rights, incentives, and economic outcomes. His contributions have significantly influenced the fields of law and economics, institutional economics, and development economics. His work continues to be relevant in understanding the importance of secure property rights for economic prosperity.
Self-Regulation in the Diamond Market
Self-Regulation in the Diamond Market
null
Lisa Bernstein
The Diamond Merchants
The Diamond Merchants
null
Barack Richmond
Toward a Theory of Property Rights
Toward a Theory of Property Rights
Harold Demsetz
Harold Demsetz's work on property rights focuses on the conditions under which property rights emerge and evolve. He argues that property rights are not simply given but are created and shaped by economic and social forces. Demsetz's analysis emphasizes the role of transaction costs and the benefits of clearly defined property rights in promoting economic efficiency. His contributions have significantly influenced the fields of law and economics, institutional economics, and development economics. His work continues to be relevant in understanding the dynamic nature of property rights and their impact on economic outcomes.
Competition and Entrepreneurship
Israel M. Kirzner
Israel Kirzner's "Competition and Entrepreneurship" is a seminal work in Austrian economics, focusing on the role of entrepreneurship in market processes. Kirzner challenges the neoclassical view of perfect competition, arguing that markets are dynamic and constantly evolving due to entrepreneurial alertness and discovery. He emphasizes the importance of uncertainty and the role of entrepreneurs in identifying and exploiting profit opportunities. The book's insights into the dynamic nature of competition and the role of entrepreneurship have had a lasting impact on economic theory and policy. It remains a key text for understanding the Austrian perspective on market processes.
Human action
A Treatise on Economics
Ludwig von Mises
Human Action is Ludwig von Mises' magnum opus, where he defends an a priori foundation for praxeology and methodological individualism. The book argues that the free-market economy outdistances any government-planned system and serves as the foundation of civilization. Mises explains complex market phenomena as the outcomes of countless conscious, purposive actions and choices of individuals. He critiques government attempts to regulate and control economic activities, emphasizing the futility and counter-productiveness of such interventions. The book is a systematic treatment of the whole body of social and economic relations, integrating various economic problems into a comprehensive system[2][4][5].
This week’s guest on the Mixtape with Scott is someone I’ve admired for a very long time, even before I entered graduate school in 2002. Peter J. Boettke is the Distinguished University Professor of Economics and Philosophy, the Director of the F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics and the BB&T Professor for the Study of Capitalism at the Mercatus Center at George Mason University. It’s hard to summarize just how important Peter has been to the story of Austrian economics, but in my mind, he’s been one of the most influential people in that long tradition, both for his scholarly work on political economy, public choice and institutions, his leadership at George Mason, where the Austrian tradition has continued to thrive, and as a mentor to young people.
I can only speak to myself, but I have looked up to Peter for a very long time as it was always very clear that he was a humble and serious scholar who also gave an incredible amount of time and mentorship to his students. All of those are to me examples of what I find to characterize some of the best of the profession’s larger story, and so it was a real pleasure for him to sit down with me to talk about his career. I found it so interesting to hear his story in his own words, the economists he looked up to as a young person, his genuine love of economics, as a field, and how much he holds up his students and colleagues. Thank you, as always, for taking the to tune in. I hope you enjoy this time with Peter as much as I did.
Scott's Substack is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Get full access to Scott's Mixtape Substack at causalinf.substack.com/subscribe