Kibbe on Liberty Ep 322 | Everyone Is Wrong About the New Deal | Guest: George Selgin
Mar 5, 2025
George Selgin, a leading economist at the Cato Institute and author of "False Dawn," delves into the complexities of the New Deal. He challenges the binary views of Roosevelt as either savior or villain, arguing that misconceptions cloud its economic impact. The discussion highlights the New Deal's non-Keynesian nature and its lagging recovery effects due to hostility toward private industry. Selgin also connects historical monetary theories to modern concepts like Bitcoin, exploring alternatives to traditional banking systems.
56:52
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Intro
00:00 • 3min
Exploring Literature and Monetary Theory
02:50 • 14min
Exploring the Roots of Economic Thought and Digital Currency
17:00 • 2min
Austrian Economics and Bitcoin's Legacy
19:20 • 17min
Keynesians and the Military-Industrial Complex: A Historical Analysis
36:20 • 2min
Misconceptions of Keynesian Economics
38:07 • 14min
Analyzing the Economic Impact of the New Deal
51:37 • 5min
Socialism
An Economic and Sociological Analysis
Ludwig von Mises
This book is a definitive refutation of nearly every type of socialism ever devised. Mises presents a wide-ranging analysis of society, comparing the results of socialist planning with those of free-market capitalism in all areas of life. He argues that a socialist commonwealth cannot apply economic calculation due to the absence of market prices, and defends capitalism against various criticisms. The book addresses issues such as economic inequality, the impossibility of monopoly in a free market system, and the inefficiencies of centrally planned systems.
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].
False Dawn
John Gray
John Gray's "False Dawn" is a critical examination of the neoliberal project and its consequences. Gray challenges the optimistic assumptions underlying neoliberal ideology, arguing that it has led to increased inequality and social fragmentation. He analyzes the historical context of neoliberalism, tracing its intellectual roots and examining its impact on various societies. The book offers a pessimistic assessment of the future, suggesting that the neoliberal project is unsustainable and that alternative approaches are needed. Gray's work has sparked considerable debate among economists and political theorists.
The theory of moral sentiments
Adam Smith
Published in 1759, 'The Theory of Moral Sentiments' is Adam Smith's first major published work, based on his lectures at Glasgow University. The book argues that morality is driven by humanity's natural sociability and the need for approval from peers, rather than by rational calculation or innate moral sense. Smith introduces key concepts such as sympathy, the impartial spectator, and the invisible hand, which explain how individuals judge the conduct and character of themselves and others. The work delves into the emotional and social aspects of human behavior, highlighting the role of emotions like pity and compassion in shaping moral sentiments and behaviors[1][3][4].
The French Revolution
Hippolyte Taine
This work by Hippolyte Taine is a comprehensive and detailed historical analysis of the French Revolution. Written from a conservative French perspective, it approaches the Revolution as a 'pathology' rather than a traditional history. Taine examines the Revolution through his unique method, which involves understanding the French spirit and its historical context. He argues that the Revolution was not a promotion of liberty but rather a transfer of absolute power to more illiberal hands. The book is part of Taine's larger work, 'The Origins of Contemporary France,' and it delves into the chaotic atmosphere of France during the late 18th century, highlighting themes such as anarchy, civil unrest, food shortages, and the aspirations of the lower classes.
The anatomy of melancholy
Robert Burton
Published in 1621 and expanded in several subsequent editions, 'The Anatomy of Melancholy' is a multifaceted work that explores melancholy through various lenses, including medicine, philosophy, and literature. The book is divided into three main sections: the first examines the definitions, symptoms, and causes of melancholy; the second discusses its cures; and the third explores specific types of melancholy, such as love melancholy and religious melancholy. Burton's work is notable for its use of classical allusions, Latin tags, and a sprawling, colloquial style that makes it both a medical textbook and a literary masterpiece.
Denationalization of Money
Denationalization of Money
The Argument Refined
Friedrich Von Hayek
Friedrich Hayek's "Denationalization of Money" proposes a radical reform of monetary systems, advocating for the introduction of competitive currencies. Hayek argues that government monopolies on money are inherently flawed, leading to inflation and economic instability. He suggests a system where private firms could issue currencies, competing with each other based on their stability and attractiveness to users. The book's central argument is that competition in the currency market would lead to greater monetary stability and efficiency. "Denationalization of Money" remains a significant contribution to monetary theory and a source of ongoing debate about the optimal design of monetary systems.
Essays of William Hazlitt
William Hazlitt
William Hazlitt's essays are renowned for their insightful observations on literature, art, politics, and human nature. His writing is characterized by a distinctive style, blending wit, intelligence, and a deep understanding of human psychology. Hazlitt's essays explore a wide range of topics, from literary criticism to personal reflections, offering a rich tapestry of intellectual and emotional experiences. His work is a testament to the power of language and the enduring appeal of insightful commentary on the human condition. The essays remain a valuable resource for anyone interested in exploring the complexities of human experience and the beauty of well-crafted prose.
Essays of Arthur Schopenhauer
Essays of Arthur Schopenhauer
Arthur Schopenhauer
Arthur Schopenhauer's essays offer profound insights into philosophy, aesthetics, and human nature. His work is characterized by a pessimistic outlook, emphasizing the role of the will in driving human actions and the inherent suffering in existence. Schopenhauer's essays explore various themes, including the nature of art, the relationship between mind and body, and the limitations of human knowledge. His unique perspective and insightful observations have had a lasting impact on philosophical thought. The essays remain a valuable resource for anyone interested in exploring the depths of human experience and the complexities of philosophical inquiry.
Principles of Economics
Saifedean Ammous
Nearly a century after President Franklin Delano Roosevelt spearheaded a sweeping set of economic policies known as the New Deal, the debate still rages over whether he was a hero or a villain. Defenders of the New Deal credit it with ending the Great Depression and pioneering a number of important social programs. Detractors claim it prolonged the Depression due to the reckless government spending demanded by Keynesian economics. Matt Kibbe sits down with George Selgin, author of "False Dawn," who argues that both of these viewpoints miss important details about the New Deal and its impact on the economy. In the first place, it was not particularly Keynesian in its approach to spending. Instead, it was Roosevelt's hostility toward private industry that delayed America's recovery for so long.