Shermer and Blinder discuss: serving on Bill Clinton’s Council of Economic Advisers • being the Vice Chair of the Federal Reserve Board • What kind of science is economics? • how one’s political leanings influence cause-and-effect economic theories • the difference between monetary and fiscal policy • a Keynesian approach to economics • inflation, stagflation, recessions, depressions, Bull and Bear markets defined • interest rates • the Federal Reserve • the money supply • What makes money valuable without the gold standard? • how the government can give billions of dollars in COVID relief and other programs • deficit spending • business cycles/boom-and-bust cycles • Reagonomics/trickle-down economics • Is GDP the best measure of an economy’s success? • unemployment and full employment: what’s the right percentage? • income tax: what’s the right percentage? • the best investments to make in the long run • modern monetary theory, and • utility maximizing.

Alan S. Blinder is the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University, a former vice chair of the Federal Reserve Board, and a former member of the President’s Council of Economic Advisers. A regular columnist for the Wall Street Journal, he is the author of many books, including the New York Times bestseller After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead. He lives in Princeton, New Jersey