It's macro time! Today: Keynes vs. Hayek. Season 3 of summer school is here asking the biggest economic questions about what makes an entire economy grow or contract? Things like, is there a "right" level of unemployment? Who gains from trade? What rhymes with 'paradox of thrift'? Also, inflation, we'll get to inflation. Episode 1 begins with the rise of macroeconomics as a field, with one of the great economic debates of the 20th century: what causes booms and busts, and what can the government do about it? How free should a free market be? It's a debate (over beats and with an actual rap battle) between John Maynard Keynes and F.A Hayek.Watch this Tik Tok to learn more. | Subscribe to our weekly newsletter here. | Listen to past seasons of Summer School here. | Listen to our econ songs of the summer on Spotify. |Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Mark Skousen joins us to discuss the significance of FA Hayek's Nobel Prize-winning work, including the concept of structure production and the importance of understanding the supply chain and gross output. The limitations of GDP as a measure of the economy are discussed, as well as the advantages of investing in gold and the Austrian theory of the business cycle.