Join economic legends Adam Smith, the father of capitalism, Karl Marx, the critic of capitalism, and John Maynard Keynes, the proponent of government intervention, as they discuss pivotal theories. They reflect on fifty years of progress and setbacks in the world, touching on agricultural advancements and their impacts. The conversation dives deep into contrasting philosophies, emphasizing moral sentiments and the importance of critical analysis. Listeners are inspired to tackle societal inequalities, learning from the legacies of pioneering economists.

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

John Maynard Keynes, a pioneering economist, is the guest, known for reshaping modern economic theory. The discussion dives into the evolution of activism, contrasting traditional and modern approaches, especially in light of social media. They explore capitalism's complex relationship with climate change and the challenges of ESG investments. The conversation also touches on cosmopolitanism versus nationalism, questioning the effectiveness of global governance in a world dominated by nation-state power.

Discussing the impact of inflation on purchasing power, guest Oliver Rust introduces Truflation, a new inflation calculation service. True inflation rates are analyzed, focusing on housing data discrepancies and rising costs. Insights on inflation trends, labor costs, and implications for the housing market are explored, emphasizing the need for diverse perspectives and challenging views in decision-making.

Join economic titans Adam Smith, a founder of capitalism; Karl Marx, the critiquer of capitalist society; and John Maynard Keynes, pioneer of macroeconomic thought, as they delve into vital lessons from economics. They discuss the dual narratives of human progress and environmental crisis over the last fifty years. From food security advancements to the fight for social justice, each guest brings valuable insights on wealth disparity and innovative economic theories, making it a journey through history and philosophy.