Yaron Brook discusses the economics of the Great Depression, with an explanation of the broken window fallacy, a common error in economics. This is excerpted from the Q&A at a lecture delivered by Dr. Brook on December 1, 2011, in Chicago, Illinois, titled “Why Bad Economics Won’t Go Away.”
Why is it that people don’t seem to learn from experience? It is clear that our existing Keynesian economic policies have failed miserably. We can compare controlled economies with those less controlled, and compare more regulated sectors of our own economy with those sectors that have fewer regulations. Logic and history are on the side of those economists who have advocated for free markets. Why do those who advocate sound economic policies continue to fail in substantially rolling back government intervention in the economy? It would seem so easy.
In this talk, delivered on December 1, 2011, at Hyatt Regency Hotel in Chicago, Yaron Brook, executive director of the Ayn Rand Institute, identifies the reasons people find the free-market idea so difficult to accept and why statist policies seem to make so much sense to them. He identifies why we have been losing this intellectual battle, and provides real solutions on how to make significant headway toward ending these bad economic policies, allowing us to achieve more freedom and prosperity.
This edition of Leonard Peikoff’s weekly podcast is an interview with Yaron Brook, testing whether an Objectivist could be a viable presidential candidate. This is Part 1 of a two-part interview.
Yaron Brook is interviewed on NPR about the Republican field of presidential candidates. This interview was recorded on January 7, 2012. NPR’s transcript is also available.
Yaron Brook debates David Callahan of Demos on the proper role and function of government. This debate was recorded in Seattle, Washington, on November 30, 2011. (Debate hosted by C-SPAN; recorded November 30, 2011; 97 min.)
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