On March 11, 2015, Liberty Fund and Ball State University a special live edition of EconTalk, "Will the Real Adam Smith Please Stand Up?" Vernon Smith and James Otteson talk with EconTalk host Russ Roberts about Adam Smith in front of a live audience at Ball State University. Topics discussed include Smith's view of human nature, the relevance of Smith for philosophy and economics today, and the connection between Smith's two books, The Theory of Moral Sentiments and The Wealth of Nations.
Gary Becker (1930-2014) was one of the most original and pathbreaking economists of modern times. His 1992 Nobel laureate in Economic Sciences was described as his "having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behavior." Becker's early work on discrimination led to his further work on Human Capital and education, including economic analyses of crime and punishment, focusing on the family as a fundamental decision-making unit, and the formation of habits. His studies yielded fresh approaches to solving these underlying problems, inspiring and opening a path to a generation of research in areas previously thought to be intractable, such as the interactions between economics, biology, and sociology. This 2003 interview, conducted by Edward Lazear, also includes a bonus conversation where he is also joined by Judge Richard A. Posner, who later co-blogged with Becker on the Becker-Posner Blog.
Some Questions for Thought and Discussion:
Changes in the Field of Economics
Becker asserts that during the 20th century, economics changed from a field of subject to one of methodology. What does he mean by this? To what extent does this continue to be true today? Do you agree with Becker that this is a negative trend? Why?
The Economics of Discrimination
What is the difference between a "taste" for discrimination and "market" discrimination? How does this distinction inform Becker's work on discrimination? What does Becker regard as the practical implications of his work on discrimination? Does he over- or under-state the relevance of his work to public policy? Explain. How did Becker's study of discrimination lead him to the study of human capital?
Additional materials, including a video index and sharing tool, discussion questions, and links for further reading plus audio-only file formats, are available at Newmedia at UFM.edu.
Recipient of the Nobel Memorial Prize in Economic Sciences, Milton Friedman (1912-2006) has long been recognized as one of our most important economic thinkers and a leader of the Chicago school of economics. He is the author of many books and articles in economics, including A Theory of the Consumption Function and A Monetary History of the United States (with Anna J. Schwartz). Friedman also wrote extensively on public policy, always with a primary emphasis on the preservation and extension of individual freedom. His most important books in this field include (with Rose D. Friedman) Capitalism and Freedom and Free to Choose. Friedman also wrote a popular column for Newsweek magazine from 1966 to 1983. In this 2003 interview with his former student and fellow Nobel laureate Gary Becker, Friedman discusses his economics, his public outreach, and his thoughts on economic education.
Additional materials, including a video index and sharing tool, discussion questions, and links for further reading plus audio-only file formats, are available at Newmedia at UFM.edu.
Below are some discussion prompts to correspond to the video:
Milton Friedman's Economics
How does fellow Nobel laureate Gary Becker describe the style of economics Friedman was known for at the University of Chicago? What appeals to you about this tradition, and why?
How did Friedman come to the tradition of economics described by Becker? How do Walrasian and Marshallian economics differ according to Friedman?
Recognized as one of the most influential voices in the areas of market structure, the theory of the firm, law and economics, resource unemployment, and monetary theory and policy, in this 2001 interview, Armen Alchian (1914-2013) outlines the "UCLA tradition" of economics which he founded and explores the many unanticipated consequences of self-seeking individual behavior.
Additional materials, including a video index and sharing tool, discussion questions, and links for further reading plus audio-only file formats, are available at Newmedia at UFM.edu.
