Live and Let Live -Libertarian Priors 11-20 | #152
S01:E152

Live and Let Live -Libertarian Priors 11-20 | #152

•

Episode description

In this episode, the Gwartney team takes a look at some Classical Liberal priors. This article by Donald J. Boudreaux discusses his personal 20 priors that play a significant role in discussions of society and economics. The team goes through the second 10 in this episode discussing how we feel about each one. If you would like to read each prior as we go along with them the link is below:

https://www.aier.org/article/some-classical-liberal-priors/

Timeline:

FDR is a predator?- 2:30

Adam Smith's Invisible Hand- 14:05

Solve a Complex Problem w/ simple solution- 20:03

Philosophers in charge- 27:00

No Free Lunches- 29:00


Quote of the Cast:

No Free lunches unless there is a Pareto improvement- Peter

The “Faith in Economics” podcast, produced by the Gwartney Institute at Ottawa University, explores the intersection of faith and economics as a means to aid human flourishing. In the episode, host Cole McRae converses with Dr. Russ McCullough, Dr. Justin Clark, and Dr. Peter Jacobson regarding recent developments in U.S. government efficiency efforts, particularly focusing on controversial figures like Elon Musk and initiatives like “Doge.” The panel discusses the idea of a “Doge dividend,” a proposed initiative where savings from government spending cuts would be returned to citizens in the form of checks, reminiscent of COVID stimulus checks, aiming to offer approximately $5,000 per American based on 20% of the budget cuts achieved.

The conversation emphasizes the need to restructure government expenditure and addresses the complexities of executing cuts responsibly, likening it to a surgical operation that inevitably removes some healthy aspects along with the waste. Dr. Jacobson and Dr. Clark express support for the dividend proposal, highlighting its potential to politically empower citizens and counter the narrative that tax cuts benefit only the wealthy. The economists advocate for a more significant percentage than 20% for dividends to encourage public awareness and engagement with government spending.

Diverse views regarding balancing the national budget and addressing the national debt also emerge. While Dr. Clark argues the importance of immediate compensation for spending cuts to bolster political will, Dr. Jacobson counters that the method whether through dividends or future tax cuts won’t ultimately impact debt responsibility. This lively discourse illustrates the nuanced relationship between government efficiency, fiscal policy, and citizen engagement, advocating for a systematic change that could reshape economic conditions while benefiting ordinary Americans through incentivized spending cuts. The episode concludes with reflections on the broader implications of the proposed Doge dividend amidst ongoing discussions about government deficits and accountability in spending.