Economist Gary Becker: We're Not the Crazy Ones
Online as of today, the first segment of my Uncommon Knowledge interview with Nobel Prize-winning economist (and one of Milton Friedman's closest friends) Gary Becker. I’d urge everyone here at Ricochet to take a look. Why? For two reasons.
Dr. Becker, to name the first, will remind you that we’re not the crazy ones. Administration economists Lawrence Summers (Harvard) and Cristina Romer (Berkeley) spent the last two years telling us that we needed Obama’s gigantic stimulus package and that ObamaCare would contain health care costs, while New York Times columnist Paul Krugman (Princeton) insisted as recently as this very morning that the government needs to spend more, more, more. Dr. Becker’s reply? In a word, nonsense. The country needs economic growth, he insists, and growth comes from investment and entrepreneurial activity, in particular the formation of small businesses. We need to keep taxes low and government small.
The second reason for watching this interview? In his answers, his method of thinking through my questions--for that matter, in his very demeanor--Dr. Becker demonstrates a fundamental component of free-market economics: humility. Whereas Paul Krugman et al. believe, implicitly, that they know better than we ourselves just how we should all be leading our lives, Gary Becker indulges in no such conceit.
As you’ll Dr. Becker himself put it int he course of this interview, “I trust the American people.”
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May '10
Re: Economist Gary Becker: We're Not the Crazy Ones
His point in Part 1 that regulators often don't use their regulatory power to prevent crises as they were intended to do is interesting.
Peter, you should open a Ricochet thread for every Uncommon Knowledge interview. I was disappointed that you didn't do so for Daniel Hannan.
Re: Economist Gary Becker: We're Not the Crazy Ones
Hm. Well, better late than never. What would you like to say about Daniel Hannan, Aaron? Fire away.
May '10
Re: Economist Gary Becker: We're Not the Crazy Ones
I was afraid you'd say that. Now, I have to replay the interview to remember what I thought about it.
For starters, what was his response when you invited him to join Ricochet?
May '10
Re: Economist Gary Becker: We're Not the Crazy Ones
Peter,
Just want to say how much I enjoy Uncommon Knowledge! My only issue with it is I hate watching a Part 1 that is so interesting and then having to wait for the rest.
On the plus side, I was able to scroll down and watch 10 consecutive A+ sections with VDH and the gorgeous and talented Claire Berlinski. And did I mention that Claire is gorgeous...man I was completely captivated. Almost made me want to move to Instanbul.
May '10
Re: Economist Gary Becker: We're Not the Crazy Ones
Well, I'll chime in on that:
1) It was a wonderful interview until you asked him about his prior support of Obama. Sorry to say, but his defense was so-o-o lame. I felt sorry for him, and you were gracious in hastily moving on.
2) He made an interesting point about Americans' ability to exert influence by directly electing candidates, unlike in Britain. It was such a good point that it made me ambivalent on a point made by Paul Rahe in an earlier Unc.Kn. where he voiced his displeasure with the direct election of senators on grounds that it undermines the power of state gov'ts. Strictly in the case of senators, which argument do you find most compelling, Peter? Anyone else?
May '10
Re: Economist Gary Becker: We're Not the Crazy Ones
Scott, I don't have an answer, but the best process of election for Senators should probably be judged with regard to the balance of power between the two houses (since House representatives are directly elected). How does that balance compare with the balance between the houses of British Parliament?
Jun '10
Re: Economist Gary Becker: We're Not the Crazy Ones
Tim Sweeney: Peter,
Just want to say how much I enjoy Uncommon Knowledge! My only issue with it is I hate watching a Part 1 that is so interesting and then having to wait for the rest.
Agreed, I hate the teasing. Peter, here's a vote to get the whole thing at once. Please don't do that with the Ricochet podcast!
Edited on Nov 8, 2010 at 4:41pmOct '10
Re: Economist Gary Becker: We're Not the Crazy Ones
Interestingly enough, UK was one of my gateways to Ricochet as I've been eagerly awaiting new episodes for about 9 months now. Hint to those who do not like to wait for each part, subscribe to the podcast on iTunes (Peter, I hope this tidbit does not ruin a premeditated design that allowed you to have new daily offerings the week of new release). That being said, one of the interesting points from this latest episode was that gridlock can be good for the economy. If that is the case, I'd appreciate some additional references to such historical examples and also note then that it may prove beneficial to the President Obama in these next two years (if the economy improves, each side could claim success regardless of direct, indirect, or unrelated relationship to their policy).
Another question, I watched the MF video Claire posted this weekend and it got me thinking: One of the themes of the left is sustainability in environment but when it comes to economics the goal is cyclical consumption at all cost... how can that ideology be from the same source yet so incongruent? ("It's only the other fellow who's greedy.")
Sep '10
Re: Economist Gary Becker: We're Not the Crazy Ones
Dave Molinari
Tim Sweeney: Peter,
Just want to say how much I enjoy Uncommon Knowledge! My only issue with it is I hate watching a Part 1 that is so interesting and then having to wait for the rest.
Agreed, I hate the teasing. Peter, here's a vote to get the whole thing at once. Please don't do that with the Ricochet podcast! · Nov 8 at 4:40pm
Edited on Nov 08 at 04:41 pm
If you hate the teasing then just go to iTunes and you get the whole 30 minute podcast and don't have to wait. I got the whole thing this morning.
Edit: Crud, I see Casey beat me to this revelation. Ah well, just ignore my whole post then.
Edited on Nov 8, 2010 at 5:33pmSep '10
Re: Economist Gary Becker: We're Not the Crazy Ones
2) He made an interesting point about Americans' ability to exert influence by directly electing candidates, unlike in Britain. It was such a good point that it made me ambivalent on a point made by Paul Rahe in an earlier Unc.Kn. where he voiced his displeasure with the direct election of senators on grounds that it undermines the power of state gov'ts
I too was quite intrigued by Daniel Hannan's point about grass roots involvement in candidate selection, though I confess I can't recall where Double Oh Steyn of the New Hampshire office of MI6 falls on the senatorial election issue.
Edited on Nov 8, 2010 at 5:39pmMay '10
Re: Economist Gary Becker: We're Not the Crazy Ones
I'm not an expert, but I don't think there's much balance at all in Parliament: the House of Commons has nearly all the power; the House of Lords merely reviews legislation and amends it on the margins. While reps in the H of C are elected by the people, the candidates themselves are chosen by the party, unlike here where we have primaries. The primary system, I think, is what Hannan finds so essential, since it precludes the possibility of reps who don't rep, so to speak.
Edited on Nov 8, 2010 at 6:03pmSep '10
Re: Economist Gary Becker: We're Not the Crazy Ones
@Scott,@Aaron: I feel like Steve Martin in Dead Men Don't Wear Plaid when someone says "Cleaning Woman" -- that's what I feel like when someone asks about a parliamentary system. If you'd like to know where a parliamentary system leads, just ask Mark Steyn about his Canadian Human Rights trial.
Or, to sum it up as I believe Steyn did in one of his columns: America was founded by the Founding Fathers; Canada was founded by a committee of boring British civil servants.
Edited on Nov 8, 2010 at 6:07pmMay '10
Re: Economist Gary Becker: We're Not the Crazy Ones
And, Pseudo, this crazy European Parliament subverts the will of the people still further, applying yet another layer of duct tape over the mouth of the individual citizen, since, best I can tell, he has virtually no say in his representation in that body.
Re: Economist Gary Becker: We're Not the Crazy Ones
Fellers, I'll get back to you tomorrow--Wednesday at the latest--about the Daniel Hannan interview. Right now I've got to prep for the interview I'll be conducting tomorrow morning with H.S.H. Hans Adam II of Liechtenstein.
(No, I'm not making that up.)
Jul '10
Re: Economist Gary Becker: We're Not the Crazy Ones
Peter Robinson: Fellers, I'll get back to you tomorrow--Wednesday at the latest--about the Daniel Hannan interview. Right now I've got to prep for the interview I'll be conducting tomorrow morning with H.S.H. Hans Adam II of Liechtenstein.
(No, I'm not making that up.) · Nov 8 at 9:01pm
You know who I really want to see you interview?
Kristi Noem. She's the real deal, unlike certain, um, female former Governors.
And I'd enjoy watching you blush the whole time.
Jun '10
Re: Economist Gary Becker: We're Not the Crazy Ones
iTunes, yes, duh. Thanks a lot.
May '10
Re: Economist Gary Becker: We're Not the Crazy Ones
Peter Robinson: ... Right now I've got to prep for the interview I'll be conducting tomorrow morning with H.S.H. Hans Adam II of Liechtenstein.
(No, I'm not making that up.) · Nov 8 at 9:01pm
Ya, I'm having lunch with him next week.
He sounds like a charming, benevolent (more or less) version of a Saudi prince. Hope you make him feel uncomfortable here and there.
Oct '10
Re: Economist Gary Becker: We're Not the Crazy Ones
The third reason to watch the interview is because Peter Robinson is simply magical in how he leads and crafts these interviews. It's fun to watch a master at work.
Sep '10
Re: Economist Gary Becker: We're Not the Crazy Ones
I've been watching on NRO until this one on iTunes and much prefer the continuity. His assesment of the stimulus was fascinating. I also noticed that headlines about the President's trip to India began with the fact that he was taking representatives of two large Universities. We often hear about Big Business and Bid Labor but maybe there is a Big Education now too.
Oct '10
Re: Economist Gary Becker: We're Not the Crazy Ones
That's not surprising. All of those entities are party of the current ruling class. The education establishment is the training ground for the ruling elite and Obama is very much a product of that system.