Larry White of George Mason University talks with EconTalk host Russ Roberts about Hayek's ideas on the business cycle and money. White lays out Hayek's view of business cycles and the role of monetary policy in creating a boom and bust cycle. The conversation also explores the historical context of Hayek's work on business cycle theory--the onset of the Great Depression and the intellectual battle with Keynes and his work. In the second half of the podcast, White turns to alternative ways to provide money, in particular, the possibility of private currency and free banking explored by Hayek late in his career. White then describes his own research on free banking and in particular, the more than a century-long experience Scotland had with free banking. The podcast concludes with the economics rap "Fear the Boom and Bust," recently created by John Papola and Russ Roberts. The song itself can be downloaded at EconStories.tv where viewers can also watch the video, read the lyrics, and find related resources on the web for Keynes and Hayek. #LarryWhite [See: EconTalk] #Hayek #RussRoberts #EconTalk #Keynes https://www.econtalk.org/larry-white-on-hayek-and-money/

The Murdochian Healthcare Plan [Edit 1] - 1. Universal Healthcare Vouchers 2. End certificate of need laws for everything related to healthcare 3. Federal and state health saving accounts are funded by donations and put into commodity baskets, index funds, and cash until emergencies present the need to liquidate the assets. 4. Promoting, advocating, and incentivizing without direct subsidies -- direct primary care and individual health savings accounts. 5. Advocate for price transparency 6. End required medical licensure or minimize medical licensure 7. Promote/allow low-cost minimal healthcare coverage insurance (e.g. only people to buy only catastrophic insurance instead of buying the whole kit and caboodle). 8. Allow insurance companies to offer both community risk ratings and individual risk ratings (free banking style) #Healthcare #HealthcarePlan [See: The Murdochian Healthcare Plan] #Murdochian

Wouldn't centralized capitalism systems potentially cause similar problems that companies issuing company scrip would cause within a centralized capitalist system? With an economic monopoly, the employer/government could manipulate prices/goods to make people dependent on the company/government, thus enforcing loyalty. Does capitalism need to be decentralized? Would capitalism only work if there's a free banking system? #Capitalism #Decentralization #CompanyScrip #Monopoly