Free Markets

Bob and Warren Mosler discuss the assumptions behind Modern Monetary Theory and its implications for economic policy.

Bob interviews Alex Tabarrok, professor of economics at George Mason University and co-author of the popular Marginal Revolution blog.

Even in the heyday of liberalism only a few people had a full grasp of the functioning of the market economy. 

To understand the marketplace, it is not necessary to believe in the existence of a selfish, profit-maximizing human.

The envious are not satisfied with equality; they secretly yearn for superiority and revenge.

Under capitalism, the common man was no longer a drudge who had to be satisfied with the crumbs that fell from the tables of the rich.

The price system performs the crucial function of transmitting knowledge throughout the society and thereby eliminates the need for bureaucracy.

The rise of interest in free market economics has come from outside academia and Economics in One Lesson has been a great part of this awareness.

Big firms that dominate the marketplace have never had much of a problem with government regulations that keep new competitors from springing up.

The public sector's "productivity" is not measured by any meaningful measure, but only by how much the government spends.