Capital Record

Economic measurements are a tricky thing. There are multiple ways to do things. People are entitled to varying opinions about which measurements of economic aggregates are better than others in terms of methodology and substance. However, are those of us who value economic growth really guilty of making a “golden calf” out of GDP? Do various limitations in what GDP measures and how it does it really mean the whole system is stupid, corrupt, or wrong? Or could it be that promoters of a free and virtuous society can, all at once, understand and reinforce that the totality of economics, rightly understood is, and at the same time, not feel the need to lie, alter, or poke at data. A Capital Record to defend GDP, and to make abundantly clear what should be obvious: GDP measurements are not everything.

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David is joined by Dr. Alexander Salter for a refreshing, nuanced, honest, and candid assessment of the good, the bad, and the mysterious in Alan Greenspan’s legacy as the chairman of the Federal Reserve.

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Vice President JD Vance stated last week in a now infamous interview that the right needs less Milton Friedman and an economic approach more like Alexander Hamilton's. One can hope the VP simply doesn’t understand Milton Friedman, but more than likely this “new right” mentality is trying to draw a line against the laissez faire to the economy favored by Friedman. But when various 21st century voices claim Alexander Hamilton as one of their own in seeking larger government control over the economy, do they actually understand Hamilton correctly? In this Capital Record episode, David is happy to defend Milton Friedman, but also happy to defend Alexander Hamilton, too -- against a revisionism that not only gets its economics wrong, but its history, too.

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A recent article in The Atlantic thoughtfully asked what makes Americans so unhappy. It looked at conflicting economic data (the delta between sentiment and actual economic conditions) and pondered what may be going on to make Americans feel so lousy about the economy.

In this episode of Capital Record, David suggests that there are a few different things going on, and they all point to issues near and dear to our hearts.   

Show Notes: 
Atlantic article
The Secret to a Happy Life (Commencement speech)

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When a who’s who of progressive economists, some Nobel laureates, all academics, take to the pages of the, ummm, Guardian, to say that “growth is doomed” and that “poverty is manufactured,” is it time for policymakers to reverse course and embrace the policy solutions these “experts” present to “change the rules of the global economy”? Or, rather, is this the ideal time for lovers of freedom who believe in human flourishing to double down on the only things the world has ever seen that manufacture prosperity?

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