Austrian Economics versus Keynesian Macroeconomics and Modern Monetary Theory | Shawn Ritenour

Recorded at the Mises Institute in Auburn, Alabama, on 15 July 2020.

[conradkritzberger]

At around 9:00, Mr. Ritenour is talking about "Entrepreneurs." The problem in America is NOT a LACK of ENTREPRENEURS, but RATHER the LEGAL CLIMATE (costing 100s-of-Thousands of Dollars (Millions?) to Start-Up a business)... differing from the ECONOMIC FREEDOM that the Founders intended... that made the USofA an Economic POWERHOUSE that Adam Smith wrote about. ...versus the "Capitalism" (entrenched companies with protectionist legislation) that is strangling America today.

[solitudeguard]

When you think about it, Austrian economics is the closest thing to a paradigm that studies real world economy.

[thestoicchimp]

25:40 is the greatest moment on youtube. The one guy laughing adds to the greatness.

[HarveyDangerLurker]

It's almost like you are forecasting our current inflationary cycle.

Modern micro and macro models in macroeconomics? The man's alliterate!

[scorpisces]

I'm in Canada and I heard our government say a few days ago, after releasing the Country's fiscal numbers, "...We need to seriously look at Modern Monetary Theory..." So this might sound dumb, but MMT is not a good thing, right?

[jaymills]

Anyone working in a central bank or actual bank: MMT or PK makes sense to what we do. Nobody: Austrian makes sense 😂

[Andrew]

Somehow I walk away understanding this less

[AcesAndNates]

I’d love to see this guy debate an advocate for MMT and watch him try to straw man his opponent to his face.

[tefazDK]

Why would he consider unemployment part of micro-economic instead of macro-economics? Can someone explain?
I didn't understand and he didn't elaborate.

[kamilziemian]

Interesting, but at the same, I'm confused.

[pure_thery]

Why do Austrian economists all look like that

[andso]

This is exactly what's happening. Double digit inflation, here we come!

[timgwallis]

Wait wait wait. I got super confused by the end. Why exactly does an increase in government spending lead to a decrease in capital accumulation in the form of savings? He seemed to make that claim flippantly, but if true that’s the first and only really adverse impact of applied MMT thinking.

Can anyone help me to understand that point of decreased savings?

[marshabennett]

I wish I could see the chart - it's not dark enough

[taichitanaka]

38:29 "More monetary units does not magically create more factories and production" - What if goverment carries out economic projects that increase production by spending newly created money? He has no legit criticism for modern monetary theory, except playing by words like "it's not modern, it's not monetary, and it's not a theory".

[liyexiang]

how does higher saving drive down interest rate?

[Richard-kinkgm]

If these austrians stopped looking like goofs then people would actually realize that their economic theory is most sound

[BenOgorek]

Thought I was going to see a debate, not a bunch of straw men getting slaughtered