"Economics Teaches Us Humility": Q&A with George Mason University's Pete Boettke

What can the Austrian School of Economics teach us about the 2008 financial crisis?

"Economics is a set of eye glasses, and when you put them on you bring the world into sharp relief," says George Mason University Professor Pete Boettke, who is author of the new book, Living Economics: Yesterday, Today, and Tomorrow. "It's a way of thinking about the world that has implications that are political in nature when you follow through with it persistently and consistently."

Reason TV's Nick Gillespie sat down with Boettke at this year's FreedomFest to talk about his "passion" for economics, the rising profile of the Austian School of Economics, and what caused the 2008 financial crisis.

Held each July in Las Vegas, FreedomFest is attended by around 2,000 limited-government enthusiasts and libertarians. Reason TV spoke with over two-dozen speakers and attendees and will be releasing interviews over the coming weeks. Go here for an ever-growing playlist of this year's interviews.

About 9 minutes.

Edited by Jim Epstein. Camera by Paul Detrick and Tracy Oppenheimer.

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  • The Late P Brooks||

    Teaches us to want poor little babies to starve, you mean.

  • Fist of Etiquette||

    "Every economist agrees with me that economics teaches us humility."

  • sarcasmic||

    Can't teach those who are unwilling to learn.

  • EDG reppin' LBC||

    Off topic: For those who are twitter users; you MUST follow @Wu_Tang_Finance

  • Almanian!||

    That was merely a brillint tip - thank you :)

    To wit:

    ‏@Wu_Tang_Finance 2h How many Austrian economists does it take to screw in a lightbulb?


    ‏@Wu_Tang_Finance 2h Why can't Keynesians run marathons?

    Cuz they only care about the short run lol

  • BakedPenguin||

    "I like my coffee how I like my markets; black."

  • Sidd Finch||

    "Economics Teaches Us Humility": Q&A with George Mason University's Pete Boettke


  • sarcasmic||

    Austrian Economics teaches that order in society as the "result of human action, but not the execution of any human design".

    That teaches humility.

    Unless you're a lefttard who can't learn.

  • RickC||

    My first thought was that Krugman must have missed that class.

  • sarcasmic||

    He was actually a decent economist before he found there's more money in being a shill.

  • The Last American Hero||

    More machine now than man...twisted and evil.

  • Gorilla tactics||

    Yup, not as bad a samuelson though. Paul Samuelson actually HAD Schumpeter teach him and Harvard, and still he went down the prog/keynesian rabit hole.

  • Gorilla tactics||


  • Kill all the economists||

    Shakespeare once said, "the first thing we do, let's kill all the lawyers".

    I suspect if there had been economists in those days, that sentence would have read slightly different.

  • Almanian!||

    "the first thing we do, let's analyze this versus the Laffer curve and see what effect changes in monetization and demand outlook might have"????

  • Gilbert Martin||

    "Economics teaches us humility."

    Unless your name happens to be Krugman.

  • RickC||

    Shoulda checked down thread before posting.

  • heart_of_flint||

    I would say there is a strong positive correlation between the quality of his recent economics and his level of humility.

  • hotsy totsy||

    He has a great deal to be humble about.

  • Sam Grove||

    Economics is about how the world works.

  • Gorilla tactics||

    "There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another."

    Thomas Sowell

  • lap83||

    I don't think humility can be taught. If anything, it's the first step to learning. If progressives had any humility, it would enable them to recognize that they know nothing about economics.

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