As I’ve said before, in nearly 20 years of asking Professor Jeff Herbener questions about economics, I have yet to stump him. His unbroken streak continues. Last night, members of LibertyClassroom.com asked him 37 questions, and we all learned quite a bit. Here’s a sample of what was asked:
“What’s the advantage to China (and other Asian countries) in buying U.S. bonds?”
“Would it be practical for a small but prosperous country to go it alone on the gold standard?”
“Do you see QE3 buying of MBS having any effect on the housing market? If not, where will the $ go?”
“Is a gradual, inflationary default on sovereign debt worse than an outright default?”
“Is the CPI flawed? If so, what would be a better way of measuring inflation?”
“How has Japan managed to get by with 220% debt to GDP?”
“What drove the stock boom of the Clinton years given high interest rates relative to today?”
“Under the gold standard, if economic growth exceeds money supply growth, do prices drop? Isn’t this bad?”
“How deeply should one study Keynesian economics and from what sources?”
“How does a currency devaluation (as opposed to general depreciation) work? Is a new currency issued?”
“Could you clarify the difference between market-clearing prices and equilibrium prices?”
“How do you address the ‘things have gotten better’ argument?”
“What is your shortest explanation of Austrian economics to a lay person?”
“Some Austrians have predicted high [price] inflation. Why haven’t we experienced it, and when will we?”
“Why was the Free Silver movement a problem?”
“Tyler Cowen claims Austrian business cycle theory can’t explain recessions caused by monetary contraction. Is this accurate?”
“If I open a business in the next few years, would I have a market advantage by knowing the Austrian theory of the business cycle?”
“How exactly did the ‘confiscation’ of gold occur during the FDR years?”
Jeff and I will both be speaking at the Mises Institute’s Supporters Summit on October 26-27 at Callaway Gardens in Georgia. If you can’t join us there, join us at Liberty Classroom — and this month, get a free signed book by me.
