George Selgin, of the University of Georgia, talks with EconTalk host Russ Roberts about whether the creation of the Federal Reserve in 1913 has been a boon or a bust for the U.S. economy. Drawing on a recent paper with William Lastrapes and Lawrence White recently released by the Cato Institute, “Has the Fed Been a Failure?” Selgin argues that the Fed has done poorly at two missions often deemed to justify a Central Bank: lender of last resort and smoother of the business cycle. Selgin makes the case that avoiding bank runs and bank panics does not require a central bank and that contrary to received wisdom, it is hard to argue that the Fed has smoothed the business cycle. Additional topics discussed include whether the Fed has the information to do its jobs well, the role of the Fed in moral hazard, and the potential for the gold standard to outperform the Fed.
- Victor Hugo’s Les Misérables: A Case Study On How Capitalism Funds The Arts
- BOOKS: A Dearth of Eagles by Andrew Bernstein
- Mossoff: Patents Are Property Rights
- Geert Wilders: Enemy of Freedom of Speech In Principle
- Salsman: Best and Worst U.S. Presidents Ranked
- Video: The Government Can
- Simpson: Speech is Not Violence; An Argument Is Not a Gun
- Mossoff: FTC is Threatening Property Rights
- Bosch Fawstin and Amy Peikoff To Create a Graphic Novel Based on Ayn Rand’s Best Selling Novel *Atlas Shrugged*
- Obamacare: Repeal and Replace Should be Two Separate Processes
Join our mailing list
Enter your email for our free monthly newsletter.