Episode #370: Third Interview with Economist Michael Munger

Ron and Ed were honored to welcome back, for the third time, economist Michael Munger. He's the author of many great books, including Tomorrow 3.0; Is Capitalism Sustainable?; and The Sharing Economy. Join Ed and Ron for what will surely be an enlightening and fun conversation with one of our favorite guests.

Before we get into the show notes, let’s learn a bit more about Michael Munger:

Professor Michael Munger received his Ph.D. in Economics at Washington University in St. Louis in 1984. Following his graduate training, he worked as a staff economist at the Federal Trade Commission. His first teaching job was in the Economics Department at Dartmouth College, followed by appointments in the Political Science Department at the University of Texas at Austin 19861990 and the University of North Carolina at Chapel Hill 19901997. At UNC he directed the MPA Program, which trains public service professionals, especially city and county management. He moved to Duke in 1997, and was Chair of the Political Science Department from 2000 through 2010. He has won three University-wide teaching awards the Howard Johnson Award, an NAACP Image Award for teaching about race, and admission to the Bass Society of Teaching Fellows. He is currently director of the interdisciplinary PPE Program at Duke University.

Here are the show notes from Michael’s interview with Ron and Ed:

  • Here is the most recent Wall Street Journal article written by Michael Munger: https://www.wsj.com/articles/no-biden-price-plan-wage-stagnation-inflation-money-supply-price-regulation-control-federal-reserve-11639517901?mod=opinion_lead_pos5

  • From the same article by Michael Munger: “Prices rise when goods become scarce or the money supply rises rapidly.”

  • (With extreme incredulity) “The Fed has been buying corporate debt with money it has been printing. What could go wrong??!!?” —Michael Munger

  • “The United States is in a uniquely powerful position because we can exploit the fact that we have a global currency.” —Michael Munger

  • “The problem with crypto is that people have two reasons for holding cash, speculative and transactional.” —Michael Munger

  • Most people are not overly familiar with Modern Monetary Theory. Michael Munger gave a great overview during the first segment of our show. Here’s a quick primer from Wikipedia: https://en.wikipedia.org/wiki/Modern_Monetary_Theory

  • Was inflation a result of greed? No. Let’s consider the huge increase in cash balances, sporadic supply chain, and difficulties with the labor market.

  • Profit is a signal that says “do more of this” but profit is less than 1% of the consumer surplus in the system.

  • There is not a single country that has solved the problem of poverty using socialism. They have all used capitalism.

  • “If you honestly care about poor people, you are a capitalist.” —Michael Munger

  • 40% of American imports come through one port. We haven’t built a port in decades. Is the Foreign Dredge Act partly to blame? https://www.heritage.org/trade/commentary/113-year-old-law-hurting-american-ports

  • In 2022, Michael Munger will run again for the North Carolina General Assembly. I would say “you heard it here first” but that’s probably not true. It’s big news nonetheless!

  • Let’s go back to September 2021 and talk about Michael’s article in AIER - “Nutzenschmerz” https://www.aier.org/article/nutzenschmerz/

  • We had a COVID-19 vaccine before the CDC had a working test to detect the virus. If the FDA can get out of the way, this might be the last pandemic. Ever.

  • Everyone should take this FREE course from Michael Munger over the holidays. Capitalism & Political Economy - https://sites.duke.edu/intrope/

  • Did you know that Michael Munger has written…..ahem…..a few books? Check out “The Sharing Economy” at this link https://www.amazon.com/gp/product/B09CDV3VS9/

  • We would love to have you as a part of our community at Patreon.com/TSOE. While Ron and Ed published a show about why you shouldn’t buy gifts for the holidays, we are willing to make an exception for bonus and commercial free episodes.

  • “If I think of it, some entrepreneur thought of it 5 years ago.” —Michael Munger

  • “If we can commodify excess capacity that’s what sharing is. And that’s what platforms do.” —Michael Munger

  • A big THANK YOU to Michael Munger for joining us today. Why not check out one of his books like “Is Capitalism Sustainable?” https://www.amazon.com/Capitalism-Sustainable-Michael-Munger-ebook/dp/B07VZ8ZP11/