Ep. 1990 The Dreadful State of Economics, and How to Fix It

One of this year's winners of the Nobel Prize in economics, David Card, co-authored the notorious Card-Krueger study of the minimum wage, which appeared to turn the conventional economic wisdom about the effects of minimum wages on its head. Peter Klein of Baylor University joins us to discuss what's gone wrong with economics such that we've reached the point where economists, rather than describing the constraints on what politics can accomplish, have become cheerleaders for the state.