Benn Steil on the Gold Standard forward and David Beckworth on Market Monetarism
In the wake of the financial crisis that began in 2007, many have pointed a finger at the monetary system for being the ultimate genesis of financial problems that ended in crisis. Benn Steil, economic historian and author of "The Battle of Bretton Woods", takes us from the pre-1914 Gold Standard to today's fiat money dollar standard, highlighting the key issues in 8 minutes flat.
In addition, we explore Market Monetarism, a big new school of Economics born more in the blogosphere than in the academic journals of the economics profession. It is a school of economics that espouses central banks target a level of nominal income or output instead of inflation and employment. David Beckworth, assistant professor of economics at Western Kentucky University, tells you everything you need to know to understand exactly what Market Monetarism is.
And finally, Erin Ade and Edward talk batteries! Are they passé and what does the move away from the common disposable battery say about how companies cope with technological change?
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