04/16/2018

Prof. Rajshree Agarwal On The Rubin Report: The True Value Of Free Enterprise [Watch]

Richard Morrison, Competitive Enterprise Institute

I’ve been very interested over the last several years to see Dave Rubin’s metamorphosis from stand-up comedian to podcast co-host to serious public affairs interviewer and host of The Rubin Report. He’s had a long list of outspoken guests, from conservative commentator Ben Shapiro to British actor Stephen Fry to controversial psychology professor Jordan Peterson. This week, however, he’s released a pair of conversations with one of my favorite academics, Prof. Rajshree Agarwal of the University of Maryland.

Agarwal teaches at Maryland’s Robert H. Smith School of Business, where she is also the director of the Ed Snider Center for Enterprise and Markets, and she’s a passionate advocate of entrepreneurship and the infinite possibilities of the human mind.

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In Search Of History

4,000 Years Of Price Control

Tablets, said to be 200 years older than the Babylonian Code of Hammurabi ... show that the ancient kingdom of Eshnunna had wage control and price control. The news ought not to have come as a surprise. For the code of Hammurabi itself (unearthed in 1902), which was promulgated earlier than 2000 B.C., fixed prices, wages, interest rates, and fees. This makes price control at least about 4,000 years old. ...

 

Ironically, it is those who now wish to return to this ancient totalitarian device who are fondest of calling themselves “progressives.” They are also fond of saying that those who believe in economic liberty “are living in the nineteenth century.” These controlists have yet to learn that they themselves are still living, as the discoveries in Babylonia attest, in the nineteenth century—B.C.!

-- Henry Hazlitt,

Newsweek 

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ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.05%
    FreeMarket Central Shadow Stats: 21.5%
  • Inflation:
    FreeMarket Central June Year-to-Year: 2.80% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]

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