A little debate broke out on social media when a left-wing progressive mocked the idea that “absolute” standards of living are more important than “relative” ones. To some, what people aspire to is merely “to have a better life than the people around them,” and not “to have a better life.”

What is the truth here? And does it matter? If people really are merely concerned with “upping” their neighbors, couldn’t we do that pretty easily without driving burdensome things like “progress”?

On today’s Capital Record, David takes on the reality of human nature and the fundamental aim of economics. Ultimately, we find ourselves back to the Tenth Commandment to resolve one tension, and to the Garden of Eden to resolve another!

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The Nobel Prize for economics has gone to some serious winners over the years -- Hayek, Friedman, and Mundell come to mind. But the Nobel committee has shamed itself over the years as well (looking at you, Krugman), and more recently seemed to indicate a bias toward so-called economic justice than actual economic productivity and prosperity. That is why this year’s winners are an encouragement to those of us who see growth as a moral good, and a rising standard of living for all as dependent on progress, innovation, and growth. It is good for the field of economics when good work is rewarded that explains how the world works, and why. It is far better than rewarding econometrics that explain neither.

Show Notes:

WSJ article by David Henderson

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We all know President Trump is counting the days until Jerome Powell’s term as Fed chair ends. He may be rooting for the right thing for the wrong reason, but it is not debatable that this is where things are headed. In today’s Capital Record, David looks at the various candidates for Fed chair and makes the case for the obvious pick (of the major pool of candidates that exists). Let’s send this episode to President Trump if we have to!

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