John Taylor on Rules, Discretion, and First Principles
2012-04-30 · 63 min · episode 313 · 18 entities
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Feed author/publisher: Russ Roberts
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Feed author/publisher: Russ Roberts
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John Taylor on Rules, Discretion, and First Principles
Episode description as stored
John Taylor of Stanford University's Hoover Institution talks with EconTalk host Russ Roberts about his new book, First Principles: Five Keys to Restoring America's Prosperity. Taylor argues that when economic policy adhere to the right basic principles such as keeping rules rather than using discretion, then the economy thrives. Ignoring these principles, Taylor argues, leads to bad economic outcomes such as recessions, inflation, or high unemployment. Taylor illustrates these ideas with a whirlwind tour of the last half century of American economic policy and history. The focus is on monetary and fiscal policy but Taylor also discusses health care reform and other policy areas. The conversation closes with a look at the likelihood that economic policy will change dramatically after 2012.