The Economists’ Hour audiobook cover - False Prophets, Free Markets, and the Fracture of Society

The Economists’ Hour

False Prophets, Free Markets, and the Fracture of Society

Binyamin Appelbaum

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HistoryEconomics

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The Economists’ Hour
Rise of Free-Market Ideology+
Transforming Government Policy+
Reshaping the Economy+
Corporate Power & Deregulation+
Global Impact+

Quiz — Test Your Understanding

Question 1 of 8
Why did free-market economists like Milton Friedman advocate for ending the military draft?
  • A. They calculated that a drafted military was too large and actively contributed to global inflation.
  • B. They wanted to redirect military funding toward domestic infrastructure and anti-poverty programs.
  • C. They believed conscription was an unethical infringement on individual rights and preferred a labor-market approach.
  • D. They felt the draft disproportionately targeted wealthy individuals, removing them from the private sector.
Question 2 of 8
What central economic dilemma in the late 1960s caused the dominance of Keynesian economic theory to wane?
  • A. Massive public spending programs were causing unacceptable levels of inflation.
  • B. The government was unable to collect enough taxes to fund the space race.
  • C. High interest rates were causing widespread factory closures and unemployment.
  • D. The Federal Reserve refused to increase the money supply to fund social programs.
Question 3 of 8
According to the text, what was the primary result of the supply-side tax cuts implemented during the Reagan administration?
  • A. A massive increase in wages for the average American worker.
  • B. A rapid rise in economic inequality and massive deficit spending.
  • C. The elimination of the federal deficit through increased corporate investment.
  • D. A significant drop in consumer demand that ended the recession.
Question 4 of 8
How did the economic philosophy of George Stigler change the government's approach to corporate monopolies?
  • A. It encouraged the government to break up large companies to ensure fair competition.
  • B. It led to the nationalization of essential industries like airlines and telecommunications.
  • C. It required companies to share their technological patents with competitors to spur innovation.
  • D. It argued that the government should focus on economic efficiency and low consumer prices rather than fairness.
Question 5 of 8
How did economists like Howard Gates and Jim Tozzi fundamentally change government regulations regarding health and safety?
  • A. They successfully pushed for regulations to be evaluated using cost-benefit analysis, which required putting a dollar value on human life.
  • B. They argued that all regulations must pass a strict moral reasoning test before being implemented.
  • C. They established new agencies like the EPA to ensure worker safety regardless of the financial cost to corporations.
  • D. They banned the use of cost-benefit analysis in government agencies because it was deemed too expensive.
Question 6 of 8
What was the consequence of President Nixon's decision to abandon the Bretton Woods system of fixed exchange rates?
  • A. It stabilized the global economy by tying all international currencies directly to gold.
  • B. It allowed foreign countries to amass huge amounts of US dollars, forcing the US into bankruptcy.
  • C. It created a volatile system of trade where a strong US dollar ultimately devastated American manufacturing.
  • D. It led to a massive resurgence in American factory jobs as exports became significantly cheaper.
Question 7 of 8
What happened when the 'Chicago Boys' implemented Milton Friedman's free-market policies in Chile under Augusto Pinochet?
  • A. The country experienced unprecedented, equitable economic growth and became the richest in Latin America.
  • B. The economy convulsed, leading to massive inequality, high unemployment, and severe foreign debt.
  • C. Chile successfully paid off all its foreign debt by nationalizing its natural resources.
  • D. The working class saw a massive boost in wages due to the elimination of capital controls.
Question 8 of 8
According to the text, what role did Alan Greenspan play in the lead-up to the 2008 financial crisis?
  • A. He aggressively regulated the derivatives market but ignored the subprime mortgage industry.
  • B. He forced banks to disclose all financial information, which accidentally triggered a market panic.
  • C. He adhered to a strict anti-regulation ideology and refused to curtail risky subprime mortgage lending.
  • D. He raised interest rates too quickly in an attempt to combat stagflation, bursting the housing bubble.

The Economists’ Hour — Full Chapter Overview

The Economists’ Hour Summary & Overview

The Economists’ Hour (2019) is a compact history of how economists came to dominate our political discourse. This work traces the rise of neoliberal ideology from the 1960s to today.

Who Should Listen to The Economists’ Hour?

  • Political wonks wanting to parse the current climate
  • Citizens concerned about America’s rightward shift
  • Anyone asking, “how did things get so bad?”

About the Author: Binyamin Appelbaum

Binyamin Appelbaum is the economics and business lead for the New York Times editorial board. His writing has appeared in the Washington Post, the Boston Globe, and the Charlotte Observer and won him a George Polk Award and Pulitzer Prize nomination.

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