Invest It Wisely

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Improve Economics and Help Feed the Poor at the Same Time

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Gladiator. Source: http://mises.org/daily/4807Robert Murphy, an economist, teacher, and author who is a member of the Mises Institute, has challenged Paul Krugman to a debate on the Keynesian versus Austrian business cycle theory.

Since Paul Krugman, a nobel laureate and top Keynesian, has refused to engage in open debate with the Austrian school until now, Robert has decided to make the challenge more attractive by proposing to raise at least $100,000 to donate to charity via pledges at The Point. This money would be collected and donated to the Fresh Food Program at FoodBankNYC.org if Paul Krugman decides to accept the challenge. Who wouldn’t turn down a chance to debate and help out the poor at the same time?

What would be the benefits of this debate? Regardless of whether you believe in Keynesian economics or Austrian economics, and regardless of whether you don’t really care too much about economics at all, a debate would help to further the understanding of the differences between both schools, as well as bring the Austrian view into the mainstream. A diversity of opinions is important, as it expands the possible solution space and can lead to better policy down the road.

As a further benefit, if Paul Krugman accepts the challenge, then the Fresh Food Program at FoodBankNYC.org will receive a substantial donation! Whichever school of thought you believe in, you would be helping to support a good cause.

Robert Murphy is currently solicitating donations for the campaign at The Point. As of this writing, the campaign was at $37,612. You will only be charged if Paul Krugman actually accepts the challenge. I personally pledged $100, since I would personally like to see this debate happen, and if the money goes to a good cause then I’m happy with that.

Please consider donating or promoting; any amount is ok!

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Comments

    • Sorry, Kris, I wasn’t very clear. The goal is to reach at least 100K in donations so that Paul Krugman will be encouraged to participate in the debate. Right now they are at around 35k in donations I believe.

  2. That’s cool that money is being put up to help make this happen. The old saying of “put your money where your mouth is” really applies here. Impressive all around, regardless of what the debate topic might be.

    • I never knew of The Point before I read of this debate. I think it’s quite cool how it makes it so easy to participate, and yes, regardless of your ideology or beliefs, this is a way to further our understanding of things and help out the poor at the same time. It’s a win-win.

  3. I’d be willing to donate a few bucks to watch Krugman get thumped in public. That would be very satisfying indeed. That’s what I call killing two birds with one stone.

  4. It would be fun to watch but it is not going to improve ecnomics at all. It isn’t like the Keynesians haven’t heard of the Austrian school…

    • True dat, but there are plenty of regular people who think the Austrian school has something to do with Austria (which it does in a historical way, but not in a theoretical sense). If this helps get exposure out there and broadens awareness that economics isn’t simply “is” but is actually composed of various, competing schools of thought, then why not?

  5. I echo the above sentiments. It will be interesting to watch. I wonder how much attention will be raised for people who are not interested in economics (the mainstream). I guess I question how this debate could be enough.

      • Hey Roshawn,

        We are all insignificant to a certain extent in the grand scheme of things, yet we all make a difference in our own way. I doubt this debate will be “enough”, but I think it certainly will make a difference in its own way. Every little bit helps. 🙂

  6. It will be very interesting to see what comes from this debate, if and when it occurs. I’m glad a charity will benefit, too. Your title really says it all. 🙂

  7. I can’t skip an article about “economics” (my undergrad major). how sweet to make it into a charity event. This is awesome, the only thing that would make it better would be to use social entrepreneur ship as well or in addition to “charity.” Tie it in to the poor learning to leverage themselves into self sufficiency via economic principles. Great idea!

    • Hi Barb,

      That would definitely be a more interesting way of doing charity, for sure. Helping is good, but helping someone to learn to help themselves and become their own entrepreneurs is even better.

  8. You made a great point. A debate would help to enrich the field of economics, and is something that should really be supported.

    However, economics has become much like politics. Most so-called experts understand very little outside of their own platform, and aren’t interested in finding a better solution, but only in furthering their position!

    • Agreed, Khaleef! I think, like other scientists, they should be willing to open themselves to debate and remain logical and scientific. When it becomes too heavily politicized like the climate change science, even the scientists themselves degrade themselves into talking head politicians, and become more concerned with pushing their own agenda rather than the truth!

Trackbacks

  3. […] Invest It Wisely shares a way you can both donate money to a good cause and spur a debate between a Keynesian and an Austrian. (Well, not an Austrian in terms of some guy that lives in Austria. The debate would be between Keynesian Paul Krugman, and follower of Austrian economics, Robert Murphy. Not exactly household names I am sure, but it is something many economists would like to see.) […]

  4. […] Invest It Wisely demonstrates how to Improve Economics And Help Feed The Poor At The Same Time. […]