Yesterday, I posted this NBC interview (https://www.lewrockwell.com/lrc-blog/walter-pretty-boy-block-interview-on-nbc/). In that blog I said I tried to get the point across that qua Austrian economist, doing positive economics, I could have no views as to whether, for example, the minimum wage law or the Fed was a good thing or not (I forget the actual examples I used). I could only assess the effects of these laws, institutions. However, as a libertarian, doing normative economics, I most certainly could do so, and I would be critical of both. In that interview that appeared on t.v., they used, oh, perhaps 2-3 minutes of quotes from me. Today, I post the complete interview, the raw material out of which the t.v. interview was made. It takes about 20 minutes, and is pretty raw. I thought people might be interested in this sort of behind-the-scenes look at how these things are done. Go here for that: https://docs.google.com/file/d/0B1EoTW49clONZXpHUm45T2lJYm8/edit?usp=drive_web&pli=1.
On the other hand, Tom Woods did one of the best introductions to the Mises University week-long seminar I have ever heard. In it he certainly agreed with this hoary distinction between normative and positive economics, but beautifully addressed the issue of why it is that virtually all Austrians just “happen” to be in favor of free enterprise; that is, why they are libertarians. I wish I could share this with you; it deserves as much publicity as it can get. Perhaps someone can follow up with another blog, and make that available to this venue.
By the way, not every economist agrees that there is a distinction between normative and positive economics. I had a debate with a professor at the Wharton School over this: Block, Walter E. and Peter Cappelli. 2013. “Debate over the normative positive distinction in economics.” Economics, Management, and Financial Markets 8(1), pp. 11-19; http://addletonacademicpublishers.com/abstracts/economics-management-and-financial-markets/volume-8-1-2013/debate-over-the-normative-positive-distinction-in-economics.html
9:42 am on October 25, 2013
