The 2023 Hayek Awards: Edward Chancellor (author, The Price of Time: The Real Story of Interest)

Why is the perception that high interest rates are harmful to the economy so widely held? What cautionary tales exist dating back to ancient Mesopotamia, Restoration Britain, all the way up to the global credit booms of the 21st century? How have seemingly negative rates in places such as Europe and Japan contributed to economic insecurity and financial fragility?
In response to the Great Depression, F. A. Hayek warned against expansionist monetary policy and the manipulation of interest rates, which create market uncertainty and a continuous boom-bust dynamic. Competition and reduced government spending-rather than government policies to maintain low interest rates-would help with market stabilization. In The Price of Time: The Real Story of Interest, Edward Chancellor provides more evidence to support Hayek’s skepticism of non-market-based interventions to stabilize prices, as he comprehensively surveys the misguided policies to artificially lower interest rates throughout history.
Chancellor reveals how extremely low interest rates lead not only to asset price inflation but also to weak economic growth, rising inequality, zombie companies, elevated debt levels, and the pension crises that have afflicted the West in recent years-conditions under which economies cannot possibly thrive. At the same time, easy money in China has inflated an epic real estate bubble, accompanied by the greatest credit and investment boom in history. As the global financial system edges closer to yet another crisis, Chancellor shows that only by understanding interest can we hope to face the challenges ahead.
EVENT TIMELINE
0:00 - EVENT STARTS
0:05 - Introduction by Reihan Salam, Manhattan Institute President
4:10 - Remarks by John Tierney, chair of Hayek Prize Committee
13:00 - Remarks by Hayek Prize winner Edward Chancellor
34:20 - Q&A with Edward Chancellor
51:00 - Closing Remarks
Learn about the Hayek Prize: www.manhattan-institute.org/h...
Find the book here: www.amazon.com/Price-Time-Rea...

[@meinking22]

We need more like Edward Chancellor. He may not be an economist but he gets it. Will read his book for sure. Thank you for sharing.

[@lefthooklansing]

He is THE economist. It is not graduating from Yale with a phd in economics that makes you an economist (quite the opposite - see Richard Werner "A Lost Century in Economics") - it is: what classical books you have read and digested properly and Chancellor has read all the classics and then some. Not just Keynes, like most BIS economists cite. Law*, Smith, Fullarton*, Tooke*, Mises, Hayek, Reuff, Rothbard, Friedman, Keynes, Wicksell and others who I forget as I write this *denotes Banking School. The rest are Currency School.

[@meinking22]

@@lefthooklansing I definitely agree with your sentiment that it doesn't take a diploma/certification/bs whatever to validate one's expertise. Yale is complete trash at this point. Actually, nobody with any real sense respects any degree from the Ivy League anymore, just Woke Establishment garbage across the board. The Austrian School is where it's at and Chancellor gets it. Keynes was a complete clown and his adherents are just part of the show. Fiat is done.

[@lefthooklansing]

@@meinking22 I used to have dozens of Amazon reviews written to that effect, but mgmt deleted them all - all the way back to 2007