Arnold Kling joins us to talk about his new book, Specialization and Trade, which was recently published by Libertarianism.org.

What’s the “MIT” approach to economics, and what’s wrong with it? Is economics a hard science? What is an economic model? What are some of the problems with thinking of the world this way?

Arnold Kling claims that the economy isn’t like one big machine with a single purpose that can be fine tuned and regulated by experts. In this week’s episode, he presents an alternate way of thinking about economics, one you won’t find being taught in most college classrooms.