On this episode Erik is joined by Stephan Kinsella (@NSKinsella), libertarian writer and patent attorney, Noah Smith (@Noahpinion), Bloomberg opinion writer, and Parker Thompson (@pt), partner at AngelList.

In a spirited debate, the three of them discuss the relative merits of Austrian economics vs. Keynesian economics.

They start out by defining the primary schools of economic thought and explaining where each of the guests sits on the spectrum of economic thinking. They talk about the value of empiricism when it comes to economics and whether economic theories can be derived from first principles.

They discuss inflation and whether centralized control of the money supply leads to better economic outcomes, as well as how one can determine these things in the messy real world. They also touch on a number of other topics, including whether it would be a good thing to get rid of the FDA and pharmaceutical patents, whether antitrust law is “unethical,” and whether the patent system is a net positive for society.

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Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.