The Truth About Bullsh*t

Ladder or Lottery? Gary Hoover on the Consequences of Broken Economic Promises

Today I have the pleasure of speaking with Gary Hoover about his new book, Ladder or Lottery: Economic Promises and the Reality of Who Gets Ahead [https://bookshop.org/a/12343/9780520402621] (University of California Press, 2026). Gary is Professor of Economics and Executive Director of the Murphy Institute at Tulane University. One of the most challenging aspects of life is that sometimes, despite our very best efforts, we still miss the mark. Life can feel like a lottery, where success comes down to luck or the privilege to have the resources to buy as many lottery tickets as possible. For some, life appears like a ladder. No matter where you start, all you need to do is climb to get to the top. These metaphors encapsulate the dilemmas explored by Gary in his important work, as he examines in a variety of case studies whether economic conditions look more like a ladder or more like a lottery. When enough people feel that the system is more like a lottery than a ladder, social order breaks down, protests erupt, and, on occasion, revolutions take place. To take on this weighty topic, I’m thrilled today to have Gary Hoover on the podcast. Gary A. Hoover is Executive Director of the Murphy Institute, Professor of Economics, and Affiliate Professor of Law at Tulane University. Caleb Zakarin is the CEO and Publisher of the New Books Network.

Money Beyond Borders with Barry Eichengreen

Doubts about the international dominance of the dollar are only growing amid worries about tariffs, political dysfunction, and fraying international alliances. Will the dollar continue to reign supreme? In Money Beyond Borders, the leading authority on international currencies, Barry Eichengreen, puts the dollar's prospects in deep historical perspective by chronicling the entire history of cross-border currencies, from the invention of coins in the seventh century BCE to the cryptocurrencies of today and the central bank digital currencies of tomorrow. Money Beyond Borders: Global Currencies from Croesus to Crypto [https://bookshop.org/a/12343/9780691280530] (Princeton University Press, 2026) recounts how Greek and Roman coins became the first true international currencies. It tells how the Florentine gold florin became the "greenback of the Renaissance," and how it was succeeded by Spanish silver and a Dutch fiat currency. The book explains why the British pound dominated the international economy in the nineteenth century, why the dollar rose to the top during World War II, and why the dollar has survived predictions of the imminent loss of its preeminence since the 1970s. The long history of international currencies shows that the same factors that encourage their widespread use eventually lead to their abandonment. Money Beyond Borders makes a powerful case that the dollar is now on the downside of this cycle, and it considers who the winners and losers will be when there is flight away from the greenback. Revealing important patterns in the life cycles of international currencies over the past 2,500 years, the book offers valuable lessons and insights about how currencies rise--and why they fall. Barry Eichengreen is the George C. and Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. Caleb Zakarin is the CEO and Publisher of the New Books Network.

Bryan Caplan's Case Against Education

Today I’m speaking with economist Bryan Caplan about education and bullshit, with a particular focus on his book, The Case Against Education: Why the Education System Is a Waste of Time and Money [https://bookshop.org/a/12343/9780691174655] (Princeton University Press, 2018). In our modern economy, possessing a college degree feels like a necessity for professional advancement. The age of good jobs for college dropouts is largely gone as more people spend more time in the classroom, writing papers, taking tests, and, of course, goofing off. On the one hand, policymakers celebrate the additional degrees attained by more people. Surely a more educated society means a more intelligent and productive one. It’s no secret that college grads make more money than dropouts, and high school grads make more than those who didn’t complete 12th grade. Why is this the case? Does more education truly endow students with the skills necessary to succeed in the working world, or does education merely serve to certify that an individual has the intelligence and people skills needed to succeed? If the primary value of education is to signal conformity to employers’ expectations, then education as we know it is a waste of time, energy, and money. Degrees range in practicality, but most—like economics—hardly spend time teaching the kinds of skills that translate to the jobs most graduates actually take. As Bryan puts it, “As far as I can tell, the only marketable skill I teach is how to be an economics professor.” The world certainly needs some economics professors, but the sentiment behind the point reflects an undeniable dirty little secret. Professors, by and large, teach students about their favorite subjects, not skills for career success. For years, I’ve trumpeted the line that the purpose of higher education is not to teach skills but rather to teach students how to think. The Case Against Education deflates this argument with statistics and great humor. As the type of student who loved taking Russian literature, political philosophy, and economic history, I’m thrilled to speak with Bryan Caplan about bullshit and education. Bryan Caplan [http://www.bcaplan.com/] is Professor of Economics at George Mason University. Caleb Zakarin is CEO and Publisher of the New Books Network.

On Democracy and Bullshit with Hélène Landemore

Today I’m speaking with Hélène Landemore, Professor of Political Science at Yale University, about Democracy and Bullshit, with a special focus on her 2020 book, Open Democracy: Reinventing Popular Rule for the Twenty-First Century [https://bookshop.org/a/12343/9780691181998] (Princeton University Press, 2020). Bullshit is a feature of both democracies and dictatorships alike, but it takes different forms. In democracies, while citizens enjoy the freedom of speech and the right to vote, a range of forces often conspire to limit their real power in favor of competing elites. The political and economic elite’s toolkit includes the art of bullshit—the persuasive use of language without regard for truth. Whether meritocratic or populist, elites alike have mastered this form of manipulation, amplified by modern tools of dissemination and authority. To help us understand the challenges that bullshit poses to democratic citizens, I’m pleased to welcome Hélène Landemore. Hélène Landemore is a professor of political science at Yale University. Caleb Zakarin is editor of the New Books Network.

On Bullshit in AI with Arvind Narayanan

Today we’re continuing our series on Harry Frankfurt’s seminal work, On Bullshit. I have the privilege to speak with Arvind Narayanan co-author of the book AI Snake Oil: What Artificial Intelligence Can Do, What it Can’t, and How to Tell the Difference [https://bookshop.org/a/12343/9780691249131] (Princeton University Press, 2024). Arvind is the perfect guest to explore the subject of bullshit in AI as AI Snake Oil takes on the ridiculous hype ascribed to the promise of AI. AI chatbots often hallucinate and many of the promoters of AI engage in the art of bullshit when selling people on wild and crazy AI applications. Arvind Narayanan is professor of computer science at Princeton University and director of its Center for Information Technology Policy. Caleb Zakarin is editor of the New Books Network.