The questions of what economics is and the role of an economist have long been at the heart of the profession, igniting extensive debate about the nature, scope, potential, and limitations of the discipline. Today, we’ll take a historical approach to these issues, exploring how past thinkers—ranging from Aristotle and Aquinas to Adam Smith and the latest Nobel Prize winners in economics—have defined and approached the study of economics.

The concept of a monetary union today implies a multilateral entity that centralizes the emission of a common currency shared by multiple countries. This arrangement provides benefits, such as lower transaction costs, but poses challenges, especially without a complete fiscal union, which can create perverse incentives. However, monetary issues are not new; they have been a consistent aspect of human organizations throughout history. Today, we will discuss how the politically fragmented German lands under the Holy Roman Empire established a common currency in the sixteenth century and examine the debates surrounding its perceived success or failure.

In 1492, Spain's Alhambra Decree forced Jews to convert to Christianity or face expulsion, leading many to become conversos. Portugal issued a similar edict in 1496. Driven by a desire for religious homogeneity, these measures led to persistent discrimination based on Jewish ancestry. How did this new group of New Christians defend their interests and thrive in economic and social spheres, building connections with Europe, Africa, and the Americas? Today, we talk with Dr. Bethencourt about his new book, "Strangers Within: The Rise and Fall of the New Christian Trading Elite."