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Yasha Monk speaks with Jason Furman, former chair of the Council of Economic Advisers under Barack Obama. Yasha asks why America has managed to keep its share of global GDP constant even as other countries like Germany and Japan have seen a significant decline in their share of worldwide GDP. Why it is that economics is an empirical discipline in which your political leanings shouldn't influence what you predict is going to happen.

Jason Furman is a professor of economics in the Economics Department at Harvard and at the Harvard Kennedy School. He also served as the chair of the Council of Economic Advisers under President Barack Obama.

In this week’s conversation, Yascha Mounk and Jason Furman discuss the causes of today’s persistent inflation in the US and whether it is likely to continue; how concerned we should be about the recent failures of mid-sized regional banks; and why America’s share of world GDP has remained resilient over the past decades even though it sometimes feels dysfunctional relative to other developed economies like Germany and Japan.

This transcript has been condensed and lightly edited for clarity.

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