GoodFellows: Conversations from the Hoover Institution
Gettin’ Grumpy with It: John Cochrane on the Fed, Tariffs, and Why Dogs Rule | GoodFellows | Hoover Institution
Aug 19, 2024
In this engaging discussion, John Cochrane, a Senior Fellow at the Hoover Institution and author of The Fiscal Theory of Price Level, dives into the complexities of the Federal Reserve's policies and their effects on inflation. He critiques tariffs and national rent control while emphasizing the importance of respectful dialogue in economics, especially concerning U.S.-China relations. Cochrane also shares his admiration for Calvin Coolidge and makes a compelling case for why Portuguese Water Dogs deserve the title of top dogs!
44:02
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- John Cochrane challenges the effectiveness of the Federal Reserve's monetary policies, emphasizing a disconnect between theory and real-world impacts on inflation.
- He critiques current tariff-driven economic strategies as detrimental to innovation and advocates for free trade to enhance productivity and consumer welfare.
Deep dives
Price Control and Barter in Post-War Germany
Post-war Germany experienced effective price control implemented by occupying forces, which prevented inflation but led to widespread barter as money became underutilized. In this unique economic climate, cigarettes and liquor emerged as alternative currencies, demonstrating how individuals adapted to limited resources and regulations. This situation highlights the remarkable flexibility of economies in response to governmental constraints and the innovative ways people find to conduct transactions. The example illustrates that stringent price controls can lead to unintended economic behaviors, such as a dependence on alternative forms of currency.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
