Freakonomics Radio

634. “Fault-Finder Is a Minimum-Wage Job”

132 snips
May 30, 2025
Austan Goolsbee, President and CEO of the Federal Reserve Bank of Chicago and former chairman of the Council of Economic Advisers, shares his candid insights on the economy. He discusses why tariffs may lead us back to Covid-era challenges and the essential independence of the Federal Reserve from political influences. Goolsbee humorously critiques the overemphasis on vibes in economic discussions, while shedding light on how regional Fed presidents maintain this independence and the ever-evolving role of technology in shaping monetary policy.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
ANECDOTE

Goolsbee's Unique Background

  • Austin Goolsbee was a debate champion and improv comedian before becoming an economist and Federal Reserve Bank president.
  • He has always been a top academic researcher but surprises many with his strong opinions and approachable style.
INSIGHT

Fed Policy as "Data Dog"

  • Goolsbee sees Fed policy through a "data dog" lens, emphasizing empirical evidence over ideology.
  • He believes in thoroughly sniffing out economic data before acting, never dismissing any information.
INSIGHT

Fed Voting Dynamics

  • The Fed's voting system balances independence with regional representation.
  • Consensus is key; most FOMC votes are unanimous, ensuring stable policy decisions.
Get the Snipd Podcast app to discover more snips from this episode
Get the app