Deconstructed

REBROADCAST PLUS Price Controls: An Inflation Solution That Doesn’t Screw Workers

Aug 16, 2024

James Galbraith, an economist known for his insights on economic policy and social justice, delves into the hot topic of price controls. He discusses their historical context, particularly during World War II, and their potential impact on inflation. The conversation highlights how strategic price regulation could protect workers and enhance productivity. Galbraith also addresses the backlash against corporate price gouging proposals and critiques conventional economic views, making a compelling case for government intervention in today’s economic landscape.

46:27

Creator website

Episode guests

James Galbraith

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Kamala Harris's proposed federal ban on price gouging aims to support middle-class Americans while igniting debate among political factions.

Historically successful price controls during World War II demonstrate that modern government intervention can stabilize prices amidst economic instability.

Deep dives

Kamala Harris's Policy Proposals

Kamala Harris's recent campaign speech outlined her key policy proposals, primarily focusing on combating corporate price gouging. She plans to introduce the first federal ban on price gouging for food and seeks to enhance the child tax credit, which would provide tax cuts to over 100 million Americans. This comprehensive approach aims to support middle-class and working Americans by reinstating the earned income tax credit alongside the expanded child tax credit. Harris's proposals have sparked debate among political factions, with some critics arguing that regulating prices could lead to adverse economic outcomes.

Intro

2min

The Price Control Debate

10min

Agriculture and Population Growth in Revolutionary War History

2min

Inflation, Price Controls, and Economic Controversies

12min

Exploring Price Controls as an Inflation Solution

2min

Price Controls and Economic Challenges

20min

Exploring Price Controls as an Economic Solution

3min

On Friday, Vice President Kamala Harris delivered a speech in North Carolina outlining her economic platform, including a federal ban on price gouging, expanded tax credits, and more. The proposal to tackle corporate price gouging has sparked significant pushback from both the establishment wing of the Democratic Party and various factions within the Republican Party. About a year ago, we spoke with economist James Galbraith on the back porch of his Vermont childhood home, where he was raised by John Kenneth Galbraith—one of the 20th century's leading policymakers and thinkers on government regulation of prices. Today, we’re revisiting that conversation, which originally aired on July 7, 2023.

James K. Galbraith is a professor of government and business relations at the University of Texas at Austin. Galbraith has an extensive history of working in government, including as executive director of the Joint Economic Committee of the U.S. Congress and an economist for the House Banking Committee. Galbraith joins Ryan Grim to discuss the implementation of price controls by the U.S. government, how it brings down prices, how the Biden administration has used it and could use it more, and how Galbraith’s father — economist and politician John Kenneth Galbraith — was instrumental in setting price controls during World War II.

Hosted on Acast. See acast.com/privacy for more information.