Scott Sumner

Scott Sumner, a prominent economist known for his work on monetary theory, shares insights from his unconventional career path. He discusses how analyzing Depression-era newspapers illuminated historical events like Hitler's rise and the viability of fiat currency. Sumner challenges traditional views on the Federal Reserve's discretion in policy-making and emphasizes the significance of context in understanding price changes. He also reflects on the cinematic evolution, praising 90s East Asian cinema and directors like Hitchcock, while celebrating the joys of embracing life's later years.

In this engaging conversation, Scott Sumner, a renowned economist and former director at the Mercatus Center, dives into the shifting dynamics of U.S.-China relations and its impact on industrial policy. He critiques the retreat from neoliberalism towards more authoritarian approaches, especially in manufacturing green technology. The discussion also highlights China's role in global climate efforts, debates the effectiveness of tariffs, and underscores the essential link between manufacturing capabilities and national security amid rising geopolitical tensions.

Scott Sumner, a prominent economist known for advocating nominal GDP targeting, delves into the pitfalls of industrial policy and tariffs. He argues that tariffs often harm rather than help the economy, citing historical fears, like those concerning Japan's rise, which were overblown. Sumner critiques the simplistic notions linking trade to job losses, emphasizes the importance of innovation over manufacturing, and warns against geopolitical anxieties regarding China. His insights advocate for deregulation and promoting educated workforces as a balanced response to economic challenges.

Scott Sumner, a renowned monetary economist, and Noah Smith, an adept economics writer, engage in a lively debate over America's industrial future amid China's manufacturing ascendancy. They discuss the significance of industrial policy, with Sumner favoring measured engagement and Smith insisting on bold action to counter China's rise. Their conversation also touches on the effectiveness of recent U.S. initiatives like the CHIPS Act, emphasizing the necessity of robust policies to address economic and geopolitical challenges.

Scott Sumner, a leading macroeconomist and author of The Money Illusion, shares his insights on the moral implications of AI. He examines whether AI can develop empathy and ethical understanding, challenging the prevailing narratives about its potential threats. The conversation delves into the historical context of atrocities committed by educated societies, like the Nazis, and underscores the orthogonality thesis, suggesting that intelligence can exist separately from morality. Sumner presents a cautiously optimistic view on AI's future, emphasizing risks and opportunities.