The Capitalism and Freedom in the Twenty-First Century Podcast

Jon Hartley and Christopher Waller discuss monetary policy at the Fed, r-star, and the stance of monetary policy, the 2025 Federal Reserve framework review, quantitative easing and the size of the Fed balance sheet, the early 2020s inflation, and how payments are evolving since the passage of the GENIUS Act. Recorded on August 28, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Jon Hartley and Cass Sunstein discuss the current state as of 2025 of behavioral economics and ideas presented in Nudge (such as government nudge units), administrative law and regulation (cost-benefit analysis and regulatory budgets), Constitutional Law and separation of powers, political philosophy and liberalism. Recorded on August 12, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Jon Hartley and Liz Truss discuss the former UK Prime Minister’s upbringing and her early interest in economics and politics, her pro-growth policy vision for the United Kingdom, her premiership and the 2022 UK gilt crisis, the state of free speech in the UK and the anglosphere, the Starmer Labour government, the role of the UK and its allies in the world amidst the rise of China, and the future direction of politics and the economy in the UK. Recorded on July 21, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Jon Hartley and Richard Epstein discuss Richard’s career as a legal scholar, the takings clause, state monopoly power, Richard’s property-driven theory of constitutional interpretation (how it contrasts with the originalism of Antonin Scalia and Robert Bork as well as living constitution theories), the Coase theorem, and classical liberalism versus anarcho-capitalism. Recorded on July 16, 2025. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Join Thomas Hoenig, former Vice Chair of the FDIC and President of the Kansas City Fed, as he shares invaluable insights from his extensive career in banking and economics. He discusses the fallout from the global financial crisis and examines the moral hazard linked to deposit insurance after recent bank failures. Hoenig critiques quantitative easing and its unintended consequences, while also addressing current challenges faced by the Federal Reserve amidst rising national debt. His expert analysis makes for a compelling conversation on financial regulation.

Kyle Bass, founder of Hayman Capital Management and noted for predicting the 2008 housing crisis, joins Jon Hartley to delve into intriguing financial landscapes. They explore how zoning laws affect housing costs and drive social disparities. Bass analyzes rising tensions between the U.S. and China, shedding light on military strategies and investment risks. He also discusses shifting alliances in the Middle East, the significance of the Abraham Accords, and ultimately champions the U.S. as the foremost innovation hub for future investments.

Randal Quarles, Chairman of The Cynosure Group and former Fed Vice Chairman for Supervision, shares insights from his extensive career in financial regulation. He delves into the lessons learned from the 2008 financial crisis, emphasizing regulatory complacency's role. The discussion covers the complexities of banking regulations like Dodd-Frank and Basel III, along with the recent banking turmoil surrounding Silicon Valley Bank. Quarles also explores the emerging landscape of stablecoin regulation, highlighting the need for transparency and stability in the financial system.

In this engaging discussion, Kenneth Rogoff, a Harvard professor and former IMF Chief Economist, shares insights from his remarkable career in economics. He dives into the complexities of public debt and its impact on growth, critiquing current fiscal policies. Rogoff also tackles the future of currency, discussing the risks of cash abolition and the rise of cryptocurrencies. He further explores the US dollar's position as the world's reserve currency, the intricacies of exchange rates, and the effects of tariffs on international trade.

Phillip Swagel, the Director of the Congressional Budget Office, shares insights from his extensive career in economic policy, including his academic journey at Harvard and Princeton. He discusses the vital role of the CBO in the budget process and elaborates on dynamic versus static scoring methods. The conversation also touches on the complexities of fiscal multipliers and their impact on policy decisions, as well as the accuracy of economic forecasting in light of events like the COVID-19 pandemic. Transparency in budget analysis is another key theme, emphasizing the importance of public engagement.

In a captivating discussion, Harvard professor Robert Barro shares insights from his notable career in economics. He delves into Ricardian equivalence and its implications for government fiscal policy. Barro unpacks the complexities of consumer behavior related to tax cuts and critiques current economic models. The conversation also highlights the significance of empirical research on GDP disparities and the interplay between religion and economic growth. Along the way, he reflects on mentoring students and the influence of foreign aid in economic development.