John Cochrane

RT @lugaricano: Markets show signs of fleeing the dollar. Is the euro ready to challenge USD dominance and become the global safe asset? Wi…

RT @Quillette: The Trouble with Tariffs | @johnhcochrane @IonaItalia 00:00 Understanding Tariffs and Import Duties 02:49 The Economic Imp…

From tariffs to consumption taxes.. a modest proposal by Ricardo Reis.

Ricardo Reis @R2Rsquared

*** The next step for Trump's economic policy *** President Tump loves tariffs. Tariffs are taxes on the consumption of imported goods. What about boldly following through and... extending his favorite policy tool to all goods? Hear me out…

Tariffs, saving and investment at Grumpy Economist https://t.co/OhRMZslBjb

RT @Quillette: .@IonaItalia talks to @JohnHCochrane, aka "The Grumpy Economist," about the motivations, effects and implications of Donald…

Economics is not about forecasting. Most of what happens comes from external shocks. Economics is better at cause and effect -- what is the effect of tariffs? Huge advances in recent decades, though still puzzles -- recessions and stock prices! Policy stuck in 1600s alas.

Lawrence H. Summers @LHSummers

.@nfergus asked me: Is economics a discipline in intellectual decline? My response: I don't think so. First of all, I'm not sure it's a proper test of a science to be able to predict imminent events. Geologists and seismologists know more about earthquakes than anybody else, but

Trade is hard, because it's all about explaining fallacies. Unilateral free trade buts up against "fair" trade. If China subsidizes a manufacturer, US can't compete. Isn't that bad? Well, if China invents a new low-cost technology that's fair. But to the US it is the same. Buy.

Tariff advocates want the US to do more manufacturing. What do they want the US to do less of? It must be something, as there are only so many workers and capital resources.

RT @lugaricano: Chapelle explains it better than Adam Smith or David Ricardo https://t.co/rvylsHHNGh

Who would ever imagine that the us would double down on the Jones act?

Ryan Petersen @typesfast

The craziest part of the original proposal is a requirement that within 7 years 15% of U.S. exports must travel on a ship that's made in America and crewed by Americans. 5/

RT @jbsteinberg: [Warning: this may offend some people!] I think economists have done society a disservice by elevating applied-micro stu…

30% off flash sale at Princeton University Press. Code PUP30 https://t.co/RkjQ8et231

Yes. High education list price plus income and asset based aid are a big cross subsidy, acting like tax and spend, and an addition to the marginal tax rate. earn a dollar, lose some aid. Only sustainable with protection from competition.

Simon Mongey @Simon_Mongey

@JohnHCochrane @jasonfurman Maybe this point has been made, but there is often steep taxes and transfers within public / private institutions in the US relative to other countries. E.g. low income college grants, uninsured subsidies within hospitals etc.

It's not quite as low as it looks. Europe: tax citizens, provide health care. US: force businesses / people to buy overpriced insurance that cross subsidizes medicare, medicaid, etc. Many other mandates, cross-subsidies. Forced cross-subsidies are an inefficient tax/transfer.

Jason Furman @jasonfurman

The United States is a low tax and spending country. (Of course, you could think that was good or bad--not much normative relevance to what others in the OECD do.) https://t.co/nZ4Z221yeJ

RT @Rothmus: 🎯🎯🎯🎯🎯 https://t.co/punSk3DLPC

Time and money. A mediation on daylight savings and sticky prices at Grumpy Economist https://t.co/VxrSNMELIG https://t.co/YdD4HMhArh

Volatility laundering 101. @CliffordAsness should love it. I wonder if endowment taxes will incentivize lower marks.

Jason Furman @jasonfurman

I worry that many large endowment and pension fund managers won't get the joke. https://t.co/3V23Kp1WUp