This podcast episode explores various topics in economics, ranging from the complexities of monetary policy and the shift towards microeconomics to the causes and implications of the great financial crisis. It also discusses the concept of NGDP targeting, the need for an independent fiscal authority, and the limited understanding of monetary and fiscal policies. The episode further delves into the subject of industrial policy, highlighting the mistakes made by Japan and the importance of institutional improvement. It concludes with a discussion on the potential threats of bioweapons and AI, particularly in relation to bioterrorism. The speakers emphasize the significance of policy reforms, national security, and the role of technology in shaping economic outcomes.
