Bob Murphy Crossover: TARIFFS! TARIFFS! TARIFFS! | Hn 75

On this "crossover" episode, Adam asks the great Bob Murphy a bunch of questions about tariffs (given that the incoming president has been talking about them). 00:00 — Intro. Who is the Trump guy and why does he love tariffs so much? 01:10 — Trump says he'll replace the IRS with tariffs. Is this feasible? If so, is it desirable? How do we interpret how Trump handled the matter when Joe Rogan asked him about it? What's the difference between an income tax and a consumption tax? 12:20 — Is there any virtue in Trump's claim that he uses the threat of tariffs to force other countries to lower their tariff barriers? How do you make the threat credible? Plus: Daffy Duck! 15:01 — What are the knock-on effects of tariffs? Also, who really pays for a tariff? How does price elasticity impact things? 30:29 — How do we respond to these twin arguments: "infant industries need tariffs to get going" and "national security requires tariffs"? Interestingly, it is revealed that Adam hears "missiles" no matter how often someone says "semiconductors". 46:08 — Does our current situation mirror the start of the Great Depression? Could Trump's new tariffs deepen our problems like the Smoot-Hawley tariff did in the 1930s? 52:12 — Bob remarks on a clever X post he made regarding hypocritical arguments one finds online. 54:56 — What would Bob say to Trump about tariffs if he could advise him? 57:52 — Outro. Bob inhales helium. Adam's X handle is explained. And as always, thank you all so much for watching! Bob hilariously testifying before congress to three decimal places:Adam on X: Bob on X: The Bob Murphy Show: The Human Action podcast: Adam's other podcast: Natural Order Podcast This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit hamannature.substack.com/subscribe