Episodes

  • Liaquat Ahamed on Financial Crises, Gold, and the Lessons of 1873

    Liaquat Ahamed on Financial Crises, Gold, and the Lessons of 1873
    Oct 14 2026

    Liaquat Ahamed has spent years making central bankers into compelling characters. His 2009 book Lords of Finance won the Pulitzer Prize for its account of the bankers whose decisions helped cause the Great Depression; his new book, 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World, tells a stranger story — a severe deflationary crisis that barely dented global growth but poisoned politics for a generation. Tyler pushes him hard on the central puzzle of those two books — why did one financial crisis derail the world, while another left growth almost untouched?

    Tyler and Liaquat start with that puzzle before moving through Gladstone's startlingly self-interested bet on Egyptian bonds, Bismarck's role in destroying bimetallism and deflating the world economy for two decades, whether a global silver or symmetallic standard could have worked, Britain's fateful decision to re-peg the pound to gold in 1926, Hjalmar Schacht's transformation from the economist who stabilized Weimar's currency to opportunist collaborator with the Nazi regime, Montagu Norman's spiritualist beliefs, why the 1920s produced such a creative cultural moment, lessons from the IMF on Ireland's housing bubble and Pakistan's two dozen bailouts, what went wrong in the eurozone crisis, Britain's baffling modern stagnation, and finally to his own restless career and what he wants to write next.

    Read a transcript enhanced with helpful links, or watch the full video on YouTube.

    Recorded July 28th, 2026.

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    Timestamps:

    00:00:00 - Intro

    00:01:13 - On 1873 vs. the Great Depression

    00:15:32 - On bimetallism and the gold standard

    00:21:32 - On the 1920s and Weimar hyperinflation

    00:29:29 - On Ireland, Pakistan, and the Eurozone crisis

    00:36:21 - On Liaquat's career and Ismaili Islam

    00:44:37 - Outro
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    45 mins
  • Luis Garicano on Spain, Europe, and the Future of Work

    Luis Garicano on Spain, Europe, and the Future of Work
    Sep 30 2026
    Luis Garicano has one of the more unusual résumés in economics: trained at the University of Chicago Booth School under Gary Becker, Kevin Murphy, and Sherwin Rosen, he left academia for a stint as a member of the European Parliament before returning to research, now at the London School of Economics for a second time. His new book, Messy Jobs, co-authored with Jin Li and Yanhui Wu, argues that AI won't cause mass unemployment for a surprising reason: it will make jobs messier, not simpler, and messiness is precisely what AI struggles with. Tyler and Luis start their conversation with Spain — housing, NIMBYism, and the productivity crisis; Spanish literature and why the Civil War still looms so large; and what Chicago taught Luis about party discipline in European politics. Then to the EU's unanimity problem, capital markets, and Denmark's flexicurity model; a round of overrated-versus-underrated on Rosalía, Penélope Cruz, and Sgt. Pepper's; and finally into Messy Jobs — why retraining programs fail, whether AI's leisure dividend has arrived, and whether Spain could ever achieve AI sovereignty. Read a transcript enhanced with helpful links, or watch the full video on YouTube. Recorded July 28th, 2026. Other ways to connect Follow us on X and InstagramFollow Tyler on XFollow Luis on XSign up for our newsletterJoin our DiscordEmail us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Timestamps: 00:00:00 - Intro 00:01:05 - On Spain's housing and political paralysis 00:11:08 - On Spanish literature and the Civil War 00:16:52 - On Basque and Catalan public finance 00:18:59 - On party discipline and political selection 00:22:03 - On the EU's unanimity problem 00:28:47 - On flexicurity and European labor rigidity 00:30:24 - Overrated vs. underrated 00:33:12 - On the future of Spanish language 00:35:01 - On why AI won't cause mass unemployment 00:48:38 - On what's next 00:50:11 - Outro
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    51 mins
  • Gita Gopinath on Trade, Currencies, and Economic Transformation

    Gita Gopinath on Trade, Currencies, and Economic Transformation
    Sep 23 2026
    Gita Gopinath has spent the last several years inside the room where the world's monetary plumbing gets fixed — or doesn't. As first deputy managing director of the IMF and, before that, the Fund's chief economist, she worked on sovereign debt restructuring, followed Argentina's disinflation up close, and built her academic reputation on ideas like dollar dominance and the dominant currency paradigm. Now back at Harvard launching a new Global Economics Lab, her conversation with Tyler ranges from why exchange rates don't adjust the way models predict, to what stablecoins really cost, to whether AI's growth dividend will show up on schedule. Tyler and Gita discuss why trade balances are only weakly related to real exchange rates, before turning to Argentina, Milei's fiscal discipline, the peso, and dollarization. Then they discuss whether economists got the euro wrong; whether trade imbalances with China are really the problem; stablecoins, CBDCs, and the Treasury market; and whether AI will ease the debt burden, cause stagflation, or transform economics itself. Finally, they turn to her family's Kerala roots: why the state keeps electing communists, the relationship between matriarchy and social indicators, single-sex education, and what she's building next. Read a transcript enhanced with helpful links, or watch the full video on YouTube. Recorded August 27th, 2026. Other ways to connect Follow us on X and InstagramFollow Tyler on XFollow Gita on XSign up for our newsletterJoin our DiscordEmail us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Timestamps: 00:00:00 - Intro 00:00:57 - On why currencies don't adjust the way models predict 00:15:46 - On Argentina after triple-digit inflation 00:26:05 - On living with the euro 00:28:50 - On China's problematic surpluses 00:34:02 - On digital currencies 00:39:33 - On AI and the productivity question 00:48:51 - On why Kerala keeps electing communists 00:52:52 - On what comes next 00:55:15 - Outro
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    56 mins
  • Annie Lowrey on the Time Tax, Fraud, and Rationing by Paperwork

    Annie Lowrey on the Time Tax, Fraud, and Rationing by Paperwork
    Sep 16 2026
    Annie Lowrey's new book, The Time Tax, argues that the most regressive levy in American life is the hours each of us must spend on hold, in waiting rooms, and filling out forms a competent state would have pre-filled — roughly fifty a year on average, and far more if you're poor. Tyler spends much of this conversation pressing the opposite case, asking whether that bureaucracy is quietly serving a useful purpose by rationing knee surgeries that don't work, deterring fraud, or screening for immigrants with gumption. So Tyler and Annie hash it out over an hour, covering why TANF and other welfare programs are the worst offenders, the political economy of submerged benefits like the child tax credit, whether the postal service should be zeroed out over ten years the way Denmark did, whether the government should be nudging people out of rural areas, lessons from the COVID unemployment fraud, areas where the time tax is flat instead of regressive, which private sector time taxes are most onerous, whether AI agents will pay these taxes for us within five years, the logic of easy benefits plus randomized harsh audits, the case for less federalism, whether voting should be easier or harder, how the UBI studies changed her priors, where you can find the best moss in the world, her favorite example of Brutalist architecture, tattoos as permanent ephemera, Christianity's role in liberalism and the post-Christian right, how reporting beats tourism, the time tax of friendship, what she'll learn next, and more. Read a transcript enhanced with helpful links, or watch the full video on YouTube. Recorded September 1st, 2026. Other ways to connect Follow us on X and InstagramFollow Tyler on XFollow Annie on XSign up for our newsletterJoin our DiscordEmail us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Timestamps: 00:00:00 - Intro 00:00:58 - On taxing our time 00:19:47 - On private-sector time taxes 00:22:57 - On AI eliminating paperwork 00:25:03 - On immigration as a filter 00:28:49 - On reducing fraud 00:33:03 - On federalizing bureaucracy 00:35:12 - On breaking up New York 00:36:25 - On making voting easy 00:38:28 - On updating universal basic income 00:41:29 - On banning exotic pets 00:42:13 - On deserts and moss 00:43:18 - On beautiful brutalism 00:43:50 - On tattoo culture 00:44:38 - On Christianity after Christianity 00:48:29 - On escaping the global monoculture 00:51:42 - On the time tax of friendship 00:54:49 - On what comes next 00:55:43 - Outro
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    56 mins
  • Jared Diamond on Leaders, Luck, and Irreplaceability

    Jared Diamond on Leaders, Luck, and Irreplaceability
    Sep 9 2026
    Is leadership overrated? That's one simple reading of what Jared Diamond argues in his new book. Asked by Tyler to name the least replaceable leader in human history, Jared declines to name one — not Christ, the Roman Empire having had prophets to spare — and observes that even Genghis Khan happened to be born at an auspicious moment for a conqueror of the steppes. Conditions ripen; somebody turns up. So which leaders do make a difference? Tyler and Jared debate that question, including conditions what a religious founder needs to succeed, whether destructive leaders matter more than constructive ones, why individual leaders have mattered so little in Papua New Guinea, whether we undervalue preventers, how much Rachel Carson and the Resnicks really mattered, whether Botswana's success will endure, Jared's own place in intellectual history, and what he'd tell an ambitious 25-year-old about how to become consequential. They go on to cover whether New Guineans are smarter, his reasons for why the Industrial Revolution started in England, what he learned from Jim Robinson about natural experiments, why he's more optimistic about the environment than when he wrote Collapse, what he'd do about nuclear risk, the 189 bird species on his street in Los Angeles, why the MacArthur "genius grant" left him depressed for a week, why he's listening to one Bach cantata a week, what he hopes to work on as he enters his nineties, and more. Read a transcript enhanced with helpful links, or watch the full video on YouTube. Recorded August 21st, 2026. Other ways to connect Follow us on X and InstagramFollow Tyler on XSign up for our newsletterJoin our DiscordEmail us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Timestamps: 00:00:00 - Intro 00:01:11 - On whether any leader is irreplaceable 00:21:35 - On his own replaceability 00:24:55 - On the decline of face-to-face skills 00:29:02 - On intelligence and genetics 00:32:57 - On why the Industrial Revolution began in England 00:36:38 - On environmental optimism 00:41:11 - On nuclear risk and the Dvorak keyboard 00:42:55 - On birdwatching 00:44:07 - On writing and productivity 00:47:06 - On what his parents gave him 00:49:51 - On what comes next 00:51:36 - Outro
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    52 mins
  • Michael Moritz on Origin Stories, Exile, and Obsessive Curiosity

    Michael Moritz on Origin Stories, Exile, and Obsessive Curiosity
    Sep 2 2026
    Michael Moritz has written books through every phase of his life: the first history of Apple and an account of Chrysler's near-death while he was a journalist at Time, a study of Alex Ferguson's Manchester United in the middle of his 38 years at Sequoia, and now Ausländer, a family memoir, after leaving the firm. Moritz calls himself a dilettante with too many interests, but listen to him on learning to paint in his 40s, or the questions he would ask a ten-year-old boy in a German village in 1890, and you may decide that unsatisfied curiosity is not a small thing to build a life on. Tyler and Michael discuss his childhood in Wales, where his love for visual arts came from, why he disappointed his Latin teacher, having Thanksgiving dinner with Philip Roth, why children don't interrogate their parents about their history, what he feels visiting Germany and why he now holds German citizenship, how a history major with no technical background talked his way into Sequoia, his unpublished Don Valentine profile, what people underrate about Steve Jobs, obsessives versus dilettantes, why capitalism was more ablaze in China than America, what funding the Booker Prize taught him about his own ignorance, how to improve San nonprofits, how an incurable cancer diagnosis changed his calendar, why Britain's stuck, what he'll learn next, and more. Read a transcript enhanced with helpful links, or watch the full video on YouTube. Recorded July 21st, 2026. Other ways to connect Follow us on X and InstagramFollow Tyler on XSign up for our newsletterJoin our DiscordEmail us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Timestamps: 00:00:00 - Intro 00:04:57 - On living with difficult art 00:09:44 - On Jewish literature 00:13:00 - On why children don't interrogate their parents 00:15:54 - On returning to Germany 00:23:37 - On stumbling into venture capital 00:28:49 - On obsessives and dilettantes 00:33:03 - On supporting the Booker Prize 00:34:17 - On improving San Francisco's nonprofits 00:37:26 - On controlling your own calendar 00:38:43 - On why Britain is stuck 00:40:06 - On what comes next 00:41:10 - Outro
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    42 mins
  • Luke Burgis on Mimetic Desire, Catholicism, and the Age of Social Contagion

    Luke Burgis on Mimetic Desire, Catholicism, and the Age of Social Contagion
    Aug 19 2026
    Luke Burgis left Wall Street after two years, founded a few successful companies in his twenties, then walked away to spend three years in a Roman seminary on the path to the priesthood. He now runs the Cluny Institute and teaches at Catholic University. His book Wanting made René Girard legible to a general audience; the new one, The One and the Ninety-Nine, takes mimetic theory into the dynamics of self and crowd in an age of social contagion. He joined Tyler to discuss whether the age of pessimism is ending, why the Anglo world in particular seems so unhappy, whether Dostoevsky or Thomas Mann better diagnoses modernity, the kind of reader his own book would ruin, why he thinks AI will make social contagion weaker, what put him off consulting with Anthropic on Claude's constitution, what effective altruism misses, why men and women are drifting apart, what he'd fund in every American city, the case for reintroducing friction, whether a Gnostic reading of the lost sheep explains our moment, what Rod Dreher gets right about withdrawal, why Genoa is Italy's most underrated city, what confession times reveal about a church, why Italians seem tired of their Catholicism, why he didn't become a priest, where he differs from Ross Douthat, why exorcists appear to be on the rise, the sudden mimetic antisemitism on the right, the book his 23-year-old self would have hated, what he secretly admires about Silicon Valley, why Michigan never left him, what the original Cluny can teach a modern talent network, how he hopes to face his own death, what he'll do next, and more. Read a transcript enhanced with helpful links, or watch the full video on YouTube. Recorded April 30th, 2026. Other ways to connect Follow us on X and InstagramFollow Tyler on XFollow Luke on XSign up for our newsletterJoin our DiscordEmail us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Timestamps: 00:00:00 - Intro 00:05:08 - On overapplying mimetic theory 00:06:35 - On AI and social contagion 00:07:53 - On declining Anthropic's invitation 00:09:36 - On the widening gap between men and women 00:12:25 - On anti-mimetic postures, jazz, and porn 00:16:46 - On Genoa, Naples, and societal escape fantasies 00:18:31 - On Italian Catholicism 00:26:59 - On not becoming a priest 00:29:13 - On beauty, enchantment, and the Gnostic sheep 00:40:22 - On what Wall Street taught him 00:43:50 - On Michigan 00:45:12 - On the Cluny Institute 00:48:41 - On dealing with death and what else is next 00:51:21 - Outro Image credit: Kirth Bobb
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    52 mins
  • Daron Acemoglu on Liberalism, Automation, and the Educated Elite

    Daron Acemoglu on Liberalism, Automation, and the Educated Elite
    Aug 12 2026
    Daron Acemoglu returns for his second appearance with a new book, What Happened to Liberal Democracy?, which Tyler reads as an attempt to redefine and revitalize liberalism for our times. Where Daron's first visit was about how states and societies contend for the narrow corridor in which liberty survives, this one asks what liberals themselves got wrong, and the answer implicates the educated elite—that is to say, you. Tyler and Daron discuss what's wrong with social contract theories and Rousseau's general will, whether Acemoglu is more objectivist than Rorty, why he blames left liberalism's own establishment power for its collapse, what standard is left once you refuse to have a book of higher values, nondomination versus noninterference, who counts as working class, why automation alone will not lead to widespread prosperity, how he can call himself a free speech absolutist while wanting to regulate social media, why he worries we've given up on educating Americans, whether teachers' unions need to be reconstituted, what the life expectancy for an educated twenty year old is today, whether open-source models undercut the centralization worry, what pro-worker AI actually means, why the fertility crisis leaves him strangely close to a real business cycle position, whether AI will raise his own already prodigious paper output, why Armenia has disappointed economically, what he wants to learn next, and more. Read a transcript enhanced with helpful links, or watch the full video on YouTube. Recorded July 15th, 2026. Other ways to connect Follow us on X and InstagramFollow Tyler on XFollow Daron on XSign up for our newsletterJoin our DiscordEmail us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Timestamps: 00:00:00 - Intro 00:08:57 - On the working class vs. the elite 00:13:16 - On automation 00:22:33 - On free speech 00:27:22 - On immigration 00:31:08 - On artificial intelligence 00:50:36 - On Armenia 00:53:22 - On what comes next 00:54:51 - Outro Image credit: Bryce Vickmark
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    56 mins