Podcast — Rational Reminder

Understanding Crypto

Understanding Crypto 14: Prof. John Cochrane: Money, (Fiscal) Inflation, and Political Freedom

John Cochrane is a repeat guest on the Rational Reminder. He is an economist specializing in financial economics and macroeconomics. His most recent work is on the Fiscal Theory of the Price Level which gets to the core of what money is and why it is valuable. In this episode, we take a deep dive into the concept of money. We learn what numeraire is, how a numeraire is defined, and what determines its value relative to goods. We also discuss and unpack the differences between fiscal theory and monetarist theory, along with other ideas regarding the value of money. We tie all of this back to cryptocurrencies, and sprinkle in some discussion on political freedom.

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