In Episode 272 of Hidden Forces, Demetri Kofinas speaks with economist and author Charles Goodhart. Professor Goodhart is widely recognized for his contributions to the fields of monetary economics and central bank policy and is famously associated with what we commonly refer to as “Goodhart's Law,” the stipulation that any observed statistical regularity ceases to function as an objective or accurate measure the moment that it becomes a target of public policy.
Both professor Goodhart and his co-author and former colleague Manoj Pradhan recently coauthored a book titled “The Great Demographic Reversal,” which puts forward a compelling and controversial argument about the long-term effects of an aging society on inflation, interest rates, investment, savings, and consumption, as well as economic growth and public policy decisions related to things like taxes and government spending—all of which are discussed in today’s episode.
The main argument put forward by both authors is that the inevitable decline in dependency ratios caused by aging demographics will lead to structural, long-term increases in interest rates and inflation that will strain government finances and jeopardize the policy-making independence of central banks as their mandates to control inflation come increasingly into conflict with the objectives of politicians and national governments.
The objective of today’s episode is to more fully explore the arguments and assumptions that Charles Goodhart and his co-author make in their book, the evidence in support of their conclusions, and the implications of their findings and projections for the economy, investors, and governments.
You can access the full episode, transcript, and intelligence report to this week’s conversation by going directly to the episode page at HiddenForces.io and clicking on "premium extras." All subscribers gain access to our premium feed, which can be easily added to your favorite podcast application.
If you enjoyed listening to today’s episode of Hidden Forces you can help support the show by doing the following:
Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed
Write us a review on Apple Podcasts & Spotify
Subscribe to our mailing list at https://hiddenforces.io/newsletter/
Producer & Host: Demetri Kofinas
Editor & Engineer: Stylianos Nicolaou
Subscribe & Support the Podcast at https://hiddenforces.io
Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod
Follow Demetri on Twitter at @Kofinas
Episode Recorded on 09/14/2022
Doom: The Politics of Catastrophe | Niall Ferguson
Existential Risks & the Future of Humanity | Toby Ord
What Climate Science Tells Us, What It Doesn’t, and Why It Matters | Steven Koonin
Solving the Oracle Problem: Blockchain’s Missing Link | Sergey Nazarov
Mission Economy: A Moonshot Guide to Changing Capitalism | Mariana Mazzucato
The Lonely Century: Coming Together in a World That’s Pulling Apart | Noreena Hertz
Engine of Inequality: The Fed & the Future of Wealth in America | Karen Petrou
This Is How They Tell Me the World Ends: The Cyber-Weapons Arms Race | Nicole Perlroth
Silicon Valley’s Ultimate Exit: Arguments for and Against the Network State | Balaji Srinivasan
Podcast Update: Cybersecurity, Financial Warfare, the Mission Driven State, & More
Generational Conflict, Decentralization, & Global Disorder | Radigan Carter
Meme ‘Stonks’: How Call Options & Reddit Broke Wall Street | Lily Francus
Generational Wealth-Building During a Fourth Turning | Radigan Carter
Cryptocurrencies, Foreign Threats, & the Fight of a Generation
Restoring Trust in an Age of Political Polarization | Kevin Vallier
Future of Financial Media & Digital Assets | Jason Yanowitz & Michael Ippolito
Social Media Purge: The Urgent Need to Regulate Big Tech | Matt Stoller
America’s Political Precipice & the Hyperreality of Markets: Grant Williams & Ben Hunt
The Code of Capital: Markets, Big Tech, & Blockchain | Katharina Pistor
The Future of Freedom, Governance, and the Networked State
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
NABOR® TALKS
U.S Property Podcast
Aligned Money Show
The Ramsey Show
Planet Money