08/01/2025
Scott Sumner didn't follow the typical path to economic influence. He nearly lost his teaching job before tenure, did his best research after most academics slow down, and found his largest audience through blogging in his 50s and 60s in the wake of the 2008 financial crisis. Yet this unconventional journey led him to become one of the most influential monetary thinkers of the past two decades.
Scott joins Tyler to discuss what reading Depression-era newspapers revealed about our blind spots, when fiat currency became viable, whether bimetallism ever made sense, how he developed his famous maxim "never reason from a price change," whether the Fed can ever truly follow policy rules like NGDP targeting, if Congress shapes monetary policy more than we think, his favorite Hitchcock movies, why Taiwan's 90s cinema was so special, how Ozu gets better with age, whether we'll ever see another Bach or Beethoven, and his experience as a late-bloomer.
Monetary policy is like watching Ozu films: it rewards patience