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Ryan Bourne on *The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Create Bad Policy*
Ryan Bourne is the R. Evan Scharf Chair for Public Understanding of Economic at the Cato Institute, and he is also the editor and contributor to a new book titled, *The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Create Bad Policy.* Ryan joins Macro Musings to talk about this new book, and specifically, the history and functionality of rent and price controls, the basics of dynamic pricing, the root causes of inflation, and a lot more.
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Transcript for this week\u2019s episode.
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Ryan\u2019s Twitter: @MrRBourne
Ryan\u2019s Cato profile
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David Beckworth\u2019s Twitter:\xa0@DavidBeckworth
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Related Links:
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*The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Created Bad Policy* by Ryan Bourne et al.
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*I, Pencil* by Leonard Read
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*Forty Centuries of Wage and Prices Controls: How Not to Fight Inflation* by Robert Schuettinger and Eamonn Butler
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*Shock Values: Prices and Inflation in American Democracy* by Carola Binder
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Timestamps:
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(00:00:00) \u2013 Intro
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(00:01:05) \u2013 The Background Motivation for \u201cThe War on Prices*
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(00:06:32) \u2013 The Definition and Importance of Prices
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(00:12:41) \u2013 The Parable of \u201cI, Pencil\u201d
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(00:18:39) \u2013 Rationing on Quality or Quantity: Rent Control
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(00:26:39) \u2013 The World War II Experience with Price Controls
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(00:32:58) \u2013 Price and Wage Controls During the Nixon Administration
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(00:35:48) \u2013 The Effects of a Minimum Wage
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(00:38:38) \u2013 The Basics of Dynamic Pricing
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(00:44:03) \u2013 Defining Inflation and Establishing its Sources
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(00:56:08) \u2013 Was the Recent Inflation Surge Actually Optimal?
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(00:59:51) \u2013 Outro