InFi: the Future of Finance

Nobel economist William Nordhaus recently passed away. Bob discusses the ironic episode when Nordhaus won the Nobel Prize the same weekend that the UN announced a climate change target that Nordhaus' work concluded would be worse than doing nothing. Related: - https://www.econlib.org/library/Columns/y2018/MurphyNordhaus.html - https://www.independent.org/tir/2009-fall/rolling-the-dice  Watch the video version of this episode here: https://youtu.be/xUJblUc0Snw  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on X: https://x.com/infineogroup  Learn more about Infineo at: https://www.infineo.ai  Audio Production by Podsworth Media - https://podsworth.com   

Inspired by a funny but misguided meme, Murphy explains why "hostile takeovers"—so long as they end up being profitable--are voluntary transactions that benefit not only the shareholders, but society at large. Related: - https://cdn.mises.org/fm689_0.pdf  - https://www.youtube.com/watch?v=xBKfdt6IF70  Watch the video version of this episode here: https://youtu.be/GVjfyHUyj00  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on X: https://x.com/infineogroup  Learn more about Infineo at: https://www.infineo.ai  Audio Production by Podsworth Media - https://podsworth.com   

Reading from a recent CNBC article, Murphy explains the deteriorating residential real estate market, tying the report to Fed policy. Related: - https://www.cnbc.com/2026/10/20/housing-mortgage-rates-real-estate-federal-reserve.html Watch the video version of this episode here: https://youtu.be/cUOzOFs9cac  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on X: https://x.com/infineogroup  Learn more about Infineo at: https://www.infineo.ai  Audio Production by Podsworth Media - https://podsworth.com   

Bob gives a critical but fair summary of the contributions of Robert Hall and Michael Woodford to economics. Related: - https://marginalrevolution.com/marginalrevolution/2026/10/michael-woodford-wins-nobel.html  - https://marcusnunes.substack.com/p/the-book-that-removed-money-from  Watch the video version of this episode here: https://youtu.be/pV99rBfuXis  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on X: https://x.com/infineogroup  Learn more about Infineo at: https://www.infineo.ai  Audio Production by Podsworth Media - https://podsworth.com   

By listener request, Bob reviews a proposal to implement Henry George's land value tax (LVT), in order to reduce taxes on labor and capital. Among other problems, the Georgists ignore the social function of land speculators. In episode 157, Bob Murphy takes on the growing push for Georgism — the idea that we should stop taxing labor and capital and instead tax only the raw, unimproved value of land. Bob walks through the Georgist case fairly, then dismantles it. What you'll learn in this episode: What Henry George actually argued in Progress and Poverty — tax location value, exempt buildings and improvements The Lars Doucet essay "Does Georgism Work Five Years Later?" (Astral Codex Ten) and the Center for Land Economics model brochure "The Problem with Land Speculation" Why a revenue-neutral swap — lower income taxes, higher tax on ground rent — still distorts the economy (the tax interaction effect) Why vacant lots, surface parking, and even untouched nature preserves are NOT proof of market failure Why vacancy is healthy: the housing market has a natural vacancy rate just like the labor market has a natural unemployment rate The social function of speculators: how holding land vacant over time is the same as ranchers holding cattle, oil storers holding crude, and workers searching for the right job How private call options on real estate could fund public goods — and why a 100% land value tax would sabotage that solution If you've heard that Henry George proved land speculation is parasitic and the single tax is painless, this is the Austrian rebuttal. Related: https://www.astralcodexten.com/p/does-georgism-work-five-years-later https://landeconomics.org/problem https://blog.landeconomics.org/p/enacting-land-value-return-in-your https://www.econlib.org/library/Columns/y2012/Murphycarbon.html https://mises.org/mises-daily/social-function-futures-markets  Watch the video version of this episode here: https://youtu.be/hAUEnzIl6yw  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on X: https://x.com/infineogroup  Learn more about Infineo at: https://www.infineo.ai  Audio Production by Podsworth Media - https://podsworth.com   

Murphy dissects the recent commentary from analyst Luke Gromen. Murphy argues that Luke was inconsistent, in that his arguments about interest expense (with higher rates) would mean Fed rate cuts would be Deflationary, and yet Luke argued they weren't. Murphy thinks we should distinguish fiscal from monetary policy at a conceptual level, even though in practice they can be intertwined. Related: - https://www.youtube.com/watch?v=9dUte6c7ZcM Watch the video version of this episode here: https://youtu.be/U5ETX-lf3j8  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on X: https://x.com/infineogroup  Learn more about Infineo at: https://www.infineo.ai  Audio Production by Podsworth Media - https://podsworth.com   

Murphy analyzes several clips from the Q&A session of the new Fed chair's latest press conference, arguing that Warsh was refusing to give any assistance to the public on what to expect from the Fed in the future. Bob then explains why the hike surprised so many analysts: with ~$32 trillion in debt held by the public, fiscal dominance theory said the Fed couldn't hike, and why this move may have been symbolic to prove Fed independence from political pressure. Related: - https://www.youtube.com/watch?v=Nkmrr7P5gW4  - https://webhome.auburn.edu/~garriro/natneut.pdf  Watch the video version of this episode here: https://youtu.be/graGcTpbzVc  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com

Perry Metzger returns to the podcast, this time to bring a dose of cynicism to the recent warnings coming from Anthropic employees, including CEO Dario Amodei. Metzger agrees that evil humans can use new technology in nefarious ways, but argues that the good guys likewise need to develop AI tools for defensive purposes. Watch the video version of this episode here: https://youtu.be/i4BGahWluWE  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com

Intrigued by the combination, Bob analysis a recent Trump social media post in which he warned the Fed to cut interest rates, or else Trump would eliminate trade with those countries who currently enjoy a trade surplus with the US. Bob concludes that in general such a drastic move would raise US interest rates, but perversely if it caused a global financial crash, it conceivably could keep rates low on US Treasuries specifically. Watch the video version of this episode here: https://youtu.be/JD-rHn0PQHg  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com

Bob explains that Treasury Secretary Bessent's policy of buying back long-dated securities will lower the government's interest expense in the short run, but makes it more vulnerable to future rate hikes. Watch the video version of this episode here: https://youtu.be/x_luY04QT18  Subscribe to our YouTube channel: https://bit.ly/3XXfmGS  Follow us on Instagram: https://www.instagram.com/infineogroup  Follow us on Twitter: https://www.twitter.com/infineogroup  Learn more about Infineo at: https://www.infineo.io  Audio Production by Podsworth Media - https://podsworth.com