Karl Smith is the director of economic research at the Niskanen Center. He joins the show to discuss his thoughts on increasing market power (the ability of firms to influence prices) in the United States. Karl argues that this is at least partially due to what he calls the "Great Variation," the desire many Americans have had for more individualized consumer goods since the 1960s. Finally, Karl also shares his thoughts on some of President Trump's choices for Federal Reserve chair. David's blog: macromarketmusings.blogspot.com/ Macro Musings podcast site: macromusings.com David's Twitter: @DavidBeckworth Karl Smith's Niskanen profile: https://niskanencenter.org/blog/staff/chief-economist/ Karl Smith's Twitter: @karlbykarlsmith "Modeled Behavior": https://www.forbes.com/sites/modeledbehavior/#661385b4a824 Related links: "Mark-Ups and Market Power" by Karl Smith https://niskanencenter.org/blog/markups-market-power/ "The Great Variation" by Karl Smith https://niskanencenter.org/blog/notes/the-great-variation/ https://niskanencenter.org/blog/notes/just-say-no-kevin-warsh/