Scott Sumner (@scottsumnertmi), economist and author of The Money Illusion, joins Erik on this episode to discuss:

- Why Scott says that the fed should have been more expansionary during the Great Recession.

- The usefulness of level targeting.

- Why house prices are going to remain permanently high for the 21st century.

- An explanation of market monetarism and its implications for monetary policy.

- Why he is forecasting low inflation in contrast to many of his peers.

- How market monetarism differs from modern monetary theory and Austrian economics.

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