Sifting Through the Wreckage of An Ill-Informed War| Slate's What Next + Platypus Economics
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What is the main topic discussed in this episode?
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Hi, it's Justin Wolfers. I'm a regular guest on Slate's podcast, What Next?, where Mary Harris and I talk through the economics behind the headlines. Today, I'm sharing a recent episode with the platypus community that I think you'll enjoy. Take a listen.
Deal or no deal? For the last few days, that has been the question swirling around the US and Iran. Both countries said they were planning to extend their on-again, off-again ceasefire. Neither country seemed eager to share the terms of that agreement in writing. Until yesterday. It's a page and a half. Justin Wolfers from over at Platypus Economics had been waiting for this moment. Not like he had high hopes about what he was going to find.
If someone has something awesome, they can't wait to show it to you. Therefore, if they can wait to show it to you, you should infer it's... Not so great.
In process. Being workshopped. President Trump was certainly keeping his options open. He got in front of multiple microphones to say he could renege on this ceasefire, anytime. That if he did, he could simply blame J.D. Vance. But if this thing holds, I wanted Justin to explain what happens then. I think of the war in Iran as a crisis of many kinds. Like it's a human crisis. People have been killed, thousands of people. It's a crisis of democracy because the way we went to war here did not involve Congress incredibly ham-handed just stumbling into war. I think of it as a crisis of international diplomacy because of how little we looped in our allies, right? But it was also an economic crisis or is an economic crisis.
How big of an economic crisis?
The answer is really, really big.
Economically? Was this a different kind of crisis than you expected at the beginning of the war? Because you came on at the start and you were like, listen, everyone, keep your powder dry for a second. This isn't the 1970s. The United States is more energy independent. We're going to have to see how this goes. Now that it's a few months in and maybe, maybe going to come to some sort of conclusion at some point soon. Is the economic damage bigger or different than you expected?
I think it's roughly of the order of magnitude I expected, which makes it bigger than almost anyone else is talking about.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–9:07
2
What is the immediate news context and ceasefire update between the U.S. and Iran?
9:07–21:20
3
How much will the war cost the typical American family in present value?
21:20–29:31
4
Will gas prices and inflation return to pre-war levels if the Strait reopens?
29:31–29:49
Speakers
8 identifiedMore from Platypus Economics with Justin Wolfers
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