A Guide to the ‘Legal Fictions’ That Create Wealth, Inequality and Economic Crises

The Biden administration’s first legislative priority is a $1.9 trillion economic rescue package. It’s the kind of mega-package where the individual policies contained inside it — a $15 minimum wage, $1,400 checks, a huge child tax credit expansion, a $50 billion virus testing infrastructure — would be big deals on their own. But together, this would be one of the most consequential packages ever passed.So there’s a lot to talk about here. And who better to talk about it with than my now-colleague Paul Krugman? We dig into the details of the plan and then spiral off into some other topics I wanted to run by the nearest Nobel laureate: the major rethinking of debt and deficits among left-of-center economists, the differences between Keynesians and Modern Monetary Theorists, how Krugman made a bunch of money off Bitcoin (it’s not how you’d think!), why progressives need a better theory of technological change, Krugman’s favorite indie bands of the mid-2000s, and more.Mentioned in this episode: “Notes on the Coronacoma (Wonkish)” by Paul Krugman“Why Markets Boomed in a Year of Human Misery” by Neil Irwin and Weiyi Cai“Who’s Afraid of Budget Deficits?” By Jason Furman and Lawrence Summers“Public Debt: Fiscal and Welfare Costs in a Time of Low Interest Rates” by Olivier Blanchard“America’s anti-democratic Senate, in one number” by Ian MillhiserBook Recommendations: “Laundry Files” series by Charlie Stross“Merchant Princes” series by Charlie Stross“The Price of Peace” by Zachary CarterBand Recommendations: The Be Good TanyasLarkin PoeReina del CidYou can find transcripts (posted midday) and more episodes of "The Ezra Klein Show" at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein.Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.“The Ezra Klein Show” is produced by Rogé Karma and Jeff Geld; fact-checking by Michelle Harris; original music by Isaac Jones; mixing by Jeff Geld. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

29 Tammi 20211h 8min

I’ve never covered a moment that simultaneously merits so much despair and so much hope. It’s dizzying. The Biden administration takes office with over 25 million Covid-19 cases nationwide, over 420,000 Americans dead, and new, highly contagious variants of the virus stalking our future. It’s as grim a situation as I’ve seen.But for the first time, we can do more than hide. We can immunize. Getting a population of 330 million to herd immunity is a hellishly difficult undertaking in the best of circumstances, and these are not the best of circumstances. Still, speed matters: Getting to herd immunity a few months faster could save hundreds of thousands of lives.Dr. Vivek Murthy was surgeon general under Barack Obama, and is Joe Biden’s nominee for the same position. He’s also co-chair of Biden’s coronavirus task force.In this episode, Murthy walks me through the Biden administration’s plan to beat the coronavirus. We discuss America’s botched vaccine rollout efforts, what the choke points are now, whether the Oxford-AstraZeneca and Johnson & Johnson vaccines will be approved, why the U.S. government should be shipping out free masks, what’s blocking 24/7 vaccination sites, the F.D.A.’s overly conservative approach to at-home testing kits, what we can and can’t do after getting the vaccine, the vaccine failures in blue states, how to change the minds of the nearly third of Americans who are vaccine-skeptical, why persuasion is as much about listening as talking, the new coronavirus variants, and much more.You can find transcripts (posted midday) and more episodes of "The Ezra Klein Show" at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein.Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.“The Ezra Klein Show” is produced by Rogé Karma and Jeff Geld; fact-checking by Michelle Harris; original music by Isaac Jones; mixing by Jeff Geld. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

26 Tammi 20211h 20min

Every Tuesday and Friday, Ezra Klein invites you into a conversation about something that matters. How do we address climate change if the political system fails to act? Has the logic of markets infiltrated too many aspects of our lives? What is the future of the Republican Party? What do psychedelics teach us about consciousness? What does sci-fi understand about our present that we miss? Can our food system be just to humans and animals alike?Subscribe wherever you listen to podcasts.You can find transcripts (posted midday) and more episodes of "The Ezra Klein Show" at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein.Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.“The Ezra Klein Show” is produced by Rogé Karma and Jeff Geld; fact-checking by Michelle Harris; original music by Isaac Jones; mixing by Jeff Geld. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

13 Tammi 20212min