Inflation is a tax on the poor. High and variable inflation can shatter the fine interplay of incentives and information within an economy. And, as Milton Friedman famously said, inflation is always and everywhere a monetary phenomenon.

The state is responsible -- and the central bank's one job should be to keep inflation in check.

Thankfully, we got that right with inflation targeting.

Welcome to Episode 68 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Ajay talks about why inflation can be such a problem, and Inflation Targeting is an elegant way to keep it under control. Ajay was in the policy community in India that made it happen. Here's the inside story!

TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Ajay Loves Bumper Stickers! 00:55 Chapter 1: A Basic Guide to Inflation 05:40 Chapter 2: What Do You Measure? 13:25 Chapter 3: Why Inflation Matters 30:02 Chapter 4: Introducing Inflation Targeting 36:45 Chapter 5: Inside the Boiler Room 42:05 Chapter 6: The India Story 1:01:23 Chapter 7: Recommendations

For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

In the last episode, Amit and Ajay spoke about how the state should never mess with the price system. Well, the exchange rate is the most important price -- and the state shouldn't try to control that either!

Welcome to Episode 67 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Ajay sheds light on one of his pet peeves -- people's obsession with the exchange rate. It doesn't matter if the rupee is 'strong' or 'weak', he argues -- these terms mean nothing. All mature economies have learnt to leave the exchange rate to the market -- and so should we. A freely fluctuating exchange rate guarantees macroeconomic stability.

TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Ajay Loves Bumper Stickers! 05:47 Chapter 1: The Exchange Rate is the Most Important Price 21:48 Chapter 2: The Evolution of Exchange Rates 27:46 Chapter 3: The Three Rooms in the House 33:52 Chapter 4: Fluctuating Exchange Rates are Great! 42:57 Chapter 5: The India Story 1:08:47 Chapter 6: Recommendations 1:11:04 Chapter 7: Life Lessons

For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

How do people in society fulfil each other's needs while being self-interested? No human person or committee could coordinate all this -- but the miraculous, decentralised system of prices do exactly this.

And when you mess with prices, you harm society. Always.

Welcome to Episode 66 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Amit and Ajay describe how all interventions in the price system end badly & harm the poor -- from price caps to rent control to the minimum wage to MSPs to import tariffs. Don't mess with the price system!

By the way, Amit and Ajay have launched their online course LIFE LESSONS. Click here to sign up: https://lifelessons.co.in/

TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: The Gravity of Gravity 02:10 Chapter 1: The Miracle of Prices 11:53 Chapter 2: Price Caps 32:18 Chapter 3: Rent Control 39:20 Chapter 4: Minimum Wage 53:06 Chapter 5: Minimum Support Prices 57:54 Chapter 6: Import Tariffs 1:01:55 Chapter 7: Why Don't We Learn? 1:11:46 Chapter 8: Recommendations 1:13:21 Life Lessons!

For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

There was a time when India's pensions system grew to become a threat to the country. Then we fixed it -- kinda. And now it's going to hell again.

Welcome to Episode 65 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Ajay takes us through the history and evolution of pensions, why the Old Pension Scheme (OPS) was such a catastrophe, how there was a bipartisan consensus on the New Pension Scheme (NPS), and how this field is on fire again. And of course, why it matters -- because it does!

TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: Who Will Stop the Bleeding? 02:45 Chapter 1: Why We Are Doing This Episode 05:46 Chapter 2: The Origin of Pensions 18:21 Chapter 3: The Evolution of Pensions 31:37 Chapter 4: The Old Pension Scheme 40:19 Chapter 5: The New Pension Scheme 55:38 Chapter 6: The Political Process 1:09:16 Chapter 7: What Went Wrong? 1:28:27 Chapter 8: What About the Unified Pension Scheme? 1:34:29 Chapter 9: Structural Reforms vs Parametric Reforms 1:41:25 Chapter 10: Recommendations

For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

The world is at war -- and not all of it is in the obvious ways. There is a war around technology, and using technology, and the US and China are at the heart of it.

Welcome to Episode 64 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Ajay and Amit discuss the contours of the global tech wars playing out on the geopolitical stage. It is fundamental, it is fierce and it affects us all.

TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: But a Distant Memory? 04:37 Chapter 1: What is This Great Drama? 07:19 Chapter 2: How This War is Playing Out 13:00 Chapter 3: It All Goes to Hell. Why? 38:31 Chapter 4: What Can Happen Next? 54:14 Chapter 5: Recommendations

For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We often assume that all knowledge is recorded, and every generation builds on the knowledge of past generations. This is not true. Much knowledge is lost -- and some is regained.

Welcome to Episode 63 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Amit and Ajay discuss precious knowledge of remarkable things that we lost over time -- some of which we are slowly regaining!

TABLE OF CONTENTS: 00:00 Packaging 00:13 Intro: The Witch Casts a Spell 13:08 Chapter 1: Silphium/Silpheon 20:00 Chapter 2: Dhaka Muslin 29:11 Chapter 3: Fogbank 36:43 Chapter 4: Artemisinin 49:07 Chapter 5: Reconstructing Germany and Japan After WW2

For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

In academia and research, the pursuit of knowledge very often culminates in a paper. But even outside that field -- within any field, in fact -- knowledge must be pursued, parsed, processed and put down on paper. Everyone should know how to do this, even if you never want to write a paper in your life.

Welcome to Episode 62 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Ajay distills his experience of many decades of writing papers into a masterclass that will help you not just be a better writer, but a better thinker.

TABLE OF CONTENTS: 00:00 Packaging 00:13 Chapter 1: The Sociology of How This Machine Works 15:29 Chapter 2: The Elements of a Paper 20:24 Chapter 3: What Makes for a Good Paper? 25:59 Chapter 4: Put the Reader First 34:39 Chapter 5: The Structure of a Paper 47:21 Chapter 6: The Act of Writing 55:38 Chapter 7: Getting It Out There 1:01:11 Chapter 8: Ajay’s Insights About Writing Papers 1:06:39 Chapter 9: Recommendations

For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

The people who change the world are people who go against the grain. And yet, challenging conventional wisdom, or living an unconventional life, can make you an Outlaw.

Welcome to Episode 61 of Everything is Everything, a weekly podcast hosted by Amit Varma and Ajay Shah.

In this episode, Amit and Ajay discuss a group of people who were ignored or reviled in their lifetimes -- and who we now remember as pathbreakers.

For magnificent, detailed, juicy show notes, ⁠⁠⁠⁠⁠⁠⁠click here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.