We walk through the weirdly powerful math that makes a stable $10,000 profit stream worth $50,000 in one world and $1,000,000 in another. Then we apply the same present value logic to politics and show how unpredictable rules raise transaction costs, inflate the effective discount rate, and freeze long-term investment. • the discount rate as the hidden driver of valuation • why the consol bond makes present value intuitive • P = X / R as a shortcut for long-lived assets • how low interest rates mechanically boost asset prices • discount rates as opportunity cost plus inflation plus risk • regime uncertainty as political risk priced into investment • how New Deal “experimentation” can prolong a downturn • modern examples through tariffs tax policy and regulation • a listener puzzle on why Coke concentrate costs more Tell me what the answer is. If anybody knows of a recording of the George M. Cohan play, Broadway musical, I would certainly like to be able to find it.
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Michael Munger. Innehållet i podden är skapat av Michael Munger och inte av,
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