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A note on tariffs from the real world

John H. Cochrane · 25 Oct 2025 · grumpy-economist.com

2 korrents from this piece

John H. Cochrane did not write this page.

Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.

  1. Business only raise prices when accounting losses force them to do so.
  2. I suspect higher prices make people leave more quickly than lower prices make them come.