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A note on tariffs from the real world

John H. Cochrane · 25 Oct 2025

Read the piece on grumpy-economist.com ↗

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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. Our reading

    Businesses raise prices only when their accounts force them to, not when they can see the cost coming.

    Their wordsBusiness only raise prices when accounting losses force them to do so.

  2. Our reading

    Customers leave faster when prices rise than they come back when prices fall, which is why sellers hold prices as long as they can.

    Their wordsI suspect higher prices make people leave more quickly than lower prices make them come.

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