What's your argument?

Now, my take on how to react to this is you take the gains when you have them, right? So if you can buy solar panels more cheaply, you do it.

Same with finished products.

Now, obviously there's gonna be some producers that are gonna suffer the consequences of that, and my view is that tariffs is probably not the way to address this.

I mean, more direct compensation, something that helps them ride this shock is gonna be better in the long run.

That's generally my sense in terms of what the right optimal policies might be.

I think tariffs are even more dangerous when it comes to intermediate inputs, when it comes to putting sand in these wheels of global value chains, where you might feel like you're protecting some economic agents, but the unintended consequences of tariffs could be rather large.

[laughs]

So then my next sort of warm-up question here before we dive into the paper is, how did you get interested in, you know, Bamboverk, and I guess capital theory more generally, but like specifically in the Austrian Bamboverkian tradition? Because I imagine at MIT, they weren't courting you saying, yes, we definitely want someone to come here because there's a hole in our department that no one's working on Bamboverk.

No, this came much later.

It came much earlier and much later.

And earlier in the sense that I would imagine that relative to the median academic economists in U.S. universities, I'm perhaps a bit more versed in the history of economic thought.

Um, when I did my undergrad in economics, uh, in Spain, as you may know, there's much more specialization there.

So I took like dozens, uh, literally like more than 40 courses on economics, um, and less on other things.

Um, and, uh, one of those courses was on the history of economic thought, which was taught by a very, uh, entertaining individual who had been in politics.

So maybe – Can you – and you kind of already said it a little bit, but just for completeness, can you summarize to say – if someone's like, okay, what's the payoff? Why do I want to wade through this paper? Empirically, what kind of things do you think that your approach can shed light on, whereas, again, the standard – explanations from the neoclassical or even the new trade theory people don't quite fit the patterns that we see in some of the data out there.