The Modigliani-Miller theorem, key to modern finance and monetary policy, explained by Alex Tabarrok and Tyler Cowen: At its core, what matters is the underlying productive capital (buildings, machines, human capital) - not how you slice up ownership between debt/equity. Like Yogi Berra ordering pizza - cutting it in 8ths doesn't give you more pizza! 🍕 Love the podcast? Consider making a tax-deductible donation to the Mercatus Center, the organization behind this podcast and many other initiati