The market value of a product is often decided by its supply and demand, and the higher price for a product means that it is highly demanded or less available in supply, leading to the prestige of possessing it.
This podcast episode explores the modern critique of economics and central banking, questioning whether there are malevolent people with bad intent in the system, and discussing the limitations of predicting economic outcomes.
This podcast discusses the idea that controlling inflationary psychology is crucial to preventing economic downturns in the future. It examines how people's beliefs about inflation and their behaviors towards it ultimately impact the economy.
Economist Friedrich Hayek argues that the task of economics is to show people how little they actually know about what they think they can design. He cautions against people with grand theories of how the world works, comparing them to chess players who move people around without considering their individual autonomy.
In this episode, the host explains how the Federal Reserve Bank's money printing strategy in 2020 to combat deflation has led to inflation and higher unemployment rates.
The Chinese government has extended tax cuts and plans for a stimulative economy, but this has resulted in decreased buying power for consumers. This mirrors global trends of plummeting consumer confidence and retail sales, leading to questions about potential tax cuts in the US.
The podcast episode features a discussion on economics and the speaker seems to have a love-hate relationship with the topic.
Discussion about the economics of small towns, including the average price of buildings and the tendency for individuals to hold out on selling.
This podcast discusses how the ancient human institution of bondage mixed with the proto-modern economic system of the Renaissance in the 15th and 16th centuries, and how this contributed to the era of a trade revolution. It explores the idea that progress during this time wasn't necessarily progress for all people, as slavery and inequality were still rampant.
The idea of building lavish buildings during economic downturns may not seem like a good idea, but in reality, it has been done in many places. This includes modernizing Ashgabat and building Koh Tao as a paradise island during economic downturns.
The traditional response in economics towards exhausted resources and environmental consequences involved relying on the free market but failed to understand the concept of depletion, thus creating a flawed structure. This concept continues and never truly improved with new jobs being created in exchange for lost ones in isolated industries and communities.
The more we give money to big corporations in times of trouble, the more they will continue to act irresponsibly. Meanwhile, essential workers are being shamed for receiving a mere $600 and being accused of being lazy.
In this conversation, podcast hosts dissect the ideas in the book Freakonomics and criticize its narrative on economics and social issues. They talk about their new project "Trickle-Up Economics" as a way to reframe the American narrative.
Host Stephen Dubner and economist Steven Levitt answer listener's questions about safe sneezing and driving like an economist.
The hosts discuss the economics of wiring a single chair versus an entire cell and suggest throwing a toaster in water on the ground to start a fire, like in an Usher music video. The episode is an advertisement for the Asshole Army Patreon.
