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 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.
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.
Discussion about the economics of small towns, including the average price of buildings and the tendency for individuals to hold out on selling.
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.
The economic model is built on the mythical average man who does not exist in real life, and economists are incapable of adapting to real-world problems that conflict with their beliefs about economics.
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.
Central bank support during a crisis can free up liquidity and maintain corporate accounts and jobs, but can also lead to asset inflation, which benefits those who hold assets over those receiving income. Violating the principle of providing liquidity occurs when the central bank or government provides necessary funds for survival.
This podcast discusses the idea that profit and loss encourage prudent risk-taking, not reckless risk-taking, while also exploring the concept of "you're not free to desist from it". The guest speaker provides insight into the importance of weeding out losing strategies and taking into account the effect of economic decisions.
The podcast episode features a discussion on economics and the speaker seems to have a love-hate relationship with the topic.
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.
The use of aggregates in economics to establish scientific relationships between different economic factors is the main reason why economics is considered pseudoscientific, according to the Austrian school of economics. They argue that the market economy can only be understood by examining individual human action, rather than relying on aggregates like production and unemployment rates.
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 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.
Host Stephen Dubner and economist Steven Levitt answer listener's questions about safe sneezing and driving like an economist.
