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 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 Steve Hanke developed a modified version of Okun's "misery index" to evaluate a president's entire term by looking at factors such as exchange rate in the black market, real inflation rates, and long-term GDP growth.
The debate between neoclassical and Keynesian economics overshadows the complex developments within Marxism and socialism, unknown to the average American academic and intellectual.
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 speaker discusses cost-benefit analysis in having children and reflects on contrasting views on setting initial conditions by Hayek and Keynes, as prompted by two rap videos featuring talented actors. The speaker also shares his observation that people have children not necessarily for the fun or better days they bring, as most married couples appear unhappy from an outsider's perspective.
The podcast discusses the disconnect between the current state of the economy and the reality of the future market, including the downfall of household net worth and the potential shift in risk-on behavior.
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.
An idea from a listener sparked a discussion on the socioeconomic impact of giving each of 50 needy American families $50,000 in a one-time gift, repeating the process annually, in order to promote intergenerational income mobility in impoverished Brooklyn neighborhoods.
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.
