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 neoclassical theory of exchange is based on the marginal utility and cost of commodities, while Karl Marx's theory focuses on the price ratio and the decline in utility with each exchange.
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 speaker discusses the potential consequences of severing 144 million Russians from the global economy due to Western sanctions, including increasing costs, inflation, unemployment, potential recession, war, death, and famine.
Discussion about the economics of small towns, including the average price of buildings and the tendency for individuals to hold out on selling.
An analysis of the economic situation in Somalia and its connection with piracy activity in the region.
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 host introduces new guests from the research department, Alexa and Takara, to the economics podcast. They are known to provide critical insight and correct any misinformation presented on the program.
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.
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.
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.
