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 concept of being a "price taker" in economics can be applied to understanding the Overton window in politics. Both involve the idea of market depth and the shifting of the midpoint by large masses of people and can impact prices and policies.
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.
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.
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 podcast discusses how classical and neoclassical schools of economics have shaped the way we view capitalism and the concept of marginal utility.
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 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 question of whether or not giving people money actually helps them is a contentious one among economists. While some argue that poor people may not use the money wisely, others believe that lack of resources is a barrier to bettering their lives.
