Economics in Action

Does the World Free-Ride on US Drug Development?

Tue, 13 Feb 2024 17:00:00 GMT

In this episode, we explore the claim made in a recent Wall Street Journal opinion piece, entitled, "Be Thankful for High Drug Prices" that claims high drug prices in the US are what allow for new drug innovation and that other countries take advantage of this. We'll explore the economic quirks of the drug industry and look at some argument and evidence that counter the claim the authors of the piece make.

The article: https://www.wsj.com/articles/be-thankful-for-high-drug-prices-healthcare-policy-research-and-development-3e603ca8

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Are Google and Meta Monopolies?

Mon, 29 Jan 2024 22:00:00 GMT

In this episode, we'll answer a question that economists Tyler Cowen and Luigi Zingales attempted to answer in a mini-debate about 5 years ago: Are Google and Meta monopolies? While they had both had interesting answers, in this episode I'll explore a different take and also talk about the key issues policy-makers should be focused on. If you haven't seen that debate, you can check it out here: https://www.youtube.com/watch?v=zNHB-Av4BQQ&t=1334s

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The Most Important Theory in Finance

Wed, 10 Jan 2024 18:00:00 GMT

In this episode, we'll look at Modern Portfolio Theory, which revolutionized the field of investment portfolio management by introducing a quantitative framework for maximizing investment returns relative to risk. The theory emphasizes the importance of diversification, advocating for the creation of an 'efficient frontier' of optimal portfolios that offer the highest expected return for a given level of risk. Central to MPT is the concept that the risk of a portfolio can be reduced and its expected return maximized through careful asset selection based on their expected returns, risks, and the correlations between them.

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Are Workers Paid a Fair Wage?

Wed, 03 Jan 2024 21:00:00 GMT

In this episode, we explore the idea of fairness in the distribution of pay. We discuss the economic theory behind wage-setting and how it can help to answer whether wages are fair. Then we discuss how the cards might be stacked against some workers and why things may not be as fair as they seem.

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How the Fed sets Interest Rates

Tue, 14 Nov 2023 16:00:00 GMT

You might have heard business news reports of the Fed raising or lowering interest rates to slow down or speed up the economy, but how does the Fed actually do this? Why do interest rates matter? What interest rate does the Fed even control? In this episode, we'll take a look at arguably the most important institution in the world and how it uses its most important tool, interest rates, to influence the overall economy. Most textbooks out there are outdated in how their description of how the Fed sets the interest rate and today we're going to set the record straight about the Fed's new way of setting rates, known as the floor system. So strap in, because we're about to get banky.

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What is Industrial Policy?

Fri, 03 Nov 2023 22:00:00 GMT

Welcome to today's episode where we'll dive into the world of industrial policy, a tool governments use to give a boost to certain sectors of the economy. We'll explore how it can lead to exciting growth and innovation but also discuss why some folks are wary about its drawbacks. Get ready for a balanced take on this economic strategy that's shaping industries around the globe.

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Capitalism is the Worst!

Mon, 30 Oct 2023 17:00:00 GMT

In this episode, we respond to the lovers of the free market with a chant, "Down with Capitalism!". Not really, but instead we do point out a number of capitalism's flaws and show that it isn't the "perfect" economic system that some people think it is. Join us as we uncover the dirty innards of capitalism and expose the weaknesses that lie beneath.

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Why is Taco Bell so !@#$ Expensive??

Fri, 06 Oct 2023 21:00:00 GMT

In this episode, we explore the semi-recent price hikes in the fast food industry. Tiktokers and YouTubers have been bashing the company for raising prices, but sales for the company have never been stronger. Is this normal corporate profit maximization? Is this a case of Greedflation? Is the government trying to prevent us from being happy?? We'll discuss the reason for the price increases and also a number of other interesting facts about the fast food industry. Vamos!

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Why Capitalism is the Best!

Sat, 30 Sep 2023 19:00:00 GMT

In this episode, we give all the reasons for capitalism being the best economic system out there. We not only give a description of how capitalist systems work, but all why they bring about efficiency, growth and innovation. If you're not a fan of capitalism, stay tuned for a further episode where we'll be exploring all the downsides of capitalism. But for today- yay capitalism!

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All About Inflation

Tue, 19 Sep 2023 21:00:00 GMT

In this episode, we examine inflation: what is it, what causes it and how to fix it. We also talk about the strange case of the flailing Phillip's Curve and why unemployment hasn't been rising even though inflation has come down significantly.

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Back to Basics: Simplifying how to think about Economics

Fri, 25 Aug 2023 22:00:00 GMT

In this episode, we’re going to break down the study of economics to the basics. Strip away money, prices and human psychology and what you get is simply one very big problem. This episode will hopefully help to simplify your understand of this complex subject and make you think more clearly about things going on in the world of economics.

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China's Slowing Economic Growth and Total Factor Productivity

Fri, 25 Aug 2023 20:00:00 GMT

Join us in this episode of our podcast as we delve into a critical aspect of China's economic landscape: its slowing economic performance. As China's rapid economic growth of previous decades begins to show signs of deceleration, questions arise about the factors contributing to this shift. One crucial lens through which we'll examine this issue is Total Factor Productivity (TFP). We'll explore why TFP matters in assessing China's economic trajectory, discussing how it encapsulates the efficiency of resource utilization, technological advancements, and the overall effectiveness of economic institutions.

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SAG-AFTRA Strikes and Labor Unions

Sat, 19 Aug 2023 15:00:00 GMT

In today's episode, we delve deep into labor unions, with a special focus on SAG-AFTRA, one of the most influential unions in the entertainment industry. As we navigate the complex landscape of collective bargaining, wage negotiations, and the broader implications of union activities, we'll shed light on the pivotal role such organizations play in shaping the economic dynamics of industries. Whether you're an industry professional, a student of economics, or just someone curious about the behind-the-scenes workings of Hollywood, this episode promises a comprehensive exploration of the intersection between labor rights and economic forces. Join us as we unpack the intricacies of SAG-AFTRA and the broader world of labor unions.

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The Use of Knowledge in Society

Tue, 08 Aug 2023 18:00:00 GMT

In this episode, we'll explore one of the most important essays in economic history, "The Use of Knowledge in Society" written by Friedrich Hayek. We'll talk about Hayek's perspective on decentralized systems, its implications for complex systems theory as well as some contemporary criticisms of his views.

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Foreign Property Ownership: Is China a Threat?

Fri, 04 Aug 2023 23:00:00 GMT

In this episode, we’ll be examining a recent news story that Florida is limiting foreigners and especially Chinese from buying property in the state. How should we view this current law and the broaderpoint of foreigners owning property or land in another country?

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New Keynesian Economics

Tue, 01 Aug 2023 17:00:00 GMT

In this episode, we're exploring the world of New Keynesian Economics, a theory that demonstrates how factors like sticky prices and rational expectations shape our economy. We'll take you on a journey through its core principles, real-world applications, and how it influences policy decisions - helping you understand why it's more relevant than ever in today's dynamic economic landscape.

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Economic Theories of Value

Wed, 26 Jul 2023 17:00:00 GMT

In this episode, we explore a philosophical topic in the field of economics, taking a look back at the history of the different theories of value. Value has always been at the heart of economics even while being a more abstract, difficult to measure notion. Our ideas about value have changed over time, but its significance for economic decision-making and policy is still very relevant today. We also examine the arguments in a relatively recent book on economic value: The Value of Everything: Making and Taking in the Global Economy, written by Mariana Mazzucato.

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Consumption Taxes

Mon, 24 Jul 2023 21:00:00 GMT

In this episode we explore the history and nature of taxes, the difference between a consumption and income tax and why some economists think that a consumption tax should replace income taxes as the main source of federal government revenue.

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Trade Deficits

Fri, 21 Jul 2023 19:00:00 GMT

Should we worry about trade deficits? Do other countries take advantage of us when they export to us more goods than we export to them? In this episode we explore all the nuances of trade and trade deficits.

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Winner Takes All Markets

Sat, 08 Jul 2023 19:00:00 GMT

In this episode we’re going to be looking at the idea of a winner takes all market. The idea of winner takes all can be traced back to the 1980s when economist Sherwin Rosen published a groundbreaking paper titled "The Economics of Superstars."

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