Category: 3-EconSometimeCommentary

This year, there was some economic good news to go around. Inflation generally ticked down. Unemployment more or less held around 4-percent. Heck, the Fed even cut interest rates three times. But for a lot of people, the overall economic vibes were more important. And the vibes... were still off.

We might have achieved the soft landing the Fed was hoping for, but we saw some wackiness in the relationship between unemployment and job vacancies. Meanwhile, Bitcoin went to the moon. We have covered all of that in this past year, but which of these economic stories really defined the year?

Fortunately, we don't have to decide. You all do.

On today's show, a collaboration with our daily podcast The Indicator, we have Indicator Family Feud! Two Planet Money hosts enter, one Indicator host... also enters. And all three leave, having had a great time with lively discussion and light ribbing. Plus, some mild scheduling issues. But, we can't stress enough that no hosts were harmed in the making of this podcast.

Then, we look ahead to 2025 to see what indicators we think will define the coming year – the future and the past, on our latest episode!

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Once a luxury good, the soft fiber is now everywhere — which has led to a goat boom in Mongolia. Zachary Crockett tugs at the thread.

 

• SOURCES:
  • Myagmarjav Serjkhuu, manager of the Mongolian Sustainable Cashmere Platform for the United Nations Development Programme.
  • Carolyn Yim, designer and owner of Ply-Knits.

 

• RESOURCES:
  • "Sandstorms and Desertification in Mongolia, an Example of Future Climate Events: A Review," by Jie Han, Han Dai, and Zhaolin Gu (Environmental Chemistry Letters, 2021).
  • "How Sustainable Cashmere Is Reversing Land Degradation in Mongolia," by Mariana Simões (United Nations Development Programme, 2021).
  • "Exploding Demand for Cashmere Wool Is Ruining Mongolia's Grasslands," by Kathleen McLaughlin (Science, 2019).
  • "From H&M to Gucci, Fashion Rethinks Cashmere, Citing Environmental Harm," by Matthew Dalton (The Wall Street Journal, 2019).
  • "2018 Annual Cashmere Market Report," by Marco Spina (The Schneider Group, 2019).
  • "How This Brand Made a Cashmere Sweater for $75 Ethically," by Esha Chhabra (Forbes, 2018).
  • "Pastoral Nomadism in the Forest-Steppe of the Mongolian Altai Under a Changing Economy and a Warming Climate," by D. Lkhagvadorj, M. Hauck, Ch. Dulamsuren, and J. Tsogtbaatar (Journal of Arid Environments, 2013).

Our planet is in serious trouble. There are a million species of plants and animals in danger of extinction, and the biggest cause is companies destroying their habitats to farm food, mine minerals, and otherwise get the raw materials to turn into the products we all consume.

So, when Mauricio Serna was in college, he realized his family's plot of land in Colombia, called El Globo, presented a unique opportunity. Sure, it had historically been a cattle ranch. But if he could get the money to turn it back into cloud forest, perhaps it could once again be a habitat for the animals who used to live there — animals like the yellow-eared parrot, the tree ocelot, and the spectacled bear (of Paddington fame).

On today's show, Mauricio's quest to make a market for a new-ish financial instrument: the biodiversity credit. We peek under the hood to try to figure out how these credits actually work. Is the hype around them a bunch of hot air? Or could they be a critical tool for saving thousands of species around the world?

Today's episode was hosted by Stan Alcorn and Alexi Horowitz-Ghazi. It was co-reported by Tomás Uprimny. It was produced by James Sneed, edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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Sports gambling isn't exactly a financial market, but it rhymes with financial markets. What happens on Wall Street somehow eventually also happens in sports gambling. So in the 1980s, when computers and deep statistical analysis entered the markets, it also entered the sportsbooks and changed the world of sports gambling in ways we see every day now.

On today's episode, we have a story from Michael Lewis' new season of his podcast Against The Rules. We hear from a bookie who was able to beat the odds using statistical analysis, and the other bookie who managed to beat those odds, using an even more subtle science: behavioral analysis. Plus, how it's harder than ever to win against the house, and why those offers of free bets in TV ads are maybe not such a good idea.

This episode was hosted by Michael Lewis and Mary Childs. Our version of the podcast was produced by Emma Peaslee and edited by Martina Castro. It was fact checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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Behind almost every character you see displayed on a page or a screen, there’s a complex — and sometimes lucrative — web of licensing deals. Zachary Crockett is just your type.

 

• SOURCES:
  • Lucas Czarnecki, creative director of Type Network.
  • Gerry Leonidas, professor of typography at the University of Reading.
  • Chantra Malee, co-founder and C.E.O. of Sharp Type.
  • Lucas Sharp, professional font designer and co-founder of Sharp Type.

 

• RESOURCES:
  • "What Fonts Are Used by The New York Times?" by Nona Blackman (Envato Tuts+, 2024).
  • "Legendary Type Foundry Monotype Sold to Private Equity for $825 Million," by Suzanne LaBarre (Fast Company, 2019).
  • "Calibri’s Scandalous History," by Ross Arbes (The New Yorker, 2017).
  • "This Was The First Computer Font," by John Herrman (BuzzFeed News, 2012).
  • "Manuscripts and Special Collections," by the University of Nottingham.

 

• EXTRA:
  • "Are Our Tools Becoming Part of Us?" by People I (Mostly) Admire (2024).

Why do some nations fail and others succeed?

In the late 1990s and early 2000s, three economists formed a partnership that would revolutionize how economists think about global inequality. Their work centered on a powerful — and almost radically obvious — idea: that the economic fate of nations is determined by how societies organize themselves. In other words, the economists shined a spotlight on the power of institutions, the systems, rules, and structures that shape society.

We spoke with two of the Nobel-winning economists about their research on why some countries are rich and others are poor, why it took so long for economics to recognize the power of institutions, and what the heck those even are.

This episode was hosted by Jeff Guo and Greg Rosalsky. It was produced by Willa Rubin with help from James Sneed. It was edited by Martina Castro and fact-checked by Sierra Juarez. Engineering by Gilly Moon with help from James Willetts. Alex Goldmark is Planet Money's executive producer.

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The Smoot Hawley Tariffs were a debacle that helped plunge America into the Great Depression. What can we learn from them?

Today on the show, we tell the nearly 100-year-old story of Smoot and Hawley, that explains why Congress decided to delegate tariff power to the executive branch in the first place. It's a story that weaves in wool, humble buckwheat, tiny little goldfish, and even Ferris Bueller... Anyone? Anyone?

It's also what set the stage for the Trump tariffs.

President-elect Donald Trump enacted a heap of import taxes in his first term, in particular on goods from China. President Biden's administration largely kept those tariffs in place, and levied new tariffs as well, on electric vehicles and solar panels.

And now, as Trump's second presidency is on the horizon, he has promised even more tariffs on Mexico, Canada, China, and even on all imports across the board.

And now, as Trump's second presidency is on the horizon, he has promised even more tariffs on Mexico, Canada, China, and even on all imports across the board.

We update this classic episode about the Smoot Hawley Tariffs, and review the impact of more recent efforts from Trump and Biden alike.

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Welcome back to the series, Perspectives on Peace, hosted by Chris Coyne. The first four episodes of this series will focus on The Legacy of Robert Higgs (Mercatus Center, 2024) and will feature a collection of short interviews with many of the chapter authors.

This episode focuses on state power, peaceful cooperation, and the regime uncertainty of Robert Higgs, featuring authors Ed Stringham on “Two Paths toward Anarcho-pacifism: Lessons from Christianity and Modern Economics”, and Don Boudreaux on “Regime Uncertainty and Market Uncertainty.” In their conversations, the authors explain their motives for writing and summarize their respective chapters.

• Edward P. Stringham is the Shelby Cullom Davis Professor of American Business and Economic Enterprise at Trinity College. Ed is an alum of the Mercatus PhD Fellowship.
• Donald J. Boudreaux is a Senior Fellow at the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University and a Professor of Economics at George Mason University.

Learn more about Chris Coyne’s work as Director of the Initiative for the Study of a Stable Peace (ISSP).

If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.

Virtual Sentiments, our new podcast series from the Hayek Program is streaming! Subscribe today and listen to seasons one and two.

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CC Music: Twisterium

Americans throw away 320 million books every year. How do some of them find a second life? Zachary Crockett is just browsing. 

 

• SOURCE:
  • Francisco Hernandez, owner of Leaves bookstore.

 

• RESOURCES:
  • "Reinventing Retail: The Novel Resurgence of Independent Bookstores," by Ryan L. Raffaelli (Harvard Business School Working Paper, 2020).
  • Gravity's Rainbow, by Thomas Pynchon (1973).
  • The Bluest Eye, by Toni Morrison (1970).
  • Leaves bookstore.

 

• EXTRA:
  • "Dying Is Easy. Retail Is Hard," by Freakonomics Radio (2024).

Windell Curole spent decades working to protect his community in southern Louisiana from the destructive flooding caused by hurricanes. His local office in South Lafourche partnered with the federal government's Army Corps of Engineers to build a massive ring of earthen mounds – also known as levees – to keep the floodwaters at bay.

But after Hurricane Katrina called into question the integrity of those levees, Windell decided to take a gamble that put him at odds with his partners in the Army Corps. He decided that the best thing he could do to protect his community was to go rogue and build his levees as tall as possible as quickly as possible, without federal permission.

On today's show, what the story of Windell's levee can teach us about how the federal government calculates and manages the risk of natural disasters, and how those calculations can look a lot different to the people staring straight into the eye of the storm.

This episode was hosted by Alexi Horowitz-Ghazi and Mary Childs. It was produced by Emma Peaslee and edited by Jess Jiang. It was fact checked by Sierra Juarez and engineered by Valentine Rodriguez Sanchez. Alex Goldmark is Planet Money's executive producer.

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