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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Planet Money - Worst. Tariffs. Ever. (update)
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.
Help support Planet Money by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. You get bonus episodes!
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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.
Help support Planet Money by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. You get bonus episodes!
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Hayek Program Podcast - Perspectives on Peace — State Power and the Regime Uncertainty of Robert Higgs
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.
Follow the Hayek Program on Twitter: @HayekProgram
Learn more about Academic & Student Programs
Follow the Mercatus Center on Twitter: @mercatus
CC Music: Twisterium
The Economics of Everyday Things - 73. Used Bookstores
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).
Planet Money - There Will Be Flood
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.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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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.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
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Planet Money - George Soros vs. the Bank of England
As people learn more about Donald Trump's pick for Treasury Secretary, Scott Bessent, one story comes up over and over: a legendary trade that he played a small part in while he worked at George Soros' hedge fund in the 1990s.
In 1992, Soros' fund set its sights on the British pound, betting that some time in the fall of that year, the pound would plummet in value. Opposing them in this trade was the Bank of England, which was determined to keep its currency stable. The financial battle that followed was intense and proved to be a watershed moment in the balance of power between markets and governments.
On today's show, we speak to Robert Johnson, a former managing director at Soros' fund, for a blow-by-blow account of those fateful days in 1992.
This episode was hosted by Keith Romer and Alex Goldmark. It was produced by Willa Rubin 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.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Learn more about sponsor message choices: podcastchoices.com/adchoices
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In 1992, Soros' fund set its sights on the British pound, betting that some time in the fall of that year, the pound would plummet in value. Opposing them in this trade was the Bank of England, which was determined to keep its currency stable. The financial battle that followed was intense and proved to be a watershed moment in the balance of power between markets and governments.
On today's show, we speak to Robert Johnson, a former managing director at Soros' fund, for a blow-by-blow account of those fateful days in 1992.
This episode was hosted by Keith Romer and Alex Goldmark. It was produced by Willa Rubin 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.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Learn more about sponsor message choices: podcastchoices.com/adchoices
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Planet Money - How useful, really, are the steps you can take after a data breach?
The dreaded data breach notification... It tells you your personal data's been compromised and suggests steps you can take to minimize the potential harm. On today's episode, Kenny Malone pulls out a data breach letter he received and goes over what it recommends with Amanda Aronczyk. Amanda recently did a show about the legal and illegal markets for data and tells us how useful these steps actually are. It's news you can use to protect yourself, whether or not you've been part of a data breach!
This normally would be a bonus episode just for Planet Money+ listeners. With this being the season of giving, we're sharing this one with everyone! To hear more bonus content like this, regular episodes sponsor-free, and support the work of NPR, sign up for Planet Money+ at plus.npr.org.
Related links:
Data Breach Response: A Guide for Business (FTC)
Have you been affected by a data breach? (FTC)
Your Technology Is Tracking You. Take These Steps For Better Online Privacy (Life Kit)
What happens after you get scammed? Can you get your money back? (Planet Money)
Firewalls Don't Stop Dragons (cybersecurity and privacy podcast)
DeleteMe (personal data removal service)
Experian (credit bureau)
TransUnion (credit bureau)
Equifax (credit bureau)
Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
This normally would be a bonus episode just for Planet Money+ listeners. With this being the season of giving, we're sharing this one with everyone! To hear more bonus content like this, regular episodes sponsor-free, and support the work of NPR, sign up for Planet Money+ at plus.npr.org.
Related links:
Data Breach Response: A Guide for Business (FTC)
Have you been affected by a data breach? (FTC)
Your Technology Is Tracking You. Take These Steps For Better Online Privacy (Life Kit)
What happens after you get scammed? Can you get your money back? (Planet Money)
Firewalls Don't Stop Dragons (cybersecurity and privacy podcast)
DeleteMe (personal data removal service)
Experian (credit bureau)
TransUnion (credit bureau)
Equifax (credit bureau)
Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
The Economics of Everyday Things - Greeting Cards (Replay)
The tradition of sending cards to loved ones was in decline — until it was rescued by a new generation. But millennials have their own ideas about what sentiments they want to convey. Zachary Crockett is thinking of you on your special day.
- SOURCES:
- Mia Mercado, writer and former editor at Hallmark.
- George White, president of Up With Paper and former president of the American Greeting Card Association.
- RESOURCES:
- 34th Louie Awards - Finalists & Winners, (2022-2023).
- "Season’s (and Other...) Greetings," by Maria Ricapito (Marie Claire, 2020).
- "Hallmark Greeting Cards Have Adjusted to the Digital Revolution," by Trent Gillies (CNBC, 2017).
- "Testimony of Don Hall, Jr. President and CEO of Hallmark Cards, Inc. Before a Joint Hearing of the Senate Subcommittee on Federal Financial Management, Government Information, Federal Services and International Security and the House, Postal Service and the District of Columbia" (2010).
Planet Money - Why you bought your couch
You probably own a chair or a table or a sofa. And you probably think you know why you bought it. Because it was comfy. Or blue. Or the right price. But what if the style, the color, the cost, maybe even whether you would like it, were choices made for you years before you even thought about buying that piece of furniture.
Today on the show: The city that makes or breaks the furniture world. We travel to High Point, North Carolina and meet the people who make the bets – on whether or not you'll want that comfy blue couch.
This episode was hosted by Amanda Aronczyk and Erika Beras. It was produced by James Sneed with help from Willa Rubin. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Today on the show: The city that makes or breaks the furniture world. We travel to High Point, North Carolina and meet the people who make the bets – on whether or not you'll want that comfy blue couch.
This episode was hosted by Amanda Aronczyk and Erika Beras. It was produced by James Sneed with help from Willa Rubin. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Hayek Program Podcast - Perspectives on Peace — The Industrial Complexes of Robert Higgs
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 the military and health industrial complexes of Robert Higgs, featuring authors Nathan Goodman on “The Military-Industrial Complex and the Militarization of Society”, Raymond March on “What About the Healthcare State? Robert Higgs's Contribution to Health Economics”, and Yuliya Yatsyshina on “The War Industry as Economic Cancer.” In their conversations, the authors share the impact Robert Higgs has had on their life and career and dive into a short summary of their respective chapters.
- Nathan P. Goodman is a Senior Research Fellow and Senior Fellow at the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. Nathan is an alum of the Mercatus PhD Fellowship.
- Raymond J. March is an Assistant Professor of Economics at Angelo State University.
- Yuliya Yatsyshina is an Associate Program Director for Academic & Student Programs at the Mercatus Center at George Mason University. Yuliya is an alum of the Mercatus MA Fellowship.
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.
Follow the Hayek Program on Twitter: @HayekProgram
Learn more about Academic & Student Programs
Follow the Mercatus Center on Twitter: @mercatus
CC Music: Twisterium