Category: 3-EconSometimeCommentary

(For our story on this year's Nobel in Economics, check out our daily show, The Indicator!)

Let's face it. Economics is filled with terms that don't always make sense to the average person. Terms that sometimes mean what you think they mean, but sometimes not at all. Not even close.

We surveyed 188 economists. And we asked them: What are the most misunderstood terms in the field of economics?

On today's show, their answers! Hear stories about near recessions, a problem with insurance, econ at your local movie theater, and... an economics term that will make undergrads blush. Strap in, and bring your popcorn!

This episode was hosted by Amanda Aronczyk and Alexi Horowitz-Ghazi. It was produced by Sam Yellowhorse Kesler with help from Sean Saldana. It was edited by Jess Jiang, engineered by Valentina Rodríguez Sánchez and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.

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Welcome 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, 2024) and will feature a collection of short interviews with many of the chapter authors.

On this episode, Chris Coyne and Don Boudreaux discuss the life and legacy of Robert Higgs as featured in the newly published edited volume, The Legacy of Robert Higgs (Mercatus Center, 2024). Coyne and Boudreaux emphasize Higgs’ work as an economist and economic historian, especially his influence on understanding economic history and the relationship between markets and political systems.

Boudreaux shares personal anecdotes about his friendship with Higgs and highlights the key works that have shaped Higgs' legacy, including Crisis and Leviathan and Competition and Coercion. They discuss his understanding of the 19th and 20th century American economy, his role in the development of “The Independent Review,” his arguments for maintaining skepticism about government power, and more.

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

Why are these 300-year-old instruments still coveted by violinists today? And how do working musicians get their hands on multimillion-dollar antiques? Zachary Crockett is not fiddling around.

 

• SOURCES:
  • Frank Almond, professional violinist.
  • Ziv Arazi, co-owner of Rare Violins of New York.
  • Bruno Price, co-owner of Rare Violins of New York.

 

• RESOURCES:
  • "When It Comes to String Instruments, Stradivariuses Are Still Pitch Perfect," by Ted Scheinman (Smithsonian Magazine, 2022).
  • "Study Confirms Superior Sound of Stradivari Is Due to How Wood Was Treated," by Jennifer Ouellette (Ars Technica, 2021).
  • "The Case of the Stolen Stradivarius," (FBI News, 2015).
  • "A High-Strung Market," by E. H. B. (The Economist, 2013).
  • "Violins For Music — And Investment Returns," by Michael S. Fischer (Financial Advisor, 2013).
  • "Stradivarius Fetches Record $16 Million in Charity Sale," (Reuters, 2011).

 

• EXTRA:
  • A Violin's Life, album series by Frank Almond (2013).

Even in our modern world with planes and jets and drones, the vast majority of goods are moved around the planet in cargo ships. Which means our ports are the backbone of our global economy. The longshoremans' strike closed the eastern ports for only three days, but those three days raised a lot of questions.

Like - why is a discount furniture store the fourth largest importer on the East Coast? How come so many bananas come through Wilmington, Delaware? Why do we need live frogs delivered into the US six times a month? And... how do we even keep track of all of these imports? On today's episode, we get into #PortFacts!

This episode was hosted by Kenny Malone and Amanda Aronczyk. It was produced by Sam Yellowhorse Kesler. It was edited by Audrey Quinn, and fact-checked by Dania Suleman. Engineering by Cena Loffredo and Kwesi Lee with an assist from Valentina Rodriguez Sanchez. Alex Goldmark is Planet Money's executive producer.

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Recently, the state of Washington embarked on an ambitious new plan to combat climate change. Taking a page from economics textbooks, the state instituted a statewide "cap and trade" system for carbon emissions. The state establishes a cap on the total amount of carbon pollution it is willing to allow each year, and then gives away or auctions off carbon emission permits that add up to that total. Companies can then trade those permits on the open market.

Economists love cap and trade plans because they establish a limit on carbon emissions while letting the market find the most efficient way for decarbonization to occur. But cap and trade has had a hard time catching on, especially in the U.S.

The stakes are high for Washington's new plan. If it succeeds, it could convince other states to implement their own versions, but if it fails, it might serve as a cautionary tale. On today's show, we take a look at how Washington's grand experiment with cap and trade is faring.

This episode was hosted by Keith Romer and Kenny Malone. It was produced by Emma Peaslee and edited by Emily Siner. It was fact checked by Sierra Juarez and engineered by Valentina Rodriguez Sanchez. Alex Goldmark is Planet Money's executive producer.

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Casinos think they can stop skilled gamblers from eking out a tiny edge at blackjack. Is that a losing bet? Zachary Crockett doubles down.

 

• SOURCES:
  • "Ben," former professional card counter.
  • Bill Zender, co-founder of Bill Zender and Associates casino consulting firm.

 

• RESOURCES:
  • "Blackjack Player Sues Ameristar Casino, City of Black Hawk Over Alleged Detainment for Card Counting," by Megan Ulu-Lani Boyanton (The Denver Post, 2023).
  • "Why Does the House Always Win? A Look at Casino Profitability," by J. B. Maverick (Investopedia, 2023).
  • "Counting the Cost," by Bill Zender (GGB News, 2022).
  • "Nevada Supreme Court Orders Casino To Pay Card Counter," by I. Nelson Rose (Gambling and the Law, 2017).
  • "Counting Cards Is Legal, But ..." by Mark Pilarski (Detroit Free Press, 2016).
  • "Card Counter Sues Planet Hollywood Over Detention, Confiscated Casino Chips," by Carri Geer Thevenot (Las Vegas Review-Journal, 2015).
  • "Real People Behind Story of '21' Discuss Film's Facts," by Ed Symkus (The State Journal-Register, 2008).
  • Blackbelt in Blackjack: Playing 21 as a Martial Art, by Arnold Snyder (1997).

 

• EXTRAS:
  • "How to Make Your Own Luck," by Freakonomics Radio (2020).
  • "The Economics of Sports Gambling (Replay)," by Freakonomics Radio (2020).
  • "Could the Next Brooklyn Be … Las Vegas?!" by Freakonomics Radio (2015).
  • 21, film by Robert Luketic (2008).

The lawyer commercial is almost an art form unto itself. Learned practitioners of the law doing whatever it takes to get your attention, from impressive dirt bike stunts to running around half naked. All so when you land in trouble, you don't have to think hard to remember their name. Odds are you can name one or two right now.

This world of law ads did not exist fifty years ago. Then, lawyers were not allowed to advertise. Not by law, by the exclusive organization that decides who gets to be a lawyer: state bars.

On today's episode, how that changed. How a couple of lawyers placing an ad in a local newspaper led to the inescapable world of law firm ads we know today. And, how the right to advertise got put on the same level as some of the most important, fundamental rights we have.

This episode was hosted by Nick Fountain and Jeff Guo. It was produced by Sam Yellowhorse Kesler with help from Sean Saldana. It was edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Valentina Rodríguez Sánchez. 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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(Note: A version of this episode originally ran in 2016.)

Back in 2016, things were pretty bad in Venezuela. Grocery stores didn't have enough food. Hospitals didn't have basic supplies, like gauze. Child mortality was spiking. Businesses were shuttering. It's one of the epic economic collapses of our time. And it was totally avoidable.

Venezuela used to be a relatively rich country. It has just about all the economic advantages a country could ask for: Beautiful beaches and mountains ready for tourism, fertile land good for farming, an educated population, and oil, lots and lots of oil.

But during the boom years, the Venezuelan government made some choices that add up to an economic time bomb.

Today on the show, we have an economic horror story about a country that made all the wrong decisions with its oil money. It's a window into the fundamental way that money works and how when you try to control it, you can lose everything.

Then, an update on Venezuela today. How it went from a downward spiral, to a tentative economic stabilization... amidst political upheaval.

This original episode is hosted by Robert Smith and Noel King. It was produced by Nick Fountain and Sally Helm. Today's update was hosted by Amanda Aronczyk, produced by Sean Saldana, fact checked by Sierra Juarez, and engineered by Neal Rauch. Alex Goldmark is our 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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Welcome to the series, Women and Policy, where Jessica Carges interviews women who work on policy research related to women.

On this episode, Jessica Carges chats with Courtney Joslin on contraceptive accessibility and women's healthcare. Courtney explains how geography, high costs, and shortages of healthcare workers increase the difficulty of accessing contraceptives, how new state-based policies may provide innovative solutions, and how increased access leads to higher education, increased earnings, and lower healthcare costs.

Courtney Joslin is a Resident Fellow and Senior Manager of the Project for Women and Families at the R Street Institute. Her work covers a range of issues such as telehealth, birth control, and economic mobility policy. Most recently, Courtney was the policy analyst for the Johnson Center for Political Economy at Troy University, where she worked with legislators and scholars on economic issues in Alabama. Courtney is an alum of the Mercatus MA Fellowship.

Learn more about Jessica Carges' work here.

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

Making money in the stock image business requires a sharp eye for trends, a very specific type of model, and a race against A.I. Zachary Crockett takes his shot.

 

• SOURCE:
  • Yuri Arcurs, C.E.O. and founder of PeopleImages.

 

• RESOURCES:
  • "The Last Stock Photographers Await Their Fate Under Generative A.I.," by Katie Deighton (The Wall Street Journal, 2024).
  • "The Impressive 100-Year History of Stock Photography: From Analog to A.I.," by Ivanna Attié (Stock Photo Secrets, 2024).
  • "How Much Can You Make Selling Stock Photos? — It’s Not as Profitable as it Used to Be," by Matic Broz (Photutorial, 2024).
  • "Confessions of a Stock Photography Model," by Andrew Kimler (Vox, 2016).