Platypus Economics with Justin Wolfers

Economics For All Your Decisions In Life - From Romance to Retirement

Tue, 14 Dec 2021 05:00:00 +0000

Think Like An Economist has taken you on a journey through the economic principles, showing you the tools of economics, and how they can be applied at home and at work. In this season finale, Betsey Stevenson and Justin Wolfers reveal the big life choices they've made using those tools of economics, and how you can apply economics to help make decisions throughout your life.

Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.

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Useful Economics in Everyday Life

Tue, 07 Dec 2021 05:00:00 +0000

We're all actors in the economy, with different habits, dilemmas and choices. And economics is about everyday decisions in our daily lives as much as it is about government policy. As economics professors, Betsey Stevenson and Justin Wolfers have honed the ways to show how economics involves everyone. They discuss their method of teaching economics, and the way they show that economic tools can help us all make good decisions.

Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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A Conversation with Emily Oster: The Economics of Pregnancy, Parenting and the Pandemic

Tue, 30 Nov 2021 05:00:00 +0000

Emily Oster is one of the most interesting economists in the world, and she uses the tools of economics in everything she does. Betsey Stevenson and Justin Wolfers explore Emily's thoughts about how economic ideas can provide useful insight for parents and families. This audio course is about how to think like an economist, and Emily models exactly how to do this.

Editor: Alastair Elphick. A Modulated Media production.

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A Conversation with Larry Summers: The Influence of Economic Ideas and the Dangers of Secular Stagnation

Tue, 09 Nov 2021 05:00:00 +0000

Larry Summers has been at the forefront of economic thinking for decades - a World Bank chief economist, Professor at Harvard and U.S. Treasury Secretary. He's also warned that the global economy is in the midst of secular stagnation. In this episode, he tells Betsey Stevenson and Justin Wolfers why the economy is stagnant, in spite of low interest rates. The three economists also discuss why their field is so influential, and Larry reveals how policy makers get things done.

Editor: Alastair Elphick. A Modulated Media production.

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A Conversation with Greg Mankiw: Financial Crisis, Recessions and Communicating Economics

Tue, 02 Nov 2021 05:00:00 +0000

Professor Greg Mankiw is one of the most influential economists today: a New Keynesian, advisor to Presidents, and a good friend of Betsey Stevenson and Justin Wolfers. In this episode, the three of them discuss what we can learn from financial crises, why globalisation has lost its shine, and how best to communicate economic ideas.

Editor: Alastair Elphick. A Modulated Media production.

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Behavioral Economics - We're only human!

Tue, 21 Sep 2021 04:00:00 +0000

We all can make mistakes when faced with choices. Biases and old habits can get in the way of good economic decision making. Betsey Stevenson and Justin Wolfers discuss the way our psychology affects our decisions, and they show how to make better judgements and assess the risks.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Making Decisions in an Uncertain World

Tue, 14 Sep 2021 04:00:00 +0000

Uncertainty and risk are all around us. So how can we make good decisions when we don't know what will happen? Betsey Stevenson and Justin Wolfers show you how to understand risk, and your reaction to it, as well as giving you the tools to help reduce risk.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Game Theory - Thinking Strategically

Tue, 07 Sep 2021 04:00:00 +0000

In business, as in life, we often have to make decisions based on what others choose. But how do we make the right strategic decisions? Betsey Stevenson and Justin Wolfers unpick the problems of strategic cooperation and coordination, and show you the four steps for making good strategic decisions. You now have two choices - to listen to this episode, or not!

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Business Strategy - How to boost profitability

Tue, 31 Aug 2021 04:00:00 +0000

Great entrepreneurs identify opportunities for long-term profits before other people can. Betsey Stevenson and Justin Wolfers will help you learn how to spot your business opportunities and show you the five forces that determine profitability.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Entry, Exit and Long-Run Profitability - How to get ahead in the Market

Tue, 24 Aug 2021 04:00:00 +0000

If there are profits to be made, entrepreneurs will be there to start their business. But how can they stay ahead of the competition and deter new rivals from entering the market? Betsey Stevenson and Justin Wolfers guide you through the choices managers make to remain profitable, and explain why businesses try to crush healthy competition.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Why wages vary - Why some of us get paid more than others

Tue, 17 Aug 2021 04:00:00 +0000

Why do some people earn so much more than others? How does society value certain jobs over other jobs - and how can we make sure we get a higher wage? Betsey Stevenson and Justin Wolfers help navigate the vagaries of the job market, and have some advice how to get the best wage deal.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Think Like An Economist gets back to business

Tue, 10 Aug 2021 04:00:00 +0000

Economists Betsey Stevenson and Justin Wolfers are back to help you think like an economist. This season is our mini-MBA, and we'll unpack even more economic tools, with a focus on showing you how to make wise business decisions.

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Aggregate Demand & Aggregate Supply

Tue, 11 May 2021 04:00:00 +0000

It's time to explore macroeconomics from a new yet familiar perspective, using economy-wide supply and demand curves to forecast the economy's total output and average price level. Betsey Stevenson and Justin Wolfers show you how this perspective can help you diagnose the economy's ills, and prescribe the appropriate policy medicine.

Summary

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Budget Deficits and Government Debt

Tue, 04 May 2021 04:00:00 +0000

Government deficits and debt are at record levels in many countries, provoking widespread anxiety. Betsey Stevenson and Justin Wolfers explain why governments run deficits and rack up debt, whether they're likely to be sustainable, and if you really need to worry.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Fiscal Policy - Government Spending and Taxes

Tue, 27 Apr 2021 04:00:00 +0000

There's no bigger player in the economy than the government, which can adjust billions of dollars worth of taxes and spending. Betsey Stevenson and Justin Wolfers explain how policymakers can adjust these levers to keep the economy on track.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Monetary Policy - The Financial Levers That Tame Business Cycles

Tue, 20 Apr 2021 04:00:00 +0000

Central Banks around the world, such as the Federal Reserve, work to keep the economy running smoothly. They set interest rates and adjust financial conditions to keep inflation and unemployment stable and low. Betsey Stevenson and Justin Wolfers take you to the heart of the Fed's decision making process, and explain how those decisions affect your life and the broader economy.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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The Fed Model - Predicting what will happen to the Economy

Tue, 13 Apr 2021 04:00:00 +0000

When a shock such as the Covid pandemic sends waves through the global economy, how do economists find ways to respond? Betsey Stevenson and Justin Wolfers guide you through the Fed Model - the mainstay of policy makers and financiers around the world. They examine the key relationships in the macroeconomy and the shocks that destabilise them.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Inflation and the Phillips Curve

Tue, 30 Mar 2021 03:00:00 +0000

Why do we end up paying higher prices than we used to? And what are the main causes of this economy-wide inflation? Betsey Stevenson and Justin Wolfers talk us through how expectations influence inflation, and how greater demand, and problems with supply can push up prices.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Connecting Interest Rates & Output

Tue, 23 Mar 2021 04:00:00 +0000

What is the most important price in the economy? Betsey Stevenson and Justin Wolfers say that it's the interest rate, and they dig into where it comes from, and how it drives all spending in the economy. These big ideas yield a framework called the IS-MP model which policymakers use to help devise fiscal and monetary policies to kick-start the economy.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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The Boom and Bust of Business Cycles

Tue, 16 Mar 2021 05:00:00 +0000

Even economists find navigating the ups and downs of expansions and recessions tricky. With the COVID-19 recession still affecting millions around the world, Betsey Stevenson and Justin Wolfers help you make sense of the business cycles that affect all of our lives. And they have some handy tools to help you understand where the economy is headed.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Exchange Rates & International Finance - The flow of currencies around the world

Tue, 09 Mar 2021 05:00:00 +0000

How can a change in the currency markets change the price of a loaf of bread? And is a strong currency useful? Betsey Stevenson and Justin Wolfers explain how imports and exports are affected by foreign exchange markets.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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The Financial Sector - Bonds, Stocks and Shares - should you or shouldn't you?

Tue, 02 Mar 2021 05:00:00 +0000

Are you thinking about investing in the Financial Markets? Should you put some of your retirement savings into bonds, or stocks and shares? Betsey Stevenson and Justin Wolfers explain how you can invest and have some simple words of advice for you.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.

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Investment - Upfront costs for future gains

Tue, 23 Feb 2021 05:00:00 +0000

When businesses invest, they're weighing upfront costs against future gains. Betsey Stevenson and Justin Wolfers show you how executives make smart investment decisions, and how you can use the same ideas to figure out whether to invest in your education, your health, or your financial future.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Consumption and Saving - Spend Now or Save to Spend Later

Tue, 16 Feb 2021 05:00:00 +0000

We all make decisions about when to spend our money and when to save for our future selves. Betsey Stevenson and Justin Wolfers show you the tools to make the right spending and saving choices at different times of your life, and what it all means for the macroeconomy.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Assignment: Spending and Saving

Tue, 09 Feb 2021 05:00:00 +0000

The Think Like An Economist team are taking a break this week, but we'll be back next week to look at consumption and savings. See you then, Betsey, Justin and Nas.

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Inflation - When money loses its value

Tue, 02 Feb 2021 05:00:00 +0000

We might watch the inflation rate to see how the cost of living is changing, and how our money changes value over time. But what happens when we can't trust money any more? Betsey Stevenson and Justin Wolfers explain inflation - what it is, the harm it can do, and how you can protect yourself against it.

Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Unemployment - Does joblessness have to mean hopelessness?

Tue, 26 Jan 2021 05:00:00 +0000

Being unemployed can be very stressful, so what can economists do to help people back to work? Betsey Stevenson and Justin Wolfers discuss what it means to be jobless, and what to do if you're unlucky enough to lose your job.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Economic Growth - Improving our Lives

Tue, 19 Jan 2021 05:00:00 +0000

When an economy grows, we live better lives. Betsey Stevenson and Justin Wolfers show you how economic growth is fuelled by the mix of skilled workers, the right investments and new ideas. As one idea leads to another, innovation helps boost the economy and can make the world a better place.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Gross Domestic Product - Adding Up Everything We Do

Tue, 12 Jan 2021 05:00:00 +0000

We're diving into Macroeconomics with a look at Gross Domestic Product and how it counts everything in the economy - from output, to spending and the income earned. And Betsey Stevenson and Justin Wolfers also show you how even the great yardstick that is GDP ignores some vital elements of society.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Thinking Big, Remembering Small - From Micro to Macro

Tue, 05 Jan 2021 05:00:00 +0000

Now we've learned the tools of microeconomics, it's time to step up to macro. Betsey Stevenson and Justin Wolfers are here to show you how millions of individual microeconomic decisions affect the macroeconomic world - and how macroeconomics gives decision makers the tools to make our lives better.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.

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Private Information - I Know Something You Don’t Know

Tue, 22 Dec 2020 05:00:00 +0000

What happens when you know something that others don't? Or they know something you don't? These information asymmetries can great create a fog of mistrust, and doing business can get tricky. Betsey Stevenson and Justin Wolfers help clear the economic fog, and find ways to restore that trust.

Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production

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Price Discrimination - Why some people pay less

Tue, 15 Dec 2020 05:00:00 +0000

Discounts for the elderly or students may seem generous - but they win more customers. When businesses ask how they can make as much money as possible from each customer, they need a sophisticated pricing strategy. Betsey Stevenson and Justin Wolfers take a look at who gets a discount and why.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production

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Market Power - Why businesses charge more

Tue, 08 Dec 2020 05:00:00 +0000

What's the competition? When businesses have less competition, they have more market power and can raise their prices. Betsey Stevenson and Justin Wolfers explore competition in the market place and the way it shapes prices - and profit.

Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Inequality - Understanding the Gap between Rich and Poor

Tue, 01 Dec 2020 05:00:00 +0000

How hard is it to move out of poverty and up the economic ladder? Justin Wolfers and Betsey Stevenson explore how economic inequality is shaped by people's backgrounds and opportunities. And they look at the tools available for making a more equal society.

Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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A New Treasury Secretary - Who is Janet Yellen and what will she do?

Tue, 24 Nov 2020 05:00:00 +0000

America’s President-elect has made his choice for the new Secretary of the Treasury. Janet Yellen is an economist and friend of the Think Like an Economist team, Betsey Stevenson and Justin Wolfers. Before the election, Janet Yellen shared her thoughts on the power of thinking like an economist. And in this special episode, Justin reflects on what decisions Janet Yellen will be making.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.

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Presidential Econ 101 - A To Do List

Tue, 17 Nov 2020 05:00:00 +0000

The U.S. presidential election may be over, but what does the new president need to do to get the economy back on track and prepare for future shocks? In this special episode, Justin Wolfers has some economic advice for the new president. And of course, Betsey Stevenson will be back for the next episode.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.

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The Labor Market - Live to Work, or Work to Live?

Tue, 10 Nov 2020 05:00:00 +0000

What can you do to make sure you're working in the right job, and getting paid the right salary? Or, if you're the boss, how can you make sure you're making the right hiring decisions? Justin Wolfers and Betsey Stevenson show you how to make good decisions, as a worker or an employer.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Externalities - The Full Cost of the Choices we make

Tue, 03 Nov 2020 05:00:00 +0000

What happens when others benefit from your choices, like your decision whether or not to wear a mask? Or when your choices hurt others, like smoking? Economists Betsey Stevenson and Justin Wolfers delve into the world of externalities and explore how policy makers can help ensure effects on others are taken into account.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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International Trade - Cars from Corn

Tue, 27 Oct 2020 05:00:00 +0000

When countries do something well, they can sell that in the global market place. But how do consumers and producers get the most out of international trade? Economists Betsey Stevenson and Justin Wolfers explain how people around the world can benefit from international trade.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Gains From Trade - Why Ringo played the drums

Tue, 20 Oct 2020 04:00:00 +0000

Are you doing what you should be doing, and delegating tasks that others should do? Make sure you get the most out of your comparative advantage, as Betsey Stevenson and Justin Wolfers reveal how this economic tool helps run their household. They've written the economics textbook for the 21st century and want to share their love of economics with you.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Economic Surplus - Getting the Most out of Life

Tue, 13 Oct 2020 04:00:00 +0000

You know the joy of buying something that's worth more to you than what you paid? Or that jolt when you sell something for more than what it is worth to you? Leading economists Betsey Stevenson and Justin Wolfers reveal how to know whether our trades spark joy.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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When Governments Intervene - Taxes, Price & Quantity Regulations

Tue, 06 Oct 2020 04:00:00 +0000

How does government affect the market? And how can a jar of coins help you understand how taxes affect buyers and sellers. Leading economists Justin Wolfers and Betsey Stevenson have written the economics textbook for the 21st century, and share their insight on how the economy is influenced by government.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production

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Elasticity - What will you do when prices change?

Tue, 29 Sep 2020 04:00:00 +0000

When prices go up, buyers want less and sellers want more. But how much more? Economists Betsey Stevenson and Justin Wolfers discuss how responsive people are to price changes, and why.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Equilibrium - Balance in a Busy World

Tue, 22 Sep 2020 04:00:00 +0000

Where Supply meets Demand. Markets are everywhere, but what happens when buyers and sellers get down to business? Leading economists Betsey Stevenson and Justin Wolfers reveal how markets find their equilibrium

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Supply - Getting the Best Out of What You Sell

Tue, 15 Sep 2020 04:00:00 +0000

We're all suppliers. But how do we decide how much to sell? Economists and the authors of the 21st century textbook on economics, Betsey Stevenson and Justin Wolfers, steer us through the influences and decisions we face in business or in the home.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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The Law of Demand - How You Choose to Buy

Tue, 08 Sep 2020 08:00:00 +0000

Do you need to buy that? Should you buy one more? Economists Betsey Stevenson and Justin Wolfers explain how you as a buyer can stay in control - and how to make the Law of Demand work for you.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Juggling Work and Childcare During a Pandemic

Wed, 02 Sep 2020 19:46:04 +0000

Betsey and Justin help you figure out how to decide how much time to spend working versus looking after your family, when everyone needs more attention these days. Could the decisions you make now affect your career in the future?

We’ll be back with a full episode on September 8th, when we’ll be looking at the decisions you make as a buyer - that foundation of the economy, Demand.

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Is now the time to improve yourself?

Tue, 25 Aug 2020 08:00:00 +0000

Betsey & Justin are getting ready for another year of teaching economics. And with all the recent challenges in the world, Betsey and Justin have some real-world advice for you - does investing in skills or education make sense right now?

We'll be back on September 8th, looking at that old favourite - Demand.

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Core Principle 1 - The Cost-Benefit Principle - The Pros & Cons

Tue, 18 Aug 2020 08:00:00 +0000

Making a pros-and-cons list when you’re stuck isn’t a bad piece of advice, it’s actually a staple of Thinking Like An Economist. Betsey Stevenson and Justin Wolfers walk us through thinking about the costs and benefits of every decision, and also warn of red flags that can lead us astray.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Core Principle 2 - The Opportunity Cost Principle - Or What?

Tue, 18 Aug 2020 08:00:00 +0000

What would you do instead of taking that dream job? What would you eat for dinner instead of that burger? And how would you spend your lunch hour if not at the gym? Betsey Stevenson and Justin Wolfers get us to think about the next best alternative to anything, and how that can transform the decisions we make.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Core Principle 4 - The Interdependence Principle - No Decision is an Island

Tue, 18 Aug 2020 08:00:00 +0000

Buying an extra cup of coffee means less money for a cup of tea. It also means less coffee for the next person, it will change the prices of milk and sugar and effect the countries which make the coffee beans for your cup of joe. Betsey Stevenson and Justin Wolfers teach us about how our decisions are interlinked, and how this can help you to make better decisions.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Core Principle 3 - The Marginal Principle - Just One More?

Tue, 18 Aug 2020 08:00:00 +0000

How many hours should you work? How many people should you hire? How many children should you have? Betsey Stevenson and Justin Wolfers teach us how to make decisions about ‘how many’ of pretty much anything and in any circumstance.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Why Should You Think Like an Economist?

Tue, 04 Aug 2020 05:00:00 +0000

Want to make ‘no regrets decisions’? This podcast will teach you how! Betsey Stevenson and

Justin Wolfers are on a mission to equip everyone with key tools from economics that can

truly transform your life: from career dilemmas and financial conundrums to sorting out

complicated problems in your personal life, economics will help you. Let’s get stuck in.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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Introducing: Think Like An Economist

Thu, 16 Jul 2020 14:10:34 +0000

Think Like an Economist and you’ll see the world more clearly, empowering you to make better decisions at work, at home, and in your community. Leading economists Betsey Stevenson and Justin Wolfers will take you on a joyous romp through their field as they introduce you to the big ideas in economics, and show how you can apply them to live in your own life. Their signature approach reveals that every decision is an economic decision and this podcast uncovers the economic forces that shape the world around you. Betsey and Justin believe that economics is a superpower, and they want to teach you to fly.

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

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