The Captured Economy

12Nov

Brink Lindsey and Steven Teles argue in their new book "The Captured Economy" that the last few decades have been characterized by an increase in political rent-seeking. Focusing on the financial sector, intellectual property laws, occupational licensure, and land use, they show how legislation has been captured by special interests in ways that slow growth and increase inequality. In this episode, Lindsey and Teles discuss how these policies distort various markets and cause upward redistribution, as well as the different ways we can work to better "rent-proof" our politics.

 

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Buy The Captured Economy here.

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Vernon Smith on Adam Smith and Experimental Economics

7Oct

Nobel Laureate Vernon Smith pioneered the use of experimental economics - using laboratory settings to better understand decision-making and economic behavior. Some of his experiments suggested more to human behavior than is typically modeled by modern economic methodology. In this episode, Vernon discusses his work in experimental economics and how 18th century Scottish economist and moral philosopher Adam Smith helped him develop a more complete view of human nature.

Music provided by the Benevolent Dictators from their upcoming album all about Adam Smith

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Stylized Facts and Inequality Discourse

2Oct

Generalized trends in real world observations can be boiled down to what are sometimes called "stylized facts," empirical regularities in search of theoretical and causal explanations. Simple statements like "democracies rarely go to war with each other" or "the share of income going to the top 1% has increased" enter into public discourse and eventually shape public policy. The process by which stylized facts go from raw observations to academic discourse to the public eye can be messy but incredibly influential on policy. Discourse regarding income inequality in the United States has specifically been shaped by the stylized facts that came out of available data during different periods. Dan Hirschman of Brown University discusses this process and its effects on public policy.

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Nepalese Migration and Family Outcomes

24Aug

Political discourse on migration tends to focus on how the wages of natives in the receiving country respond to long-term migrants. In the case of Nepal, the story is a little different: a significant number of Nepalese men migrate temporarily to Gulf countries, sending remittances home but leaving women to run the households on their own. How does extra income affect the role of women in Nepalese communities? What does it mean for educational opportunities of the children? Nell Compernolle of the University of Michigan discusses the effects of this under-appreciated migration story and what insights it gives the world overall.

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The Ethics of Locavorism

13Aug

Consumers who "buy local" often cite the environmental benefits of reducing food miles, the economic effects of keeping money in the area, and the fostering of community ties through in-person commerce. Do the perceived benefits of buying local match up to the realities? When it comes to ethical food consumption, how important is it to buy local relative to other efforts? Carson Young of the University of Pennsylvania joins us for a fascinating discussion on locavorism.

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The Euro’s Growing Pains

13Apr

Bringing areas together under a common currency can increase labor mobility and decrease transaction costs. However, currency unions also bring with them a loss of monetary autonomy and difficulty regarding political, cultural, and legal integration. As the Euro Zone struggles to get back onto a steady path of economic growth more than six years after the onset of the financial crisis, it begs the question - does the Euro Zone work as a currency union?

**This is part of an upcoming series from the NYU Eurocrisis Discussion Group Podcast Series**
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Pedagogy and Homer Economicus

11May

We know economics is all around us, but spotting everyday examples and understanding the intricacies aren't always immediately obvious. Could economics be more effectively taught if the "invisible hand" has four fingers? Is there such thing as a free Duff? We talk with Joshua Hall of West Virginia University about his new book "Homer Economicus: The Simpsons and Economics" and using popular media like The Simpsons to help teach students about economics. 
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Harry Potter and the Laws of Muggle Economics

6Apr

Despite the amazing abilities of the witches and wizards in Harry Potter, the characters are still bound by many of the fundamental economic principles we observe in the muggle world. But would Harry be better off facing Voldemort on his own rather than hanging around characters like Ron and Hermione? Is the ownership of house elves rational? If we reject trade, are we bound to go down a road to becoming Lucius Malfoy? We talk with Marta Podemska-Mikluch of Beloit College about the economic themes found in the Harry Potter series and see how many of the problems Harry faces can be observed through an economist's lens.

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Droughts, Olympics, and Wilt Chamberlain

29Mar

Can water shortages like those in California be left in the hands of the market? Is it beneficial to host the Olympics? Where does the name Upset Patterns come from? We reach inside our mailbag and answer listener-submitted questions in this special episode covering three mini-topics.

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Bitcoin

10Mar

Our concept of money is so engrained in our day-to-day life that it's hard to imagine money in any other form. Unlike fiat paper currency, Bitcoin is a virtual currency that instead of being printed by a central bank like the Federal Reserve exists only on an electronic ledger of transactions. Its proponents point to its ease of exchange and independence from the manipulation of governments. Opponents find it unstable and unlikely to realistically compete with existing currencies. We talk to William Luther, Assistant Professor of economics at Kenyon College, to figure out how Bitcoin works, what its strengths and weaknesses are, and what its future looks like.

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