Think Like An Economist
Business & Finance
About
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 th...
Episodes
- Justin Wolfers Breaks Down the Week: Spirit, US Debt, and the AI Economy (with Stacey Vanek Smith)
Justin Wolfers and Stacey Vanek Smith discuss recent economic news, including the collapse of Spirit Airlines, U.S. debt levels, and the economic impact of artificial intelligence. They analyze how these developments affect everyday life a…
- Should We Actually Be Worried About the National Debt | Diving In
Justin Wolfers explores the economic implications of the U.S. national debt and federal budget deficits. The episode discusses whether current deficit levels are justified and the potential long-term consequences of persistent borrowing.
- Welcome to Platypus Economics
This episode introduces the podcast Think Like An Economist and its approach to explaining economics.
- Economics For All Your Decisions In Life - From Romance to Retirement
In the season finale of Think Like An Economist, hosts Betsey Stevenson and Justin Wolfers demonstrate how economic principles can be applied to significant life choices, such as relationships and financial planning.
- Useful Economics in Everyday Life
Professors Betsey Stevenson and Justin Wolfers explain how economics is relevant to everyday decisions and how economic tools can aid in making good choices. They share their methods for teaching economics to show its broad applicability.
- A Conversation with Emily Oster: The Economics of Pregnancy, Parenting and the Pandemic
Betsey Stevenson and Justin Wolfers talk with economist Emily Oster about applying economic principles to understand pregnancy, parenting, and the pandemic.
- A Conversation with Larry Summers: The Influence of Economic Ideas and the Dangers of Secular Stagnation
Economist Larry Summers, a former World Bank chief economist and U.S. Treasury Secretary, joins Betsey Stevenson and Justin Wolfers to discuss the causes of secular stagnation in the global economy and the influence of economic ideas. They…
- A Conversation with Greg Mankiw: Financial Crisis, Recessions and Communicating Economics
Greg Mankiw, a prominent economist, joins Betsey Stevenson and Justin Wolfers to discuss lessons from financial crises, the waning of globalisation, and effective communication of economic concepts.
- Behavioral Economics - We're only human!
This episode of Think Like An Economist features Betsey Stevenson and Justin Wolfers discussing behavioral economics. They explain how human psychology, including biases and habits, influences economic decision-making and offer guidance on…
- Making Decisions in an Uncertain World
Betsey Stevenson and Justin Wolfers discuss making decisions in uncertain environments on Think Like An Economist. They cover understanding risk, your reaction to it, and tools for risk reduction.
- Game Theory - Thinking Strategically
Betsey Stevenson and Justin Wolfers explore strategic decision-making in business and life, discussing cooperation, coordination, and outlining four key steps for making sound strategic choices. The episode aims to guide listeners on how t…
- Business Strategy - How to boost profitability
Betsey Stevenson and Justin Wolfers explain how entrepreneurs identify profit opportunities and introduce the five forces that determine business profitability. Nastaran Tavakoli-Far is the co-host.
- Entry, Exit and Long-Run Profitability - How to get ahead in the Market
Betsey Stevenson and Justin Wolfers explore strategies managers use to maintain profitability and deter new market entrants. They also examine why businesses may act to stifle healthy competition.
- Why wages vary - Why some of us get paid more than others
This episode discusses why some individuals earn significantly more than others, how jobs are valued, and offers advice on securing better wages. Hosts Betsey Stevenson and Justin Wolfers provide guidance on navigating the job market.
- Think Like An Economist gets back to business
Economists Betsey Stevenson and Justin Wolfers are back for a new season of Think Like An Economist, designed as a mini-MBA. The season will focus on economic tools to help listeners make wise business decisions.
- Aggregate Demand & Aggregate Supply
Betsey Stevenson and Justin Wolfers explain how aggregate demand and supply curves can be used to forecast economic output and price levels. This macroeconomic perspective helps diagnose economic problems and determine appropriate policy r…
- Budget Deficits and Government Debt
Betsey Stevenson and Justin Wolfers discuss record government deficits and debt levels. They explain the reasons behind government borrowing, assess the sustainability of this debt, and address whether these issues warrant public concern.…
- Fiscal Policy - Government Spending and Taxes
Betsey Stevenson and Justin Wolfers, with co-host Nastaran Tavakoli-Far, explain how government spending and taxes, representing significant economic levers, can be adjusted by policymakers to help maintain economic stability. This episode…
- Monetary Policy - The Financial Levers That Tame Business Cycles
Betsey Stevenson and Justin Wolfers explain how Central Banks, like the Federal Reserve, use monetary policy, including setting interest rates, to manage inflation and unemployment for economic stability. The episode delves into the Fed's…
- The Fed Model - Predicting what will happen to the Economy
Betsey Stevenson and Justin Wolfers explain the Fed Model, a key tool for economists and financiers, used to navigate economic shocks like the Covid pandemic by examining macroeconomic relationships.
- Inflation and the Phillips Curve
Betsey Stevenson and Justin Wolfers explore the causes of inflation, explaining how consumer expectations, demand shifts, and supply problems lead to higher prices. Nastaran Tavakoli-Far is the co-host.
- Connecting Interest Rates & Output
Betsey Stevenson and Justin Wolfers identify the interest rate as the most crucial price in the economy. They explain how it originates and influences all economic spending, utilizing the IS-MP model for policy.
- The Boom and Bust of Business Cycles
Betsey Stevenson and Justin Wolfers discuss the nature of business cycles, explaining expansions and recessions. They provide tools to help understand economic fluctuations and their global impact.
- Exchange Rates & International Finance - The flow of currencies around the world
Betsey Stevenson and Justin Wolfers explain the impact of currency exchange rates on international finance, including how they influence the price of goods like bread and the advantages of a strong currency.
- The Financial Sector - Bonds, Stocks and Shares - should you or shouldn't you?
Betsey Stevenson and Justin Wolfers discuss investing in financial markets, covering bonds, stocks, and shares, and offer advice for listeners considering market investments.
- Investment - Upfront costs for future gains
Betsey Stevenson and Justin Wolfers explain how businesses make investment decisions by considering upfront costs versus future gains. The episode also offers advice on applying these concepts to personal investment choices like education…
- Consumption and Saving - Spend Now or Save to Spend Later
Betsey Stevenson and Justin Wolfers guide listeners on making optimal spending and saving decisions throughout life, explaining their macroeconomic implications. The episode is co-hosted by Nastaran Tavakoli-Far.
- Assignment: Spending and Saving
The Think Like An Economist podcast will return next week with an episode focusing on consumption and savings. This week features a break for the hosts, Betsey, Justin, and Nas.
- Inflation - When money loses its value
This episode of Think Like An Economist features Betsey Stevenson and Justin Wolfers explaining the concept of inflation, discussing its impact on the cost of living and the value of money, and offering advice on how individuals can protec…
- Unemployment - Does joblessness have to mean hopelessness?
In this episode of Think Like An Economist, Betsey Stevenson and Justin Wolfers delve into the challenges of unemployment, discussing its emotional toll and potential economic solutions for getting people back to work. The conversation exp…
- Economic Growth - Improving our Lives
Betsey Stevenson and Justin Wolfers explain how economic growth, fueled by skilled workers, investments, and innovation, leads to better lives. New ideas and innovation are key drivers of economic progress.
- Gross Domestic Product - Adding Up Everything We Do
This episode of Think Like An Economist explores Gross Domestic Product (GDP), detailing how it quantifies economic activity through output, spending, and income. Hosts Betsey Stevenson and Justin Wolfers also highlight aspects of society…
- Thinking Big, Remembering Small - From Micro to Macro
Betsey Stevenson and Justin Wolfers discuss the transition from microeconomics to macroeconomics, explaining how individual choices impact the broader economy and how macroeconomic tools can be used to improve societal well-being.
- Private Information - I Know Something You Don’t Know
Betsey Stevenson and Justin Wolfers discuss how information asymmetries create mistrust in business and explore ways to restore trust. Nastaran Tavakoli-Far is co-host and Alastair Elphick is the editor.
- Price Discrimination - Why some people pay less
Betsey Stevenson and Justin Wolfers explore price discrimination, explaining how discounts for groups like the elderly or students help businesses maximize profits by attracting more customers with a sophisticated pricing strategy. Nastara…
- Market Power - Why businesses charge more
Betsey Stevenson and Justin Wolfers discuss market power, explaining that businesses with less competition can charge higher prices. They delve into how market competition shapes both prices and profits.
- Inequality - Understanding the Gap between Rich and Poor
Justin Wolfers and Betsey Stevenson discuss the challenges of economic mobility and the factors contributing to inequality. They examine how backgrounds and opportunities influence economic standing and explore potential solutions for crea…
- A New Treasury Secretary - Who is Janet Yellen and what will she do?
This episode of Think Like An Economist features Justin Wolfers and Betsey Stevenson discussing Janet Yellen's appointment as the new Treasury Secretary. They reflect on her economic expertise and anticipate the decisions she will make.
- Presidential Econ 101 - A To Do List
Justin Wolfers provides economic advice for the new U.S. president on addressing economic challenges and preparing for future shocks. This episode is part of the 'Think Like An Economist' podcast.
- The Labor Market - Live to Work, or Work to Live?
Justin Wolfers and Betsey Stevenson offer guidance on making sound decisions regarding employment, salary, and hiring for both workers and employers. The episode focuses on navigating the labor market effectively.
- Externalities - The Full Cost of the Choices we make
This episode explores externalities, where individual choices like mask-wearing or smoking impact others. Economists Betsey Stevenson and Justin Wolfers examine how policymakers can account for these external effects.
- International Trade - Cars from Corn
Economists Betsey Stevenson and Justin Wolfers discuss the benefits of international trade for consumers and producers. They explain how countries utilize their strengths in the global marketplace.
- Gains From Trade - Why Ringo played the drums
Betsey Stevenson and Justin Wolfers explain the economic concept of comparative advantage and how it can be applied to delegating tasks within a household, drawing from their experience writing an economics textbook.
- Economic Surplus - Getting the Most out of Life
Economists Betsey Stevenson and Justin Wolfers explore the concept of economic surplus, explaining how individuals can identify trades that provide more value than their cost. Co-host Nastaran Tavakoli-Far.
- When Governments Intervene - Taxes, Price & Quantity Regulations
Economists Justin Wolfers and Betsey Stevenson discuss how government intervention, such as taxes and regulations, influences markets. They explain these concepts using a jar of coins as an example.
- Elasticity - What will you do when prices change?
Betsey Stevenson and Justin Wolfers explore elasticity, examining how responsive consumers and producers are to price fluctuations. The discussion covers why these responses occur.
- Equilibrium - Balance in a Busy World
Economists Betsey Stevenson and Justin Wolfers explain market equilibrium, the point where supply meets demand. They discuss how markets function as buyers and sellers negotiate business.
- Supply - Getting the Best Out of What You Sell
Betsey Stevenson and Justin Wolfers, authors of a 21st-century economics textbook, explain the decisions behind how much to sell, a topic relevant to both business and home. Co-hosted by Nastaran Tavakoli-Far.
- The Law of Demand - How You Choose to Buy
Betsey Stevenson and Justin Wolfers discuss the Law of Demand, offering insights on how buyers can stay in control and make the principle work to their advantage.
- Juggling Work and Childcare During a Pandemic
This episode of Think Like An Economist features Betsey and Justin offering guidance on balancing work and childcare during a pandemic, and considering the future career implications of these choices.