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Think Like An Economist

Author: Betsey Stevenson & Justin Wolfers

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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.

42 Episodes
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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.SummaryCo-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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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