In this episode of Econ Nerds, hosts Matt Hill and Ariel Slonim discuss the recent legal challenges surrounding tariffs, the economic implications of presidential power over tariffs, and the collective action problems faced by Congress. They explore how uncertainty in tariff policies affects businesses and consumers, and delve into the broader economic concepts at play. The conversation also includes a fun news quiz that highlights various economic principles. Then they try to figure out the pricing strategies of Trader Joe's. Finally, Ariel and Matt debate the best place to get wands.

Chapters

00:00 Introduction and Personal Anecdotes

03:00 Tariff Pause and Legal Challenges

09:02 Congressional Power and Collective Action Problems

12:10 Impact of Tariffs on Business and Consumers

18:10 News Quiz and Economic Insights

34:26 Understanding Trader Joe's Pricing Strategy

45:39 Consumer Surplus and Deadweight Loss

50:23 Experiential Marketing: The Magic of Harry Potter World

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