Think Like An Economist

By Betsey Stevenson & Justin Wolfers

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educational yet patronizing
 Sep 29, 2020


 Aug 17, 2020

Description

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.


Episode Date
The Financial Sector - Bonds, Stocks and Shares - should you or shouldn't you?
00:26:21

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.

Mar 02, 2021
Investment - Upfront costs for future gains
00:19:32

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.

Feb 23, 2021
Consumption and Saving - Spend Now or Save to Spend Later
00:18:46

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.

Feb 16, 2021
Assignment: Spending and Saving
00:00:53

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.


Feb 09, 2021
Inflation - When money loses its value
00:20:26

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.

Feb 02, 2021
Unemployment - Does joblessness have to mean hopelessness?
00:17:59

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.

Jan 26, 2021
Economic Growth - Improving our Lives
00:19:50

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.


Jan 19, 2021
Gross Domestic Product - Adding Up Everything We Do
00:21:01

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.

Jan 12, 2021
Thinking Big, Remembering Small - From Micro to Macro
00:05:44

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.

Jan 05, 2021
Private Information - I Know Something You Don’t Know
00:19:22

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

Dec 22, 2020
Price Discrimination - Why some people pay less
00:17:12

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

Dec 15, 2020
Market Power - Why businesses charge more
00:19:23

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.

Dec 08, 2020
Inequality - Understanding the Gap between Rich and Poor
00:17:55

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.

Dec 01, 2020
A New Treasury Secretary - Who is Janet Yellen and what will she do?
00:13:28

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.

Nov 24, 2020
Presidential Econ 101 - A To Do List
00:11:22

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.

Nov 17, 2020
The Labor Market - Live to Work, or Work to Live?
00:16:35

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.

Nov 10, 2020
Externalities - The Full Cost of the Choices we make
00:16:15

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.

Nov 03, 2020
International Trade - Cars from Corn
00:16:46

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.

Oct 27, 2020
Gains From Trade - Why Ringo played the drums
00:15:20

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.

Oct 20, 2020
Economic Surplus - Getting the Most out of Life
00:17:30

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.


Oct 13, 2020
When Governments Intervene - Taxes, Price & Quantity Regulations
00:17:50

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

Oct 06, 2020
Elasticity - What will you do when prices change?
00:17:33

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.

Sep 29, 2020
Equilibrium - Balance in a Busy World
00:17:41

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.

Sep 22, 2020
Supply - Getting the Best Out of What You Sell
00:17:24

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.

Sep 15, 2020
The Law of Demand - How You Choose to Buy
00:15:51

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.

Sep 08, 2020
Juggling Work and Childcare During a Pandemic
00:07:58

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.

Sep 02, 2020
Is now the time to improve yourself?
00:06:02

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.

Aug 25, 2020
Core Principle 1 - The Cost-Benefit Principle - The Pros & Cons
00:17:59

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.

Aug 18, 2020
Core Principle 4 - The Interdependence Principle - No Decision is an Island
00:11:46

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.

Aug 18, 2020
Core Principle 3 - The Marginal Principle - Just One More?
00:15:25

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.


Aug 18, 2020
Core Principle 2 - The Opportunity Cost Principle - Or What?
00:17:50

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.

Aug 18, 2020
Why Should You Think Like an Economist?
00:15:26

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.

Aug 04, 2020
Introducing: Think Like An Economist
00:01:58

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.

Jul 16, 2020