Phelps on Unemployment and the State of Macroeonomics

Garett Jones on Macro and Twitter: Garett Jones talks with host Russ Roberts about the art of communicating economics via puzzles and provocative insights and Jones's Twitter strategy of posting quotes and puzzles. Are earmarks good? bad? What does the new workplace mean for productivity? by EconTalk Archives, 2010

64 min listen

De Vany on Steroids, Baseball, and Evolutionary Fitness: Arthur De Vany talks with host Russ Roberts about performance-enhancing drugs in baseball and Evolutionary Fitness, De Vany's ideas about diet and fitness. He argues that there is little physiological or statistical evidence that steroid use increases home run totals in baseball. The 2nd part of the conversation turns to De Vany's theories of diet and exercise. De Vany argues that our diet and exercise regime should take account of our evolutionary origins, an earlier time when we ate no grains and our exercise was a mix of intense activity punctuated by much milder activity. He argues that jogging is unhealthy and that we would live longer and feel better if we followed a different exercise routine than most Americans do today. by EconTalk Archives, 2010

66 min listen

Spence on Growth by EconTalk Archives, 2010

67 min listen

Belongia on the Fed: Michael Belongia talks with host Russ Roberts about the inner workings, politics, and economics of the Federal Reserve. Belongia talks about the role that power and politics play in Federal Reserve decision-making and how various Fed chairs used their power to suppress dissent within the Fed that was critical of Fed policy. He argues that the Fed faces an unresolvable dilemma when asked to achieve the multiple goals of full employment and price stability using only the federal funds rate as a policy lever. The discussion concludes with Belongia's indictment of the monetary data that the Fed produces. by EconTalk Archives, 2010

75 min listen

Munger on Many Things: Mike Munger talks with host Russ Roberts about many things. Listeners sent in questions for Mike and Russ to talk about. They chose ten of the most interesting questions with the idea of talking about each for six minutes. The topics are the scarcity of clean water, asset bubbles, the role of Fannie and Freddie in the financial crisis, can a business pass a tax on to its customers (or maybe even its workers), compassionate food, the study of economics, how to choose a college, the nature of cooperation in a modern economy, the humanity of non-profits, and the American Dream. by EconTalk Archives, 2010

73 min listen

Rustici on Smoot-Hawley and the Great Depression: Thomas Rustici, author of Lessons from the Great Depression, talks with host Russ Roberts about the impact of the Smoot-Hawley Act on the economy. The standard view is that the decrease in trade that followed Smoot-Hawley was not big enough to be a significant contributor to the Great Depression. Rustici argues that this Keynesian approach that looks at aggregate spending misses a crucial mechanism for understanding the impact of Smoot-Hawley. He focuses on the impact of Smoot Hawley on bank closings and the money supply. Smoot-Hawley launched an international trade war that reduced world trade dramatically. This had large concentrated regional effects in the United States and around the world in areas that depended on trade. Those were the areas where the first banks collapsed, contracting the money supply via the fractional reserve banking system. Rustici argues that the Keynesian indictment of the price system ignores the policy fail by EconTalk Archives, 2010

85 min listen

$Rustici on Smoot-Hawley and the Great Depression: Thomas Rustici, author of Lessons from the Great Depression, talks with host Russ Roberts about the impact of the Smoot-Hawley Act on the economy. The standard view is that the decrease in trade that followed Smoot-Hawley was not big enough to be a significant contributor to the Great Depression. Rustici argues that this Keynesian approach that looks at aggregate spending misses a crucial mechanism for understanding the impact of Smoot-Hawley. He focuses on the impact of Smoot Hawley on bank closings and the money supply. Smoot-Hawley launched an international trade war that reduced world trade dramatically. This had large concentrated regional effects in the United States and around the world in areas that depended on trade. Those were the areas where the first banks collapsed, contracting the money supply via the fractional reserve banking system. Rustici argues that the Keynesian indictment of the price system ignores the policy fail$

Ritholtz on Bailouts, the Fed, and the Crisis: Barry Ritholtz, author of Bailout Nation, talks with host Russ Roberts about the recent history of bailouts, beginning with Lockheed and Chrysler in the 1970s and continuing through the current financial crisis. In addition to the government role in aiding ailing companies, Ritholtz looks at the role of the Fed in discouraging prudence through its efforts to keep asset prices and the stock market at high levels. The conversation closes with a discussion of what Ritholtz has learned from the crisis. by EconTalk Archives, 2010

74 min listen

Phelps on Unemployment and the State of Macroeonomics: Nobel Laureate Edmund Phelps talks with host Russ Roberts about the market for labor, unemployment, and the evolution of macroeconomics over the past century. The conversation begins with a discussion of Phelps's early contributions to the understanding of unemployment and the importance of imperfect information. Phelps put his contribution into the context of the evolution of macroeconomics showing how his models were related to those of Keynes, the Austrian School, and rational expectations. The conversation then turns to the issue of whether macroeconomics is making progress, particularly in understanding business cycles. The discussion concludes with the satisfactions of work and the role of creativity and dynamism. by EconTalk Archives, 2010

75 min listen

Newman on Low-wage Workers: Katherine Newman talks with host Russ Roberts about Newman's case studies of fast-food workers in Harlem. Newman discusses the evolution of their careers and fortunes over time along with their dreams, successes, and failures. The conversation concludes with lessons for public policy in aiding low-wage workers. by EconTalk Archives, 2010

61 min listen

Roberts on Smith, Ricardo, and Trade: Host Russ Roberts talks about the economics of trade, specialization, and comparative advantage. Roberts's monologue pulls together work by Smith, Ricardo, James Buchanan, Yong Yoon, and Paul Romer. Market size creates incentives for wealth via trade. by EconTalk Archives, 2010

62 min listen

Meyer on the Music Industry and the Internet: Steve Meyer, music industry veteran, talks with host Russ Roberts about the evolution of the music industry and the impact of the digital revolution. After discussing his background and experience in marketing at Capitol Records and elsewhere, Meyer argues for the virtues and potential of the internet in enhancing the music industry. He points out that the internet allows numerous artists to make money through their music and particularly enhances revenue from live performances. He describes the challenges facing record companies as a failure of imagination and suggests that the full potential of the internet as a distribution channel has yet to be fully exploited. by EconTalk Archives, 2010

68 min listen

Sumner on Growth and Economic Policy: Scott Sumner talks with host Russ Roberts about the last 30 years of economic policy and macroeconomic success and failure. Sumner argues that there was a neoliberalism revolution beginning in the 1980s around the world, an era of deregulation, privatization and falling marginal tax rates. Sumner argues that the states that liberalized the most had the most successful economic results. Roberts argues that it is difficult to assess the independent effect of various policy changes and points to many areas--in the United States at least--where government involvement increased in important parts of the economy, and Sumner responds. Sumner also talks about the importance of culture in economic performance. by EconTalk Archives, 2010

70 min listen