Economics Happy Hour Podcast

Matt & Jadrian
Economics Happy Hour Podcast

A podcast & newsletter about two economists who love talking about all things economics. econhappyhour.substack.com

  1. HÁ 1 DIA

    2024 Gift-Giving Guide

    Looking for the perfect holiday gift for the economist in your life? There are thousands of gifts you could buy someone you love, but what do you get for the person in your life who LOVES economics? Matt and Jadrian share their annual gift-giving guide, packed with creative ideas for anyone passionate about economics. From thought-provoking books to quirky tools that connect to economic concepts, this guide provides a few suggestions to make your holiday shopping easier. Whether you're buying for a student, professor, or economics enthusiast, there's something here for everyone! In this episode, we discuss: * Unique and thoughtful holiday gift ideas for economists and economics enthusiasts. * Must-read books for anyone interested in expanding their understanding of economics. * A few new shirts to add to your wardrobe. * Some pop culture references. * And a whole lot more! Catch up on some old episodes: You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube: Some show notes: The semester is winding down, and the holiday season is ramping up. It’s a special time for Matt because it’s the last few days before he begins his semester-long sabbatical. He’s decided to celebrate with a Centennial IPA from Founders Brewing Company. Jadrian opted for something completely different. It may not be warm outside, but he’s dreaming of sunnier days. He went with a Kiwi Dragonfruit Sour from Brothers Brew Co. in Harrisonburg, Virginia. If you’ve been with us since the beginning, you might recall our very first episode on the economics of gift-giving. In that episode, we explored how concepts like opportunity cost can lead to inefficiencies in gift-giving, but we also discussed the intangible elements that aren’t captured in traditional calculations. Two years later, we’re back to continue the tradition by sharing some of our favorite gift ideas. Gifts for People Who Love Learning Economics For those who enjoy digging into economics a bit deeper, books always make excellent gifts. We’ve talked about our favorite books in previous episodes, but Jadrian recommends purchasing Triumph of the City by Edward Glaeser. While it's not a new release, Jadrian is reading it over the break to prepare for his upcoming urban economics course. Glaeser explores how cities drive innovation, economic growth, and cultural development. Gifts for People Who Teach Economics For the economists in your life, economics-themed apparel makes for a fun and personal gift. Consider the festive “I Love to Teach Economics” Christmas sweater for a seasonal touch or the classic “Friedman is my Homeboy” shirt for year-round style. If those aren’t your style, you could go with an “Eat. Sleep. Economics. Repeat.” shirt or an “Enjoy Capitalism” shirt. These are not only a great way to showcase subject-specific pride but also excellent conversation starters, whether in the classroom or at social events. Unique Gifts Inspired by Economics If books and clothing aren’t your thing, consider some creative, economics-inspired gift options. Matt suggested ordering a custom bobblehead of your favorite economist (or even a family member) as a fun and unique desk accessory. For anyone in need of a commitment device to wake up on time, an alarm clock that rolls away as it rings might be just the solution. For those aiming to boost productivity and minimize distractions, a hexagonal timer designed for the Pomodoro technique could be a thoughtful and practical gift. If you prefer a classic gift option, consider taking advantage of the seasonal deals many restaurants and retailers offer on gift cards. Around this time of year, several places provide bonus incentives, such as "free money," when you purchase gift cards of a certain value. Places like Panera frequently offer bonus cards when you buy gift cards, making it a good choice if you’re a regular customer. Just remember to keep track of your gift cards! This week’s pop culture references: Matt shared his thoughts on Going Infinite by Michael Lewis. The book looks at the rise and fall of Sam Bankman-Fried and the implosion of FTX, one of the most dramatic financial scandals in recent memory. The narrative is engaging and accessible, which makes it an excellent read for anyone curious about the complexities of cryptocurrencies and the broader implications of the FTX debacle. Jadrian returned to the idea of gift-giving inefficiencies by focusing on the time and effort spent wrapping gifts, only for the wrapping to be discarded moments later. There’s a great scene from Superstore where an employee is tasked with wrapping customer gifts but does a sloppy job, reflecting his skepticism about the value it adds. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com

    43min

  2. 26 DE NOV.

    Why Do We Love Price Discrimination?

    Matt and Jadrian discuss the concept of price discrimination and how it’s taught in economics classrooms. They highlight some real-world examples like student discounts, movie ticket pricing, and differential college tuition to highlight how businesses maximize profits by charging different prices to different customers. Jadrian shares his excitement about teaching new methods like the hurdle approach, which explains how businesses determine discount levels to attract customers. Tune in for a fun and relatable look at how pricing strategies impact everyday life! In this episode, we discuss: * How price discrimination works to charge different prices to different customers for the same product. * Real-world examples of price discrimination * The concept of two-part tariffs that combine fixed fees with usage-based charges. * Why teaching real-world applications of pricing strategies helps make economics relatable and engaging for students. * And a whole lot more! Catch up on some old episodes: You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube: Some show notes: This episode was recorded right before Thanksgiving Break, which means Matt & Jadrian are busy getting some final tasks completed before they log off for the break. Since Jadrian is still hard at work getting ready for an upcoming conference, he went with a refreshing cucumber watermelon beverage from a new dining hall that recently opened near his office. Matt was busy working at home, which meant he got to enjoy a hoppy Troeg’s Hopora IPA. This episode dives into teaching price discrimination, a pricing strategy where businesses charge different prices to different groups for the same product. This is one of those concepts that really resonates with students because of all its real-world applications. Examples like student discounts, personalized tuition, and matinee movie pricing help students understand how companies tailor prices based on customers’ willingness to pay. Matt and Jadrian do touch on the ethics of price discrimination, noting how students often question whether charging different prices is "fair"—even when they are the ones frequently benefiting. Jadrian was curious why they seemed concerned about it when they are the ones who often benefit from lower prices, but they both wondered how big of a discount would someone need to get before it upset the people not getting a discount. This week’s pop culture references: Jadrian shares a funny scene from Netflix's After Life starring Ricky Gervais. In the clip, Gervais's character takes his nephew out to eat and becomes frustrated when the waitress refuses to let him order a kid’s meal for himself. Despite his argument that he simply wants a smaller portion, the restaurant insists the meal is for children only. Quick on his feet, Gervais orders two kid’s meals for his nephew, leaving the waitress—and his nephew—stunned. Matt’s first contribution is The Airport Song from the musical Honeymoon in Vegas, which cleverly showcases price discrimination in airline pricing. The song humorously explores the many pricing options for traveling from Hawaii to Las Vegas, emphasizing how airlines charge different amounts based on factors like timing, route, and customer urgency. Matt’s second pop culture pick is the critically acclaimed movie Conclave. The film, which revolves around the election of a new Pope, is rich with strategic decision-making scenarios, particularly in the context of voting games. Matt highlights how the plot provides fascinating examples of game theory, as cardinals navigate alliances, preferences, and strategic voting to influence the outcome. Please subscribe for free to receive updates! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyho

    41min

  3. 14 DE NOV.

    Which Economists Should You Follow?

    There are a lot of great economists providing meaningful content. There are so many people doing great work, but who’s worth the time to check out? We discuss a few people who might not be household names but are definitely worth following. Our list includes both traditional academics and media-savvy economists who offer unique perspectives on economics through podcasts, YouTube, TikTok, and beyond. They are working to make economic concepts accessible and engaging for anyone curious. In this episode, we discuss: * Economists on social media who are breaking down complex concepts through relatable and sometimes humorous content * Another podcast that provides a unique approach to discussing current economic and policy issues. * Economists studying socioeconomic issues like parenting and healthcare * And a whole lot more! Catch up on some old episodes: You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube: Some show notes: Matt & Jadrian logged on at the right time for a happy hour, but Jadrian was still stuck in the office. Since he couldn’t have a typical drink, Matt decided to go with a non-alcoholic one as well. Jadrian selected a Diet Coke in honor of Matt’s soda addiction while Matt went with a Run Wild IPA from Athletic Brewing Company. If you’re attending the Southern Economic Associate Meetings in DC this year, please let us know so that Jadrian can grab a drink with you! This week’s episode focuses on a variety of economists they think listeners would enjoy checking out, especially those who make economics both accessible and entertaining. This recommendation came in from our friend, Brian O’Roark. They tried to avoid saying these were their favorite economists because they like a lot of different people for a lot of different reasons. Instead, you can think of these people as economists worth your time to check out. First up is Craig Palsson (Utah State), who has a fun YouTube channel and Substack called Market Power. Craig Palsson @ Market Power takes an innovative (and often humorous) approach to economics with viral-style videos that touch on topics like opportunity cost, using real-world scenarios to engage viewers. His video where he offers to pay Star Wars fans to see Cats instead is one of Jadrian’s favorites, blending economic concepts with humor to show economics in action. Another great recommendation is Antony Davies, co-host of the Words and Numbers podcast. Along with co-host James Harrigan, Davies provides clear, logical discussions of economic and policy issues in a way that’s accessible to a broad audience. Their podcast offers balanced perspectives that occasionally touch on political topics, but the hosts keep the focus on economics. Matt appreciates their straightforward approach, noting how their half-hour episodes provide thoughtful and sometimes even humorous takes on big issues, making economics less intimidating for new learners. If you’re interested in the intersection of finance and business, Matt recommends checking out Jack Hough of the Streetwise podcast. With his dry wit and clear explanations, Hough covers company strategies, financial markets, and broader business trends in a weekly show from Barron’s. His insights on CEOs, industry dynamics, and market shifts are valuable, and the podcast offers a nuanced look at what drives major companies actions and economic trends. We’ve had the next recommendation on the show before, but we wanted to make sure to amplify his work in case you’re new to the show and haven’t checked out the archives. If you appreciate bite-sized content, check out Chris Clarke. He’s made a name for himself on social media, where he simplifies academic economics articles and addresses common economic misconceptions. One thing we like about Chris’s work is that he provides a patient, balanced deliver

    33min

  4. 29 DE OUT.

    Economic Lessons from Halloween

    It’s spooky season, so Jadrian and Matt are lightening the mood by talking Halloween economics! They dive into everything you wanted to know—and maybe things you didn’t know you wanted to know—about how economic concepts like supply and demand, behavioral incentives, and scarcity play out during Halloween. Tune in for a fun conversation on the unexpected economics behind costumes, candy, and more. In this episode, we discuss: * How limited-time Halloween goods teach us about supply, demand, and seasonal markets. * The economics behind Halloween pop-up stores and why they thrive during the season. * Conspicuous consumption and why people go all out on costumes and decorations. * Gains from trade—Halloween style!—as kids barter for their favorite candies. * Why candy prices don’t increase despite an obvious increase in demand * And a whole lot more! Catch up on some old episodes: You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube: Some show notes: We’re in the middle of the semester, so the end is in sight! Jadrian just wrapped up a mid-semester feedback session and Matt is on his way back home after giving some talks in Kansas. Both were great motivations for drinks this evening! Jadrian went with a Razz-Wheat from Oaken Barrel Brewing Company courtesy of superfan Tim Dye. Meanwhile, Matt kept it classic with a Boulevard Pale Ale from Kansas City’s Boulevard Brewing Company while waiting for his flight. We’re releasing this week’s episode a few days early since it’s coming out around Halloween! We thought it would be a great idea to chat about how economic principles show up in everything from candy to costumes. A lot of people go all out with extravagant decorations, high-end costumes, or top-shelf treats for trick-or-treaters. Some people are buying it because they really enjoy Halloween, but there are also people using this as a chance to show neighbors and passersby that they can afford to invest in seasonal luxury. Halloween is prime time for miniature candy, and it’s no surprise that demand skyrockets as trick-or-treaters gear up for the holiday. But here’s a question to consider: with such a high demand for candy, why don’t prices increase dramatically? This phenomenon offers a perfect example to teach supply and demand. Large candy producers prepare for the Halloween rush far in advance, increasing supply to meet that demand and keep prices low. You can more easily see supply and demand in action the day after Halloween when candy prices are cut in half as demand decreases drastically. There have also recent articles highlighting how gummies and sour candies are taking the spotlight, with changing consumer preferences driving part of the shift. But there’s more to it: rising cocoa prices have made chocolate candy notably pricier, prompting candy makers to turn to alternatives like caramel and cinnamon flavors. This change highlights both supply and demand dynamics and price elasticity—since candy is largely given away during Halloween, consumers are sensitive to price increases, making candy companies think twice before passing costs onto buyers. For a deeper dive into this topic, check out Jadrian’s latest newsletter: Pop-up Halloween stores like Spirit Halloween are a seasonal staple, and they present a unique business model that’s profitable despite operating for only a few months each year. Matt highlights the role of supply and demand in creating a market for these temporary shops; the surge in demand for costumes and decorations allows them to capitalize on seasonal consumer interest. Jadrian, on the other hand, finds these stores a perfect way to illustrate the 'shutdown rule' in economics. The final Halloween economics lesson is all about gains from trade. Halloween night transforms into a lively marketplace as kids barter candy,

    33min

  5. 14 DE OUT.

    The 2024 Nobel Prize in Economics

    Matt and Jadrian are joined by Brian O'Roark to share their initial thoughts on the 2024 Nobel Prize in Economics announcement. This year’s award goes to Daron Acemoglu, Simon Johnson, and James A. Robinson for their work on how institutions are formed and how they impact economic prosperity. The trio discusses the significance of the award and explores the broader implications of their work on institutions and development. In this episode, we discuss: * The three Nobel Prize winners * Why institutions and property rights matter for well-being * The difficulty in predicting who will win each year * And a whole lot more! Catch up on some old episodes: You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube: Some show notes: On October 14, 2024, the Nobel Prize Committee announced their awards for the year. When announcing the winners were Daron Acemoglu, Simon Johnson, and James A. Robinson, they wrote: This year’s laureates in the economic sciences – Daron Acemoglu, Simon Johnson and James Robinson – have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better. The laureates’ research helps us understand why. They also wrote: “Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,” says Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences. Matt, Brian, and Jadrian give their reactions to the prize - and more - during this conversation. This week’s pop culture references: During the episode, Matt mentioned a photo that isn’t really pop-culture, but provides a fantastic representation of why institutions matter - North Korea vs. South Korea at night. We also discussed Nobel Prize winners in the movies, and Richard Thaler in The Big Short came to mind - with his scene co-starring Selina Gomez. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com

    36min

  6. 5 DE OUT.

    Economists React to the Vance-Walz Vice Presidential Debate

    Brian O’Roark is back again to join Matt and Jadrian as they watch the 2024 vice presidential debate between Governor Tim Walz and Senator JD Vance on October 1st. This is the only vice presidential debate of the election, so the two candidates had a lot to cover—but how did they do on their economic insight? Three economists break down economic concepts and macroeconomic conditions discussed during the debate. In this episode, we discuss: * Immigration policies * Tax policies * The debate in general * And a whole lot more! Catch up on some old episodes: You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube: This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com

    1h28min

  7. 26 DE SET.

    Is "Big Econ" Problematic?

    Matt and Jadrian explore the power and influence of elite economics departments, discussing whether "Big Economics" programs have too much sway in the profession. Recent articles in the Financial Times and The Atlantic argue that a small group of top schools disproportionately shape the field, especially in terms of Nobel Prize distribution and academic publishing. Matt and Jadrian also discuss how faculty hiring and journal editing are dominated by the same few institutions, raising concerns about competition and diversity of thought within economics. Doesn’t economics teach that concentration can stifle innovation? In this episode, we discuss: * Whether elite economics programs dominate the field too much. * The concentration of Nobel Prize winners at just a few top schools. * How journal publishing is influenced by elite institutions. * Whether this power dynamic stifles innovation in economic research. * Possible solutions to reduce the dominance of top universities in the profession. * And a whole lot more! Catch up on some old episodes: You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube: Some show notes: We kicked off the episode chatting about the start of the semester and the challenges of balancing academic roles with administrative tasks before moving on to the all-important drink selections. Jadrian enjoyed a Hoosier Gameday Lager from Upland Brewing Company, a thoughtful gift from superfan and previous guest, Tim Dye. Meanwhile, Matt mixed up his own twist on a classic Moscow Mule—what he called a Caramel Mule—by swapping in caramel vodka and adding caramel for a sweet touch. For this episode, we wanted to tackle a big topic in the economics world: the influence of elite economics programs on the field. A handful of top universities, such as Harvard, MIT, and Stanford, have an outsized influence on shaping economic thought, hiring practices, and even the types of research that get published in major journals. With such heavy concentration among a few elite programs, that small group can stifle diversity in economic perspectives and limit the opportunities for economists at smaller schools. One of the key issues brought up at the start of The Atlantic article was the affiliations of Nobel Prize winners in economics and other disciplines. Year after year, a majority of Nobel laureates in economics come from a select few schools. It raises the question of whether the prize itself reinforces the dominance of these institutions. There are implications for both the field and aspiring economists who may feel locked out of these circles. While there are certainly exceptions to the typical academic pipeline—John List, for example—the majority of professors at top economics programs tend to come from other highly-ranked institutions. Todd Jones and Arielle Sloan explore this trend in their recently published paper in The Journal of Economic Education (here’s a public version of the paper), examining the academic origins of economists at these prestigious universities. Their research highlights how concentrated the academic network can be. Below is one of the most interesting charts from their study that illustrates this point: This concentration of power also spills over to the publication process, since a lot of the people affiliated with the most prestigious journals tend to favor authors from elite programs. It’s frustrating when the journal review process feels biased toward familiar institutions. Concentration in an industry can often lead to economic inefficiencies and a lack of innovation. We have to wonder whether the economics profession is really seeing the best research rise to the top. We both try to offer some possible solutions for addressing this imbalance of power in economics. Whether that means improving access to academic networks for economists at

    47min

  8. 11 DE SET.

    Economists React to the Trump-Harris Presidential Debate

    Join Matt and Jadrian with guest Brian O'Roark as they react to key economic statements from the second presidential debate of 2024 between Kamala Harris and Donald Trump on September 10th. The debate has had a lot of commentary - but how did the candidates do in their economic analysis? The three of them break down economic concepts and macroeconomic conditions discussed during the debate. In this episode, we discuss: * What we liked (not much) * Our analysis of the economic statements and proposals * And a whole lot more! Catch up on some old episodes: You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube: What did everyone think? A preview This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com

    1h15min
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Sobre

A podcast & newsletter about two economists who love talking about all things economics. econhappyhour.substack.com

Informações

  • Criado por
    Matt & Jadrian
  • Anos de atividade
    2023 - 2024
  • Episódios
    55
  • Classificação
    Livre
  • Copyright
    © Economics Happy Hour
  • Site do podcast
    Economics Happy Hour Podcast

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