Search

When economists track the performance of the U.S. economy, they pay attention to factors like economic growth, inflation, and unemployment. One economic model, the Phillips Curve, suggests that when unemployment is low, inflation increases, and vice-versa. But is that always true? Listen to learn about the relationship between unemployment and inflation, and about how economists’ interventions can actually change it.

In 1835, the United States had a completely unique moment in its history–for exactly one year, the country had no debt. Making America debt-free was something of an obsession for then-President Andrew Jackson, who sold off government-owned land and vetoed federal spending in order to pull the country out of the red. Listen to hear about Jackson’s attitude toward debt, the fiscal policy he imposed, and some of the unforeseen consequences of that policy.

A basic rule of economics is that the price of products increases when demand exceeds supply, and the price decreases when supply exceeds demand. But producers can tinker with that formula. If they want to get around the supply-and-demand cycle, they can stockpile supplies and decide how much of a product to make available for consumers. Listen to find out how maple syrup producers in Quebec, Canada keep prices high for this prized commodity.

The World Trade Organization is an international organization that regulates global trade. Established in 1995, the WTO oversees trade disputes among 164 member nations agree to abide by its decisions. The goal is to create a level playing field in international trade. Critics of the WTO complain that, among other things, adherence to an international organization is a threat to a nation’s sovereignty. President Donald Trump has been a vocal critic of the WTO and America’s participation in it. This audio story explores the tension between the Trump administration and the WTO, with its potential global consequences.

Government policies designed to prevent overfishing inadvertently made halibut fishing in Alaska very dangerous. Fishermen pushed back, and a new policy was put in place that has made the industry safer. It regulated competition by making the fishing more efficient. Listen to this story to understand how government mandated changes in the market structure had unintended consequences.

The Industrial Revolution changed forever both the way goods are made and the lives of the workers who make them. In the early years, workers did not like the changes. They challenged the factory owners, sometimes violently destroying the machinery that was transforming their lives. These protesters were called Luddites. Listen to learn about how these protestors tried to keep their world from changing.

Many people need organ transplants, but there are not enough organs for all of them. Doctors have had to develop criteria for deciding who gets the organs that are available, knowing that those who don’t get the organs they need may die. Listen to hear how the allocation of available organs puts doctors in the position to make life or death decisions, and who keeps them honest about it.

The Gross Domestic Product, or GDP, measures the worth of all the goods and services produced in a country. Knowing the GDP helps countries monitor how strong or weak their economies are. When the GDP gets bigger, conventional wisdom says that the economy is healthy and growing, while a shrinking GDP means that something is wrong. The GDP provides a way to see the fluctuations in a nation’s economy over time. But the usefulness of the GDP is limited. Listen to this story to find out why.

Many people in Dakar, Senegal, choose the least expensive way to dispose of the raw sewage that collects in their septic systems. The result is that sewage contaminates their neighborhoods and makes people sick. The healthier option is more expensive, and it stays expensive because sewage collection companies have agreed not to compete with each other. They set a price that makes the cost too high for most people to pay. Listen to learn about how an economist implemented a new program to bring down prices and clean up the local environment.

Farming in California has become more difficult in recent years as there aren’t enough people to do the arduous work involved in farming. Incentives of higher pay don’t always work to attract enough workers. So the owner of one California farm has adjusted to this labor shortage in a few different ways and reached a conclusion about the cause of his problem and the best way to solve it. Listen to find out about the surprising decision he has made.

Many Internet services are free: email, Internet search, and maps, for example. But what if you had to pay to use them? An economist sets out to discover how much people value various Internet services by asking how much they would need to be paid to give them up. It’s an example of a core economic principle: decision making. Listen to find out which Internet services people value most.

In the developed world, a lot of money changes hands without anyone actually touching it. That’s because many people get paychecks, do their shopping, and pay their bills electronically. When you put your debit card into an ATM, you assume that the machine is connected to a trusted institution and knows how much is in your account and will, in fact, give you the amount of cash you asked for. In other words, you trust the process and the bank. But what if you couldn’t? Listen to find out how people in Myanmar are trying to adjust to banking electronically in a setting where it’s not always reliable.

To work in many occupations, people need to get a license. Licenses are issued by states and usually require some kind of education or training, test, and/or fee. Licensing exists to protect consumers from untrained, unqualified workers. But there’s another side to licensing. Listen to learn about how licensing also offers economic benefits to people in licensed professions as it keeps others out of the job market.