Taxing imports makes imported goods more expensive for consumers. So why aren’t all seemingly similar items taxed the same? This audio story focuses on imported suits for Santa Claus impersonators. These red suits with white firm trim are worn by thousands of Santa Clauses around the Christmas holidays. Some of these outfits are taxed, others are not. Listen to learn more about the sometimes complicated laws that determine why not all Santa suits are taxed equally.
Story Length: 3:28
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How people have made artificial light over the past 4,000 years reflects the history of economic growth in the world. One economist has explored the cost of light, starting in ancient Babylonian times and ending in the 1990s. He discovered that for most of the past four millennia, light was very expensive. Then, in the past 200 years, scientific advances caused the cost of light to drop precipitously, and economies grew with a speed and intensity unknown before. Listen to hear how light became cheap and how its cost helps show how economic growth happens.
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This story explores an important economic question: When a kid loses a tooth, how much should the tooth fairy pay? That may sound like a joke, but the tooth fairy’s payoff provides an example of inflation—the amount the price of goods increases each year—and of the economic principle called “income elasticity of demand.” Listen to the story to find out what teeth are going for these days, and what economists have to say about it.
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Looking back in time, it’s hard to imagine a time when there were next to no food safety regulations in the United States. But in the late nineteenth and early twentieth century, there were no laws stopping food producers from selling food that endangered the health of their customers. This all changed at the turn of the twentieth century. Listen to hear how one American chemist conducted daring experiments to publicize the damage that tainted food could cause, and how this transformed food safety regulations forever.
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