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 environmen
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Scientists are creating bacteria batteries by using wastewater to generate electricity. The microbes from sewage can be harnessed to develop microbial fuel cells. The process could provide ways to provide energy in remote places for very little money. Listen to learn how scientists are developing this energy and what they are learning from it.
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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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This story looks at a small island in the Pacific Ocean called Yap to answer a big question: What is money? On Yap, limestone is considered valuable, much like gold and silver in other places. But because limestone is very heavy, people can’t move it easily. As a result, money has become more abstract. People agree to its value, but don’t necessarily have the limestone itself. Listen to learn what money is and to explore how people in our society, too, buy and sell by using something (coins and bills) that represents something valuable, rather than using the valuable thing itself.
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