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.
Story Length: 3:37
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Time zones have reflected a changing world of politics, commerce and technology. This audio story explores the history of time zones and the transition from local time to a global, coordinated standard time, which wasn’t always an easy transition.
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In 1930, the economist John Maynard Keynes wrote an essay in which he predicted that by the time his children were grown up, people would be working just 15 hours a week. Today, in some countries, people do work a bit less than they did fifty years ago, but Keynes’s prediction was essentially wrong. There is a counter-intuitive response to incentives, and that is one factor that keeps people working long hours. According to his descendants, Keynes himself was a workhorse who couldn’t slow down. Listen to this audio story to learn more about Keynes and why making money doesn’t necessarily free us to work less.
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Chances are, you’re wearing something made from cotton. You can check the label on most garments to find out where they were made. But where was the cotton grown that was the starting point? This story tracks down the source of the cotton that went into a T-shirt. A spinning mill in Indonesia is where the fabric may have been made, and the cotton fields of Mississippi is where the cotton may have been grown. But cotton is grown all over the world. Why would a textile mill in Indonesia buy cotton from the U.S. when they can get it from much closer? Listen to this story to find out how technology and subsidies give American cotton farmers an advantage in international trade.
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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.
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