Think Like An Economist

Think Like An Economist has taken you on a journey through the economic principles, showing you the tools of economics, and how they can be applied at home and at work. In this season finale, Betsey Stevenson and Justin Wolfers reveal the big life choices they've made using those tools of economics, and how you can apply economics to help make decisions throughout your life.Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We're all actors in the economy, with different habits, dilemmas and choices. And economics is about everyday decisions in our daily lives as much as it is about government policy. As economics professors, Betsey Stevenson and Justin Wolfers have honed the ways to show how economics involves everyone. They discuss their method of teaching economics, and the way they show that economic tools can help us all make good decisions.Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Emily Oster is one of the most interesting economists in the world, and she uses the tools of economics in everything she does. Betsey Stevenson and Justin Wolfers explore Emily's thoughts about how economic ideas can provide useful insight for parents and families. This audio course is about how to think like an economist, and Emily models exactly how to do this.Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Larry Summers has been at the forefront of economic thinking for decades - a World Bank chief economist, Professor at Harvard and U.S. Treasury Secretary. He's also warned that the global economy is in the midst of secular stagnation. In this episode, he tells Betsey Stevenson and Justin Wolfers why the economy is stagnant, in spite of low interest rates. The three economists also discuss why their field is so influential, and Larry reveals how policy makers get things done.Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Professor Greg Mankiw is one of the most influential economists today: a New Keynesian, advisor to Presidents, and a good friend of Betsey Stevenson and Justin Wolfers. In this episode, the three of them discuss what we can learn from financial crises, why globalisation has lost its shine, and how best to communicate economic ideas.Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We all can make mistakes when faced with choices. Biases and old habits can get in the way of good economic decision making. Betsey Stevenson and Justin Wolfers discuss the way our psychology affects our decisions, and they show how to make better judgements and assess the risks.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Uncertainty and risk are all around us. So how can we make good decisions when we don't know what will happen? Betsey Stevenson and Justin Wolfers show you how to understand risk, and your reaction to it, as well as giving you the tools to help reduce risk.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In business, as in life, we often have to make decisions based on what others choose. But how do we make the right strategic decisions? Betsey Stevenson and Justin Wolfers unpick the problems of strategic cooperation and coordination, and show you the four steps for making good strategic decisions. You now have two choices - to listen to this episode, or not!Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Great entrepreneurs identify opportunities for long-term profits before other people can. Betsey Stevenson and Justin Wolfers will help you learn how to spot your business opportunities and show you the five forces that determine profitability.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

If there are profits to be made, entrepreneurs will be there to start their business. But how can they stay ahead of the competition and deter new rivals from entering the market? Betsey Stevenson and Justin Wolfers guide you through the choices managers make to remain profitable, and explain why businesses try to crush healthy competition.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why do some people earn so much more than others? How does society value certain jobs over other jobs - and how can we make sure we get a higher wage? Betsey Stevenson and Justin Wolfers help navigate the vagaries of the job market, and have some advice how to get the best wage deal.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Economists Betsey Stevenson and Justin Wolfers are back to help you think like an economist. This season is our mini-MBA, and we'll unpack even more economic tools, with a focus on showing you how to make wise business decisions.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It's time to explore macroeconomics from a new yet familiar perspective, using economy-wide supply and demand curves to forecast the economy's total output and average price level. Betsey Stevenson and Justin Wolfers show you how this perspective can help you diagnose the economy's ills, and prescribe the appropriate policy medicine.SummaryCo-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Government deficits and debt are at record levels in many countries, provoking widespread anxiety. Betsey Stevenson and Justin Wolfers explain why governments run deficits and rack up debt, whether they're likely to be sustainable, and if you really need to worry.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

There's no bigger player in the economy than the government, which can adjust billions of dollars worth of taxes and spending. Betsey Stevenson and Justin Wolfers explain how policymakers can adjust these levers to keep the economy on track.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Central Banks around the world, such as the Federal Reserve, work to keep the economy running smoothly. They set interest rates and adjust financial conditions to keep inflation and unemployment stable and low. Betsey Stevenson and Justin Wolfers take you to the heart of the Fed's decision making process, and explain how those decisions affect your life and the broader economy. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When a shock such as the Covid pandemic sends waves through the global economy, how do economists find ways to respond? Betsey Stevenson and Justin Wolfers guide you through the Fed Model - the mainstay of policy makers and financiers around the world. They examine the key relationships in the macroeconomy and the shocks that destabilise them.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Why do we end up paying higher prices than we used to? And what are the main causes of this economy-wide inflation? Betsey Stevenson and Justin Wolfers talk us through how expectations influence inflation, and how greater demand, and problems with supply can push up prices.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What is the most important price in the economy? Betsey Stevenson and Justin Wolfers say that it's the interest rate, and they dig into where it comes from, and how it drives all spending in the economy. These big ideas yield a framework called the IS-MP model which policymakers use to help devise fiscal and monetary policies to kick-start the economy.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Even economists find navigating the ups and downs of expansions and recessions tricky. With the COVID-19 recession still affecting millions around the world, Betsey Stevenson and Justin Wolfers help you make sense of the business cycles that affect all of our lives. And they have some handy tools to help you understand where the economy is headed.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How can a change in the currency markets change the price of a loaf of bread? And is a strong currency useful? Betsey Stevenson and Justin Wolfers explain how imports and exports are affected by foreign exchange markets.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Are you thinking about investing in the Financial Markets? Should you put some of your retirement savings into bonds, or stocks and shares? Betsey Stevenson and Justin Wolfers explain how you can invest and have some simple words of advice for you. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When businesses invest, they're weighing upfront costs against future gains. Betsey Stevenson and Justin Wolfers show you how executives make smart investment decisions, and how you can use the same ideas to figure out whether to invest in your education, your health, or your financial future.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We all make decisions about when to spend our money and when to save for our future selves. Betsey Stevenson and Justin Wolfers show you the tools to make the right spending and saving choices at different times of your life, and what it all means for the macroeconomy.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Think Like An Economist team are taking a break this week, but we'll be back next week to look at consumption and savings. See you then, Betsey, Justin and Nas.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We might watch the inflation rate to see how the cost of living is changing, and how our money changes value over time. But what happens when we can't trust money any more? Betsey Stevenson and Justin Wolfers explain inflation - what it is, the harm it can do, and how you can protect yourself against it.Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Being unemployed can be very stressful, so what can economists do to help people back to work? Betsey Stevenson and Justin Wolfers discuss what it means to be jobless, and what to do if you're unlucky enough to lose your job.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When an economy grows, we live better lives. Betsey Stevenson and Justin Wolfers show you how economic growth is fuelled by the mix of skilled workers, the right investments and new ideas. As one idea leads to another, innovation helps boost the economy and can make the world a better place. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We're diving into Macroeconomics with a look at Gross Domestic Product and how it counts everything in the economy - from output, to spending and the income earned. And Betsey Stevenson and Justin Wolfers also show you how even the great yardstick that is GDP ignores some vital elements of society.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Now we've learned the tools of microeconomics, it's time to step up to macro. Betsey Stevenson and Justin Wolfers are here to show you how millions of individual microeconomic decisions affect the macroeconomic world - and how macroeconomics gives decision makers the tools to make our lives better.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.