EconTalk
1,266 episodes - English - Latest episode: about 4 hours ago - ★★★★★ - 4K ratingsEconTalk: Conversations for the Curious is an award-winning weekly podcast hosted by Russ Roberts of Shalem College in Jerusalem and Stanford's Hoover Institution. The eclectic guest list includes authors, doctors, psychologists, historians, philosophers, economists, and more. Learn how the health care system really works, the serenity that comes from humility, the challenge of interpreting data, how potato chips are made, what it's like to run an upscale Manhattan restaurant, what caused the 2008 financial crisis, the nature of consciousness, and more. EconTalk has been taking the Monday out of Mondays since 2006. All 900+ episodes are available in the archive. Go to EconTalk.org for transcripts, related resources, and comments.
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Episodes
Dan Klein on The Theory of Moral Sentiments, Episode 3--A Discussion of Part II
April 22, 2009 06:30 - 1 hour - 28.6 MBThis is the third podcast in the EconTalk Book Club discussion of The Theory of Moral Sentiments by Adam Smith. In this episode, Dan Klein of George Mason University and EconTalk host Russ Roberts discuss Part II of the book.
Russ Roberts on Wealth, Growth, and Economics as a Science
April 20, 2009 06:30 - 51 minutes - 23.5 MBEconTalk host Russ Roberts talks with reporter Robert Pollie about the basics of wealth and growth. What happens when the stock market goes down or the price of housing? When wealth goes down, where does the wealth go? How do these changes affect our wealth? What is the relationship between wealth and inflation? Roberts explains the economic fundamentals of these changes. At the end of the conversation, Roberts discusses the implications of the current economic crisis for assessing the state...
Roberts on Wealth, Growth, and Economics as a Science
April 20, 2009 06:30 - 51 minutes - 23.5 MBEconTalk host Russ Roberts talks with reporter Robert Pollie about the basics of wealth and growth. What happens when the stock market goes down or the price of housing? When wealth goes down, where does the wealth go? How do these changes affect our wealth? What is the relationship between wealth and inflation? Roberts explains the economic fundamentals of these changes. At the end of the conversation, Roberts discusses the implications of the current economic crisis for assessing the state...
Dan Klein on The Theory of Moral Sentiments, Episode 2--A Discussion of Part I
April 15, 2009 06:30 - 1 hour - 40.9 MBThis is the second podcast in the EconTalk Book Club discussion of The Theory of Moral Sentiments by Adam Smith. In this episode, Dan Klein of George Mason University and EconTalk host Russ Roberts discuss Part I of the book.
Klein on The Theory of Moral Sentiments, Episode 2--A Discussion of Part I
April 15, 2009 06:30 - 1 hour - 40.9 MBThis is the second podcast in the EconTalk Book Club discussion of The Theory of Moral Sentiments by Adam Smith. In this episode, Dan Klein of George Mason University and EconTalk host Russ Roberts discuss Part I of the book.
Don Boudreaux on Macroeconomics and Austrian Business Cycle Theory
April 13, 2009 06:30 - 1 hour - 31.4 MBDon Boudreaux, of George Mason University, talks with EconTalk host Russ Roberts about the microfoundations of macroeconomics and the Austrian theory of business cycles. Boudreaux draws on Erik Lindahl's distinction between microeconomics and macroeconomics, emphasizing the difference between individual choices and the coordination of economic activity. Other topics include the Austrian view of capital and investment, the Austrian view of monetary policy, the issue of aggregation, and the in...
Klein on The Theory of Moral Sentiments, Episode 1--An Overview
April 06, 2009 06:30 - 1 hour - 38.2 MBDan Klein, of George Mason University, talks with EconTalk host Russ Roberts about Adam Smith's lesser-known masterpiece, The Theory of Moral Sentiments. Klein highlights key passages and concepts of the book including its relation to The Wealth of Nations, Smith's willingness to accept "vague, loose, and indeterminate" rules rather than precise ones, Smith's criteria for assessing what is moral and what is not, and Smith's conception of justice. This podcast is part of the EconTalk Book Clu...
Dan Klein on The Theory of Moral Sentiments, Episode 1--An Overview
April 06, 2009 06:30 - 1 hour - 38.2 MBDan Klein, of George Mason University, talks with EconTalk host Russ Roberts about Adam Smith's lesser-known masterpiece, The Theory of Moral Sentiments. Klein highlights key passages and concepts of the book including its relation to The Wealth of Nations, Smith's willingness to accept "vague, loose, and indeterminate" rules rather than precise ones, Smith's criteria for assessing what is moral and what is not, and Smith's conception of justice. This podcast is part of the EconTalk Book Clu...
Brink Lindsey on the Age of Abundance
March 30, 2009 06:30 - 1 hour - 30 MBBrink Lindsey, of the Cato Institute and author of The Age of Abundance: How Prosperity Transformed America's Politics and Culture, talks with EconTalk host Russ Roberts about the interaction between culture and politics and prosperity. Lindsey outlines the nature of prosperity in America in the 20th century, then focuses on the last half of the century when cultural change was perhaps as dramatic as economic change. The conversation concludes with a discussion of Lindsey's essay, "Paul Krug...
Taleb on the Financial Crisis
March 23, 2009 06:30 - 56 minutes - 25.8 MBNassim Taleb talks with EconTalk host Russ Roberts about the financial crisis, how we misunderstand rare events, the fragility of the banking system, the moral hazard of government bailouts, the unprecedented nature of really, really bad events, the contribution of human psychology to misinterpreting probability and the dangers of hubris. The conversation closes with a discussion of religion and probability.
Nassim Nicholas Taleb on the Financial Crisis
March 23, 2009 06:30 - 56 minutes - 25.8 MBNassim Taleb talks with EconTalk host Russ Roberts about the financial crisis, how we misunderstand rare events, the fragility of the banking system, the moral hazard of government bailouts, the unprecedented nature of really, really bad events, the contribution of human psychology to misinterpreting probability and the dangers of hubris. The conversation closes with a discussion of religion and probability.
Klein on Truth, Bias, and Disagreement
March 16, 2009 06:30 - 1 hour - 31.2 MBDan Klein, of George Mason University, talks with EconTalk host Russ Roberts on truth in economics, bias, and groupthink in academic life. Along the way they discuss the Food and Drug Administration (and the drug approval process), the culture of academic life and the roles of empirical evidence and prediction markets in adjudicating academic disagreement. The conversation closes with a discussion of Econ Journal Watch--the watchdog journal Klein founded and edits--and an invitation to liste...
Dan Klein on Truth, Bias, and Disagreement
March 16, 2009 06:30 - 1 hour - 31.2 MBDan Klein, of George Mason University, talks with EconTalk host Russ Roberts on truth in economics, bias, and groupthink in academic life. Along the way they discuss the Food and Drug Administration (and the drug approval process), the culture of academic life and the roles of empirical evidence and prediction markets in adjudicating academic disagreement. The conversation closes with a discussion of Econ Journal Watch--the watchdog journal Klein founded and edits--and an invitation to liste...
Jimmy Wales on Wikipedia
March 09, 2009 06:30 - 41 minutes - 19.1 MBJimmy Wales, founder of Wikipedia, talks with EconTalk host Russ Roberts about the birth and growth of Wikipedia. He talks about the role of Hayek's insights into the design of Wikipedia, how Wikipedia deals with controversy, the reliability of Wikipedia relative to traditional reference sources and the future possibilities for projects that rely on voluntary contributions of time and creativity.
Wales on Wikipedia
March 09, 2009 06:30 - 41 minutes - 19.1 MBJimmy Wales, founder of Wikipedia, talks with EconTalk host Russ Roberts about the birth and growth of Wikipedia. He talks about the role of Hayek's insights into the design of Wikipedia, how Wikipedia deals with controversy, the reliability of Wikipedia relative to traditional reference sources and the future possibilities for projects that rely on voluntary contributions of time and creativity.
Todd Zywicki on Debt and Bankruptcy
March 02, 2009 06:30 - 1 hour - 30.5 MBTodd Zywicki, of George Mason University Law School, talks with EconTalk host Russ Roberts about the evolving world of consumer debt and how institutions and public policy have influenced consumer access to debt and credit. Zywicki defends consumer credit as a crucial benefit to consumers and that innovation has made credit cheaper and more effective. He also talks about how misleading it can be to look at only one piece or another of credit picture. The conversation concludes with a discuss...
Zywicki on Debt and Bankruptcy
March 02, 2009 06:30 - 1 hour - 30.5 MBTodd Zywicki, of George Mason University Law School, talks with EconTalk host Russ Roberts about the evolving world of consumer debt and how institutions and public policy have influenced consumer access to debt and credit. Zywicki defends consumer credit as a crucial benefit to consumers and that innovation has made credit cheaper and more effective. He also talks about how misleading it can be to look at only one piece or another of credit picture. The conversation concludes with a discuss...
Meltzer on Inflation
February 23, 2009 06:30 - 1 hour - 29.1 MBAllan Meltzer, of Carnegie Mellon University, talks with EconTalk host Russ Roberts about the current state of monetary policy and the potential for inflation. Meltzer explains why inflation hasn't happened yet, despite massive increases in reserves created by Fed policy. Then he explains why inflation is coming and why it will be politically difficult for the Fed to stop it. Meltzer also analyzes the Japanese experience in recent years and talks about why so many investment banks overreache...
Allan Meltzer on Inflation
February 23, 2009 06:30 - 1 hour - 29.1 MBAllan Meltzer, of Carnegie Mellon University, talks with EconTalk host Russ Roberts about the current state of monetary policy and the potential for inflation. Meltzer explains why inflation hasn't happened yet, despite massive increases in reserves created by Fed policy. Then he explains why inflation is coming and why it will be politically difficult for the Fed to stop it. Meltzer also analyzes the Japanese experience in recent years and talks about why so many investment banks overreache...
Bhide on Outsourcing, Uncertainty, and the Venturesome Economy
February 16, 2009 06:30 - 1 hour - 30.5 MBAmar Bhide, of Columbia University and author of The Venturesome Economy, talks with EconTalk host Russ Roberts about the role of entrepreneurship and innovation in a global economy. Bhide argues that the worries about outsourcing and America's alleged declining leadership in technology are misplaced. He argues that the source of prosperity is not technology per se but the application of technology to actual products that improve our lives and that the American venture system and labor marke...
Amar Bhide on Outsourcing, Uncertainty, and the Venturesome Economy
February 16, 2009 06:30 - 1 hour - 30.5 MBAmar Bhide, of Columbia University and author of The Venturesome Economy, talks with EconTalk host Russ Roberts about the role of entrepreneurship and innovation in a global economy. Bhide argues that the worries about outsourcing and America's alleged declining leadership in technology are misplaced. He argues that the source of prosperity is not technology per se but the application of technology to actual products that improve our lives and that the American venture system and labor marke...
Daron Acemoglu on the Financial Crisis
February 09, 2009 06:30 - 1 hour - 34 MBDaron Acemoglu, of MIT, talks with EconTalk host Russ Roberts about the financial crisis and the lessons that need to be learned from the crisis. He argues that economists overestimated the stability of self-interest and ignored the institutional context of financial decision-making. He makes the case for new regulation and worries that political decisions will neglect the importance of growth.
Acemoglu on the Financial Crisis
February 09, 2009 06:30 - 1 hour - 34 MBDaron Acemoglu, of MIT, talks with EconTalk host Russ Roberts about the financial crisis and the lessons that need to be learned from the crisis. He argues that economists overestimated the stability of self-interest and ignored the institutional context of financial decision-making. He makes the case for new regulation and worries that political decisions will neglect the importance of growth.
John Cochrane on the Financial Crisis
February 02, 2009 06:30 - 1 hour - 33.8 MBJohn Cochrane, of the University of Chicago, talks with EconTalk host Russ Roberts about the financial crisis. He talks about the origins of the crisis, why the Troubled Assets Relief Program (TARP) was flawed from the beginning, why mark-to-market accounting isn't the cause of the problem, argues for letting banks fail, and makes the case against the large increases in government spending.
Cochrane on the Financial Crisis
February 02, 2009 06:30 - 1 hour - 33.8 MBJohn Cochrane, of the University of Chicago, talks with EconTalk host Russ Roberts about the financial crisis. He talks about the origins of the crisis, why the Troubled Assets Relief Program (TARP) was flawed from the beginning, why mark-to-market accounting isn't the cause of the problem, argues for letting banks fail, and makes the case against the large increases in government spending.
Roberts (and Hanson) on Truth and Economics
January 26, 2009 06:30 - 1 hour - 34.1 MBEconTalk host Russ Roberts talks about the role of empirical evidence and bias in economics and why economists disagree. Roberts talks about how his interviews with various economists at EconTalk have forced him to reassess the role of empirical evidence in various debates in economics and economic policy. Roberts is joined by Robin Hanson of George Mason University for counterpoint and therapeutic advice for those uneasy about the scientific or non-scientific nature of economics.
Russ Roberts (and Robin Hanson) on Truth and Economics
January 26, 2009 06:30 - 1 hour - 34.1 MBEconTalk host Russ Roberts talks about the role of empirical evidence and bias in economics and why economists disagree. Roberts talks about how his interviews with various economists at EconTalk have forced him to reassess the role of empirical evidence in various debates in economics and economic policy. Roberts is joined by Robin Hanson of George Mason University for counterpoint and therapeutic advice for those uneasy about the scientific or non-scientific nature of economics.
Eric Raymond on Hacking, Open Source, and the Cathedral and the Bazaar
January 19, 2009 06:30 - 1 hour - 30.7 MBEric Raymond, author of The Cathedral and the Bazaar, talks with EconTalk host Russ Roberts about the ideas in the book--why open source software development has been so successful, the culture of open source, under what conditions open source is likely to thrive and not to thrive, and the Hayekian nature of the open source process. The conversation closes with a discussion of net neutrality.
Fazzari on Keynesian Economics
January 12, 2009 06:30 - 1 hour - 30.2 MBSteve Fazzari, of Washington University in St. Louis, talks with EconTalk host Russ Roberts about Keynesian economics. Fazzari talks about the paradox of thrift, makes the case for a government stimulus plan, and weighs the empirical evidence for a Keynesian worldview.
Steve Fazzari on Keynesian Economics
January 12, 2009 06:30 - 1 hour - 30.2 MBSteve Fazzari, of Washington University in St. Louis, talks with EconTalk host Russ Roberts about Keynesian economics. Fazzari talks about the paradox of thrift, makes the case for a government stimulus plan, and weighs the empirical evidence for a Keynesian worldview.
Boettke on the Austrian Perspective on Business Cycles and Monetary Policy
January 05, 2009 06:30 - 1 hour - 29.5 MBPeter Boettke, of George Mason University, talks with EconTalk host Russ Roberts about the Austrian perspective on business cycles, monetary policy and the current state of the economy.
Peter Boettke on the Austrian Perspective on Business Cycles and Monetary Policy
January 05, 2009 06:30 - 1 hour - 29.5 MBPeter Boettke, of George Mason University, talks with EconTalk host Russ Roberts about the Austrian perspective on business cycles, monetary policy and the current state of the economy.
George Srour on Education, African Schools, and Building Tomorrow
December 22, 2008 06:30 - 55 minutes - 25.4 MBGeorge Srour, founder of Building Tomorrow, a non-profit that builds schools in Uganda, talks with EconTalk host Russ Roberts about his experience starting, funding, and running an organization that tries to change the world one school at a time. Srour discusses how he tries to make sure that his organization accomplishes more than bricks and mortar and the rewards and challenges of a start-up non-profit.
Srour on Education, African Schools, and Building Tomorrow
December 22, 2008 06:30 - 55 minutes - 25.4 MBGeorge Srour, founder of Building Tomorrow, a non-profit that builds schools in Uganda, talks with EconTalk host Russ Roberts about his experience starting, funding, and running an organization that tries to change the world one school at a time. Srour discusses how he tries to make sure that his organization accomplishes more than bricks and mortar and the rewards and challenges of a start-up non-profit.
Higgs on the Great Depression
December 15, 2008 06:30 - 1 hour - 30.7 MBRobert Higgs, of the Independent Institute, talks with EconTalk host Russ Roberts about the Great Depression, the New Deal, and the effect of World War II on the American economy. Using survey results, financial data, and the pattern of investment in the 1930s, Higgs argues that New Deal policies created a climate of uncertainty that prolonged the Great Depression. Using consumption data, he argues that prosperity did not return during wartime, but rather after the war when government interv...
Robert Higgs on the Great Depression
December 15, 2008 06:30 - 1 hour - 30.7 MBRobert Higgs, of the Independent Institute, talks with EconTalk host Russ Roberts about the Great Depression, the New Deal, and the effect of World War II on the American economy. Using survey results, financial data, and the pattern of investment in the 1930s, Higgs argues that New Deal policies created a climate of uncertainty that prolonged the Great Depression. Using consumption data, he argues that prosperity did not return during wartime, but rather after the war when government interv...
Lipstein on Hospitals
December 08, 2008 06:30 - 1 hour - 29.9 MBSteven Lipstein, President and CEO of BJC HealthCare--a $3 billion hospital system in St. Louis, Missouri--talks with EconTalk host Russ Roberts about the economics of hospitals. They discuss pricing, the advantages and disadvantages of specialization in modern medical care, and culture and governance of non-profit hospitals vs. for-profit hospitals. At the end they talk about the positives and negatives of a national health board patterned after the Federal Reserve.
Steven Lipstein on Hospitals
December 08, 2008 06:30 - 1 hour - 29.9 MBSteven Lipstein, President and CEO of BJC HealthCare--a $3 billion hospital system in St. Louis, Missouri--talks with EconTalk host Russ Roberts about the economics of hospitals. They discuss pricing, the advantages and disadvantages of specialization in modern medical care, and culture and governance of non-profit hospitals vs. for-profit hospitals. At the end they talk about the positives and negatives of a national health board patterned after the Federal Reserve.
Rauchway on the Great Depresson and the New Deal
December 01, 2008 06:30 - 1 hour - 28.8 MBEric Rauchway of the University of California at Davis and the author of The Great Depression and the New Deal: A Very Short Introduction, talks with EconTalk host Russ Roberts about the 1920s and the lead-up to the Great Depression, Hoover's policies, and the New Deal. They discuss which policies remained after the recovery and what we might learn today from the policies of the past.
Eric Rauchway on the Great Depresson and the New Deal
December 01, 2008 06:30 - 1 hour - 28.8 MBEric Rauchway of the University of California at Davis and the author of The Great Depression and the New Deal: A Very Short Introduction, talks with EconTalk host Russ Roberts about the 1920s and the lead-up to the Great Depression, Hoover's policies, and the New Deal. They discuss which policies remained after the recovery and what we might learn today from the policies of the past.
Hazlett on Telecommunications
November 24, 2008 08:30 - 1 hour - 29.2 MBThomas Hazlett of George Mason University talks with EconTalk host Russ Roberts about a number of key issues in telecommunications and telecommunication policy including net neutrality, FCC policy, and the state of antitrust. Hazlett argues for an emergent, Hayekian approach to policy toward the internet rather than trying to design it from the top down and for an increased use of exchangeable property rights in allocating spectrum.
Thomas Hazlett on Telecommunications
November 24, 2008 08:30 - 1 hour - 29.2 MBThomas Hazlett of George Mason University talks with EconTalk host Russ Roberts about a number of key issues in telecommunications and telecommunication policy including net neutrality, FCC policy, and the state of antitrust. Hazlett argues for an emergent, Hayekian approach to policy toward the internet rather than trying to design it from the top down and for an increased use of exchangeable property rights in allocating spectrum.
George Selgin on Free Banking
November 17, 2008 06:30 - 1 hour - 33.5 MBGeorge Selgin of West Virginia University talks with EconTalk host Russ Roberts about free banking, where government treats banks as no different from other firms in the economy. Rather than rely on government guarantees to protect depositors (coupled with regulation), banks would compete with each other in offering security and return on deposits. Selgin draws on historical episodes of free banking, particularly in Scotland, to show that such a world need not be unduly hazardous or filled w...
Selgin on Free Banking
November 17, 2008 06:30 - 1 hour - 33.5 MBGeorge Selgin of West Virginia University talks with EconTalk host Russ Roberts about free banking, where government treats banks as no different from other firms in the economy. Rather than rely on government guarantees to protect depositors (coupled with regulation), banks would compete with each other in offering security and return on deposits. Selgin draws on historical episodes of free banking, particularly in Scotland, to show that such a world need not be unduly hazardous or filled w...
Kling on Credit Default Swaps, Counterparty Risk, and the Political Economy of Financial Regulation
November 10, 2008 06:30 - 1 hour - 29.2 MBArnold Kling of EconLog talks with EconTalk host Russ Roberts about the role of credit default swaps and counterparty risks in the current financial mess. The conversation opens with the logistics of credit default swaps and counterparty risks and moves on to their role in the financial collapse. The conversation closes with a discussion of the political economy of pending financial regulation.
Arnold Kling on Credit Default Swaps, Counterparty Risk, and the Political Economy of Financial Regulation
November 10, 2008 06:30 - 1 hour - 29.2 MBArnold Kling of EconLog talks with EconTalk host Russ Roberts about the role of credit default swaps and counterparty risks in the current financial mess. The conversation opens with the logistics of credit default swaps and counterparty risks and moves on to their role in the financial collapse. The conversation closes with a discussion of the political economy of pending financial regulation.
Richard Epstein on Happiness, Inequality, and Envy
November 03, 2008 06:30 - 56 minutes - 26 MBRichard Epstein of the University of Chicago talks with EconTalk host Russ Roberts about the relationship between happiness and wealth, the effects of inequality on happiness, and the economics of envy and altruism. He also applies the theory of evolution to explain some of the findings of the happiness literature.
Michael Munger on Middlemen
October 27, 2008 08:40 - 1 hour - 33.2 MBMike Munger of Duke University talks with EconTalk host Russ Roberts about the often-vilified middleman--someone who buys cheap, sells dear and does nothing to improve the product. Munger explains the economic function of arbitrage using a classic article about how prices emerged in a POW camp during World War II. Munger then applies the analysis to the financial crisis.
Munger on Middlemen
October 27, 2008 08:40 - 1 hour - 33.2 MBMike Munger of Duke University talks with EconTalk host Russ Roberts about the often-vilified middleman--someone who buys cheap, sells dear and does nothing to improve the product. Munger explains the economic function of arbitrage using a classic article about how prices emerged in a POW camp during World War II. Munger then applies the analysis to the financial crisis.
Shirky on Coase, Collaboration and Here Comes Everybody
October 20, 2008 06:30 - 1 hour - 30 MBClay Shirky, author of Here Comes Everybody: The Power of Organizing Without Organizations, talks about the economics of organizations with EconTalk host Russ Roberts. The conversation centers on Shirky's book. Topics include Coase on the theory of the firm, the power of sharing information on the internet, the economics of altruism, and the creation of Wikipedia.