What happens when others benefit from your choices, like your decision whether or not to wear a mask? Or when your choices hurt others, like smoking?  Economists Betsey Stevenson and Justin Wolfers delve into the world of externalities and explore how policy makers can help ensure effects on others are taken into account. 

Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

What happens when others benefit from your choices, like your decision whether or not to wear a mask? Or when your choices hurt&nbsp;others,&nbsp;like smoking?&nbsp;&nbsp;Economists Betsey Stevenson and Justin Wolfers delve into the world of externalities and explore how policy makers can help ensure effects on others are taken into account.&nbsp;Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.

Think Like an Economist and you'll see the world more clearly, empowering you to make better decisions at work, at home, and in your community. Leading economists Betsey Stevenson and Justin Wolfers will take you on a joyous romp through their field as they introduce you to the big ideas in economics, and show how you can apply them to live in your own life. Their signature approach reveals that every decision is an economic decision and this podcast uncovers the economic forces that shape the world around you. Betsey and Justin believe that economics is a superpower, and they want to teach you to fly.

Think Like an Economist and you'll see the world more clearly, empowering you to make better decisions at work, at home, and in your community. Leading economists Betsey Stevenson and Justin Wolfers will take you on a joyous romp through their field as they introduce you to the big ideas in economics, and show how you can apply them to live in your own life. Their signature approach reveals that every decision is an economic decision and this podcast uncovers the economic forces that shape the world around you. Betsey and Justin believe that economics is a superpower, and they want to teach you to fly.

Think Like An Economist

Externalities - The Full Cost of the Choices we make

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/5f6795e6-9e73-4c0b-8f05-b4d501033ec3/transcript

Introducing: Think Like An Economist

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/2ff8ee94-a228-41a4-9338-b4d601296433/transcript

Most of us wash our hands even though we've never seen a germ. But when it comes to personal finance, hardly anyone "washes their hands" — and the mistakes are expensive. Justin Wolfers, back from a Stanford keynote to finance educators, argues that ignoring sound financial advice may cost people somewhere between 2% and 10% of their lifetime consumption — putting it in the same neighborhood as the welfare cost of climate change, and dwarfing the 0.1–1% economists usually assign to business cycles.

So why won't people listen? Because the public doesn't trust economists: surveys show they rank barely above politicians in favorability. Justin makes the case that the fix isn't more experts screaming about interest rates — it's using plainer speech, telling better stories, showing real empathy, and laying out one clear action at a time. Here's what's in it for you: the employer match you're leaving on the table, the credit card interest compounding daily while your cash sits in savings, the actively managed fund quietly skimming your returns. Small mistakes, moved across a lifetime, add up to real money — yours.

Subscribe:

on YouTube 👉 https://youtube.com/platypuseconomics

on Substack 👉 https://newsletter.platypuseconomics.com

the Podcast 👉 https://platypuseconomics.com/podcast

Follow on Social Media @PlatypusEconomics and @JustinWolfers

Most of us wash our hands even though we've never seen a germ. But when it comes to personal finance, hardly anyone "washes their hands" — and the mistakes are expensive. Justin Wolfers, back from a Stanford keynote to finance educators, argues that ignoring sound financial advice may cost people somewhere between 2% and 10% of their lifetime consumption — putting it in the same neighborhood as the welfare cost of climate change, and dwarfing the 0.1–1% economists usually assign to business cycles.So why won't people listen? Because the public doesn't trust economists: surveys show they rank barely above politicians in favorability. Justin makes the case that the fix isn't more experts screaming about interest rates — it's using plainer speech, telling better stories, showing real empathy, and laying out one clear action at a time. Here's what's in it for you: the employer match you're leaving on the table, the credit card interest compounding daily while your cash sits in savings, the actively managed fund quietly skimming your returns. Small mistakes, moved across a lifetime, add up to real money — yours.Subscribe:on YouTube 👉 <a target="_blank" rel="noopener noreferrer nofollow" href="https://youtube.com/platypuseconomics">https://youtube.com/platypuseconomics</a>on Substack 👉 <a target="_blank" rel="noopener noreferrer nofollow" href="https://newsletter.platypuseconomics.com">https://newsletter.platypuseconomics.com</a>the Podcast 👉 <a target="_blank" rel="noopener noreferrer nofollow" href="https://platypuseconomics.com/podcast">https://platypuseconomics.com/podcast</a>Follow on Social Media @PlatypusEconomics and @JustinWolfers

Why Good Money Advice Fails to Land | Diving In

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/9f923223-9218-4a57-a000-b4d50132e45f/transcript

AI safety fears are in the news, so Justin Wolfers sits down with producer Augusta to work through the economics — and the ethics — of building guardrails into AI. Using airbags as the analogy, he shows why a "safe" AI, like a car with airbags, works a little less well than one built with no precautions — and why that tradeoff is worth taking when the downside isn't a fender bender but the electricity grid, a biological weapon, or human extinction.

Subscribe:

on YouTube 👉 https://youtube.com/platypuseconomics

on Substack 👉 https://newsletter.platypuseconomics.com

the Podcast 👉 https://platypuseconomics.com/podcast

Follow on Social Media @PlatypusEconomics and @JustinWolfers

AI safety fears are in the news, so Justin Wolfers sits down with producer Augusta to work through the economics — and the ethics — of building guardrails into AI. Using airbags as the analogy, he shows why a "safe" AI, like a car with airbags, works a little less well than one built with no precautions — and why that tradeoff is worth taking when the downside isn't a fender bender but the electricity grid, a biological weapon, or human extinction.Subscribe:on YouTube 👉 <a target="_blank" rel="noopener noreferrer nofollow" href="https://youtube.com/platypuseconomics">https://youtube.com/platypuseconomics</a>on Substack 👉 <a target="_blank" rel="noopener noreferrer nofollow" href="https://newsletter.platypuseconomics.com">https://newsletter.platypuseconomics.com</a>the Podcast 👉 <a target="_blank" rel="noopener noreferrer nofollow" href="https://platypuseconomics.com/podcast">https://platypuseconomics.com/podcast</a>Follow on Social Media @PlatypusEconomics and @JustinWolfers

What Airbags Teach Us About Artificial Intelligence | The Professor Is In

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/35695a40-7f2c-4f0a-9e5c-b4d5013389d3/transcript

Externalities - The Full Cost of the Choices we make

In 1 playlist(s)

Think Like An Economist

Social links

Follow podcast

Recent clips