The New Bazaar
Through long-form interviews with economists, policymakers, and other guests, The New Bazaar explores how the economy is constantly reshaping the way we live — and how our choices in life are reflected back into the economy. Hosted by Cardiff Garcia, The New Bazaar is a production of the Economic Innovation Group.
Episodes
Moral Economics
Economist Alvin Roth, winner of the economics Nobel in 2012 for his work on market design, joins Cardiff to discuss his new book, Moral Economics: From Prostitution to Organ Sales: What Controversial Transactions Reveal About How Markets Work.The book is about morally contested markets: transactions that participants would like to engage in but that others think they shouldn't be allowed to, even
Debt and Deficits: Time to Worry?
Martha Gimbel, executive director of The Budget Lab at Yale, returns to the New Bazaar to chat with Cardiff about all things debt and deficits.Martha argues that the fiscal choices of the past decade have already led to higher costs on mortgages, car loans, and small-business debt. She and Cardiff discuss what might happen next given the frightening projections for future borrowing.They discuss:Is
AI Shock vs the China Shock
The China Shock of the 1990s and 2000s remains, even now, the subject of much debate. American consumers benefited from the cheaper goods that were imported from China. Some American businesses also benefited from importing cheaper equipment that was made in China. But other American businesses suffered from the competition, shuttering factories throughout the Rest Belt and South. How bad was it
A City From Scratch
This episode is about an ambitious project to erect an entire new city in California, from scratch, about a one-hour drive north of San Francisco.The company that wants to build this city is called California Forever. It has bought about 70,000 acres of land in Solano County, starting in 2017. That’s about the size of two San Franciscos or one-and-a-half Miamis.What California Forever wants the ci
Ideas for a Post-YIMBY Housing Future
Arpit Gupta, a finance professor at NYU who has made important contributions on a startingly high number of topics, speaks with Cardiff about his latest contributions to the study of housing affordability, remote work, artificial intelligence, and finance. Arpit is on board with the basic YIMBY project of undoing the oppressive zoning codes that limit housing construction in so many parts of
The Roots of our Zero-Sum Moment
Stefanie Stantcheva is an economist at Harvard and the head of the Social Economics Lab, where her team has done extraordinary work investigating how people form their opinions about economic and political topics. That work was the subject of an earlier New Bazaar episode. In this episode, Stefanie chats with Cardiff about the findings in her paper (with co-authors Sahil Chinoy, Nathan Nunn,
AI and the Human Touch
EIG chief economist Adam Ozimek chats with Cardiff Garcia about Adam’s new post, AI and the Economics of the Human Touch. An excerpt: Either AI is so useless that we are in the middle of a bubble that’s about to burst and take the economy down with it, or AI is so powerful it’s going to replace us all and devastate the labor market.The pessimism in speculation about the economic effects
Crime, Leniency, and the Science of Second Chances
Jen Doleac is an economist and the director of the Criminal Justice program at Arnold Ventures. She joins Cardiff on the show to chat about her upcoming new book, “The Science of Second Chances: A Revolution in Criminal Justice”. From the book jacket: Freakonomics for criminal justice, The Science of Second Chances presents a groundbreaking approach to criminal justice reform, revealing
The Licensing Racket
Nearly 30 million workers, or roughly one in five workers throughout the country, are required to have a professional license before they can do their jobs.That’s more than twice the number of workers who belong to unions. And it’s almost ten times the number who earn the minimum wage. But in comparison to those other economic arrangements, curiously little attention is given to the process that g
The surprising economics of the world’s most valuable asset
Mike Bird, the Wall Street editor of The Economist, joins Cardiff to discuss his new book, The Land Trap: A New History of the World’s Oldest Asset.By one estimate, the value of land makes up roughly a third of all the wealth in the entire world. Add the houses and commercial buildings on top of the land and the total value is almost two-thirds. And according to Mike, land “defies some of the
Lessons of the Rare Earths Showdown
How can the United States make its economy more resilient not just to future economic shocks but the threat of such shocks from its geopolitical rivals? Arnab Datta has spent years working on this very question. In the immediate aftermath of the recent rare earths showdown between America and China, Datta and his colleagues at the Institute for Progress and Employ America published a new anal
Housing and the Politics of Place
What accounts for the astonishing streak of YIMBY wins this year — and which concessions, if any, should they consider offering to the NIMBYs? Should the center-left Abundance faction be trying to persuade conservatives and not just progressives? Do struggling places need more market-based solutions (high-skilled immigration, tax incentives for investing in low-income communities) or more str
Attention and the Possibility of Persuasion
Jerusalem Demsas is one of Cardiff’s favorite econ and housing journalists, a previous New Bazaar guest, and now the founder and editor of The Argument, a new magazine dedicated to making “a positive, combative case for liberalism through sharp, well-argued opinion pieces, original reporting, and multimedia content that confronts the illiberal drift in our politics.” Jerusalem and Cardiff dis
Is the US about to fix its housing problem?
The ROAD (Renewing Opportunity in the American Dream) to Housing Act is a bipartisan bill now making its way through Congress. And as today’s guest, Alex Armlovich, and his colleagues at the Niskanen Center argue, it is “the first comprehensive bid to tackle the roots of America’s affordability crisis in a generation—it correctly identifies, and takes initial steps to attack, the interloc
Bubbly markets and the TACO trade
Rob Armstrong is the writer who first coined the acronym in The TACO Trade, which stands for Trump Always Chickens Out, in a column back in April. He wasn’t trying to go viral, much less have the acronym circulate throughout Wall Street and the media, much less have President Trump be asked about it. But that’s what happened. Armstrong is the Unhedged columnist and podcaster at the Financial
AI and Jobs: What Do We Really Know?
Will artificial intelligence help you do your job, or will it just straight-up do your job and leave you unemployable? Or will the future bring something else entirely — either between those two extremes or a world that we simply cannot imagine yet? And are we already starting to see signs of that future emerging? On this episode of The New Bazaar, Cardiff is joined by economist Nathan G
The US-China Trade War: Causes and Consequences
It's hard to think of a better guide to the ongoing US-China trade war than Evan Medeiros. A professor at Georgetown University's School of Foreign Service and a lifelong scholar of the US-China relationship, Evan is also the co-author (with James Polk) of a new study, China's New Economic Weapons. Ever since the trade wars of the first Trump term, Chinese officials have been designing a
Tariffs and the global fallout
Chad Bown is not just among the world’s most respected trade economists. He is also perhaps the single most careful tracker of real-time trade activity — which obviously makes him the best possible guest to explain the consequences of US President Donald Trump’s decision on April 2nd to impose new tariffs on China and many other countries in addition to further escalating the trade war with China
Post-Bidenomics and what comes next
Joining Cardiff for this episode is Jared Bernstein, who was most recently the Chair of the Council of Economic Advisors for President Joe Biden following a long career in economic policy and public service. Jared shares with Cardiff his thoughts on the current economic moment, the achievements he was most proud of during the Biden years, and a few regrets. They also discuss: How the eco
High-skilled Immigration: The Way Ahead to Stay Ahead
On today’s episode, Cardiff chats with his EIG colleagues Adam Ozimek, chief economist, and Connor O’Brien, research analyst, about the one policy that achieves all three of the following goals simultaneously: It massively boosts the rate of economic growth through its effects on entrepreneurship, innovation, and the creation of entire new industries.It reduces inequality.Not only does it cos
AI and the Global Battle for Tech Supremacy
It’s not often that someone comes up with a new, provocative, and persuasive theory about the competition between the US and China to be the world’s leading economic and technological superpower. The topic is so salient right now, the source of so much commentary, that it’s hard to say something that hasn’t already been said many, many times. But this episode’s guest, Jeffrey Ding — a scholar
Election freakouts and American workers
How close is the 2024 presidential election? Here is how the New York Times framed it recently: “Never in modern presidential campaigns have so many states been so tight this close to Election Day. Polling averages show that all seven battleground states are within the margin of error, meaning the difference between a half-point up and a half-point down — essentially a rounding error — could
How to Slay Economic Zombies
What is the right foreign economic policy toward China? Did the Fed cut rates in time to avoid a recession? Have agglomeration economies been changed by work-from-home and the dematerializing economy? On September 21st, Paul Krugman joined host Cardiff Garcia live on stage for a sweeping conversation at the #EconTwitterIRL conference in Lancaster, Pennsylvania. They discussed not only Pa
Is the Introvert Economy here to stay?
"The introverts have taken over the US economy."That's the provocative title of a recent Bloomberg column from economist Allison Schrager. As she looked into the data on how Americans have been spending their time since the pandemic, she noticed that they are spending less time socializing with their friends on weekends and more time in front of screens. Even when they do go out, it's increasingly
Immigration and the border: the real story
When people talk about the crisis at the border between the US and Mexico, what specifically are they referring to?The Department of Homeland Security keeps track of a statistic called “border encounters” at the US border with Mexico. This includes primarily the large number of people who try to cross the border without documentation, or illegally, and aren't crossing at a formal port of entry. It
If econs could hoop
Who is the Magic Johnson of economics? Who was the Adam Smith of basketball?On this fun and oddball episode of The New Bazaar, Cardiff speaks with Tyler Cowen, economist and author of GOAT: Who is the Greatest Economist of all Time and Why Does it Matter? Inspired by the sportswriter Bill Simmons, Tyler wrote his book from the standpoint of a fan—having fun, taking sides, admitting biases, unapolo
Hoop dreams of electric sheep
Seth Stephens-Davidowitz has unusually written an unusual book.The data analysis included in "Who Makes the NBA?: Data-Driven Answers to Basketball's Biggest Questions" normally would have taken Seth, a trained economist, multiple years of writing and running code. But because of new artificial intelligence tools, he finished the book in just thirty days. And he used AI tools not just for the codi
A glimpse inside Biden’s CEA
Martha Gimbel and Gopi Shah Goda were formerly economists within the White House Council of Economic Advisors, or CEA. They look back on their time inside an important economic policymaking institution, telling Cardiff about:Their favorite projectsToughest assignmentsThe relationship between CEA and other economic policymakersThe difference between academia and policy work What they migh
Angus Deaton on life in America
Angus Deaton—Scottish immigrant, Nobelist, and one of Cardiff's favorite economists—has written a new, forthcoming book titled Economics in America: An Immigrant Economist Explore the Land of Inequality. It’s great, if also hard to categorize. Partly it’s a memoir, about his humble origins in Scotland, where he was born; his studies at Cambridge with better-heeled peers; and his subsequent decades
How Vince McMahon built an entertainment empire
We're sharing another episode of a podcast we think you might like. It's called The Closer and it's hosted by executive producer of The New Bazaar, Aimee Keane. In each episode, Aimee speaks to dealmakers and insiders about landmark financial deals that have changed our lives in some way. In this episode, Aimee speaks to writer Abraham Josephine Riesman about Vince McMahon's influential dealm
William Bernstein on stocks, bonds, and the economy
These are confusing times for the economy and for financial markets—and for the relationship between the economy and financial markets. At the moment the economy is doing well. The labor market is still creating hundreds of thousands of jobs each month. Unemployment is low. Inflation has come down over the past year. And economic growth has been stronger than a great many economists and other
The economics of innovation
Within economics, there's a semi-famous quote from the economist Paul Krugman: “Productivity isn't everything, but in the long run, it's almost everything.” Krugman’s point is that ultimately, how much productivity climbs each year—roughly speaking, how much more efficient an economy’s workers become at producing goods and services—is also what determines how much our living standards also rise fr
Inside Facebook's biggest acquisition
We're sharing a special episode of a podcast we think you might like. It's called The Closer and it's hosted by executive producer of The New Bazaar, Aimee Keane. In each episode, Aimee speaks to dealmakers and insiders about landmark financial deals that have changed our lives in some way.In this episode, Aimee speaks to an executive at the center of Whatsapp’s $19 billion sale to Facebook, Neera
How to save democratic capitalism
The combination of a markets-based capitalist economy and a liberal democracy with almost-universal suffrage is very young, having existed for barely more than a century. But what we’ve learned in that short time is that there has never been a more successful political and societal arrangement. None of the tyrannies and the plutocracies that have been the default for nearly all of human histo
Macro Musings with David Beckworth
This is a special episode from the podcast Macro Musings, hosted by economist David Beckworth. David interviews Cardiff along with Heather Long of the Washington Post and Ryan Avent of The Economist about their reflections on the last three years. What they got wrong, what they got right, what shocked them, and what the lessons of these extraordinary, tumultuous times herald for the future.
Artificial intelligence and the economy of the future
Joining Cardiff for this episode is Avi Goldfarb, Rotman Chair In Artificial Intelligence and Healthcare At The Rotman School Of Management, University Of Toronto, and the co-author (with his fellow economists Ajay Agrawal and Joshua Gans) of an excellent new book, "Power and Prediction: The Disruptive Economics of Artificial Intelligence".In their chat, Avi and Cardiff discuss:Why AI is best unde
160 years of the racial wealth gap
This is a special, between-the-seasons episode of the New Bazaar.Right now, the white-to-black wealth ratio in the United States is roughly 6 to 1. Which means that when you add up all the wealth that someone can own—their cash, the value of their house, their investments in the stock market, and so on—the average White American has six times the wealth of the average Black American. That fig
What do we think?
This is the 50th (!) episode of The New Bazaar, and the Season 1 Finale. Cardiff and Aimee are planning to launch Season 2 later in the fall, and even before then will be airing a few surprise bonus episodes in September and October. Cardiff shares a bit more about future plans at the end of today's episode. The final Season 1 guest is Stefanie Stantcheva. Stefanie is an economist at Harvard, wher
The moral consequences of economic growth, revisited
Benjamin Friedman is an economist and the author of The Moral Consequences of Economic Growth (2005) and Religion and the Rise of Capitalism (2021). He joins Cardiff to revisit the ideas in Moral Consequences, one of Cardiff’s favorite economics books, which argues that sustained economic growth not only leads to higher living standards but also can make a society more virtuous. They also tal
Upending Wall Street
Dakin Campbell is the chief finance correspondent at Insider and, full disclosure, Cardiff's close friend. He joins Cardiff on the show to discuss his new book, “Going Public: How Silicon Valley Rebels Loosened Wall Street’s Grip on the IPO and Sparked a Revolution”.When a company is relatively young… let’s say it’s a startup, and it is privately owned… the owners are usually some combination of t
Inflation: a guide for the perplexed
Here are three things to know about inflation. First, according to a survey of public opinion by Pew Research taken in May, the public views inflation is the single biggest problem facing the country. And—this is a direct quote from Pew Research—”no other concern comes close”. Second, inflation right now is really high. The prices of the goods and services that people buy are more t
Your questions, answered!
Cardiff and Aimee answer your questions about markets, the economy, the first season of the podcast and our company, Bazaar Audio. Go to bazaaraudio.com to find the full list of recommended links from the episode.
The hopeful, undetermined future of remote work
This episode is all about remote wok. (Or as it is also sometimes known, telework, or telecommuting, or just working from home.)The trend towards remote work has accelerated a lot during the Covid pandemic, as is clear in the data. What we don’t yet know is how much of the trend will last. And if it does last, what kind of economic and societal consequences will it have? What might be its effects
The life and work of Leonard Wantchekon
As a young man in his native Benin, Leonard Wantchekon was arrested for leading a student uprising against the repressive government, tortured in prison, and 18 months later escaped from prison into Nigeria. Nearly four decades later, he is now a Princeton economist and the founder of the African School of Economics. But the experiences and observations from his astonishing early life embedde
How monetary policy works (and doesn't)
Skanda Amarnath is the executive director of Employ America, an organization that advocates for strong labor markets. He recently published a research note titled "What Are You Expecting? How The Fed Slows Down Inflation Through The Labor Market", in which he and co-author Alex Williams explores how the Federal Reserve's tools work to influence employment outcomes and the prices of goods and servi
An economy for everyone
Martin Sandbu is European Economics Commentator at the Financial Times, where he also writes Free Lunch, a weekly newsletter about global economic policy. And he’s the author of The Economics of Belonging: A Radical Plan to Win Back the Left Behind and Achieve Prosperity for All, which has just been released in paperback. Martin joins Cardiff to discuss: – How the failures of the social
Shattering immigration myths
Economic historian Leah Boustan joins Cardiff to discuss her new book, "Streets of Gold: America's Untold Story of Immigrant Success", co-authored with Ran Abramitsky. This wonderful book complicates and in some cases contradicts many of the prevailing myths and impressions of how immigration works, and it does so using a fascinating and cutting-edge approach to gathering data. Leah and Cardiff ta
The economy in one (more) episode
Matt Klein, co-author of "Trade Wars are Class Wars" and old friend of the show, returns for another special collaborative episode. Matt writes the excellent Overshoot newsletter, where he is posting additional commentary and charts to accompany this chat with Cardiff. Check it out and subscribe!Matt is Cardiff's favorite economic-data sleuth, and on this episode they discuss: — The recovery of th
Finance portrayed in arts and culture
Mary Childs—author of The Bond King, cohost of the Planet Money podcast, and dear pal of Cardiff and Aimee—joins The New Bazaar to discuss how finance is portrayed in culture and the arts. Mary is both a finance journalist and herself a recreational painter with a comprehensive knowledge of the art world, and Cardiff asked her to choose an example each of a movie, book, song, TV series, painter, a
What Neoliberalism Means Now
Cardiff speaks with Jeremiah Johnson, the co-founder and political director of The Neoliberal Project, to discuss the historical evolution of what it means to be Neoliberal, and why advocates and critics of Neoliberalism so often talk past each other.Jeremiah clarifies for Cardiff the current Neoliberal position on taxes, unions, healthcare, Universal Basic Income, privatization of public services
When innovation arrives too early
This week, we're sharing an episode from our friends over at Cautionary Tales. On the show, Tim Harford tells tragic stories from the past, pointing out the valuable lessons in the greatest mistakes, disasters and fiascos. This episode tells the story of Sir Clive Sinclair, a computer whizz and business mogul to rival Steve Jobs or Bill Gates. He was a visionary who could do no wrong...
When the economics is personal
Jose Fernandez, chair of the economics department at the University of Louisville, has an unusually eclectic body of work.He speaks with Cardiff about his findings on topics like autism, suicide, and health. They also discuss how he has navigated a career in which he has chosen topics that are so personal to him.Related link:Jose Fernandez's research
How to fix the housing market
Jenny Schuetz is a scholar of the housing market, and a senior fellow at the Brookings Institution. She has a new book out called Fixer-Upper: How to Repair America's Broken Housing System. In her research and in her book, Jenny considers the housing market in all of its complexity, the reasons it’s broken for so many people, the entrenched barriers to fixing it – and some ideas that just mig
The power of glamour
Glamour is a misunderstood concept. A lot of people associate it with glossy pictures of movie stars and celebrities in ritzy settings, or with other concepts like charisma or dazzle. Glamour is something a little different. It’s mysterious and concealing. It’s an illusion and it can be deceptive, sometimes so in problematic ways. But whether we’re talking about a glamorous object
Hollywood, China: an epic of globalization
Erich Schwartzel joins Cardiff to discuss his new book, "Red Carpet: Hollywood, China, and the Global Battle for Cultural Supremacy". For the past couple of decades, the emergence of a huge middle class in China has become an incredibly attractive, and maybe even a necessary, market for Hollywood movies.But the Chinese government carefully censors what kinds of movies can be shown in China. S
The strange past and unsettled future of money
Jacob Goldstein, author of "Money: The True Story of a Made-up Thing" and host of the new podcast "What's Your Problem?", joins Cardiff to discuss the surprising origins of money, and why now is a great time to start a podcast about solving problems. Related links: Money: The True Story of a Made-Up ThingWhat's Your Problem?
The intangible economy
Today’s episode is about something you might have noticed just by looking around you. Especially if you’re old enough.The economy has been shifting away from the material and towards the intangible -- things like data, design, personality, research, ways of expressing ourselves. The importance of these things has grown, reflected in the investments that businesses have made. More money now goes to
Understanding crypto
At first it was just Bitcoin. Now when someone refers to crypto, they might be talking about ethereum, NFTs, ICOs, smart contracts, DAOs, and a whole bunch of other technologies too numerous to mention. Stacy-Marie Ishmael, managing editor for crypto at Bloomberg, joins the show to un-befuddle Cardiff and explain the implications of this suite of technologies. Among other topics, they di
Energy markets in turmoil
John Kemp is senior market analyst at Reuters, where he specializes in oil and energy systems. Having covered these systems for the past quarter-century, John now publishes a newsletter, which happens to be Cardiff's favorite way to keep up with trends in global energy markets.This episode, recorded on the morning of Monday, February 28th, does touch on the astonishing and fast-moving events in Uk
A Wall Street casino heist
Max Frumes and Sujeet Indap are the authors of the book The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street. And the story they tell in the book is intense. Back in the mid-2000s, a private equity firm called Apollo bought Caesars, the company that owns casinos and hotels all over the country, like Caesars Palace in Las Vegas. The
The housing dilemma
Logan Mohtashami is the lead analyst at Housingwire, where he writes about the housing market and the US economy. And before that, he spent a few decades as a senior lending officer at a real estate company. Well before the pandemic, Logan was arguing that during the years 2020 to 2024, housing prices in the US would climb to troubling levels, the result of various coinciding trends in the ec
The borders between us
Tara Watson is an economist and the co-author, with Kalee Thompson, of a new book, “The Border Within: The Economics of Immigration in an Age of Fear”. The "border within" refers to how immigration laws are applied to undocumented residents already living inside the country. And it also refers to how immigration laws, and how these laws are applied and enforced, can also create borders betwee
Tech we want but don't deserve
Shira Ovide writes the excellent On Tech newsletter at the New York Times. On this episode of The New Bazaar, Shira tells Cardiff about the technology she wants to see in 2022, and whether the potential for technology to better connect the world was oversold. And they chat about the metaverse -- as Shira says, "What if we just called the ‘metaverse’ ...the internet?" -- and the lingering questions
Markets, growth, and the arts
More than two decades ago, economist Tyler Cowen published "In Praise of Commercial Culture" -- his first in a series of books about the relationship between the economy and culture. The book's thesis was simple, but at the time controversial -- that markets and commerce offer the best societal arrangement for promoting creativity and cultural novelty. The book was initially resisted by popular an
The monopoly on MONOPOLY
This week, we're sharing a special episode of a podcast we think you might like. It's called Cautionary Tales, and it's made by Tim Harford and the team at Pushkin Industries. You may remember Tim from our recent episode on economic storytelling. On his podcast, Tim draws on history and social science to vividly retell the stories of great crimes, accidents and disasters of the past
Trust me, I’m an economist
Ben Ho’s latest book is called Why Trust Matters: An Economist’s Guide to the Ties that Bind. His chat with Cardiff is about exactly that: How the concept of trust applies to all kinds of different economic interactions that we experience throughout our lives. And the research that helps us understand why trust so often breaks down, and potentially how to build it back up. For example, h
Listener Q&A episode
To wrap up 2021, The New Bazaar answers questions sent in by listeners. The episode also features, for the first time in front of the mic, executive producer Aimee Keane! Aimee and Cardiff take questions about pricing strategies, how they choose topics and guests for the show, the tricky tension between wonky and accessible, the Canadian vs the US economy, why the US economic growth has been weak
BONUS: Three econ stories
Having guided Cardiff through the craft of economic storytelling in the prior episode, Tim Harford returns to explain the lessons of three economic stories from his own podcast, Cautionary Tales.Links: -- "The Truth about Hansel and Gretel"-- "Buried by the Wall Street Crash"-- "Florence Nightingale and her Geeks Declare War on Death"
The craft of economic storytelling
Tim Harford is the author of numerous terrific economics books and the host of two great podcasts: “Cautionary Tales”, about what we should learn from big mistakes; and “More or Less”, about statistics. He also writes columns and essays for the Financial Times. And what sets Tim apart in all these different mediums is his exceptional storytelling. And when it comes to telling economic stories
How we choose
Vicki Bogan is an economist who specializes in financial economics, household finance, and behavioral finance – in other words, a specialist in how people make investment decisions. Whether to invest in the stock market or the bond market; how much; and other kinds of investing too, like whether to pursue a graduate degree.And the things she has found that influence our investment decisions are of
A hopeful vision of work
The labor market is in a weird place -- millions of fewer workers are employed than before the pandemic, yet millions of more jobs are available and wages are climbing fast.But there has been a lot of experimentation. Workers are quitting in near-record numbers. Working from home is an obvious example of an idea that many more companies are testing. New kinds of automation are taking the place of
MMA and the business of America
If you look at some of the big and mostly troubling economic trends in the overall US economy from the last three or four decades, the business of the sport of Mixed Martial Arts captures a stunning number of them: rising income and wealth inequality; increased firm concentration in some economic sectors, sometimes because they bought out their competition; the declining share of the money that co
Cogs and monsters and economists, oh my!
Economists don’t just try to understand the economy. They also influence it. Because as they share their analysis and understanding of it, people and institutions and companies and politicians start to act differently -- precisely in response to that understanding of how the economy works. Which means that the economy itself then changes, and economists have to catch up and try to understand it ag
The econ fight inside the Right
At least rhetorically, the politically conservative approach to economics was once associated with lower taxes, deregulation of the economy, cutting government spending, free trade and cutting the budget deficit (In reality, what conservatives have actually done when they have been in power has been different, but that was the governing philosophy). But all that seems to have changed in the l
The economy in one episode
For this special collaborative episode of The New Bazaar, Cardiff has teamed up with his friend and former colleague Matt Klein, who writes The Overshoot newsletter. Matt and Cardiff spend the episode carefully -- and without jargon -- walking listeners through the data on the US economy. Is the economy back to its pre-pandemic strength? What about jobs? How much are people getting paid? What’s th
Mortality and the economy
Anne Case and Angus Deaton are the authors of the book Deaths of Despair -- which is also a phrase that refers to the combination of deaths resulting from three causes: suicide, drug overdose, and alcohol. An epidemic of these deaths of despair started roughly a couple of decades ago. What Anne and Angus have found is that the increase in these deaths was entirely concentrated in people witho
The synthesist and the radical
Nicholas Wapshott speaks with Cardiff about his new book, Samuelson Friedman, about the fierce economic debates between economists Paul Samuelson and Milton Friedman -- debates that have evolved through the decades, yet are still relevant to this very day.Links from the episode:Samuelson Friedman book page (https://tinyurl.com/wykc796w)Keynes Hayek book page (https://tinyurl.com/5ade64dz)Interview
What next for global trade
The common argument for why countries should be open to trading with each other has always been simple: free trade is good for economic growth, economic efficiency, and innovation. Businesses get access to more customers around the world, and consumers can buy a wider variety of goods and services made abroad. And for a long time, that logic was widely accepted. Countries lowered barriers to tradi
The business of Broadway
Cardiff has a theory -- somewhat half-baked, he admits -- that only when Broadway has fully recovered from the pandemic will we know that the overall US economy has also fully recovered. The necessity of proximity to strangers made Broadway as an industry a perfect target for the pandemic, and so it may well be one of the last industries to return to its former health.And with the return of theate
When talent is no longer wasted
In 1960, only six percent of all the doctors and lawyers in the country were either women (of all races and ethnicities) or men of color. All the rest -- the overwhelming majority -- were white men. Fast forward half a century. By the year 2010, women and nonwhite men were 38 percent of doctors and lawyers. A similar integration occurred in other high-paying professions that required college and p
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