Words & Numbers

Foolishness of the week: 12:19 Main episode: 16:54   People’s view of the past is biased because we tend to forget the bad things. The (inexplicable to an economist) tendency of young people to think that like in the 1950s was better than life today is one example. This week, we talk about this tendency to nostalgia and how it shows up in pop-culture.   Get Your Copy of Cooperation and Coercion No...

Words and Numbers is a weekly half-hour podcast that explores current events through the eyes of an economist and political scientist. The show is an alternative to the shouting heads that occupy most public discussions. We follow evidence and reason where they lead for a non-partisan  and entertaining approach to topics relating to politics, economics, and government. Learn more about your ad cho...

Foolishness of the week: 07:11 Main episode: 11:20 Economic historian Phil Magness joins us to talk about how the popular 1619 Project gets both the history and the relationship between slavery and capitalism wrong. This is the second of a two-part episode. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Sh...

Foolishness of the week: 04:55 Main episode: 07:34   Economic historian Phil Magness joins us to talk about how the popular 1619 Project gets both the history and the relationship between slavery and capitalism wrong. This is the first of a two-part episode.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org...

Foolishness of the Week: 06:19 Main episode: 07:37 As recently as two months ago, many economists were concerned that significant inflation was here to stay. But last month’s data show that inflation is back near zero. Whether this is good news or simply a brief respite, we won’t know for another few months.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See...

There is much evidence pointing to a relationship between increased trade and improved socio-economic factors like income, poverty, equality, and the environment. But there’s a disturbing trend afoot. World trade (measured as exports and imports as a fraction of world GDP) is down 5% since 2011, and US trade is down 20% over the same period. Worse, prior to 2011, US trade was on a solid upward tra...

Foolishness of the week: 10:57 Main episode: 11:17 The USDA is experimenting with paying people to eat fruits and vegetables. That sounds like a good idea, but it opens the door to regulatory capture wherein companies lobby the USDA to have their products included in the program, and where manufacturers add just enough ingredients to call their formerly-fruit-and-vegetable-free product a “fruit” o...

Dr. Samuel Gregg joins us to talk about his latest book, The Next American Economy, in which he describes emerging problems and potential solutions to America’s slow movement away from freedom.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support for Words & Numbers at Patreon https://www...

A year ago, Mikhail Rasner joined us to talk about shortages and supply chains. A year later, he’s back to talk about what’s happened, both expected and unexpected, and where he sees the economy going in the near future. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support for Words & Numbe...

This week, we answer listener questions about the ratchet effect, how to disagree civilly, and who our dream guest would be. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Apply for the Seminar on Classical Liberal...

This week, we answer listener questions about unfunded liabilities, different types of rights, what would happen if the Supreme Court overturned the broad interpretation of the commerce clause, and statistical versus practical significance Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support fo...

Pope Francis devoted his Christmas homily to speaking out about the evils of pursuing wealth. This week, James and Ant share their different takes on the topic. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Apply...

Listener questions this week include: What are the benefits of central banking? Is it time for the states to have an amicable divorce? What would it take to reduce the size of the federal government? What’s the difference between private and public companies? Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org...

This week, listeners ask whether it’s right to think of contagion as pollution, and if so, whether government has a role in containing contagion, why are we so litigious, and how we can say anything about socialism or capitalism if neither one has ever existed in a pure form. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wor...

Over the past century, three constraints on the federal government have failed. When we started ignoring Constitutional constraints, we opened the door to massive increases in federal spending. When voters started asking politicians for more “free” stuff, we walked through the door. And when we went off the gold standard politicians were able to strong-arm the Federal Reserve into funding the mass...

Whether regulations are a good thing or a bad thing is a more complicated question than it appears. Government can regulate through law. But consumers can also regulate through choice. Some government regulations protect people from harm. But some purport to protect people from harm while actually protecting favored businesses from competition. In this live episode, recorded at Susquehanna Univers...

Our greatest immediate concerns are the combination of inflation and recession, and the threat of war with Russia. The United States faced this combination of problems forty years ago. One important difference is that whereas we are politically divided today, then we were politically united. Going by electoral votes, Ronald Reagan was the last President who united the country, and the only Preside...

Last week, we talked about the world population crossing the 8 billion mark. This week, we look at a related topic, population growth. We find the interesting fact that population growth has slowed to near zero in the developed world, and that future population growth will come mostly from Africa.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant a...

The world population crossed the 8 billion mark this week. As far back as at least the late 1700s, experts were predicting that overpopulation would lead to mass starvation. Time and again, the experts end up being both right and wrong. They tend to be right in their projections that the world population is exploding, but they are always wrong about it leading to mass starvation. In fact, today’s...

For our 300th episode, Senator Phil Gramm joins us to talk about his recent book on income inequality in America. The disturbing thing is that the government figures that people quote concerning income inequality exclude all the tax and transfer adjustments we deliberately make to mitigate income inequality.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See...

Do the dead have rights? This Halloween, philosopher James Stacey Taylor joins us for a live (heh) recording of Words & Numbers to take this question seriously.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers...

People spend a lot of time talking about the debt and deficit, but most are unaware of the mechanics involved. This week, we cover some of those mechanics with a discussion of Treasury notes, bills, and bonds.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support for Words & Numbers at Pat...

This month, the world takes stock of international poverty, and James and Ant put poverty into perspective both across countries and across time.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://...

All of economics boils down to a single fact: people respond to incentives. The first step to thinking like an economist is to take that fact seriously. Once you do, the world never looks the same.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com See More Ant and James! http://www.wordsandnumbers.org Show Your Support for Words & Numbers at Patreon https:/...

People - including some economists - are so used to governments establishing currencies that we are unaware that there are alternatives. Money is simply a tool that reduces the frictional costs of trading goods and services and of saving. Markets can evolve money in the same way that they evolve all manner of other solutions to even more complex problems. Prof. Lawrence H. White joins us this week...