Platypus Economics with Justin Wolfers

What happens when students can’t instantly reach for their phones? In this episode of Diving In, Justin Wolfers breaks down the latest research on school phone bans and finds a result that’s more complicated—and more interesting—than many parents, teachers, and policymakers expected. Here's the broader lesson: removing a distraction does not automatically create a better outcome. In economics, that’s the problem of substitution. If less phone time turns into more sleep, conversation, or focus, that’s good. If it turns into some other kind of distraction or conflict, the gains are smaller. For parents, teachers, and anyone trying to build healthier tech habits, the stakes are personal. A little friction can change behavior—but what you put in the phone’s place may matter just as much for your family, your kids, and your own mental well-being. Check out the full paper here: https://siepr.stanford.edu/publications/working-paper/effects-school-phone-bans-national-evidence-lockable-pouches 📈 Key takeaway: Phone bans can reduce use and improve well-being over time, but the real question is what fills the space the phone leaves behind. 🔔 Don't forget to like and review! See omnystudio.com/listener for privacy information.

In this follow-up to an episode diving in to the federal deficit, Justin Wolfers responds to audience comments and questions including: where are interest payments going? Why can’t the government just print more money? And how do changes in immigration impact our ability to pay back our debt? If you'd like Justin to answer your question in a future segment of The Professor Is In, leave a comment below. And don’t forget to rate and review! See omnystudio.com/listener for privacy information.

The Pentagon said the war with Iran has cost Americans $25 billion. But that number only accounts for missiles fired and equipment destroyed. The true cost of war is measured by the future we’ve given up. In this video — my Director’s Cut of an Op-Ed I wrote last week for the New York Times — I explain why that figure is dangerously misleading and show you the math for a less precise, but far more honest answer. Using the economic concept of opportunity cost, I walk through six methods for calculating the war’s real price tag, tracing the clues through oil, interest rates, geopolitical risk, the stock market, GDP, and future defense budgets. Each of these prove that this war is not costing tens of billions — but hundreds of billions, and quite possibly trillions. Every number answers a question, and the Pentagon's $25 billion answers a very small one. Here, I'm asking the bigger one: compared to the world we had before this war, what have we lost? The answer should concern every American household. NYT Op-Ed: https://www.nytimes.com/2026/05/08/opinion/hegseth-war-cost.html See omnystudio.com/listener for privacy information.

In this episode of Diving In, Justin Wolfers breaks down the economics of the Met Gala using two big ideas from economics: signaling and non-price competition. The basic point is simple: the high price of luxury goods isn't a bug in the system, it's the whole point. So instead of competing through discounts, brands must compete through spectacle: celebrity placements, giant flagship stores, fashion shows, editorial buzz, and events like the Met Gala — which Wolfers argues is a less-bad outlets for wasteful, non-price competition. In fact, the real scandal may be that Met Gala tickets are underpriced. If brands capture enormous media value from the event while the museum gets only a relatively small share, then the Met may be giving luxury houses a very good deal. The stakes here go beyond fashion. This is a lesson in how markets work when buyers care about status, not just usefulness—and how that affects where money gets spent, what gets built, and how prestige shapes the economy around you. See omnystudio.com/listener for privacy information.

What actually mattered in this week’s avalanche of economic news? In this conversation, Justin talks to his friend, Stacey Vanek Smith, Senior writer for Bloomberg Businessweek and cohost of the Everybody’s Business podcast. Together, they sort the signal from the noise: Spirit Airlines’ collapse, the U.S. debt hitting 100% of GDP, and whether AI is really driving growth—or just the headlines. For viewers trying to determine what to worry about, what you can safely ignore, and where’s there’s room for a bit of hope, this is is a practical guide to what matters and why it affects your life. The stakes are real: oil shocks can raise the cost of everyday goods, high debt can reduce the government’s room to respond in a downturn, and AI could reshape careers faster than many families are prepared for. See omnystudio.com/listener for privacy information.

In this opening episode for Platypus Economics, Justin Wolfers explains why the federal budget deficit is one of the best examples of how economics can clarify a debate that politics often mangles. The central point is simple: deficits are not automatically good or bad, but a tool. And the only serious question is whether borrowing makes sense given the economy, the emergency, and the country’s ability to pay. In a crisis, large deficits are often smart policy—stabilizing incomes, supporting jobs, and keeping an economic downturn from becoming a disaster. But today’s U.S. deficit is different. America is currently running a very large deficit—about 5.8% of GDP—without the usual crisis justification. The stakes are not instant collapse, but a slower erosion of fiscal capacity, institutional credibility, and the ability to spend on things that could actually improve your life. See omnystudio.com/listener for privacy information.

Economics. Explained. Clearly. See omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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. Summary Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

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 omnystudio.com/listener for privacy information.

What happens when you know something that others don't? Or they know something you don't? These information asymmetries can great create a fog of mistrust, and doing business can get tricky. Betsey Stevenson and Justin Wolfers help clear the economic fog, and find ways to restore that trust. Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production See omnystudio.com/listener for privacy information.

Discounts for the elderly or students may seem generous - but they win more customers. When businesses ask how they can make as much money as possible from each customer, they need a sophisticated pricing strategy. Betsey Stevenson and Justin Wolfers take a look at who gets a discount and why. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production See omnystudio.com/listener for privacy information.

What's the competition? When businesses have less competition, they have more market power and can raise their prices. Betsey Stevenson and Justin Wolfers explore competition in the market place and the way it shapes prices - and profit. Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

How hard is it to move out of poverty and up the economic ladder? Justin Wolfers and Betsey Stevenson explore how economic inequality is shaped by people's backgrounds and opportunities. And they look at the tools available for making a more equal society. Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

America’s President-elect has made his choice for the new Secretary of the Treasury. Janet Yellen is an economist and friend of the Think Like an Economist team, Betsey Stevenson and Justin Wolfers. Before the election, Janet Yellen shared her thoughts on the power of thinking like an economist. And in this special episode, Justin reflects on what decisions Janet Yellen will be making. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production. See omnystudio.com/listener for privacy information.

The U.S. presidential election may be over, but what does the new president need to do to get the economy back on track and prepare for future shocks? In this special episode, Justin Wolfers has some economic advice for the new president. And of course, Betsey Stevenson will be back for the next episode. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production. See omnystudio.com/listener for privacy information.

What can you do to make sure you're working in the right job, and getting paid the right salary? Or, if you're the boss, how can you make sure you're making the right hiring decisions? Justin Wolfers and Betsey Stevenson show you how to make good decisions, as a worker or an employer. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

When countries do something well, they can sell that in the global market place. But how do consumers and producers get the most out of international trade? Economists Betsey Stevenson and Justin Wolfers explain how people around the world can benefit from international trade. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

Are you doing what you should be doing, and delegating tasks that others should do? Make sure you get the most out of your comparative advantage, as Betsey Stevenson and Justin Wolfers reveal how this economic tool helps run their household. They've written the economics textbook for the 21st century and want to share their love of economics with you. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

You know the joy of buying something that's worth more to you than what you paid? Or that jolt when you sell something for more than what it is worth to you? Leading economists Betsey Stevenson and Justin Wolfers reveal how to know whether our trades spark joy. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

How does government affect the market? And how can a jar of coins help you understand how taxes affect buyers and sellers. Leading economists Justin Wolfers and Betsey Stevenson have written the economics textbook for the 21st century, and share their insight on how the economy is influenced by government. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production See omnystudio.com/listener for privacy information.

When prices go up, buyers want less and sellers want more. But how much more? Economists Betsey Stevenson and Justin Wolfers discuss how responsive people are to price changes, and why. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

Where Supply meets Demand. Markets are everywhere, but what happens when buyers and sellers get down to business? Leading economists Betsey Stevenson and Justin Wolfers reveal how markets find their equilibrium Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

We're all suppliers. But how do we decide how much to sell? Economists and the authors of the 21st century textbook on economics, Betsey Stevenson and Justin Wolfers, steer us through the influences and decisions we face in business or in the home. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

Do you need to buy that? Should you buy one more? Economists Betsey Stevenson and Justin Wolfers explain how you as a buyer can stay in control - and how to make the Law of Demand work for you. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

Betsey and Justin help you figure out how to decide how much time to spend working versus looking after your family, when everyone needs more attention these days. Could the decisions you make now affect your career in the future? We’ll be back with a full episode on September 8th, when we’ll be looking at the decisions you make as a buyer - that foundation of the economy, Demand. See omnystudio.com/listener for privacy information.

Betsey & Justin are getting ready for another year of teaching economics. And with all the recent challenges in the world, Betsey and Justin have some real-world advice for you - does investing in skills or education make sense right now? We'll be back on September 8th, looking at that old favourite - Demand. See omnystudio.com/listener for privacy information.

Buying an extra cup of coffee means less money for a cup of tea. It also means less coffee for the next person, it will change the prices of milk and sugar and effect the countries which make the coffee beans for your cup of joe. Betsey Stevenson and Justin Wolfers teach us about how our decisions are interlinked, and how this can help you to make better decisions.  Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

How many hours should you work? How many people should you hire? How many children should you have? Betsey Stevenson and Justin Wolfers teach us how to make decisions about ‘how many’ of pretty much anything and in any circumstance. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

What would you do instead of taking that dream job? What would you eat for dinner instead of that burger? And how would you spend your lunch hour if not at the gym? Betsey Stevenson and Justin Wolfers get us to think about the next best alternative to anything, and how that can transform the decisions we make.  Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

Making a pros-and-cons list when you’re stuck isn’t a bad piece of advice, it’s actually a staple of Thinking Like An Economist. Betsey Stevenson and Justin Wolfers walk us through thinking about the costs and benefits of every decision, and also warn of red flags that can lead us astray.  Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

Want to make ‘no regrets decisions’? This podcast will teach you how! Betsey Stevenson and Justin Wolfers are on a mission to equip everyone with key tools from economics that can truly transform your life: from career dilemmas and financial conundrums to sorting out complicated problems in your personal life, economics will help you. Let’s get stuck in. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.

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. Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production. See omnystudio.com/listener for privacy information.