Russ Roberts

Trade and Exchange Podcast Episodes and Extras

Category Archive with 31 podcast episodes and extras
 

Wally Thurman on Bees, Beekeeping, and Coase

EconTalk Episode with Wally Thurman
Hosted by Russ Roberts

Wally Thurman of North Carolina State University and PERC talks with EconTalk host Russ Roberts about the world of bees, beekeepers, and the market for pollination. Thurman describes how farmers hire beekeepers to pollinate their crops and how that market keeps improving crop yields and producing honey. Thurman then discusses how beekeepers have responded to Colony Collapse Disorder--a not fully understood phenomenon where colonies disband, dramatically reducing the number of bees. The discussion closes with the history of bee pollination as an example of a reciprocal externality and how Coase's insight helps understand how the pollination market works.

Size:29.1 MB
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Narlikar on Fair Trade and Free Trade

EconTalk Episode with Amrita Narlikar
Hosted by Russ Roberts

Amrita Narlikar of the University of Cambridge talks with EconTalk host Russ Roberts about fair trade and policy issues related to trade. Narlikar argues--based on a recent article with Dan Kim--that the Fair Trade movement hurts workers outside of the fair trade umbrella and does little for those it is trying to help. She advocates free trade, particularly the elimination of agricultural subsidies in the developed world and the best way to help workers in poor nations. Drawing on a recent article with Jagdish Bhagwati, she criticizes the international response to recent deaths in Bangladesh factories. In the last part of the conversation, she defends the World Trade Organization.

Size: 28.2 MB
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Lisa Turner on Organic Farming

EconTalk Episode with Lisa Turner
Hosted by Russ Roberts

Lisa Turner of Laughing Stock Farm talks with EconTalk host Russ Roberts about life as a small organic farmer. She describes her working day, the challenges of farming, the role of the U.S. Department of Agriculture in her life and what some job applicants who want to work on her farm need to understand about business.

Size: 28.7 MB
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Larry White on the Clash of Economic Ideas

EconTalk Episode with Lawrence White
Hosted by Russ Roberts

Lawrence H. White of George Mason University and author of The Clash of Economic Ideas talks to EconTalk host Russ Roberts about the economists and their ideas of the past one hundred years. They discuss Keynes and Hayek, monetary policy and the Great Depression, Germany after the Second World War, the economy of India, and the future of monetary policy.

Size: 28.8 MB
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Coase on Externalities, the Firm, and the State of Economics

EconTalk Episode with Ronald Coase
Hosted by Russ Roberts

Nobel Laureate Ronald Coase of the University of Chicago talks with EconTalk host Russ Roberts about his career, the current state of economics, and the Chinese economy. Coase, born in 1910, reflects on his youth, his two great papers, "The Nature of the Firm" and "The Problem of Social Cost". At the end of conversation he discusses his new book on China, How China Became Capitalist (co-authored with Ning Wang), and the future of the Chinese and world economies.

Size: 27.8 MB
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Munger on Exchange, Exploitation and Euvoluntary Transactions

EconTalk Episode with Mike Munger
Hosted by Russ Roberts

Mike Munger of Duke University talks with EconTalk host Russ Roberts about the psychology, sociology, and economics of buying and selling. Why are different transactions that seemingly make both parties better off frowned on and often made illegal? In theory, all voluntary transactions should make both parties better off. But Munger argues that some transactions are more voluntary than others. Munger lists the attributes of a truly voluntary transaction, what he calls a euvoluntary transaction and argues that when transactions are not euvoluntary, they may be outlawed or seen as immoral. Related issues that are discussed include price gouging after a natural disaster, blackmail, sales of human organs, and the employment of low-wage workers.

Size: 28.8 MB
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Rodrik on Globalization, Development, and Employment

EconTalk Episode with Dani Rodrik
Hosted by Russ Roberts

Dani Rodrik of Harvard University talks with EconTalk host Russ Roberts about trade, the labor market, and trade policy. Drawing on a recent paper with Margaret McMillan on trade and productivity, Rodrik argues that countries have very differing abilities to respond to increases in productivity that allow production to expand using fewer workers in a particular sector. When workers are displaced by productivity increases, what is their next best alternative? Rodrik discusses how this varies across countries and policies that might improve matters. He argues that poor countries should subsidize new products as a way of overcoming uncertainty and externalities from new ventures.

Size: 27.5 MB
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Kling on Patterns of Sustainable Specialization and Trade

EconTalk Episode with Arnold Kling
Hosted by Russ Roberts

Arnold Kling of EconLog talks with EconTalk host Russ Roberts about a new paradigm for thinking about macroeconomics and the labor market. Kling calls it PSST--patterns of sustainable specialization and trade. Kling rejects the Keynesian approach that emphasizes shortfalls in aggregate demand arguing that the aggregate demand approach masks the underlying complexity of the recalculations that periodically take place in a dynamic economy. Instead, Kling invokes the mutual exploration between entrepreneurs and workers for profitable opportunities that pay well using the workers' skills. This exploration takes time, involves trial and error, and can have false starts because businesses sometimes fail or employees are difficult to find or match with employment opportunities. Kling applies these ideas to the current crisis to explain why labor market recovery is so sluggish and what might policies might improve matters.

Size: 31.8 MB
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Don Boudreaux on China, Currency Manipulation, and Trade Deficits

EconTalk Episode with Don Boudreaux
Hosted by Russ Roberts

Don Boudreaux of George Mason University talks with EconTalk host Russ Roberts about Chinese exchange rate policy and the claim that China keeps the value of its currency artificially low in order to boost exports to the United States and reduce U.S. exports. Boudreaux argues that regardless of whether China is manipulating its currency, inexpensive Chinese imports are generally good for the United States. He also points out that manufacturing output in the United States has been thriving despite claims that the United States is being "hollowed out." The conversation also includes a discussion of whether Chinese holdings of U.S. Treasuries threaten the United States.

Size: 29.8 MB
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Ridley on Trade, Growth, and the Rational Optimist

EconTalk Episode with Matt Ridley
Hosted by Russ Roberts

Matt Ridley, author of The Rational Optimist, talks with EconTalk host Russ Roberts about why he is optimistic about the future and how trade and specialization explain the evolution of human development over the millennia. Ridley argues that life is getting better for most of the people on earth and that the underlying cause is trade and specialization. He discusses the differences between Smith's and Ricardo's insights into trade and growth and why despite what seems to be strong evidence, people are frequently pessimistic about the future. Ridley also addresses environmental issues.

Size: 27.5 MB
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Irwin on the Great Depression and the Gold Standard

EconTalk Episode with Douglas Irwin
Hosted by Russ Roberts

Douglas Irwin of Dartmouth College talks with EconTalk host Russ Roberts about the role the gold standard played in the Great Depression. Irwin argues that France systematically accumulated large amounts of gold in the late 1920s and 1930s, imposing massive deflation on the rest of the world. Drawing on a recent paper of his, Irwin argues that France's role in worldwide deflation was greater than that of the United States and played a significant role in the economic contraction that followed.

Size: 31.5 MB
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Caplan on Immigration

EconTalk Episode with Bryan Caplan
Hosted by Russ Roberts

Bryan Caplan of George Mason University and EconLog blogger talks with EconTalk host Russ Roberts about immigration. Caplan takes on the common arguments against open borders and argues that they are either exaggerated or can be overcome while still allowing more immigration than is currently allowed in the United States.

Size: 33.7 MB
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Sumner on Growth and Economic Policy

EconTalk Episode with Scott Sumner
Hosted by Russ Roberts

Scott Sumner of Bentley University and the blog, The Money Illusion, talks with EconTalk host Russ Roberts about the last 30 years of economic policy and macroeconomic success and failure. Sumner argues that there was a neoliberalism revolution beginning in the 1980s around the world, an era of deregulation, privatization and falling marginal tax rates. Sumner argues that the states that liberalized the most had the most successful economic results. Roberts argues that it is difficult to assess the independent effect of various policy changes and points to many areas--in the United States at least--where government involvement increased in important parts of the economy, and Sumner responds. Sumner also talks about the importance of culture in economic performance.

Size: 32.2 MB
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Roberts on Smith, Ricardo, and Trade

EconTalk Episode with Russ Roberts
Hosted by Russ Roberts

Russ Roberts, host of EconTalk, does a monologue this week on the economics of trade and specialization. Economists have focused on David Ricardo's idea of comparative advantage as the source of specialization and wealth creation from trade. Drawing on Adam Smith and the work of James Buchanan, Yong Yoon, and Paul Romer, Roberts argues that we've neglected the role of the size of the market in creating incentives for specialization and wealth creation via trade. Simply put, the more people we trade with, the greater the opportunity to specialize and innovate, even when people are identical. The Ricardian insight masks the power of market size in driving innovation and the transformation of our standard of living over the last few centuries in the developed world.

Size: 28.6 MB
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Rustici on Smoot-Hawley and the Great Depression

EconTalk Episode with Thomas Rustici
Hosted by Russ Roberts

Thomas Rustici of George Mason University and author of Lessons from the Great Depression talks with EconTalk host Russ Roberts about the impact of the Smoot-Hawley Act on the economy. The standard view is that the decrease in trade that followed Smoot-Hawley was not big enough to be a significant contributor to the Great Depression. Rustici argues that this Keynesian approach that looks at aggregate spending misses a crucial mechanism for understanding the impact of Smoot-Hawley. Rustici focuses on the impact of Smoot Hawley on bank closings and the money supply. Smoot-Hawley launched an international trade war that reduced world trade dramatically. This had large concentrated regional effects in the United States and around the world in areas that depended on trade. Those were the areas where the first banks collapsed, contracting the money supply via the fractional reserve banking system. Rustici argues that the Keynesian indictment of the price system ignores the policy failures that destroyed the institutions that make the price system work.

Size: 39.0 MB
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Reinhart on Financial Crises

EconTalk Episode with Carmen Reinhart
Hosted by Russ Roberts

Carmen Reinhart of the University of Maryland talks with EconTalk host Russ Roberts about the ideas in her book This Time is Different: Eight Centuries of Financial Folly (co-authored with Kenneth Rogoff). They discuss the role of capital inflows in financial crises, the challenges of learning the right lessons, and what is generally true about financial crises over time and place. Reinhart applies these observations to the current crisis, discusses the possibility of the U.S. defaulting on its sovereign debt, and discusses the possibility of financial reforms that might make a difference.

Size: 30.9 MB
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Bhide on Outsourcing, Uncertainty, and the Venturesome Economy

EconTalk Episode with Amar Bhide
Hosted by Russ Roberts

Amar Bhidé, 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. Bhidé 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 market are very effective at the application of technology. The end of the conversation turns to the role of uncertainty in both venture capital and entrepreneurship but also to the role of financial institutions and financial innovation.

Size: 30.5 MB
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Richard Epstein on Happiness, Inequality, and Envy

EconTalk Episode with Richard Epstein
Hosted by Russ Roberts

Richard 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.

Size: 26.1 MB
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Munger on Middlemen

EconTalk Episode with Mike Munger
Hosted by Russ Roberts

Munger.jpg Mike 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.

Size: 33.3 MB
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Nye on Wine, War and Trade

EconTalk Episode with John Nye
Hosted by Russ Roberts

John Nye of George Mason University talks with EconTalk host Russ Roberts about his book, War, Wine, and Taxes. The conversation covers the history of Britain and France's trade policy, why the British drink beer and why Ricardo's example of Britain trading wool for Portuguese wine is bizarre. Nye turns the traditional story on its head--he argues that France was more of a free trader than Britain and that the repeal of the Corn Laws was not the dividing line between Britain's protectionist past and free trade future. At the end of the discussion, Nye emphasizes the importance of domestic free trade for economic growth.

Size: 29.5 MB
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Bernstein on the History of Trade

EconTalk Episode with William Bernstein
Hosted by Russ Roberts

William Bernstein talks with EconTalk host Russ Roberts about the history of trade. Drawing on the insights from his recent book, A Splendid Exchange: How Trade Shaped the World, Bernstein talks about the magic of spices, how trade in sugar explain why Jews ended up in Manhattan, the real political economy of the Boston Tea Party and the demise of the Corn Laws in England. The discussion closes with the political economy of trade today and the interaction between trade and income inequality.

Size: 32.3 MB
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Roberts on the Least Pleasant Jobs

EconTalk Episode with Russ Roberts
Hosted by Russ Roberts

EconTalk host Russ Roberts talks about the claim that for capitalism to succeed there have to be people at the bottom to do the unpleasant tasks and that the rich thrive because of the suffering of those at the bottom. He critiques the idea that capitalism is a zero sum game where to get ahead, someone has to fall back. He also looks at the evolution of the least pleasant jobs over time and how technology interacts with rising productivity to make the least pleasant jobs more pleasant.

Size: 29.2 MB
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Brook on Vermeer's Hat and the Dawn of Global Trade

EconTalk Episode with Timothy Brook
Hosted by Russ Roberts

Timothy Brook, professor of history at the University of British Columbia and author of Vermeer's Hat: The Seventeenth Century and the Dawn of the Global World, talks with EconTalk host Russ Roberts about the expansion of global trade between Europe and the rest of the world, and in particular, North American and China. He discusses the differences and similarities between Chinese and Western attitudes toward trade and exploration and the implications for innovation and knowledge.

Size: 28.0 MB
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Don Boudreaux on Globalization and Trade Deficits

EconTalk Episode with Don Boudreaux
Hosted by Russ Roberts

DonB.jpgDon Boudreaux, of George Mason University, talks about the ideas in his book, Globalization. He discusses comparative advantage, the winners and losers from trade, trade deficits, and inequality with EconTalk host Russ Roberts.

Size: 36.6 MB
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Karol Boudreaux on Property Rights and Incentives in Africa

EconTalk Episode with Karol Boudreaux
Hosted by Russ Roberts

Karol Boudreaux, Senior Research Fellow at George Mason University's Mercatus Center, talks with EconTalk host Russ Roberts about her field work and research in Rwanda and South Africa. In Rwanda, she studied how a change in incentives and property rights for coffee farmers has allowed the coffee bean growers to improve quality and prosper. In South Africa's Langa Township, she looked at how renters were allowed to become homeowners and how the ability to own changed their lives.

Size: 27.7 MB
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Munger on Fair Trade and Free Trade

EconTalk Episode with Mike Munger
Hosted by Russ Roberts

Munger.jpgMike Munger, frequent guest and longtime Econlib contributor, speaks with EconTalk host Russ Roberts about fair trade coffee and free trade agreements. Does the premium for fair trade coffee end up in the hands of the grower? What economic forces might stop that from happening? They discuss the business strategy of using higher wages as a marketing strategy to attract concerned consumers. They turn to the issue of free trade agreements. If the ideal situation is open borders to foreign products, is it still worthwhile to negotiate bilateral and multilateral agreements that requires delays, exemptions and a bureaucracy to enforce? What is the cost of including environmental and various labor market regulations in these agreements?

Size: 27.0 MB
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Grab Bag: Munger and Roberts on Recycling, Peak Oil and Steroids

EconTalk Episode with Mike Munger
Hosted by Russ Roberts

Michael MungerMike Munger, of Duke University, and EconTalk host Russ Roberts clean up some loose ends from their previous conversation on recycling, move on to talk about the idea of buying local to reduce one's carbon footprint and then talk about the idea of peak oil. They close the conversation with the Rick Ankiel story and the implications for the Barry Bonds saga.

Size: 30.0 MB
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Gordon on Ants, Humans, the Division of Labor and Emergent Order

EconTalk Episode with Deborah M. Gordon
Hosted by Russ Roberts

Deborah M. Gordon, Professor of Biological Sciences at Stanford University, is an authority on ants and order that emerges without control or centralized authority. The conversation begins with what might be called the economics of ant colonies, how they manage to be organized without an organizer, the division of labor and the role of tradeoffs. The discussion then turns to the implications for human societies and the similarities and differences between human and natural orders.

Size: 30.3 MB
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Leamer on Outsourcing and Globalization

EconTalk Episode with Ed Leamer
Hosted by Russ Roberts

Is outsourcing good for America? How does foreign competition affect wages in the United States? Ed Leamer, professor of economics at UCLA, talks about the effects of outsourcing on wages, jobs, and the U.S. standard of living. Drawing on a review of Thomas Friedman's The World is Flat, Leamer talks with host Russ Roberts about technology, trade, productivity and inequality.

Size: 29.9 MB
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Boudreaux on the Economics of "Buy Local"

EconTalk Episode with Don Boudreaux
Hosted by Russ Roberts

DonB.jpgProponents of buying local argue that it is better to buy from the local hardware store owner and nearby farmer than from the Big Box chain store or the grocery store headquartered out of town because the money from the purchase is more likely to "stay in the local economy." Don Boudreaux of George Mason University talks with EconTalk host Russ Roberts about the economics of this idea. Is it better to buy local than from a seller based out of town? Is it better to buy American than to buy foreign products? Does the money matter? In this conversation, Boudreaux and Roberts pierce through the veil of money to expose what trade, whether local, national, or international, really accomplishes.

Size: 12.8 MB
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Ticket Scalping and Opportunity Cost

EconTalk Episode with Mike Munger
Hosted by Russ Roberts

Michael MungerMichael Munger of Duke University and Russ Roberts talk about the economics of ticket scalping, examining our reactions to free and found goods, gifts, e-Bay, value in use vs. value in exchange, and opportunity costs.

Size: 13.7 MB
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