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Economics Happy Hour Podcast: Daily Summaries Delivered
by Matt & Jadrian
Economics Happy Hour is a podcast where two economics educators talk through current events, teaching, and research over a drink. Conversations are unscripted and focused on how economists actually think about the world and the classroom. www.econhappyhour.com
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- 1 weeks ago52 min
How did 9/11 Change the Economy?
Twenty-five years after the September 11 attacks, we look at a difficult question: can economics help us understand terrorism? We start with Gary Becker’s rational model of crime and Alan Krueger's research to consider the incentives, opportunity costs, and motivations behind terrorist activity. From there, we consider whether 9/11 was a “small” or “large” economic shock, looking at everything from financial markets and travel to government spending, immigration, and consumer behavior. In this episode, we talk about:* Whether the rational-choice framework economists use to study crime can tell us anything useful about terrorism* The case for viewing 9/11 as a relatively small short-run macroeconomic shock, and why that framing needs important context* How fear and uncertainty changed travel, spending, investment, and everyday behavior after the attacks* The longer-run economic consequences, including security and defense spending, immigration policy, health effects, and changes in governmentIf you liked this conversation, you might also enjoyThis Week’s Drinks 🍻Jadrian took a chance on a Boardwalk Orange Creamsicle that looked promising in the can and became much less promising as soon as it hit the glass. The smell was...not great. Fortunately, it tasted better than it smelled. Matt kept things simple with a light Moscow Mule. The drinks arrived amid the usual beginning-of-semester chaos combined with a short week thanks to Labor Day. Name That Stat 📊We kept both stats tied to this week’s topic. Jadrian offered up the total amount of money the Transportation Security Administration spent in the most recent fiscal year. What started as a fairly crude response to the attacks has become part of an enormous security infrastructure that is now a normal part of flying in the United States.We then turned to financial markets. Matt offered up a measure of how much the Dow Jones fell during the first week of trading after September 11. The markets were initially closed for several days after the attacks, but investors had to process an extraordinary amount of fear and uncertainty all at once when they reopened.Show NotesBefore getting into a summary of this week’s episode, we want to be clear about what this episode is and what it isn’t. September 11 was first and foremost a tragedy. Thousands of people were killed, families lost loved ones, first responders made extraordinary sacrifices, and the effects of that day continue to be felt 25 years later. Talking about the attacks through an economic lens isn’t meant to reduce those lives to statistics or suggest that GDP is the measure that matters most. We believe looking at this event through an economics lense gives us one additional way to ask questions about why terrorism happens and how an event like this can reshape the economy.We started with Gary Becker’s rational model of crime. The basic idea is surprisingly intuitive: people respond to incentives even when they’re deciding whether to do something illegal. Someone considering a crime weighs potential benefits against the probability of getting caught and the consequences if they do. Terrorism pushes that framework to an extreme. If someone is willing to die for a cause, the usual idea of increasing the punishment suddenly doesn’t work very well. Some of Alan Krueger’s past work used economics to explain who participates in terrorism. We didn’t get to talk about it much on the episode, but one of the important takeaways is that the familiar story connecting terrorism simply to poverty doesn’t hold up particularly well.From there, we turned to the economic impact of 9/11 itself and an interesting challenge of determining whether it had a small or big shock on the economy. The <a target="_blank" href="https://fathom.lib.uc
- 3 weeks ago55 min
Price Controls Are Popular Again
Price controls have traditionally been a policy that economists love to use as an example of unintended consequences, but new survey data suggests voters across the political spectrum increasingly support them. We dig into why both Republicans and Democrats are warming to the idea after years of frustration with higher prices. We also walk through what economic theory and history tell us about shortages, production incentives, and the longer-run effects of price ceilings. Finally, we wrestle with a harder question for economics teachers: if students understand the model but still support the policy, what exactly should we be trying to teach?In this episode, we talk about:* Why support for price controls now crosses party lines* How years of higher grocery, housing, and energy prices may be creating “inflation fatigue”* Why price ceilings can create shortages and change producers’ behavior over time* Why understanding the economics of price controls doesn’t necessarily mean opposing them* What economics teachers can do when students understand the model but reach a different policy conclusionIf you liked this conversation, you might also enjoyThis Week’s Drinks 🍻Jadrian typically joins with a beer, but this time he’s gone with a Cuba Libre Zero. He’s finally taking advantage of the bar cart he was inspired to assemble by friend-of-the-show Brian O’Rourke. Matt went with a Trash Talk IPA from Yards Brewing, served in some appropriately celebratory business-school glassware.Name That Stat 📊In what may be a first for the show, we somehow both managed to get our stats this week! Matt shared the stat that drove our episode: the share of Republicans who now say they support government price controls. Jadrian went with a back-to-school theme and shared the percentage of college students who say they have changed their major or concentration because of job market worries.Show NotesPrice controls are one of those topics that can feel almost automatic in an introductory economics class. Draw supply and demand, put a binding price ceiling below equilibrium, show the shortage, and move on to price floors. New polling data might make this topic a lot more interesting. A CBS News/YouGov poll found a majority support for price controls among Republicans, independents, and Democrats. That caught our attention because the partisan differences are still there, but opposition to price controls is no longer something you can neatly map onto the usual limited-government versus government-intervention divide.So what changed? Our best guess was fatigue. Consumers have spent years watching grocery bills, housing costs, gasoline, and plenty of everyday purchases get more expensive. Even when inflation slows, that doesn’t mean the price level goes back to where it was before. We talked about the disconnect that creates when economists can say inflation has come down, but consumers continue to see their grocery bill is still much higher than it used to be. After enough years of that, “the government should do something about prices” starts sounding pretty appealing.From there, we went back to the basic economics of a price ceiling. If the government caps a price below the market equilibrium, consumers want to buy more while producers have less incentive to supply the product. In the short run, that creates a shortage. But the longer-run response may be even more important. Farmers plant less next year. Landlords invest less in maintaining apartments. Developers decide not to build. These aren’t just predictions. The U.S. has a history of wage and price controls in the 1970s and rent control in modern days. That brought us to the part of the conversation we found most interesting: what if people understand all of that and still support the policy? Jadrian admits to seeing this in his class. Students can pred
- Aug 14, 20261h 6m
When AI Does the Homework, Who Does the Learning?
Artificial intelligence is quickly becoming part of the college classroom, whether instructors are ready for it or not. We talk about how we’re using AI to save time as teachers, from writing better quiz questions to helping us prepare course materials, and how we’ve experimented with bringing it directly into class. But the bigger question is what happens when students use these tools to replace the struggle that’s supposed to lead to learning. We dig into where AI can make students stronger, where it might create shortcuts that hurt them, and how all of this is changing the way we think about teaching.In this episode, we talk about:* How LLMs can save instructors time on quiz questions, distractors, announcements, and other teaching prep* Bringing AI into class to work through game theory and other economics problems alongside students* The growing divide between students who use AI to build skills and those who use it to avoid building them* Why struggling with a problem is often part of learning, not an obstacle to it* How AI is forcing us to rethink assignments, assessments, and what we actually want students to get out of collegeIf you liked this conversation, you might also enjoyThis Week’s Drinks 🍻We recorded this one in the morning, so the drinks looked a little different than usual. Jadrian had coffee with a splash of Buffalo Trace Bourbon Cream, but only because he wasn’t heading straight to work after recording. Matt kept things technically non-alcoholic with Diet American Dew, served in a Michelob Ultra FIFA World Cup cup for a little extra flair. Name That Stat 📊Since we’re talking AI in the classroom, Jadrian shared a stat that looked at how common artificial intelligence use was among college instructors. We know the students are using it to help in the classroom, but what about the professors? Matt went in an entirely different direction, with a focus on Broadway revenue. Despite concerns about ticket prices and struggling shows, Broadway is still generating a pretty remarkable amount of money.Show NotesAI is already in the classroom, but “using AI in the classroom” can mean a lot of different things. We’re both using LLMs as part of our jobs, especially for the repetitive work surrounding teaching. They’re great for cleaning up clicker questions, generating new versions of questions, suggesting plausible wrong answers for multiple-choice questions, and helping draft announcements. Anyone who has spent too much time trying to invent a fourth believable distractor knows how useful that can be. The important distinction is that much of this happens outside the classroom. But Matt has actually experimented with putting LLMs in front of students. One example came from his game theory course, when he introduced the classic beauty contest game. Everyone chooses a number, and the winner is the person closest to a fraction of the group’s average. After playing the game with students, he asks the LLM to play along, too. What makes the response interesting isn’t simply whether it lands on the “right” answer. It can explain the equilibrium, recognize that choosing the equilibrium probably won’t actually win against a room full of humans, and reason through how many steps ahead the other players are likely to think. Matt has also done a similar in-class experiment with a coordination game, showing how an LLM could distinguish between the factually correct answer and the answer most likely to be chosen by everyone else. The harder part of this conversation is what we’re seeing from students. There’s a potentially huge difference between using AI to help you learn and using AI to avoid learning. Strong students can use these tools to go further than they could before. They are asking more questions, exploring new ideas, improving
- Jul 30, 20261h 7m
The Economy by Decade: The 2000s and The Great Recession
The 2000s were so important, we needed a Part 2 to tackle the Great Recession. We unpack how easy credit, soaring housing prices, risky lending, and the financial system combined to create the biggest economic crisis since the Great Depression. Along the way, we debate whether the government bailouts were the right call and talk about the long-term effects that still shape housing, lending, higher education, and personal finance today.In this episode, we talk about:* What caused the Great Recession and why there wasn’t one single culprit* The housing bubble, subprime mortgages, and why banks kept lending* Whether TARP and the bank bailouts were unpopular necessities or policy mistakes* How the recession permanently changed lending, mortgages, and borrowing* Why the effects of 2008 still show up today through demographics, higher education, and attitudes toward debtCheck out the first part of this conversation when we unpacked the rest of the 2000s:This Week’s Drinks 🍻We may be recording on the same day, but that doesn’t mean the drinks need to stay the same. Brian stuck with his cocktail tour of the decade by switching from a mojito to a Cosmopolitan. In contrast, Jadrian switched from his Pickle PBR to something a little more local: Richmond Lager from Hardywood Brewery. Matt stuck with his Summer Shred Hazy IPA from Ever Grain Brewing.Name That Stat 📊We stuck with the 2000s themes for our stats this week with data on the amount of value that was destroyed when Enron collapsed, the number of votes that decided the 2000 presidential election in Florida, and the number of banks that failed during 2008. The stats for this week’s episode help frame just how unusual the decade really was.Show NotesThe aughts were such an important decade that we had to tackle it in two parts. We previously looked at the economy right before it arrived at the edge of the cliff. This episode is about what happened after it went over. The Great Recession reshaped the economy for a long time: unemployment stayed elevated for years, the financial system nearly collapsed, and the recovery became a defining economic experience for an entire generation. If you haven’t listened to Part 1 yet, that’s the perfect place to start before jumping into this episode.We started our conversation by trying to figure out what actually caused the crisis. There’s no single bad decision. Instead, there were several forces that reinforced one another: historically low interest rates, rapidly rising home prices, increasingly risky mortgages, political pressure to expand homeownership, banks making loans they should have questioned more carefully, and the widespread belief that housing prices simply wouldn’t fall. With all of that we eventually saw falling home values, mortgage defaults, and failing financial institutions. But with all that happening, we can’t ignore the government’s response. One question we kept coming back to was whether programs like TARP were bad policy or simply the least bad option available. On one hand, bailing out banks that made poor decisions created a clear moral hazard problem and left many people wondering why financial institutions received help while ordinary homeowners struggled. On the other hand, the government could have allowed the financial system to collapse. With the benefit of hindsight, TARP may have been one of the most effective emergency economic policies despite being so unpopular at the time. We finished by thinking less about what happened in 2008 and more about the repercussions we are seeing today. Buying a home today involves far more documentation and scrutiny than it once did, reflecting the lessons lenders learned after the crash. The recession also caused <a target="_blank" href="https://www.pewresearch.org/social-trends/2010/04/06/us-birth-rate-decline-li
- Jul 16, 20261h 2m
The Economy by Decade: The 2000s (Part 1)
The 2000s began with a strong economy, low unemployment, growing globalization, and plenty of optimism left over from the 1990s. Then came the dot-com crash, 9/11, China’s entry into the World Trade Organization, major manufacturing job losses, and a sharp increase in federal debt. We look at how those events reshaped markets, jobs, government spending, and household finances. We decided to stop just before the Great Recession, which is big enough to get an episode of its own.In this episode, we talk about:* What the 2000s inherited from the booming economy of the late 1990s* The economic fallout from 9/11 and the wars that followed* China’s WTO entry, globalization, and the decline of manufacturing employment* How interest rates, household debt, and easy borrowing set the stage for what came nextIf you liked this conversation, you might also enjoyThis Week’s Drinks 🍻Jadrian finally got the chance to bring out his Pabst Blue Ribbon mixed with Grillo’s pickle juice, timed nicely with the approach of Picklesburgh. Matt went with a Summer Shred Hazy IPA from Ever Grain Brewing Company, which has no connection to the 2000s but was apparently overdue for an appearance. Brian leaned into the decade with a mojito, inspired by the super-sweet, fruit-heavy cocktails that were everywhere in the 2000s. Name That Stat 📊This week's numbers covered several different corners of the 2000s economy. We looked at the explosive growth of the World Series of Poker's Main Event, the dramatic collapse of the NASDAQ after the dot-com bubble burst, and the millions of manufacturing jobs lost during the decade. Along the way, we also explored how unemployment, federal debt, and financial markets changed over one of the most turbulent economic periods in recent history.Show NotesWe have a packed episode, but thankfully we have Brian O’Roark back to help us make sense of the 2000s. It was a decade packed with an incredible amount of economic history, but we start by asking what the decade inherited from the 1990s. The answer was a lot of economic optimism, despite initial fears of bank failures, grounded airplanes, and collapsing computer systems thanks to the Y2K scare.Unemployment was at levels that once seemed unusually low, the federal government had recently run budget surpluses, globalization was accelerating, and the stock market had spent years climbing. Europe was moving toward physical euro notes, China was approaching entry into the World Trade Organization, and economists had plenty of reasons to believe freer trade and deeper international connections would create broad gains. That optimism did not last long. The dot-com bubble burst, and the ensuing Nasdaq crash forced some people to remain in the workforce much longer than expected. The broader stock market offered very little progress for anyone who invested in the beginning and was hoping to cash out at the end. This is part of the reason the decade is sometimes described as a lost decade for investors and households. Even though 9/11 was
- Jul 2, 202650 min
America at 250: What Made the U.S. an Economic Power?
America turns 250 this year, so we take a step back to ask how the United States became one of the world’s richest economies. We explored the institutions, policies, and cultural factors that fueled economic growth, from entrepreneurship and corporations to highways and property rights. Along the way, we debated which overlooked policies deserve more credit and which challenges could shape America’s future. Finally, we looked ahead to what America might look like by its 300th birthday.In this episode, we talk about:* Why the United States became one of the world’s economic powerhouses.* The role of entrepreneurship, immigration, and risk-taking in the American economy.* Which historical policies quietly transformed economic growth.* The biggest economic challenges facing America today.* What innovations and industries could define America over the next 50 years.If you liked this conversation, you might also enjoyThis Week’s Drinks 🍻This week, we kept things refreshing. Jadrian switched things up with a Bold Rock Blueberry Lemon Hard Cider, a perfect summer drink for the Fourth of July. Matt continued working through his Nova Scotia collection with Tatamagouche Brewing Company’s Hippie Dippie Pale Ale, another souvenir from his trip north. Before diving into economics, we also swapped stories from attending FIFA World Cup matches and compared the very different atmospheres created by fans from around the world.Name That Stat 📊This week's numbers all tied into America's 250th birthday celebration. We guessed how much Americans are expected to spend on fireworks this Fourth of July, how many people lived in the United States around the time of Independence, and even how many towns across the country are named "Liberty." A few patriotic statistics made for a fun way to kick off a conversation about America's economic history.Show NotesAmerica’s 250th birthday gave us the perfect excuse to ask one of our favorite kinds of economics questions: why did the United States become so economically successful? We start by thinking through some of the country’s earliest advantages. Was it abundant natural resources? Strong property rights? The legal structure behind corporations? Or was it something less tangible, like a culture that rewarded entrepreneurship and encouraged people to take risks? Generations of people were willing to leave everything behind to create a country where trying something new became part of the national identity.From there, we shifted to the policies that quietly changed the American economy. The Interstate Highway System became one of our favorite examples because it connected markets, expanded labor opportunities, and fundamentally changed how people and businesses interacted across the country. We also talked about the Homestead Act, the Federal Reserve, property rights, the GI Bill, and Social Security, along with the challenge of identifying which policies deserve far more credit than they usually receive.Looking at today’s economy, we each picked an area where we think the United States still has room to improve. Housing affordability stood out as one of the biggest challenges, especially as restrictive building policies make homeownership increasingly difficult in many cities. Healthcare was another major topic, but not because the quality of care has failed to improve, but because paying for it has become increasingly confusing and expensive. We also discussed education costs and how expanding opportunity remains central to long-term economic growth.Finally, we looked ahead to America 300. Will artificial intelligence eliminate jobs the same way earlier technologies replaced occupations that once seemed permanent? Co
- Jun 18, 202653 min
The World Cup Is Making America Look Different
The World Cup has brought millions of international fans to North America, and many are discovering aspects of American life that locals take for granted. Matt and Jadrian explore why visitors are fascinated by things like massive convenience stores, endless product variety, and regional chains. They also dig into the economics behind World Cup ticket prices, player compensation, and the surprising value of hosting global sporting events. Along the way, they discuss how soccer itself is changing as leagues seek new revenue streams.In this episode, we talk about:* Why World Cup visitors are going viral while discovering everyday American experiences.* How economies of scale help explain Buc-ee’s, giant convenience stores, and product variety.* Whether hosting major sporting events creates meaningful economic benefits.* The economics of ticket prices and why they may not be as outrageous as they seem.* How hydration breaks, advertising revenue, and changing soccer rules could reshape the sport’s future.If you liked this conversation, you might also enjoyThis Week’s Drinks 🍻With a morning recording session on a workday, the drinks menu leaned heavily toward breakfast beverages. Jadrian enjoyed a “non-alcoholic mimosa” (also known as orange juice), while Matt powered through with a Diet Mountain Dew that was specifically rebranded as “American Dew 250.” Name That Stat 📊This week featured a pair of World Cup-themed statistics. The first number focused on the cheapest resale ticket price available for one of today’s matches. The other looked at the number of World Cup players who were born in a different country than the one they were representing on the field.Show NotesWith the World Cup underway, one of the most interesting stories hasn’t been happening on the field. Instead, it’s been unfolding across social media as international visitors document their experiences traveling through the United States. Fans have gone viral for their reactions to Waffle House, Taco Bell, giant soda fountains, and especially Buc-ee’s. What seems ordinary to Americans often looks extraordinary to visitors encountering it for the first time.That observation led to a broader discussion about variety, competition, and economies of scale. Jadrian wrote about this in his Monday Morning Economist newsletter, connecting their experience back to the famous stories about Soviet leader Boris Yeltsin visiting American grocery stores decades ago. While the historical circumstances were very different, both stories revolve around the same reaction: amazement at the sheer number of choices available to consumers.From there, we shifted toward the economic impact of hosting events like the World Cup. Economists are often skeptical of exaggerated claims about sports-driven economic growth, but one potential benefit is much harder to measure: positive publicity. The flood of videos showing visitors enjoying American culture may improve perceptions of the United States as a travel destination long after the tournament ends. We also took some time to explore how ticket prices fit into the broader sports marketplace. While some World Cup matches are commanding hundreds or even thousands of dollars on secondary markets, those prices still look modest when compared to recent NBA Finals tickets. The comparison raises an interesting question about scarcity, prestige, and what people are willing to pay for a once-in-a-lifetime experience.Finally, one of the most intriguing economic storylines of this summer’s games is the introduction of hydration breaks. Official
- Jun 4, 202656 min
The Economy by Decade: The 2010s
The 2010s were an unusual economic decade as there was a long recovery from the Great Recession without a major economic shock in the United States. We look at the trends that defined the era, including falling unemployment, the rise of smartphones, the growth of the gig economy, and the emergence of Bitcoin. Along the way, we debate whether Obamacare was the decade’s most important policy and whether low interest rates set the stage for some of today’s economic challenges. The result was a fascinating look at how many of today’s economic realities were built during the 2010s.In this episode, we talk about:* Why the 2010s may be remembered as the “recovery decade.”* The economic impact of smartphones, apps, and Bitcoin.* Which trends from the 2010s still shape the economy today.* The rise of gig work and changing labor markets.* Obamacare and the decade’s biggest policy battles.If you liked this conversation, you might also enjoyThis Week’s Drinks 🍻Jadrian is still working through a Sam Adams variety pack, with this week’s contribution being a Breakaway Blonde. Matt just got back from a cruise up to Halifax, and he’s cracking open a Tiny Angus from Breton Brewing Co. The beer itself wasn’t the entire story, though. The real adventure involved hauling a giant box of Canadian beer off the cruise ship after discovering that local liquor stores sold individual cans from regional breweries. Name That Stat 📊Our numbers this week ranged from timely to topical. Matt shared the annual compensation of FIFA President Gianni Infantino, sparking a conversation about whether that figure is too high, too low, or about right compared to leaders of other major sports organizations. We initially skipped Jadrian’s number entirely, but remembered it midway through the episode. Fortunately, his statistic fit perfectly with our discussion of the 2010s, focusing on the amount of Bitcoin involved in the first-ever commercial purchase of two pizzas.Show NotesWhen people think back on economic history, they usually remember dramatic moments: crashes, recessions, bubbles, or breakthroughs. That’s what makes the 2010s such an interesting decade. One of the defining features of the period may have been the lack of a single major disruptive economic event in the United States. Instead, the decade was largely shaped by a long recovery from the Great Recession and a steady return to economic normalcy.While events like the European debt crisis, concerns over government debt, and political movements such as Occupy Wall Street and the Tea Party captured headlines, much of the economic story centered on slowly improving labor markets, rising household incomes, and a return to economic stability. Unemployment fell from nearly 10% at the start of 2010 to just 3.6% by the end of 2019. At the same time, labor force participation drifted lower as Baby Boomers retired and some workers left the labor market altogether. The result was an economy that slowly but consistently tightened, eventually producing stronger income growth in the latter half of the decade.With the benefit of hindsight, there are several candidates for the decade’s most important economic development. One contender was the rise of the gig economy. Companies like Uber and Lyft normalized flexible work arrangements and created entirely new ways for people to earn income. What felt revolutionary at the time now feels so commonplace that it’s easy to forget how quickly these platforms transformed labor markets.Several other developments quietly reshaped the econo
About Economics Happy Hour Podcast
Economics Happy Hour is a podcast where two economics educators talk through current events, teaching, and research over a drink. Conversations are unscripted and focused on how economists actually think about the world and the classroom. www.econhappyhour.com
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