How Bad Was It?

The 2008 financial crisis caused the worst economic downturn since the 1930s. Millions of people lost their homes and jobs here in the U.S., and financial losses were in the trillions of dollars globally. In the last episode we discussed the economic costs of the credit crisis, this episode we go further into the data and explore the political ramifications (plus the heroin epidemic, labor force participation and videogames, and astrology).

YOU CAN CONTACT US AT ACORRECTIONTEAM@ACORRECTIONPODCAST.COM

MINSKY AND GREENSPAN (AND RAND)! WELCOME TO SEASON 3

In the first episode of the third season, Lev and Natalie look at two economic giants and one giant who has a lot of influence on economic thought: Hyman Minsky, Alan Greenspan and Ayn Rand. 

*Music in this episode: "Main Event" by Kesta, "Tropics" by beat.dowsing, "Equatorial Lies" by Hayvanlar Alemi

Episode edited by Natalie P. 

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YOU CAN CONTACT US AT ACORRECTIONTEAM@ACORRECTIONPODCAST.COM

Pure Public Goods and Monopolies

When there is a good or service that a company won't provide because there is no way to stop people from getting that service for free (in other  words, no way to make a profit), then that good or service is a pure public good. Hello, lighthouses! Also, we can count the military and the police among our pure public goods, too.

When there is no good or service to sell, the market doesn't exist.

How about if the market exists but there is only one game in town? Lev and Natalie also discuss economist Joseph Stiglitz's theory of the new era of monopoly.  

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YOU CAN CONTACT US AT ACORRECTIONTEAM@ACORRECTIONPODCAST.COM

YouknowthatIknowthatyouknowmorethanIknow

You land in New York city during a mid-summer heat wave. You've never been to the Big Apple so you head to the hotel, drop your bags and hit Central Park. Before entering the park, you buy a cold $4 bottle of water. It's expensive, but that's NY. Or so you think. After a few days of shopping in corner delis you realize that the true price of water in NY is actually much cheaper. You've been had! Economists call this type of market failure 'Asymmetric Information,'when one side of a transaction knows more than the other and prices are distorted as a result. In this episode, we discuss the 'lemon' market of online dating, insurance, banking and much more. In these dark times (literally, it gets late early out there in the winter!) we bring some fun to your ear. Enjoy!

A Correction Podcast is edited by Natalie Peart

Outro music this week is "Young Ladies" by Owa Brandstein

We encourage you to respond (thoughtfully please) and write to us at acorrectionteam@acorrectionpodcast.com

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Rice and Beans

When the government imposes a maximum price on a good or service, they have implemented a price ceiling. When the government enforces a minimum price on a good or service, they create a price floor. For example, the minimum wage. Employers legally cannot pay below the set price floor for the labor of their employees (though we know wage theft happens all of the time). A hinderance to free market functioning, price controls are said to create a market distortion. But what if they produce some clarity in the market in the form of a little more equity? Lev and Natalie discuss the pros and cons of price controls, community land trusts, other methods the government could utilize in promoting equity, and Hugo Chavez. 

 

Intro and outro music by Ben Flood

Podcast edited by Natalie Peart

 

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The S-Word

To say many in our nation are stunned that Donald Trump is the President-elect is an understatement. Here at A Correction Podcast, we decided to deviate (just a bit) from our regular posting schedule, to examine some of the proposed policies under a Trump administration. What could our future look like economically and socially in the United States?  We also ask each other (as many around the country have been) how do we build better solidarity and what do we need to be doing when it concerns being engaged politically and with one another?  

We encourage you to respond (thoughtfully please) and write to us at acorrectionteam@acorrectionpodcast.com. 

 

Theme Music: Ben Flood, Closing Music: 11/12/16 Protest (if you know who was leading the chant, please reach out to us so we can give them credit!)

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Episode 5: Two Efficient Market Hypothesis Economists are Walking Down the Street

John Maynard Keynes is described by Robert Heilbroner as the "engineer of capitalism repaired." When economic crises unfolded, Keynes believed that government should get involved in the form of spending and then step back when the markets equalized; a much different approach from austerity-ridden southern Europe soon after the crash of 2008. Realistically, how much can we let the market alone? How much government intervention is too much? In our last episode of season one, Lev and Natalie discuss Keynes, the efficient market hypothesis and the enigma of economic bubbles.  

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