Dr. Rex Pjesky talks with me about what economics has to say about civics. Dr. Pjesky begins by defining what economics is and how he views it. Dr. Pjesky then defines civics and brieflyexplores the academic landscape of research on civics from various disciplines. We explore what economics can have to say about civics given these two definitions. Dr. Pjesky argues that economists are well equipped to approach the issues incivics because economics is a science concerned with coordination between strangers and the fundamental issue in civics is coordinating strangers. Dr. Pjesky introduces the ideas of Nobel Laureate James Buchanan and his pioneeringwork on public choice and how economics applies to civics. We discuss Buchanan and Gordon Tullock’s work in some detail. Dr. Pjesky outlines how this branch of economics applies to elected officials and to regulators, focusing inparticular on corruption and regulatory capture. Finally, we consider whether democracy can survive if political actors are self motivated as Dr. Pjesky argues and we conclude with Dr. Pjesky’s view on cynicism in civics.

SE7: E2

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Professor Ty Garrett joins me to discuss martial arts as a business. We begin with an overview of the business model in martial arts. Mr. Garrett explains how the traditional model of martial arts falls short. We then turn to the model that he employs at his business, where he took inspiration from the Crossfit business model. He lays out how he learned from his first martial arts business and its failure and how that set him up to succeed. Mr. Garrett also discusses the challenges faced in trying to break the mold of the older business model, and how he had to go against conventional wisdom and the opposition of others in the industry. We explore his business model, and how he eventually expanded into being a minority owner in two additional locations across the state. Mr. Garrett provides his perspective on a better way to approach expanding without becoming a minority owner in new locations. We discuss the role of mentors in his development as a martial artist and businessman, and we compare and contrast his experience in college with his experiences with his mentors. Finally, we consider how start power, achievements, and personality is an asset in the martial arts industry. SE7: E1FOLLOW ME HERE: Spotify: https://podcasters.spotify.com/pod/sh... My website: https://econbuffpodcast.wixsite.com/m... Facebook: / econ.buff.1 Amazon Music: https://music.amazon.com/podcasts/043... Substack: https://econbuffpodcast.substack.com/ Thumbnail photo credit: ChatGPT Image Generation Music Credit: DUBONOMICS / @dubonomicsmusic Follow Ty Garrett on Social:Facebook: https://www.facebook.com/amarilloextrememartialarts Ty Garrett: https://www.facebook.com/ty.garrett.18 Extreme Martial Arts: https://extrememartialarts.com/

Dr. Fritz Laux joins me to discuss U.S. tariff policy and the taxation of foreign investment as a possible alternative approach. We begin with an overview of the current administration’s use of tariffs and how those policies are being framed politically and economically. Dr. Laux explains what economists can contribute to the public conversation around tariffs and how economic theory helps us evaluate their effectiveness. We then turn to an alternative strategy that Dr. Laux has proposed—taxing the income that foreign investors earn in U.S. markets. He lays out how such a policy might work in practice, what its intended outcomes would be, and how it compares to tariffs in terms of economic impact. Dr. Laux also discusses why countries typically use tariffs, what their strengths and weaknesses are as a tax, and how they function in addressing trade imbalances. We explore why investment income taxes on foreigners are rarely used, despite their potential, and address the concern that such taxes might discourage foreign capital inflows. Dr. Laux provides his perspective on whether taxing foreign investment would harm U.S. growth or could instead serve as a more targeted and effective tool for managing trade and generating revenue. We discuss the potential revenue such a tax could produce compared to current tariff income, and Dr. Laux draws on international examples to illustrate how other countries have approached foreign investment taxation. Finally, we consider how this kind of tax might work alongside tariff policies, and Dr. Laux breaks down the political and legal hurdles, including conflicts with existing tax treaties, that would need to be addressed for such a policy to move forward.