Economics Happy Hour Podcast By cover art

Economics Happy Hour Podcast

By: Matt & Jadrian
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  • Summary

  • A podcast & newsletter about two economists who love talking about all things economics.

    econhappyhour.substack.com
    Economics Happy Hour
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Episodes
  • Is Economics a STEM Discipline?

    Is Economics a STEM Discipline?
    Jun 6 2024
    Matt and Jadrian spent a few days in Atlanta with some amazing economics educators at the Conference on Teaching and Research in Economic Education. While we were there, we took some time to chat with some economists about what they do in their professional lives. First up was Emily Marshall, who has done some work recently on how different universities are changing their curriculum to become STEM (Science, Technology, Engineering, and Mathematics) certified. They explore the criteria for STEM classification, the historical context of economics being considered STEM, and the implications of this designation, particularly for international students studying in the United States. In this episode, we discuss:* The CTREE conference and our presentations* Criteria for STEM classification and its application to economics* Historical context of economics being designated as a STEM field* Implications of STEM classification for international students* Preliminary findings on the benefits for universities switching to STEM degrees* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:Since we were surrounded by a bunch of economics educators at CTREE, we figured it was the perfect chance to go back to a brewery and record some interviews with our friends. This was the first of four recordings at Pour Taproom in Midtown Atlanta, who were supportive of us spending a few hours on the second floor recording multiple episodes of the podcast. Our first chat was with Emily Marshall, who is currently an Associate Professor in the Economics Department at Dickinson College. She kicked us off with an El Comprade amber ale from New Realm Brewery in Atlanta. Jadrian at Matt both had beers from Printer’s Ale Manufacturing Company out of Carrollton, Georgia. Jadrian went with a Dylux lager and Matt poured himself Everyday Cyan IPA.We were all there for different reasons, but Emily was part of an interesting workshop where presenters were showing how they use EconGraphs.org in their classroom. The site was developed by Chris Makler at Stanford and is completely open access for any instructor or student who wants a more interactive way of learning economics with graphs. Jadrian was part of a panel that looked at working conditions for “teaching track” economists and Matt was discussing a multi-site experiment he published years ago, but that has found renewed interest from a group looking to formalize experiments in economic education research more broadly.The focus of this week’s episode, however, was on the question of whether Economics qualifies as a STEM (Science, Technology, Engineering, and Mathematics) discipline. Emily explained some of the background for the criteria used to determine STEM classification by the Department of Homeland Security, which originally focused on more traditional science, technology, engineering, and mathematics fields. Economics has only recently been included under this classification in a specific designation: Econometrics and Quantitative Economics. All degrees in the United States are coded based on a 6-digit code (known as a CIP Code) that tells the federal government what type of degree a student earned. This makes it easier to compare degrees across institutions. In the United States, there are 6 types of economics degrees that a student could earn:* (45.0601) Economics, General.* (45.0602) Applied Economics.* (45.0603) Econometrics and Quantitative Economics.* (45.0604) Development Economics and International Development.* (45.0605) International Economics.* (45.0699) Economics, Other.A decade ago, almost all economics majors were earning degrees classified as General Economics. However, because of the growing emphasis on empirical and quantitative methods in the discipline, it’s not too surprising that the DHS added economics as an eligible program. Most universities were awarding economics degrees coded as 45.0601, but DHS allows only the 45.0603 degrees to be considered STEM. Some universities created brand new majors under the STEM-eligible code while other programs merely requested their accrediting body reclassify their current program to the STEM-eligible code. Regardless of the reason, the update has significant implications for international students studying economics in the US, as it affects their visa options post-graduation. It turns out that universities may also benefit as well!This week’s pop culture references:In honor of the upcoming Tony Awards on June 16th, Matt shared a Broadway reference from Bob Fosse’s Sweet Charity. He highlighted the song "Hey Big Spender" as a prime example of rent-seeking behavior. In the song, the dancers halt their productive activities to focus solely on attracting the attention of the "big spender." This shift in focus ...
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    28 mins
  • What are the Best New Books with Economic Lessons?

    What are the Best New Books with Economic Lessons?
    May 23 2024
    Matt and Jadrian unveil their summer book recommendations for listeners! Get ready to expand your horizons with their picks spanning economics and beyond. Each of them shares an economics book to add to your reading list, but they also offer up a non-economics selection in case you need a break for some reason. Whether lounging by the pool or enjoying a sunny day outdoors, our recommendations will keep you engaged all summer. Tune in and get ready to level up your summer reading game! In this episode, we discuss:* Recommendations for economics-themed books* Some non-economics books that we recently loved* Recommendations for how to read more using the power of economics* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:It may officially be summer (at least according to the academic calendar), but Jadrian is still busy working on things he wasn’t able to finish at the end of the semester. Jadrian is still working through the fridge and has finally finished his stash of Trader Joe’s Hefeweizen beers. Matt is already in summer mode and has found a new beer he hasn’t tried before: Mas Lima Lager from Oskar Blues Brewery. We may be starting a new summer tradition with our Economics Happy Hour Summer Reading episode. Unlike last year's lengthy discussion, we've streamlined our recommendations to focus on a few standout books we've recently enjoyed. All of our picks are new releases from the past year, but you can check out last year’s episode here: We kicked off with economics books first! Jadrian's top choice, also highlighted in his end-of-year newsletter, is Erik Angner’s "How Economics Can Save the World." This book showcases how economics researchers have addressed some of the world’s biggest problems. Angner covers a wide range of topics, including development, inequality, and health, demonstrating the impactful role of economics in solving these issues.For Matt’s economics selection, he chose the new Milton Friedman biography by Jennifer Burns. Friedman, along with John Maynard Keynes, is considered one of the most influential economists of the twentieth century. The book covers his childhood, his college and graduate school years, and his career, which was instrumental in the shift toward free markets that defined the 1980s. Anyone who loves Friedman or economic history will enjoy this book.While we were chatting about economic book selections, Jadrian shared some data on reading habits. According to a 2021 Gallup poll, Americans read or start to read an average of about 12 books per year. However, this average is influenced by heavy readers. In reality, about 40% of Americans have read between 1-5 books in the past year, and 17% haven’t read any books.While we both love economics, sometimes we need a break from it. In this summer’s episode, we also included some non-fiction and fiction books that we’ve recently loved and think our listeners would also enjoy. Jadrian initially wanted to discuss two non-fiction books but decided to focus on just one. He recently finished "The Year That Broke America," which examines the events of 2001 and how they have shaped our current situation. Before sharing his actual non-fiction recommendation, Jadrian let Matt jump in with his. Matt recently read the Elon Musk biography by Walter Isaacson, who also wrote Steve Jobs's biography. The book reads more like a novel than a biography, given Musk’s intriguing background. It’s a lengthy read, but it offers insights into Musk as a manager and how he became, at least for a while, the richest person in the world.Jadrian’s recommendation is a fascinating book about the history of ice. Yes, ice—the ubiquitous substance found in gas stations, restaurants, hospitals, and our homes. The book looks at some interesting economic themes around ice, including product adoption, changing labor markets, and the formation of monopolies. It was so neat to think about how something as simple as ice has had such a significant impact on various aspects of our economy and society.For Matt’s fiction recommendation, he chose "Table for Two," a collection of short stories by Amor Towles. Despite being a work of fiction, Matt has found several intriguing economic concepts woven throughout the stories. One of his favorite lines so far is “How does one get fired from Communism!” Do you have any recommendations for us? We are always on the lookout for great reads, especially economics books you’ve enjoyed. If there’s something you’ve recently read and loved, let us know by leaving a comment!This week’s pop culture references:Jadrian’s pop culture contribution this week comes from Jamie Wagner, an economics professor at the University of Nebraska Omaha. She recently shared an interesting TikTok ...
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    39 mins
  • Why Do Higher Interest Rates Matter?

    Why Do Higher Interest Rates Matter?
    May 9 2024
    Matt and Jadrian are joined by Brian O’Roark to discuss the implications of the Federal Reserve’s decision to keep interest rates higher for a longer period. They explore how elevated interest rates impact mortgages, car loans, and the real estate market while examining inflation expectations and economic growth. Through their conversation, they find the economics of interest rates involves a nice blend of micro and macroeconomic analysis.In this episode, we discuss:* How the Federal Reserve uses interest rate adjustments to influence inflation and economic growth.* The effects of higher mortgage rates on home-buying behavior and the slowing real estate market.* The interplay between interest rates, consumer saving habits, and borrowing behaviors.* How individual economic actions contribute to broader macroeconomic trends.* And a whole lot more!Catch up on some old episodes:You can also listen to us on Google Podcasts, TuneIn Radio, and Apple Podcasts. If one of these is your go-to podcast service, be sure to rate us and subscribe! Watch this episode on YouTube:Some show notes:It’s the end of the semester, so the drinks were an important component of this episode. Jadrian is still in the process of cleaning out his fridge, so he digs deep to grab a peanut butter fudge golden stout by Rusty Rail Brewing Company. Meanwhile, Brian keeps things simple (and on theme) with a Long Island Iced Tea. Matt went with a pour from his growler, an Idaho 7 IPA from Marzoni’s. Brian made a long island iced tea.The episode kicks off with a conversation about the Federal Reserve's role in managing inflation and economic growth through interest rate adjustments. The three of us discuss the implications of the Fed keeping interest rates “higher for longer” due to persistent inflationary concerns. Higher interest rates influence the availability of money in circulation, affecting borrowing costs for consumers and businesses alike. The federal funds rate was near zero for two years after the pandemic but is now back at the same level as it was during the Great Recession.A significant portion of this episode is dedicated to understanding how elevated interest rates impact the real estate market. Higher mortgage rates slow down home-buying activity and gum up the real estate market, as current homeowners are reluctant to sell and take on significantly more expensive mortgages. This dynamic leads to reduced market liquidity and challenges potential buyers in finding affordable housing options. But is this an issue in the grand scheme of history or just recent history? We may perhaps just be reverting to the average interest rate after years of below-average rates.Higher interest rates affect the saving and borrowing behaviors of firms and households. Increased rates incentivize saving due to higher returns but simultaneously make it more expensive to borrow. This balancing act has profound implications for consumer spending, business investments, and overall economic activity. Inflation expectations play a crucial role in shaping consumer behavior, and anticipated inflation can lead to self-fulfilling economic downturns. Some pundits are throwing around the notion that this is the start of a period of stagflation, where low economic growth coincides with high inflation. Jadrian hates reactionary punditry like this and invites Brian and Matt to consider what this might mean for the state of the economy. This week’s pop culture references:Jadrian brought up a song about the 1973-1975 recession, called Let the Dollar Circulate by Billy Paul. This 1970s funk-inspired track provides a retro, lighthearted take on a challenging economic period. It offers both a historical and cultural perspective on past inflationary periods and economic downturns. Check out more on the Economics Media Library.Brian introduced a scene from The Simpsons where Mr. Burns gets his hands on the world’s only $1 trillion bill. He’s tired of all the rules and regulations in the United States, so he heads down to Cuba instead. Fidel Castro confiscates the money and redistributes it to Cubans. Communism continues to thank Mr. Burns.Matt with Season 5 of Game of Thrones, where Mace Tyrell discusses the ethics of charging interest on loans. Even though the episode didn’t talk about the impact of the rates themselves, the clip highlights the moral dilemmas around lending and borrowing practices. It’s an interesting way to think about the history of usury and the repugnance with which some cultures view interest rates.Thanks again for listening/watching — we appreciate your support! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit econhappyhour.substack.com
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    51 mins
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Great for Educators and Econ Fans

Entertaining and informative podcast, great for educators. The subjects are always interesting, and the pop culture references are great resources. I don't miss an episode.

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