Platypus Economics with Justin Wolfers

A Gas Tax Holiday Is Performative Nonsense | The Professor Is In 30.05.2026 22mnt

What happens when politicians try to look like they’re fixing high gas prices without actually fixing them? Justin Wolfers explains why a federal gas tax holiday is bad economics, good theater, and a gift to oil companies.  In a follow-up to his explainer episode, Justin answers audience questions about windfall taxes, what smarter relief could look like, whether a diesel tax holiday make any more sense, and why gas prices carry so much psychological weight in American politics. Like and review for more clear-eyed economics with Justin Wolfers.See omnystudio.com/listener for privacy information.

A Gas Tax Holiday Would Miss the Point—And the People Who Need Help | Diving In 27.05.2026 17mnt

A gas tax holiday sounds like relief, but gets the economics wrong in almost every direction. Today’s high prices are a war problem — not a tax problem. And cheaper gas is the exact wrong response to a shortage. When something is scarce, higher prices send a signal to conserve, but a tax cut blunts that signal and encourages more demand at exactly the wrong moment. It's akin to subsidizing showers in a drought. Even more frustrating, the difference between impact and incidence means that much of the benefit would bypass drivers completely — fattening the profits of oil companies instead. 📈 Key takeaway: If you want to help families during an energy shock, target the hardship—not the gasoline. ⛽ Like and review for more clear-eyed economic analysis with Justin Wolfers—no empty tanks, no empty talking points.See omnystudio.com/listener for privacy information.

Is Inflation Going to Ruin the Summer? | Off the Clock 23.05.2026 43mnt

Justin Wolfers is back with Stacey Vanek Smith to break down three of the biggest stories in economic news. Starting with the arrival of new Fed Chair Kevin Warsh — and the question of which Kevin Warsh will show up for the job: the inflation hawk from the Great Recession, or a more political figure likely to echo President Trump's calls for lower interest rates. Next, Justin and Stacey cover Bond Market 101, with Justin explaining why the U.S. government sells Treasury bonds, why investors buy them, and what rising long-term yields signal about inflation, oil prices, and the national debt. Finally, they dig into the stunning collapse in consumer sentiment, and why Justin believes these historically bleak numbers reflect something deeper than a bad economy — namely, a crisis of confidence in the people managing U.S. economic policy. At the same time, Stacey points out the affordability crunch is very real, with inflation hitting some summertime staples especially hard. If you enjoy this episode, please rate and review — and check out the link below to weigh in on Justin and Stacey's bet about midterm gas prices on Manifold Markets! https://manifold.markets/StaceyVanekSmith/will-national-gas-prices-in-the-usSee omnystudio.com/listener for privacy information.

What Really Happens When Schools Lock Away Phones? | Diving In 20.05.2026 17mnt

What happens when students can’t instantly reach for their phones? In this episode of Diving In, Justin Wolfers breaks down the latest research on school phone bans and finds a result that’s more complicated—and more interesting—than many parents, teachers, and policymakers expected. Here's the broader lesson: removing a distraction does not automatically create a better outcome. In economics, that’s the problem of substitution. If less phone time turns into more sleep, conversation, or focus, that’s good. If it turns into some other kind of distraction or conflict, the gains are smaller. For parents, teachers, and anyone trying to build healthier tech habits, the stakes are personal. A little friction can change behavior—but what you put in the phone’s place may matter just as much for your family, your kids, and your own mental well-being. Check out the full paper here: https://siepr.stanford.edu/publications/working-paper/effects-school-phone-bans-national-evidence-lockable-pouches 📈 Key takeaway: Phone bans can reduce use and improve well-being over time, but the real question is what fills the space the phone leaves behind. 🔔 Don't forget to like and review!See omnystudio.com/listener for privacy information.

Justin Wolfers Answers Your Questions on the National Debt | The Professor Is In 16.05.2026 13mnt

In this follow-up to an episode diving in to the federal deficit, Justin Wolfers responds to audience comments and questions including: where are interest payments going? Why can’t the government just print more money? And how do changes in immigration impact our ability to pay back our debt? If you'd like Justin to answer your question in a future segment of The Professor Is In, leave a comment below. And don’t forget to rate and review!See omnystudio.com/listener for privacy information.

How to measure the true cost of war: Justin Wolfers shows you the math | Diving In 13.05.2026 17mnt

The Pentagon said the war with Iran has cost Americans $25 billion. But that number only accounts for missiles fired and equipment destroyed. The true cost of war is measured by the future we’ve given up. In this video — my Director’s Cut of an Op-Ed I wrote last week for the New York Times — I explain why that figure is dangerously misleading and show you the math for a less precise, but far more honest answer. Using the economic concept of opportunity cost, I walk through six methods for calculating the war’s real price tag, tracing the clues through oil, interest rates, geopolitical risk, the stock market, GDP, and future defense budgets. Each of these prove that this war is not costing tens of billions — but hundreds of billions, and quite possibly trillions. Every number answers a question, and the Pentagon's $25 billion answers a very small one. Here, I'm asking the bigger one: compared to the world we had before this war, what have we lost? The answer should concern every American household. NYT Op-Ed: https://www.nytimes.com/2026/05/08/opinion/hegseth-war-cost.htmlSee omnystudio.com/listener for privacy information.

Are Met Gala Tickets Too Cheap? | Diving In 11.05.2026 13mnt

In this episode of Diving In, Justin Wolfers breaks down the economics of the Met Gala using two big ideas from economics: signaling and non-price competition. The basic point is simple: the high price of luxury goods isn't a bug in the system, it's the whole point. So instead of competing through discounts, brands must compete through spectacle: celebrity placements, giant flagship stores, fashion shows, editorial buzz, and events like the Met Gala — which Wolfers argues is a less-bad outlets for wasteful, non-price competition. In fact, the real scandal may be that Met Gala tickets are underpriced. If brands capture enormous media value from the event while the museum gets only a relatively small share, then the Met may be giving luxury houses a very good deal. The stakes here go beyond fashion. This is a lesson in how markets work when buyers care about status, not just usefulness—and how that affects where money gets spent, what gets built, and how prestige shapes the economy around you.See omnystudio.com/listener for privacy information.

Justin Wolfers Breaks Down the Week: Spirit, US Debt, and the AI Economy (with Stacey Vanek Smith) 10.05.2026 38mnt

What actually mattered in this week’s avalanche of economic news? In this conversation, Justin talks to his friend, Stacey Vanek Smith, Senior writer for Bloomberg Businessweek and cohost of the Everybody’s Business podcast. Together, they sort the signal from the noise: Spirit Airlines’ collapse, the U.S. debt hitting 100% of GDP, and whether AI is really driving growth—or just the headlines. For viewers trying to determine what to worry about, what you can safely ignore, and where’s there’s room for a bit of hope, this is is a practical guide to what matters and why it affects your life. The stakes are real: oil shocks can raise the cost of everyday goods, high debt can reduce the government’s room to respond in a downturn, and AI could reshape careers faster than many families are prepared for.See omnystudio.com/listener for privacy information.

Should We Actually Be Worried About the National Debt | Diving In 06.05.2026 15mnt

In this opening episode for Platypus Economics, Justin Wolfers explains why the federal budget deficit is one of the best examples of how economics can clarify a debate that politics often mangles. The central point is simple: deficits are not automatically good or bad, but a tool. And the only serious question is whether borrowing makes sense given the economy, the emergency, and the country’s ability to pay. In a crisis, large deficits are often smart policy—stabilizing incomes, supporting jobs, and keeping an economic downturn from becoming a disaster. But today’s U.S. deficit is different. America is currently running a very large deficit—about 5.8% of GDP—without the usual crisis justification. The stakes are not instant collapse, but a slower erosion of fiscal capacity, institutional credibility, and the ability to spend on things that could actually improve your life.See omnystudio.com/listener for privacy information.

Welcome to Platypus Economics 06.05.2026 1mnt

Economics. Explained. Clearly.See omnystudio.com/listener for privacy information.

Economics For All Your Decisions In Life - From Romance to Retirement 14.12.2021 21mnt

Think Like An Economist has taken you on a journey through the economic principles, showing you the tools of economics, and how they can be applied at home and at work. In this season finale, Betsey Stevenson and Justin Wolfers reveal the big life choices they've made using those tools of economics, and how you can apply economics to help make decisions throughout your life.Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media Production.See omnystudio.com/listener for privacy information.

Useful Economics in Everyday Life 07.12.2021 18mnt

We're all actors in the economy, with different habits, dilemmas and choices. And economics is about everyday decisions in our daily lives as much as it is about government policy. As economics professors, Betsey Stevenson and Justin Wolfers have honed the ways to show how economics involves everyone. They discuss their method of teaching economics, and the way they show that economic tools can help us all make good decisions.Co-Host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.

A Conversation with Emily Oster: The Economics of Pregnancy, Parenting and the Pandemic 30.11.2021 27mnt

Emily Oster is one of the most interesting economists in the world, and she uses the tools of economics in everything she does. Betsey Stevenson and Justin Wolfers explore Emily's thoughts about how economic ideas can provide useful insight for parents and families. This audio course is about how to think like an economist, and Emily models exactly how to do this.Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.

A Conversation with Larry Summers: The Influence of Economic Ideas and the Dangers of Secular Stagnation 09.11.2021 31mnt

Larry Summers has been at the forefront of economic thinking for decades - a World Bank chief economist, Professor at Harvard and U.S. Treasury Secretary. He's also warned that the global economy is in the midst of secular stagnation. In this episode, he tells Betsey Stevenson and Justin Wolfers why the economy is stagnant, in spite of low interest rates. The three economists also discuss why their field is so influential, and Larry reveals how policy makers get things done.Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.

A Conversation with Greg Mankiw: Financial Crisis, Recessions and Communicating Economics 02.11.2021 28mnt

Professor Greg Mankiw is one of the most influential economists today: a New Keynesian, advisor to Presidents, and a good friend of Betsey Stevenson and Justin Wolfers. In this episode, the three of them discuss what we can learn from financial crises, why globalisation has lost its shine, and how best to communicate economic ideas.Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.

Behavioral Economics - We're only human! 21.09.2021 11mnt

We all can make mistakes when faced with choices. Biases and old habits can get in the way of good economic decision making. Betsey Stevenson and Justin Wolfers discuss the way our psychology affects our decisions, and they show how to make better judgements and assess the risks.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.

Making Decisions in an Uncertain World 14.09.2021 20mnt

Uncertainty and risk are all around us. So how can we make good decisions when we don't know what will happen? Betsey Stevenson and Justin Wolfers show you how to understand risk, and your reaction to it, as well as giving you the tools to help reduce risk.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.

Game Theory - Thinking Strategically 07.09.2021 22mnt

In business, as in life, we often have to make decisions based on what others choose. But how do we make the right strategic decisions? Betsey Stevenson and Justin Wolfers unpick the problems of strategic cooperation and coordination, and show you the four steps for making good strategic decisions. You now have two choices - to listen to this episode, or not!Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.

Business Strategy - How to boost profitability 31.08.2021 23mnt

Great entrepreneurs identify opportunities for long-term profits before other people can. Betsey Stevenson and Justin Wolfers will help you learn how to spot your business opportunities and show you the five forces that determine profitability.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.

Entry, Exit and Long-Run Profitability - How to get ahead in the Market 24.08.2021 21mnt

If there are profits to be made, entrepreneurs will be there to start their business. But how can they stay ahead of the competition and deter new rivals from entering the market? Betsey Stevenson and Justin Wolfers guide you through the choices managers make to remain profitable, and explain why businesses try to crush healthy competition.Co-host: Nastaran Tavakoli-Far. Editor: Alastair Elphick. A Modulated Media production.See omnystudio.com/listener for privacy information.