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Planet Money
A very Planet Money Thanksgiving
Nov 22, 2023
Thanksgiving isn’t just about turkey; it's a fascinating economic phenomenon! Discover why turkey prices drop despite soaring demand. The podcast dives into the hidden value of home cooking and the overlooked contribution of unpaid labor to the economy. Enjoy humorous insights into the challenges of seating arrangements at festive gatherings, with entertaining anecdotes exploring the science of social interactions. Finally, savor the joy of Thanksgiving feasts, complete with playful twists on beloved dishes and a touch of heartfelt gratitude.
26:30
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Quick takeaways
- Even though turkey demand is high during the holidays, the price of turkeys actually goes down due to countercyclical pricing, driven by competition among supermarkets.
- Home production, which is not included in GDP, represents a significant portion of the economy, and quantifying it provides a more comprehensive understanding of economic activity.
Deep dives
The Mystery of Thanksgiving Turkey Pricing
During the holiday season, the price of turkeys goes down, even though turkey demand is high. While supermarkets pay higher wholesale prices, consumers pay lower prices. This countercyclical pricing phenomenon is observed in other products as well, such as champagne, canned tuna, avocados, ice cream, and soup. One theory suggests that supermarkets use turkeys as loss leaders to attract customers. Another theory suggests that price-sensitive consumers drive down prices. However, a new theory states that the increase in the number of supermarkets selling turkeys during the holidays creates competition, leading to lower prices.
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