The Pie: An Economics Podcast What Economics Taught Us in 2024
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Dec 24, 2024 Carolyn Pfluger, an Associate Professor at the Harris School of Public Policy, explores fascinating insights into economic behavior and policy perceptions. She reveals that Americans overstate their church attendance and discusses how recessions can paradoxically improve health. The conversation includes the critical role of public perception of the Federal Reserve’s actions and the unexpected consequences of pesticide use tied to declining bat populations, shedding light on the intertwining of economics and ecology.
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True Church Attendance
- Cell phone location data reveals that only 5% of Americans attend religious services weekly.
- This contrasts sharply with survey data, which reports 20-25% weekly attendance, likely due to social desirability bias.
Recession's Silver Lining
- The Great Recession, while economically devastating, unexpectedly led to a decrease in mortality rates.
- This correlation is partly explained by reduced motor vehicle accidents due to less driving, but other factors also contribute.
Fed Perception Matters
- Public perception of the Federal Reserve's actions significantly impacts the effectiveness of interest rate hikes.
- This is because market expectations influence interest rates and overall economic activity.