The Pie: An Economics Podcast

Deirdre McCloskey, an esteemed economist and author of the Bourgeois Trilogy, delves into how the 'equality of permission' revolutionized global income from $2 to $50 per day. She champions the 'bourgeois deal' that celebrates individual creativity and critiques modern economics for oversimplifying human nature. McCloskey contrasts the innovation paths of England and France, advocates for 'humanomics' to incorporate ethics and rhetoric, and discusses the potential of India’s liberalization while warning against statist solutions that stifle growth.

Robert Shimer and John List, both esteemed economists from the University of Chicago, discuss their initiative, Economics for Everyone, designed to teach economic reasoning without complex mathematics. They explore innovative teaching methods, using real-world experiments and storytelling to demystify economic concepts. The duo emphasizes the relevance of critical thinking in both everyday decisions and public policy, advocating for wider economic literacy to influence issues from market fairness to policy evaluation. Their approach aims to make economics accessible and engaging for all.

In this engaging discussion, Michael Greenstone, an economist and director at the University of Chicago's Institute for Climate and Sustainable Growth, teams up with Pedram Hassanzadeh, a researcher specializing in AI and weather. They dive into the benefits of AI in creating personalized weather forecasts, particularly for smallholder farmers facing climate challenges. The conversation highlights how modern AI outperforms traditional models, and how accessible forecasting can empower farmers, helping them adapt to climate realities and make informed planting decisions.

Daryl Fairweather, Chief Economist at Redfin and the first Black woman to earn a PhD from UChicago's Economics Department, shares her economic 'cheat codes' for thriving in work and life. She emphasizes understanding negotiation from the other side, leveraging inside and outside options. Daryl explains the importance of perspective in decision-making and offers tips on avoiding biases. With insights on promotions, housing shortages, and personal values, she encourages listeners to align their pursuits with their true interests.

When couples move for work, whose career takes the hit? UChicago economist Matt Notowidigdo discusses research showing that when heterosexual couples relocate, men's incomes increase by 10-15% while women's earnings barely budge, generating earnings gaps that last for years. Plus, couples are more likely to move when the man loses the job compared to the woman.

Nobel laureate James Heckman, a University of Chicago professor renowned for his work on early childhood economics, emphasizes the crucial role of the first five years in brain development. He reveals how low-cost home-visiting programs often yield better outcomes than expensive institutions. Heckman highlights that early skills create pathways for future learning, discusses the long-term health benefits of early interventions, and critiques the current trends in economic research for losing sight of broader implications.

Yana Gallen, an assistant professor at the University of Chicago, dives into the impact of the Supreme Court's Dobbs decision on contraceptive choices. She reveals the surprising spikes in long-acting contraceptive methods like IUDs and sterilization following the ruling. Analyzing health insurance data, Yana discusses how young adults saw lasting increases in sterilization. The conversation also tackles broader implications, revealing how policy changes can lead to unexpected shifts in reproductive behavior, while noting that overall fertility impacts may be minor.

Virginia Minni, an assistant professor at the University of Chicago Booth School of Business, explores the impact of personal purpose on workplace motivation. She reveals insights from a trial with 3,000 employees who attended a 'Discover Your Purpose' workshop, highlighting how individual meaning can boost productivity. Minni discusses the surprising benefits, including improved satisfaction and team cohesion, and emphasizes that connecting personal goals to work not only enhances fulfillment but also drives better business outcomes.

Peter Ganong, an Associate Professor at the University of Chicago focusing on housing, and Yoni Appelbaum, Deputy Editor at The Atlantic and author of *Stuck*, delve into America's mobility crisis. They discuss how restrictive housing regulations have hindered economic opportunities, creating a divide where only the affluent can relocate to thriving cities. Historical insights reveal how moving once shaped American life, while today, rising costs and zoning laws limit movement and impact community dynamics. The conversation even spices up with a playful culinary lightning round!

Chad Syverson, a distinguished economics professor at the University of Chicago, shares his insights on the housing market's complexities. He reveals that construction costs and housing prices have become 'completely decoupled' over the last 75 years. Syverson challenges the belief that rising building costs are to blame for increasing home prices, highlighting broader economic factors at play. He discusses significant historical trends and regional influences, emphasizing that the housing affordability crisis extends beyond just construction expenses.