The labor market is in a weird place -- millions of fewer workers are employed than before the pandemic, yet millions of more jobs are available and wages are climbing fast.But there has been a lot of experimentation. Workers are quitting in near-record numbers. Working from home is an obvious example of an idea that many more companies are testing. New kinds of automation are taking the place of some jobs. More people are starting their own small businesses. Some companies are trying out a four-day work week. In a tightening labor market, employers have also started trying new ways of recruiting workers. But will this experimentation last? And if it does, how will that fundamentally change the labor market -- and how we think about the nature of work itself? Links from the episode:Julia is on Twitter at @juliaonjobsZiprecruiter articles by Julia PollakCardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

If you look at some of the big and mostly troubling economic trends in the overall US economy from the last three or four decades, the business of the sport of Mixed Martial Arts captures a stunning number of them: rising income and wealth inequality; increased firm concentration in some economic sectors, sometimes because they bought out their competition; the declining share of the money that companies make that goes to workers; the decline of unions; the gig economy; the lack of bargaining power that workers have when they negotiate wages with their companies. John S Nash, a journalist for Bloody Elbow, joins Cardiff to discuss the economic history of MMA and the sport’s dominant company, the UFC -- and to reveal the many ways that the sport captures the extreme version of so many broader economic trends within the US economy. And after the credits, they also give their predictions for UFC 269. Links from the episode:John S Nash is on Twitter at @heynotthefaceBloody Elbow (https://tinyurl.com/3chc4ucy)John on Crooklyn’s Corner (https://tinyurl.com/yckwmz83)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

Economists don’t just try to understand the economy. They also influence it. Because as they share their analysis and understanding of it, people and institutions and companies and politicians start to act differently -- precisely in response to that understanding of how the economy works. Which means that the economy itself then changes, and economists have to catch up and try to understand it again. That is one of the themes in a new book called Cogs and Monsters, by the economist Diane Coyle, Cardiff’s guest in this episode. The book is also about how the digitization of the economy in particular presents such thorny new challenges for understanding it. Diane never goes for easy criticisms or easy solutions. She burrows deep. And she makes the point that the economy, like society at large, is always in flux. And so the job of the economist can never be finished. Links from the episode:Cogs and Monsters, by Diane Coyle (https://tinyurl.com/2swtr22n)The Enlightened Economist, Diane Coyle’s blog (https://tinyurl.com/wxjruvsd)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

At least rhetorically, the politically conservative approach to economics was once associated with lower taxes, deregulation of the economy, cutting government spending, free trade and cutting the budget deficit (In reality, what conservatives have actually done when they have been in power has been different, but that was the governing philosophy). But all that seems to have changed in the last roughly half decade. There’s been a lingering and visible tension between the old-school free-market-y conservatism, and a different “populist” approach that’s largely, though not exclusively, associated with Donald Trump. And that tension has made it hard to answer the question: “What is conservative economics now?” If, or when, Republicans are in power again, what policies will they pursue? What will conservative pundits and policymakers and economists advise them to do? Cardiff has no idea anymore. So he invited Karl Smith, an economist and columnist at Bloomberg, to the show. Together they discuss how conservative economics has shifted on the issues of trade, immigration, the deficit, entitlement spending, and more. Links from the episode:Karl is on Twitter at @karlbykarlsmithKarl Smith’s articles at Bloomberg (https://tinyurl.com/cxd9vpym)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

For this special collaborative episode of The New Bazaar, Cardiff has teamed up with his friend and former colleague Matt Klein, who writes The Overshoot newsletter. Matt and Cardiff spend the episode carefully -- and without jargon -- walking listeners through the data on the US economy. Is the economy back to its pre-pandemic strength? What about jobs? How much are people getting paid? What’s the deal with inflation? Is there anything surprising about the economy that more people should be aware of? They answer all these questions and more. Matt is Cardiff’s favorite economic data sleuth because of his rare ability to make sense of an enormous variety of economic indicators, arriving at nuanced but intelligible conclusions. So if you’ve wanted one podcast episode that tells you, in plain language, just where the economy is right now, this is it. And as a bonus, Matt has simultaneously written a special post at The Overshoot, which you can find via the link below, adding details and analysis to their chat. Go check it out! Links from the episode:Matt is on Twitter at @M_C_KleinThe Overshoot, by Matt Klein (https://tinyurl.com/7m4ze4ef)Trade Wars are Class Wars, by Matt Klein and Michael Pettis (https://tinyurl.com/cf7bj84j)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

Anne Case and Angus Deaton are the authors of the book Deaths of Despair -- which is also a phrase that refers to the combination of deaths resulting from three causes: suicide, drug overdose, and alcohol. An epidemic of these deaths of despair started roughly a couple of decades ago. What Anne and Angus have found is that the increase in these deaths was entirely concentrated in people without college degrees. And they have looked at how other gaps between college and non-college folks have also become bigger and bigger in the last fifty years. They’ve also looked at how that societal division also interacts in important ways with other societal divisions, like racial and ethnic inequality, and geographic inequality. And crucially, how those interactions between these different trends can change over time. Or as Anne says in the chat with Cardiff, the battlefield for understanding these trends is dynamic. Anne and Angus also discuss with Cardiff the findings of their new study, which shows how Covid has affected mortality rates for people of different racial and ethnic backgrounds, and also for people without college degrees versus people with college degrees (which they further break down by race and ethnicity, gender, and age). Links from the episode:Case and Deaton's latest paper, Mortality Rates by College Degree Before and During COVID-19 (https://tinyurl.com/datsw4ky)Deaths of Despair book (https://tinyurl.com/7rwahs87)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

Nicholas Wapshott speaks with Cardiff about his new book, Samuelson Friedman, about the fierce economic debates between economists Paul Samuelson and Milton Friedman -- debates that have evolved through the decades, yet are still relevant to this very day.Links from the episode:Samuelson Friedman book page (https://tinyurl.com/wykc796w)Keynes Hayek book page (https://tinyurl.com/5ade64dz)Interview about Keynes Hayek (https://tinyurl.com/4dzk45xd)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

The common argument for why countries should be open to trading with each other has always been simple: free trade is good for economic growth, economic efficiency, and innovation. Businesses get access to more customers around the world, and consumers can buy a wider variety of goods and services made abroad. And for a long time, that logic was widely accepted. Countries lowered barriers to trading with each other, and global trade boomed.Perhaps no longer. Something fundamental has changed. Policymakers are now using trade policy to pursue other goals besides just economic growth. Like national security goals, and goals related to the environment and human rights. Sometimes countries are using trade policy to fight other non-trade disputes with each other.That is the thesis of this episode’s guest, journalist Soumaya Keynes. Soumaya has just finished a big report for The Economist magazine about this recent shift, and how it ties into the events of the past few years. The rise of populism, and the growing tensions between the US and China, and most recently the thing that’s been on a lot of people’s minds -- the clogging of global supply chains. As Soumaya explains, this new logic of trade involves complex tradeoffs for policymakers, as the non-trade goals they are now pursuing are often directly opposed to each other. Links from the episode:Soumaya is on Twitter at @SoumayaKeynes“The new order of trade” by Soumaya Keynes (https://tinyurl.com/5c7m3457)Trade Talks Podcast (https://tinyurl.com/25vb6m48)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

Cardiff has a theory -- somewhat half-baked, he admits -- that only when Broadway has fully recovered from the pandemic will we know that the overall US economy has also fully recovered. The necessity of proximity to strangers made Broadway as an industry a perfect target for the pandemic, and so it may well be one of the last industries to return to its former health.And with the return of theater visitors to New York, we may also see the return of jobs for performers and workers on Broadway and at the myriad restaurants, bars, and hotels that cater to these visitors. The labor market remains nowhere close to having recovered these jobs in the leisure and hospitality sectors, and New York City’s own unemployment rate is more than double that of the US overall. So, to explore this theory and get a Broadway 101 primer, Cardiff called up Lee Seymour, a journalist who covers Broadway and is himself a Broadway producer and Tony Award winner. They discuss the business of Broadway, how the industry fared through the shutdown, and how its nascent recovery is going.Links from the episode:Lee is on Twitter at @LeemourSeymourThe Inheritance (https://tinyurl.com/wvv8wnhk)Lee’s articles at Forbes (https://tinyurl.com/478hwnbm) Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.

In 1960, only six percent of all the doctors and lawyers in the country were either women (of all races and ethnicities) or men of color. All the rest -- the overwhelming majority -- were white men. Fast forward half a century. By the year 2010, women and nonwhite men were 38 percent of doctors and lawyers. A similar integration occurred in other high-paying professions that required college and post-graduate degrees. According to a paper by economist Chang-Tai Hsieh and his co-authors, this deepening integration accounted for an astonishing 40 percent of the per-capita economic growth in the country during this period. Like much of Chang-Tai’s other work, this paper is about what happens when people are finally able to apply their talents in ways that best take advantage of those talents -- and what a tragedy it is, for all of us, when they can’t.  And that’s why this story is not entirely a happy one. Mainly because there is so much progress that is still left to be made. But also because the progress that was being made appears to be slowing down. And for some people, it might even be reversing. Links from the episode:“The Allocation of Talent and U.S. Economic Growth” (https://tinyurl.com/988c6a8)“Housing Constraints and Spatial Misallocation” (https://tinyurl.com/wcyh3mtd)Chang-Tai Hsieh’s research page (https://tinyurl.com/n86tufvs)Cardiff and Aimee are on Twitter at @CardiffGarcia and @AimeePKeaneSend us an email! You can write to us at hello@bazaaraudio.com Hosted on Acast. See acast.com/privacy for more information.