4.6 • 11K Ratings
🗓️ 8 June 2021
⏱️ 64 minutes
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0:00.0 | I'm Mr. Klein and this is the Ezra Clancho. |
0:19.8 | You'll sometimes hear economics called the dismal science. |
0:23.0 | People think that's an attack on it, right? |
0:25.0 | This sounds bad, but actually it's kind of a compliment. |
0:28.0 | Science makes it sound determinative, like there's an economy, and we use fancy instruments |
0:33.2 | to measure what's going on in it, and then we decide what to do. |
0:36.3 | It would be great if that is actually how it worked. |
0:38.6 | But in fact, a lot of what happens in both academic economics and the public debate over |
0:42.7 | the economy is storytelling. |
0:44.8 | And who gets to tell those stories? |
0:46.3 | Which stories are believed? |
0:47.6 | Which stories are picked up by the media? |
0:49.9 | That stuff really matters. |
0:52.0 | Over the past few months, you may have noticed that there is a new story being told about |
0:54.9 | the economy. |
0:55.9 | It is a story in which employers are doing their damn best to fill jobs, but no one wants |
1:00.0 | to work. |
1:01.0 | It's a story of labor shortages, of fast food companies forced, forced to raise wages of |
1:06.9 | an economy where things have just gotten too good for people who don't want to work. |
1:11.2 | And maybe that's because of unemployment insurance or because stimulus checks, but whatever it |
1:14.7 | is, it has got to stop. |
1:17.3 | And in many cases, policymakers are trying to make it stop. |
... |
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