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Planet Money

Summer School 1: A government's role in the economy is to make us all richer

Planet Money

NPR

Business, News

4.629.8K Ratings

🗓️ 9 July 2025

⏱️ 36 minutes

🧾️ Download transcript

Summary

Government. The Big G. We like to imagine the free market and the invisible hand as being independent from political influence. But Nobel laureate, Simon Johnson, says that influence has been there since the birth of economics. Call it political economy. Call it government and business. Call it our big topic each Wednesday through Labor Day.

We're kicking off another semester of Planet Money Summer School asking the biggest question: Why are some nations rich and others poor? With stories from India, New York City and Peru, we look at the ways in which government bureaucracy can help make or break an economy.

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Transcript

Click on a timestamp to play from that location

0:00.0

A quick reminder, Planet Money Plus subscribers get access to summer school episodes one week early.

0:05.6

Sign up at plus.npr.org slash planet money.

0:10.1

This is Planet Money from NPR.

0:17.1

That ring can only bring one thing.

0:20.4

It's the Planet Money Summer School. You're listening, hard-thinking, audio economics degree.

0:26.3

And the only education you can get these days without putting on pants or taking on debt.

0:31.3

I'm your host, Robert Smith.

0:32.9

This is the sixth year we've done summer school, six years of taking the biggest ideas in

0:39.2

economics and packing them up like a beach read for your ears. If you've been enrolled with us

0:45.1

since the very start, your parents might be wondering if you're finally a doctor yet, soon,

0:50.2

soon. Of course, you may be asking Robert, we have already done whole summers on micro and macro

0:56.7

economics. We've learned about investing, entrepreneurship, and the economic history of the world.

1:02.3

What else is there? Well, this summer, we will tackle the biggest economic player of the mall,

1:08.5

the government. As you might have noticed, the biggest debates in our

1:12.3

country right now are about how much government should be up in our business, in trade, taxes,

1:18.8

immigration, health care, regulations, you name it. Every day, it feels hard to make any personal

1:24.5

or economic decision until we can figure out what the government is going to do.

1:29.3

So every Wednesday this summer, we will hear stories of how politicians sometimes make all of us

1:34.7

richer, and yeah, sometimes screw it all up. And we'll talk about the big economic question.

1:40.7

What is the right amount of government in our lives? As always, we will have a final exam at the end of the season and a souvenir diploma plus, and this is big, a live graduation ceremony in New York City in late August, details in the show notes, and at the end of this episode.

2:10.7

So government, the big G.

2:13.5

I know we like to imagine the free market,

...

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