SUMMER SCHOOL 1: Recessions & Rap Battles

Planet Money

NPR

Business, News

4.6 • 29.8K Ratings

🗓️ 14 July 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

It's macro time! Today: Keynes vs. Hayek.

Season 3 of summer school is here asking the biggest economic questions about what makes an entire economy grow or contract? Things like, is there a "right" level of unemployment? Who gains from trade? What rhymes with 'paradox of thrift'? Also, inflation, we'll get to inflation.

Episode 1 begins with the rise of macroeconomics as a field, with one of the great economic debates of the 20th century: what causes booms and busts, and what can the government do about it? How free should a free market be?

It's a debate (over beats and with an actual rap battle) between John Maynard Keynes and F.A Hayek.

Watch this Tik Tok to learn more. | Subscribe to our weekly newsletter here. | Listen to past seasons of Summer School here.

Transcript

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0:00.0	This is Planet Money from NPR.
0:03.0	Hey everyone, I'm Stacey Bannock-Smith and this is Planet Money Summer School.
0:16.5	Your guide to understanding the economy.
0:19.4	Now I do realize that learning economics might seem like a questionable summer activity,
0:25.7	right?
0:26.7	Into the beach or to wave baseball game or something?
0:30.2	But that is the beauty of Planet Money Summer School.
0:32.9	You can do both.
0:34.4	Planet Money Summer School is beach towel and ball field friendly guaranteed.
0:39.2	No textbooks, no classrooms, just fundamental economic principles with a side of delight
0:45.5	delivered right into your earbuds wherever you are.
0:48.7	So the thing that I have always loved about economics is that it can help the world around
0:54.7	us make more sense.
0:56.5	It can show the logic and the reasons behind some of the big economic forces that are shaping
1:03.4	our lives.
1:04.4	Now, this is season three of Planet Money Summer School and this season we are getting
1:09.5	back to basics.
1:10.8	The big economic questions, aka macroeconomics.
1:15.9	So every Wednesday through Labor Day we will call class in a session and bring you one
1:20.4	big idea per episode like how to fight inflation or how to measure an economy.
1:25.9	We will take a classic Planet Money episode and pair it with insights from our esteemed
1:31.1	professor guides.
	...

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