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REAL LIFE ECONOMICS is an unabashedly smart, fact-driven podcast, dedicated to stimulating thought on economic issues. Each episode will feature an important economic concept or policy, like "free trade" or "tax reform," that the hosts will break into smaller, more relatable concepts, with an eye towards explaining how the "theories" behind the issues play out in "real life." Unlike other media, however, REAL LIFE ECONOMICS won't tell you what to think about a given issue, but will instead, ...
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This episode of Real Life Economics focuses on international trade theory, trade tariffs and trade war. Tariffs are a subject you can’t ignore these days, but what does that actually mean to you? International Trade Theory strongly suggests that trade is a win-win with economists like Adam Smith and David Ricardo pushing theories of absolute and co…
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This episode of Real Life Economics focuses on automation and the impacts to job availability and wages. To properly understand automation, one must understand factors of production: Labor, Land, Capital and Entrepreneurship, or as we translate them: Materials, Machines, Management and Workers, and how these feed into the economy. Armed with that b…
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This episode of Real Life Economics focuses on immigration and the impacts it has on the U.S. as well as experiences from other countries. To properly understand its impacts, we explain the mechanics of labor market theory as well the mechanics of long term trend growth. With that primer, we discuss Professor George Borjas work on immigration econo…
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