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Platypus Economics with Justin Wolfers: Daily Summaries Delivered
by Betsey Stevenson & Justin Wolfers
Think Like an Economist and you’ll see the world more clearly, empowering you to make better decisions at work, at home, and in your community. Leading economists Betsey Stevenson and Justin Wolfers will take you on a joyous romp through their field as they introduce you to the big ideas in economics, and show how you can apply them to live in your own life. Their signature approach reveals that every decision is an economic decision and this podcast uncovers the economic forces that shape the world around you. Betsey and Justin believe that economics is a superpower, and they want to teach you to fly.
Latest Episodes
The most recent episodes — sign up to get AI-powered summaries of each one.
- 2 days ago13 min
The Pink-Collar Economy Is Here | Diving In
Since the start of President Trump’s second term, women have received 86% of net new payroll jobs and now hold slightly more non-farm payroll jobs than men. In this episode, Justin Wolfers explains why that shift is happening and what it says about our modern U.S. economy. This trend is not driven by employers suddenly preferring women over men, but by which parts of the economy are actually growing. The industries adding jobs are disproportionately female-heavy – especially healthcare and education. Nevertheless, much of our economic policy continues to center an outdated image of work: factory floors, hard hats, and a romanticized industrial past. But if policy keeps looking backward, it will miss where real opportunity is being created. And if leaders steer training, subsidies, and political attention toward yesterday's jobs instead of tomorrow's, workers will be left less prepared for the labor market that actually exists. Watch on YouTube: https://www.youtube.com/@PlatypusEconomics Subscribe on Substack: https://newsletter.platypuseconomics.com/ Follow on Social Media @PlatypusEconomics and @JustinWolfersSee omnystudio.com/listener for privacy information.
- 6 days ago22 min
A Gas Tax Holiday Is Performative Nonsense | The Professor Is In
What happens when politicians try to look like they’re fixing high gas prices without actually fixing them? Justin Wolfers explains why a federal gas tax holiday is bad economics, good theater, and a gift to oil companies. In a follow-up to his explainer episode, Justin answers audience questions about windfall taxes, what smarter relief could look like, whether a diesel tax holiday make any more sense, and why gas prices carry so much psychological weight in American politics. Like and review for more clear-eyed economics with Justin Wolfers.See omnystudio.com/listener for privacy information.
- 1 weeks ago17 min
A Gas Tax Holiday Would Miss the Point—And the People Who Need Help | Diving In
A gas tax holiday sounds like relief, but gets the economics wrong in almost every direction. Today’s high prices are a war problem — not a tax problem. And cheaper gas is the exact wrong response to a shortage. When something is scarce, higher prices send a signal to conserve, but a tax cut blunts that signal and encourages more demand at exactly the wrong moment. It's akin to subsidizing showers in a drought. Even more frustrating, the difference between impact and incidence means that much of the benefit would bypass drivers completely — fattening the profits of oil companies instead. 📈 Key takeaway: If you want to help families during an energy shock, target the hardship—not the gasoline. ⛽ Like and review for more clear-eyed economic analysis with Justin Wolfers—no empty tanks, no empty talking points.See omnystudio.com/listener for privacy information.
- 1 weeks ago43 min
Is Inflation Going to Ruin the Summer? | Off the Clock
Justin Wolfers is back with Stacey Vanek Smith to break down three of the biggest stories in economic news. Starting with the arrival of new Fed Chair Kevin Warsh — and the question of which Kevin Warsh will show up for the job: the inflation hawk from the Great Recession, or a more political figure likely to echo President Trump's calls for lower interest rates. Next, Justin and Stacey cover Bond Market 101, with Justin explaining why the U.S. government sells Treasury bonds, why investors buy them, and what rising long-term yields signal about inflation, oil prices, and the national debt. Finally, they dig into the stunning collapse in consumer sentiment, and why Justin believes these historically bleak numbers reflect something deeper than a bad economy — namely, a crisis of confidence in the people managing U.S. economic policy. At the same time, Stacey points out the affordability crunch is very real, with inflation hitting some summertime staples especially hard. If you enjoy this episode, please rate and review — and check out the link below to weigh in on Justin and Stacey's bet about midterm gas prices on Manifold Markets! https://manifold.markets/StaceyVanekSmith/will-national-gas-prices-in-the-usSee omnystudio.com/listener for privacy information.
- 2 weeks ago17 min
What Really Happens When Schools Lock Away Phones? | Diving In
What happens when students can’t instantly reach for their phones? In this episode of Diving In, Justin Wolfers breaks down the latest research on school phone bans and finds a result that’s more complicated—and more interesting—than many parents, teachers, and policymakers expected. Here's the broader lesson: removing a distraction does not automatically create a better outcome. In economics, that’s the problem of substitution. If less phone time turns into more sleep, conversation, or focus, that’s good. If it turns into some other kind of distraction or conflict, the gains are smaller. For parents, teachers, and anyone trying to build healthier tech habits, the stakes are personal. A little friction can change behavior—but what you put in the phone’s place may matter just as much for your family, your kids, and your own mental well-being. Check out the full paper here: https://siepr.stanford.edu/publications/working-paper/effects-school-phone-bans-national-evidence-lockable-pouches 📈 Key takeaway: Phone bans can reduce use and improve well-being over time, but the real question is what fills the space the phone leaves behind. 🔔 Don't forget to like and review!See omnystudio.com/listener for privacy information.
- 2 weeks ago13 min
Justin Wolfers Answers Your Questions on the National Debt | The Professor Is In
In this follow-up to an episode diving in to the federal deficit, Justin Wolfers responds to audience comments and questions including: where are interest payments going? Why can’t the government just print more money? And how do changes in immigration impact our ability to pay back our debt? If you'd like Justin to answer your question in a future segment of The Professor Is In, leave a comment below. And don’t forget to rate and review!See omnystudio.com/listener for privacy information.
- 3 weeks ago17 min
How to measure the true cost of war: Justin Wolfers shows you the math | Diving In
The Pentagon said the war with Iran has cost Americans $25 billion. But that number only accounts for missiles fired and equipment destroyed. The true cost of war is measured by the future we’ve given up. In this video — my Director’s Cut of an Op-Ed I wrote last week for the New York Times — I explain why that figure is dangerously misleading and show you the math for a less precise, but far more honest answer. Using the economic concept of opportunity cost, I walk through six methods for calculating the war’s real price tag, tracing the clues through oil, interest rates, geopolitical risk, the stock market, GDP, and future defense budgets. Each of these prove that this war is not costing tens of billions — but hundreds of billions, and quite possibly trillions. Every number answers a question, and the Pentagon's $25 billion answers a very small one. Here, I'm asking the bigger one: compared to the world we had before this war, what have we lost? The answer should concern every American household. NYT Op-Ed: https://www.nytimes.com/2026/05/08/opinion/hegseth-war-cost.htmlSee omnystudio.com/listener for privacy information.
- 3 weeks ago13 min
Is this Anna Wintour’s Billion Dollar Mistake? | Diving In
In this episode of Diving In, Justin Wolfers breaks down the economics of the Met Gala using two big ideas from economics: signaling and non-price competition. The basic point is simple: the high price of luxury goods isn't a bug in the system, it's the whole point. So instead of competing through discounts, brands must compete through spectacle: celebrity placements, giant flagship stores, fashion shows, editorial buzz, and events like the Met Gala — which Wolfers argues is a less-bad outlets for wasteful, non-price competition. In fact, the real scandal may be that Met Gala tickets are underpriced. If brands capture enormous media value from the event while the museum gets only a relatively small share, then the Met may be giving luxury houses a very good deal. The stakes here go beyond fashion. This is a lesson in how markets work when buyers care about status, not just usefulness—and how that affects where money gets spent, what gets built, and how prestige shapes the economy around you.See omnystudio.com/listener for privacy information.
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About Platypus Economics with Justin Wolfers
Think Like an Economist and you’ll see the world more clearly, empowering you to make better decisions at work, at home, and in your community. Leading economists Betsey Stevenson and Justin Wolfers will take you on a joyous romp through their field as they introduce you to the big ideas in economics, and show how you can apply them to live in your own life. Their signature approach reveals that every decision is an economic decision and this podcast uncovers the economic forces that shape the world around you. Betsey and Justin believe that economics is a superpower, and they want to teach you to fly.
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