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Planet Money

We asked 188 economists. And the survey says...

Planet Money

NPR

Business, News

4.629.8K Ratings

🗓️ 16 October 2024

⏱️ 23 minutes

🧾️ Download transcript

Summary

(For our story on this year's Nobel in Economics, check out our daily show, The Indicator!)

Let's face it. Economics is filled with terms that don't always make sense to the average person. Terms that sometimes mean what you think they mean, but sometimes not at all. Not even close.

We surveyed 188 economists. And we asked them: What are the most misunderstood terms in the field of economics?

On today's show, their answers! Hear stories about near recessions, a problem with insurance, econ at your local movie theater, and... an economics term that will make undergrads blush. Strap in, and bring your popcorn!

This episode was hosted by Amanda Aronczyk and Alexi Horowitz-Ghazi. It was produced by Sam Yellowhorse Kesler with help from Sean Saldana. It was edited by Jess Jiang, engineered by Valentina Rodríguez Sánchez and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.

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Transcript

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0:25.0

This is Planet Money from NPR.

0:30.0

Every fall, Professor Bulant-Timal starts assembling his teaching materials, the topics, the examples, even what he's going to say, and when.

0:38.0

I actually have a policy that in every class, which is one hour and 15 minutes, I crack at least two jokes.

0:47.0

It's very methodical system, two joke minimum.

0:50.7

One around 20th minute mark and one around 45th minute mark.

0:55.0

Why do you have it scheduled in your class?

0:59.0

Because I already have their attention high in the first 20 minutes anyway. So 20th minute is the

1:04.5

when it's fading away and 45th minute definitely they need a boost. That's why.

1:11.1

Sometimes the jokes are short, sometimes long, sometimes topical, sometimes irreverent.

1:16.2

As to whether they are any good?

1:18.2

Yeah, you guys can be the judge of that.

1:20.7

Why did God create economists?

1:23.0

Why?

1:24.0

To make weather forecasters look respectable.

1:28.0

Apparently that one kills with economists.

1:30.0

Anyway, Bulant teaches economics at the University of Texas at San Antonio.

1:35.0

And while he finds economics very entertaining, he knows his students do not always agree,

1:41.0

hence all the jokes.

...

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