Words & Numbers

Social Security has become a trillion dollar weight dragging down our economics and politics. On the one hand, according to the Social Security administration itself, the program will be insolvent within a decade. On the other, we can’t shut it down without condemning many elderly to destitution. This week, we talk about a plan that would phase out Social Security, do it without cutting benefits to current retirees, leave future retirees better off, and save the government money. The catch is that the phase-out requires many decades.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week https://www.hilton.com/en/hotels/snaiohx-hampton-suites-irvine-orange-county-airport/ https://apnews.com/article/2022-midterm-elections-new-york-alexandria-ocasio-cortez-queens-congress-7e1d71dec55714872f60a4f34d02b7d7 https://www.washingtonexaminer.com/new

Recently, we talked about polls showing a serious erosion of trust in the branches of government. This week, we focus on the media. It turns out that Americans trust the media about as much as they trust Congress - and it’s amazing how little they trust Congress. Interestingly, there’s a sharp division among party lines.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week https://www.amazon.com/Alone/dp/B07RYP2QSW https://www.yahoo.com/entertainment/outrage-erupts-white-house-calls-013222807.html Foolishness of the Week https://www.msn.com/en-us/news/us/pregnant-woman-given-hov-ticket-argues-fetus-is-passenger-post-roe/ar-AAZoI2r Topic of the Week https://www.axios.com/2022/07/08/news-republicans-democrats-trust-partisanship Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More Jame

No matter what we do to tweak our healthcare system, we seem to end up with the same problems decade after decade. Proponents of socialized medicine say that healthcare is simply too complex of a problem to leave to profit-seeking actors in the marketplace. Proponents of free market medicine say that healthcare is a product like any other product and that much of the complexity that exists is actually due to government regulations themselves. This week, we talk with an economic historian and ask, what happened to healthcare in this country? Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week https://www.vice.com/amp/en/article/wxn8qx/amtrak-spent-11-years-and-dollar450-million-to-save-acela-riders-100-seconds https://www.railpassengers.org/site/assets/files/3480/1.pdf https://news.gallup.com/poll/394283/confidence-institutions-down-avera

Historian Rob McDonald joins us on this Fourth of July week to talk about the events leading up to the founding, and his observation that the Founders thought less that they were declaring independence from Great Britain than that Parliament and the King had effectively declared the colonies independent by failing to fulfill the basic functions of government. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week https://www.goodnewsnetwork.org/this-gorgeous-leather-is-made-from-the-hide-of-an-invasive-predatory-fish/ https://www.inversaleathers.com https://www.fb.org/newsroom/cost-of-july-4th-cookout-17-higher-compared-to-year-ago Foolishness of the Week https://www.wsj.com/articles/as-gas-prices-surge-stations-now-hold-up-to-175-of-your-money-when-you-swipe-11656277411 Join the Conversation Words & Numbers Backstage https://www.facebook

For one-hundred years, the United States has been conducting an experiment in unlimited government wherein politicians spend far beyond the government’s means, kicking the fiscal can down the road for future generations to pay. The future has finally arrived and we are that future generation. The inflation we’re experiencing now is the beginning of the price we’ll be paying for a century of unlimited government. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week https://www.wuft.org/news/2022/06/02/gainesville-residents-and-city-officials-gather-to-strategize-how-to-tackle-affordable-housing-issues-in-the-city/ https://www.sightline.org/2014/09/29/zoning-inclusionary-v-exclusionary/ https://dailytravelpill.com/montane-mansion-hong-kong-monster-building/ https://news.yahoo.com/affordable-housing-california-now-routinely-120027201.html  

Critics of drug laws focus on the costs, both in dollars and lives, of incarcerating people for an act that often hurts no one. Lost in the discussion is the cost of making it harder for people who suffer from chronic pain to obtain drugs they need to function. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week https://www.bloomberg.com/news/articles/2022-05-31/yellen-says-i-was-wrong-last-year-on-the-path-of-us-inflation https://www.newscientist.com/article/2322693-damaged-liver-repaired-inside-machine-for-three-days-before-transplant/ Foolishness of the Week https://news.yahoo.com/justin-trudeau-points-u-gun-193328676.html Topic of the Week https://nationalpost.com/pmn/news-pmn/crime-pmn/canada-to-temporarily-decriminalize-some-drug-possession-to-tackle-abuse-problem Join the Conversation Words & Numbers Backstage https://www.f

We all see the profits companies make when they sell things for more than it cost them to produce. Companies carefully measure these profits, and many are required to publicly report them to the penny. What we don’t see, but is every bit as real, is the “profit” consumers make when they buy from those companies. A consumer’s “profit” occurs when the consumer pays less for a thing than the maximum the consumer was willing to pay. The fact that we readily see companies’ profits and don’t readily see consumers’ profits contributes to many people’s misunderstandings about economics.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://wordsandnumbers.libsyn.com/episode-243-the-nature-of-exchange-pt-1 https://wordsandnumbers.libsyn.com/episode-244-the-nature-of-exchange-pt-2 Foolishness of the Week https://apnews.com/article/california-race-and-ethnicity-san-fra

James and I were invited to kick off UNC Wilmington’s annual Business Week with a live recording of Words & Numbers. The talk was loosely based on our book, Cooperation & Coercion. If you’ve read the book, you’ll still find fresh material in these episodes. The first part of this two-part episode is the presentation. The second part is the audience Q&A.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week Quick hits and the foolishness of the week have gone on vacation for a few weeks. In their places, we’ll be talking about unintended consequences. Topic of the Week https://www.wilmingtonbiz.com/insights/robert__burrus/csb_business_week_2022_-_connecting_uncws_cameron_school_of_business_to_its_powerful_network/3365 Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Sto

James and I were invited to kick off UNC Wilmington’s annual Business Week with a live recording of Words & Numbers. The talk was loosely based on our book, Cooperation & Coercion. If you’ve read the book, you’ll still find fresh material in these episodes. The first part of this two-part episode is the presentation. The second part is the audience Q&A.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week Quick hits and the foolishness of the week have gone on vacation for a few weeks. In their places, we’ll be talking about unintended consequences. Topic of the Week https://www.wilmingtonbiz.com/insights/robert__burrus/csb_business_week_2022_-_connecting_uncws_cameron_school_of_business_to_its_powerful_network/3365 Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Sto

Most of what the public knows about economics is really macroeconomics - the field of economics that deals with interest rates, inflation, unemployment, and GDP. Economics is really about human behavior, and there’s a lot more to it than simply macroeconomics. Economist Matt Ryan joins us this week to talk about his work in applying economics to interesting topics from sports betting to police making traffic stops.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week Quick hits and the foolishness of the week have gone on vacation for a few weeks. In their places, we’ll be talking about unintended consequences. Topic of the Week https://www.duq.edu/academics/faculty/matt-ryan Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=P

The Congressional Budget Office is the government entity that produces forecasts about the effects of new taxes and spending on the economy and the federal budget. Four years ago, we did an episode in which we showed that the CBO had a track record of under-estimating future spending and over-estimating future tax revenues. With four years behind us, we revisit the topic and ask whether the CBO has gotten any better and what it’s now forecasting for the future.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week Quick hits and the foolishness of the week have gone on vacation for a few weeks. In their places, we’ll be talking about unintended consequences. Topic of the Week Historical CBO forecasts https://www.cbo.gov/about/products/budget-economic-data#3 Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/1

There are some things that people have an emotional reaction to buying and selling: sex, body parts, votes. There are other things whose quality people aren’t able to judge. Is it possible that markets shouldn’t or can’t handle these things? Philosopher James Stacey Taylor joins us to discuss his latest book, Markets With Limits.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week Quick hits and the foolishness of the week have gone on vacation for a few weeks. In their places, we’ll be talking about unintended consequences. Topic of the Week Markets With Limits by James Stacey Taylor https://www.amazon.com/Markets-Limits-Merits-Market-Critical-Arguments/dp/1032171480/ref=sr_1_1 Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist

There are some things that people have an emotional reaction to buying and selling: sex, body parts, votes. There are other things whose quality people aren’t able to judge. Is it possible that markets shouldn’t or can’t handle these things? Philosopher James Stacey Taylor joins us to discuss his latest book, Markets With Limits.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits and Foolishness of the Week Quick hits and the foolishness of the week have gone on vacation for a few weeks. In their places, we’ll be talking about unintended consequences. Topic of the Week Markets With Limits by James Stacey Taylor https://www.amazon.com/Markets-Limits-Merits-Market-Critical-Arguments/dp/1032171480/ref=sr_1_1 Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist

Humans have dual natures. We are, simultaneously, individuals and members of a shared society. That each of us should be free arises from our status as individuals. But, what arises from our status as members of a shared society are obligations to one another. What economists call “economic freedom” is really the encoding of the appropriate balance of our two natures into the rule of law.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://worldhappiness.report/ed/2022/happiness-benevolence-and-trust-during-covid-19-and-beyond/#ranking-of-happiness-2019-2021 https://www.fraserinstitute.org/economic-freedom/map?geozone=world&page=map&year=2018 https://nypost.com/2022/04/14/biden-shakes-hands-with-thin-air-after-north-carolina-speech/ https://www.wsj.com/articles/decade-high-mortgage-rates-pose-threat-to-spring-housing-market-11650101401 Foolishness of the

This is the final installment of our talk with the economics students of Mount Hebron High School. The students have won the state economics championship 16 times, the national championship six times, and recently won the international championship for the first time. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://www.oecdbetterlifeindex.org/topics/income/ https://data.oecd.org/emp/hours-worked.htm https://www.commonwealthfund.org/publications/issue-briefs/2019/may/how-much-us-households-employer-insurance-spend-premiums-out-of-pocket https://www.fox5ny.com/news/chipotle-tests-chip-making-robots Foolishness of the Week https://www.statista.com/statistics/253743/academy-awards--number-of-viewers/ Topic of the Week https://www.youtube.com/watch?v=F79X_-PwKhg https://www.youtube.com/watch?v=ke38g7fFvtk   Join the Conversation Words & Numbers Backsta

This week, we talk with the economics students of Mount Hebron High School who have won the state economics championship 16 times, the national championship six times, and recently won the international championship for the first time. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://www.wsj.com/articles/oberlin-college-loses-appeal-ohio-gibsons-bakery-v-woke-pc-cancel-culture-crt-critical-race-theory-libel-emotional-distress-racial-profiling-higher-education-11648829090?mod=hp_opin_pos_1 Foolishness of the Week https://www.msn.com/en-us/news/us/a-historic-all-black-town-wants-reparations-to-rebuild-as-a-e2-80-98safe-haven-e2-80-99/ar-AAVKiWv Topic of the Week https://www.youtube.com/watch?v=F79X_-PwKhg https://www.youtube.com/watch?v=ke38g7fFvtk   Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More J

This week, we talk with the economics students of Mount Hebron High School who have won the state economics championship 16 times, the national championship six times, and recently won the international championship for the first time. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://www.thedrive.com/news/44445/canada-has-a-railroad-for-fish-thats-only-200-feet-long-heres-why https://www.google.com/maps/place/Bayside+Canadian+Railway/@45.1588746,-67.1399627,156m/data=!3m1!1e3!4m5!3m4!1s0x4ca6016202a5eb6f:0xdd7c0d6ee9b1c34a!8m2!3d45.1586153!4d-67.1396707 https://thehill.com/opinion/finance/599768-biden-is-planning-a-new-digital-currency-heres-why-you-should-be-very-worried Foolishness of the Week https://thehill.com/regulation/599821-thomas-scrutiny-intensifies-after-latest-revelations Topic of the Week https://www.youtube.com/watch?v=F79X_-PwKhg https:

Now that a decade has passed since the Affordable Care Act reached full implementation, it’s a good time to look back at what we were promised, what we got, and what we didn’t get..   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://advisor.visualcapitalist.com/ranked-the-biggest-u-s-tax-expenditures/ https://www.cbpp.org/research/federal-budget/where-do-our-federal-tax-dollars-go https://www.reuters.com/world/us/us-senate-approves-bill-that-would-make-daylight-savings-time-permanent-2023-2022-03-15/ Foolishness of the Week https://reason.com/2022/03/04/d-c-managed-to-lose-4-million-on-its-own-sports-betting-app/ Topic of the Week https://www.thebalance.com/causes-of-rising-healthcare-costs-4064878 Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/

The Catholic Church likes subsidiarity. Politicians like federalism. Economists like free markets. It turns out that, if you can adequately define “the common good,” the three - subsidiarity, federalism, and free markets - pretty much boil down to the same thing. This week is the first half of a four-way discussion with two Catholic theologians, a political scientist, and an economist on subsidiarity and the common good. Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://nypost.com/2022/03/04/hundreds-of-people-are-booking-airbnb-rentals-in-ukraine-heres-why/ https://scoop.upworthy.com/polish-moms-leave-baby-strollers-at-train-station-for-ukrainians-moms-who-need-them https://www.cato.org/commentary/pick-time-stick-it   Foolishness of the Week https://www.nbcbayarea.com/news/national-international/california-lawmaker-proposes-25-tax-on-real-estate-invest

Is there a massive class action suit awaiting colleges and universities that promise certain educational outcomes and don’t deliver? Colleges and universities are admitting students they know won’t succeed and happily cashing their tuition checks. There are scary parallels here to bankers who gave mortgages to borrowers the banks knew couldn’t afford to repay those mortgages.   Get Your Copy of Cooperation and Coercion Now! http://www.cooperationandcoercion.com Show Your Support for Words & Numbers at Patreon https://www.patreon.com/wordsandnumbers Quick Hits https://fred.stlouisfed.org/series/INDPRO https://fred.stlouisfed.org/series/MANEMP https://fred.stlouisfed.org/series/USMINE https://fred.stlouisfed.org/series/CES1021100001 https://fred.stlouisfed.org/series/IPUCN2211W200000000 https://www.cnn.com/2022/03/04/politics/biden-buy-american-domestic-manufacturing/index.htmhttps://www.wsj.com/articles/andrew-cuomo-chris-cnn-cancel-culture-pc-political-correct-sexual-harrassment-accusation-new-y