Words & Numbers

Politicians often argue the benefits of raising taxes to pay for sports stadiums, citing all the economic benefits that accrue from attracting major sports teams. But if there were significant economic benefits, wouldn’t private investors have an incentive to pay for the stadiums on their own? Why do we need tax revenues to fund them? This week, economist Lauren Heller joins us to talk about the economics of sport stadiums.   Get a 20% discount on the mask not named in the episode by clicking below and using the coupon code wordsandnumbers. https://www.getunmask.com/?ref=8Dgb483n98NjG   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://russiandefpolicy.com/2021/12/27/russian-military-pay-still-lags/ https://www.cnas.org/publications/commentary/when-do-economic-sanctions-work-best https://www.wsj.com/articles/self-driving-trucks-start-to-propel-land-rush-

The life cycle of birth, maturation, death, and new life plays out in markets in the same way and for the same reasons. Entrepreneurs come up with new ideas. If customers like those ideas better than they like dollars in their pockets, they pay the entrepreneurs and the new ideas mature. But with maturation comes some ossification as once nimble companies get bogged down by their own bureaucracies. This creates opportunities for new entrepreneurs to come along and replace the old. Amazon, once the nimble upstart that gave customers what they wanted at prices they were willing to pay, may be showing signs of its oncoming and inevitable decline.   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.facebook.com/HistoricPhotographs/posts/2026578217515918 Foolishness of the Week https://www.breitbart.com/tech/2022/02/21/report-apple-store-employees-want-to-uni

David Friedman joins us to talk about the gold standard: why one existed at all, why we went off it, and what would happen if we reinstituted it.   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.mprnews.org/story/2022/02/03/betty-whiteout-ctrl-salt-delete-top-winners-in-mndot-nameasnowplow-contest https://www.cbc.ca/news/canada/northwest-territories-looking-for-new-name-bob-need-not-apply-1.319749 https://www.nytimes.com/2016/03/22/world/europe/boaty-mcboatface-what-you-get-when-you-let-the-internet-decide.html https://www.msn.com/en-us/money/taxes/irs-backlog-hits-nearly-24-million-returns-further-imperiling-the-2022-tax-filing-season/ar-AATKL3A Foolishness of the Week https://reason.com/2022/02/10/ohio-mayor-warns-that-ice-fishing-will-lead-to-prostitution/ Topic of the Week http://www.daviddfriedman.com Join the Conversation Words & Numbe

The federal debt recently crossed the $30 trillion mark, making the debt 50% larger than the entire US economy.   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/belarusian-officials-charged-with-aircraft-piracy-for-diversion-of-ryanair-flight-11642723692 https://www.itv.com/news/2022-02-07/scientists-create-spinal-cord-implants-that-could-allow-paralysed-people-to-walk Foolishness of the Week https://www.claimscon.org/study/ Topic of the Week https://en.wikipedia.org/wiki/Disposable_household_and_per_capita_income Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJpBV-NnmSusZJ_vCuzKUJ4Ig Let Us Know What You Think mailto:wordsandnumberspodcast@gmail.com Antony Davies on Twitter https://twitter.com/ant

Americans are so used to having goods available to them at low prices, in expansive variety, and in apparently limitless quantities that sporadic shortages are shaking up our lives. Yet, what we experience as an inconvenience, others in the world experience as starvation. Humans’ default condition is not one of plenty, but one of poverty. What stands athwart any society and poverty is good governance and a free economy.   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.artforum.com/news/ireland-to-launch-universal-basic-income-program-for-artists-87612 https://www.cnn.com/2022/01/31/europe/ireland-fishermen-russia-navy-intl/index.html Foolishness of the Week https://www.msn.com/en-us/news/us/he-e2-80-99s-declining-a-coronavirus-vaccine-at-the-expense-of-a-lifesaving-transplant-e2-80-98i-was-born-free-i-e2-80-99ll-die-free-e2-80-99/ar-AATkeOa Topic o

The Chosen is a remarkable TV series on two counts. It is the largest crowdfunded effort of its type, having raised more than $10 million and attracted over 150 million downloads over its two seasons. It also manages to depict stories from the New Testament in a way that is attractive to atheists and people of faith alike. 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://katu.com/news/nation-world/students-at-no-2-business-school-struggle-to-identify-the-average-americans-salary https://mcdc.missouri.edu/help/measures-of-income/ https://www.nytimes.com/interactive/projects/college-mobility/university-of-pennsylvania https://www.science.org/doi/10.1126/science.abd0380 Foolishness of the Week https://www.bloomberg.com/news/articles/2022-01-21/bezos-loses-20-billion-in-brutal-week-for-tech-billionaires Topic of the Week https://www.amazon.com/The-Chosen-sea

Something odd is happening among Americans. People are generally quite nice to each other. Historically, Americans have been a generous people, and most have a good sense of civic duty. Yet, Americans on both the left and the right are angry about our politics. Both sides are coming to view the other as “the enemy.” It’s possible that we’ve reached a point where the best way forward is to go our separate ways. And we might not have reached this point at all if we had taken our founding principles more seriously.   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 HitsFoolishness of the Week Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJpBV-NnmSusZJ_vCuzKUJ4Ig Let Us Know What You Think mailto:wordsandnumberspodcast@gmail.com Antony Davies on

Even in the absence of inflation, a dollar in the future is less than a dollar today simply because it exists in the future. Humans have figured out how to use this fact to invent things like mortgages, installment payments, and subscriptions. We talk about the implications of the time value of money, then segue into virtual reality and the future of labor markets, then into the service the rich perform for the rest of us as first adopters. This is what happens when you don’t have a script. Get a 20% discount on the mask not named in the episode by clicking below and using the coupon code wordsandnumbers. https://www.getunmask.com/?ref=8Dgb483n98NjG 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 Hitshttps://www.usatoday.com/story/news/nation/2022/01/05/maryland-couple-schmidt-baking-company-virginia-i-95/9110543002/ https://wtop.com/virginia/2022/01/uber-rider-stuck-on-i

Goods appear to be randomly missing in stores, and prices seem to be rising. Much of what we're seeing is due to disruptions in the supply chain. This week, we talk with industry insider Mikhail Rasner about what's going on. 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.npr.org/2021/12/16/1064855510/kraft-cream-cheese-20-dollar-website https://www.bloomberg.com/news/newsletters/2021-12-10/supply-chain-latest-cream-cheese-is-the-latest-casualty-of-cyberattacks https://www.msn.com/en-us/news/opinion/opinions-with-the-supreme-court-lurching-right-state-courts-offer-liberals-hope/ar-AASaLg5 Foolishness of the Week https://nypost.com/2022/01/02/australian-man-self-immolates-after-ranting-against-covid-vaccines/ Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.

Phil Magness joins us to discuss critical race theory: what is it, and why is it controversial? 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.npr.org/2021/12/16/1064855510/kraft-cream-cheese-20-dollar-website https://www.bloomberg.com/news/newsletters/2021-12-10/supply-chain-latest-cream-cheese-is-the-latest-casualty-of-cyberattacks https://www.msn.com/en-us/news/opinion/opinions-with-the-supreme-court-lurching-right-state-courts-offer-liberals-hope/ar-AASaLg5 Foolishness of the Week https://www.msn.com/en-us/money/companies/fauci-says-domestic-travel-vaccination-rule-should-be-considered/ar-AASbcTj https://www.nytimes.com/live/2021/12/10/world/covid-omicron-vaccines Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJp

We had such good feedback from last week's live tradeoffs episode that we're including the audience Q&A session for this week's episode. 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.npr.org/2021/12/18/1063205596/housing-cash-offer-home-buyer-seller https://www.straitstimes.com/world/middle-east/giant-rave-in-saudi-desert-pushes-kingdoms-changing-boundaries Foolishness of the Week https://www.wsj.com/articles/elon-musk-says-he-will-pay-more-than-11-billion-in-taxes-this-year-11640001132 Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJpBV-NnmSusZJ_vCuzKUJ4Ig Let Us Know What You Think mailto:wordsandnumberspodcast@gmail.com Antony Davies on Twitter https://twitter.com/antonydavies James R. Harrigan on Twitterhttps://

What do climate change, the covid lockdowns, taxing billionaires, free college, and free healthcare have in common? In each case, politicians would prefer that voters ignore the reality of tradeoffs. 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.mediaite.com/tv/end-of-an-era-chris-wallaces-departure-from-fox-news-sets-off-a-media-and-political-firestorm/ https://www.stuff.co.nz/national/health/coronavirus/127245863/covid19-man-receives-up-to-10-vaccines-in-one-day Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJpBV-NnmSusZJ_vCuzKUJ4Ig Let Us Know What You Think mailto:wordsandnumberspodcast@gmail.com Antony Davies on Twitter https://twitter.com/antonydavies James R. Harrigan on Twitterhttps://twitter.com/JamesRHarriga

As events point to the possibility of a second lockdown, we ask what we have learned from the last one.  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 This Week’s Topichttps://www.cdc.gov/nchs/nvss/vsrr/covid19/excess_deaths.htm https://covid.cdc.gov/covid-data-tracker/#trends_totaldeaths Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJpBV-NnmSusZJ_vCuzKUJ4Ig Let Us Know What You Think mailto:wordsandnumberspodcast@gmail.com Antony Davies on Twitter https://twitter.com/antonydavies James R. Harrigan on Twitterhttps://twitter.com/JamesRHarrigan Learn more about your ad choices. Visit podcastchoices.com/adchoices

In response to record-breaking deficits, politicians, pundits, and concerned voters are discussing new sources of tax revenue. Unfortunately, they often conflate wealth, income, and unrealized capital gains. This week, we clarify some of the confusion. 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 This Week’s Topichttps://taxfoundation.org/publications/state-local-tax-burden-rankings/#Burdens https://fred.stlouisfed.org/series/FYFSD https://fred.stlouisfed.org/series/GNP https://fred.stlouisfed.org/series/FYFR https://www.taxpolicycenter.org/briefing-book/how-do-us-taxes-compare-internationally https://www.census.gov/library/publications/2021/demo/p60-273.html https://www.investopedia.com/how-much-does-health-insurance-cost-4774184 https://ips-dc.org/u-s-billionaire-wealth-surged-by-70-percent-or-2-1-trillion-during-pandemic-theyre-now-worth-a-combined-5-trillion/ https:

This week, we answer listener questions that cover a gamut of topics.   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 Hitshttps://www.nytimes.com/2021/10/20/technology/personaltech/iphone-upgrades-cost.html Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJpBV-NnmSusZJ_vCuzKUJ4Ig Let Us Know What You Think mailto:wordsandnumberspodcast@gmail.com Antony Davies on Twitter https://twitter.com/antonydavies James R. Harrigan on Twitterhttps://twitter.com/JamesRHarrigan   Learn more about your ad choices. Visit podcastchoices.com/adchoices

This week, we answer listener questions that cover a gamut of topics. 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 Hitshttps://www.cbc.ca/radio/asithappens/as-it-happens-the-monday-edition-1.5868846/how-tiktok-users-designed-a-better-pill-bottle-for-people-with-parkinson-s-1.5868848 https://nypost.com/2021/11/15/kamala-harris-sidelined-amid-tensions-with-president-biden/ Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJpBV-NnmSusZJ_vCuzKUJ4Ig Let Us Know What You Think mailto:wordsandnumberspodcast@gmail.com Antony Davies on Twitter https://twitter.com/antonydavies James R. Harrigan on Twitterhttps://twitter.com/JamesRHarrigan Learn more about your ad choices. Visit podcastchoices.com/adchoices

David Card recently won the Nobel Prize in economics for his contributions to the study of labor markets and natural experiments. Some minimum wage proponents confuse these excellent contributions with a particular application of his contributions to a study he conducted of a hike in New Jersey’s minimum wage. We discuss the flaws in that oft-cited study, and the distinction between his contributions and the study.   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 Hitshttps://nymag.com/intelligencer/2021/11/buffalo-election-2021-results-india-walton-defeated.html https://thehill.com/homenews/campaign/580322-democrats-brace-for-flood-of-retirements-after-virginia-rout https://www.usatoday.com/story/news/politics/2021/11/07/biden-approval-falls-38-midterms-loom-usa-today-suffolk-poll/6320098001/ Foolishness of the Weekhttps://abcnews4.com/news/nation-world/annual-microso

The combination of property rights and a profit incentive yields good outcomes. Elephants provide an excellent example.   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 Hitshttps://www.techspot.com/news/91430-bitcoin-mining-company-buys-pennsylvania-power-plant-meet.html https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume https://www.nbcnews.com/news/us-news/after-san-francisco-shoplifting-video-goes-viral-officials-argue-thefts-n1273848 Foolishness of the Weekhttps://www.the-sun.com/sport/3969736/colin-kaepernick-nfl-draft-slavery-netflix/ Topic of the Week https://www.npr.org/2021/10/22/1048336907/elephants-tuskless-ivory-poaching-africa https://www.amazon.com/Free-Our-Markets-Essential-Economics/dp/098442542X Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://w

Politics, not partisanship, and economics are linked because both emerge from humans attempting to employ their abilities to satisfy their needs. In this episode, we explore the connection. 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.washingtonpost.com/world/2021/10/13/norway-kongsberg-bow-arrow-attack/ https://www.cnn.com/2021/06/09/china/china-knife-attacks-mic-intl-hnk/index.html https://www.cnn.com/2021/10/25/tech/blue-origin-space-station-jeff-bezos-scn/index.html Foolishness of the Week https://www.msn.com/en-us/sports/nfl/tom-brady-s-historic-day-took-a-backseat-to-his-encounter-with-a-9-year-old-cancer-survivor/ar-AAPVYUj Join the Conversation Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/ More James at Smoke & Storieshttps://www.youtube.com/playlist?list=PLjILow4-ZJpBV-NnmSusZJ_vCuzKUJ4Ig Let Us Know Wha

Corey DeAngelis, who has made himself the public gadfly of teachers unions, joins us to talk about how Americans’ attitudes about funding public schools changed with covid. 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.bls.gov/ooh/occupation-finder.htm https://www.bls.gov/ooh/construction-and-extraction/construction-and-building-inspectors.htm https://www.bls.gov/ooh/healthcare/respiratory-therapists.htm https://www.bls.gov/ooh/healthcare/diagnostic-medical-sonographers.htm https://www.bls.gov/ooh/healthcare/dental-hygienists.htm https://www.bls.gov/ooh/healthcare/radiation-therapists.htm https://www.bls.gov/ooh/construction-and-extraction/elevator-installers-and-repairers.htm https://www.bls.gov/ooh/transportation-and-material-moving/airline-and-commercial-pilots.htm https://www.bls.gov/ooh/transportation-and-material-moving/air-traffic-c