What Reese's Cups and Canadian Wildfires Can Teach Us About Economics | Off the Clock
Summary
Justin Wolfers and Stacey Vanek-Smith analyze the stalled Iran ceasefire, rising oil prices, and "skimpflation," where companies swap ingredients to cut costs. They discuss the economics of public goods using poor air quality as an example of underpriced resources. The episode concludes with positive news on global renewable energy growth.
Topics discussed
Intro and sponsor ads
Episode overview and guest introduction
Iran ceasefire failure and geopolitical stalemate
Economic impact on oil prices and markets
Prediction markets and the teleprompter guy bet
Sponsor ads
Inflation data and energy price fluctuations
Shrinkflation and the Reese's Peanut Butter Cup saga
Skimpflation: ingredient substitution and quality changes
Unmeasured quality change in economics
Sponsor ads
Wildfires and the value of clean air
Public goods, free riders, and non-excludability
Internalities and future selves
Renewable energy progress and positive externalities
Outro and sponsor ads
Listen ad-free on Castria