Home Alone, Taylor Swift, misnamed Econ Concepts and more with Jadrian Wooten

In this episode of Econ Nerds Live, host Matt Hill and co-host Ariel Slonim welcome Jadrian Wooten from Monday Morning Economist (https://www.mondayeconomist.com/). 

They start with a news quiz. Then talk about their favorite Monday Morning Economist posts:

• How much would the pizza from Home Alone be today?
• Why do we buy fancier eggs when egg prices rise?
• Does Taylor Swift actually add to the economy?

Then the conversation also gets very nerdy with a discussion on confusing terminology used in Economics. 

00:00 Introduction to Monday Morning Economist

02:27 News Quiz

18:39 Pop Culture Economics and Home Alone

20:09 Challenges in Adjusting Prices Over Time

24:10 Comparing Historical Prices: Time vs. CPI

28:10 The Alchian-Allen Effect Explained (why are you buying more expensive eggs?)

31:54 The Impact of Taylor Swift on Local Economies

38:13 Teaching Economics: Challenges and Insights

41:03 The Challenge of Economic Terminology

55:03 Consumer Surplus/ DWL: Transformers, home buying, Delta

Referenced in the podcast:

https://www.mondayeconomist.com/

Planet money on sugar prices: https://www.npr.org/sections/money/2013/04/26/179295426/episode-454-the-lollipop-war

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