In this episode of The Economist Next Door, host Paul Mueller is joined by Tom Savidge and Julia Cartwright of the American Institute for Economic Research (AIER), along with Richard Morrison of the Competitive Enterprise Institute (CEI), to explore how basic economic thinking shows up in everyday life.

Using accessible, real-world examples—from wedding dresses and tuxedos to sneakers, thrifted fashion, housing regulations, and consumer choice—the conversation highlights how trade-offs, discounting, incentives, and social norms shape ordinary decisions. It moves from household economics to broader policy debates, including regulation, market variety, and the unintended consequences of quality standards in housing and consumer goods.

The episode makes clear that economics, at its core, is not merely a technical discipline for experts, but a practical framework for understanding how people make choices under scarcity, constraints, and competing values in daily life.