From WSJ - The Journal:
Demand for oil has plummeted as the coronavirus has shut down much of the world, but most producers are still pumping. WSJ's Russell Gold explains the global game of chicken inside the oil industry.

From Hidden Brain:
We don't always behave the way economic models say we will. We don't save enough for retirement. We order dessert when we're supposed to be dieting. We give donations when we could keep our money for ourselves.

Again and again, we fail to act rationally and selfishly — the way traditional economics expects us to.

We've seen this during the coronavirus crisis: People selflessly mobilizing to help each other, like the retired Kansas farmer who sent an N95 mask to New York to help a nurse or a doctor.

At the same time, though, we've also seen some people do exactly what economic theory assumes they will: Place their own self-interest above everything else. There are those who have even tried to profit from the pandemic, like the man in New York accused of stockpiling N95 masks to sell at an inflated price.

Think about this man who hoarded masks and the man who donated a mask. In almost every sphere, our public and economic policies are designed around the assumption that most of us are going to behave like the first man. Legislators pass laws that take aim at transgressors. Regulators and police departments come up with rules that punish lawbreakers. Parents and teachers discipline truants.

The ways people and sometimes policymakers respond to disasters can have hidden and unintended consequences. And sometimes those consequences can be tragic.

On today's show, our old friend Tim Harford, an economist and host of the Cautionary Tales podcast, joins us to talk about unintended consequences. FWe discuss how our minds are better at solving problems that we can see directly than they are at anticipating problems and risks that our decisions might be creating further down the line. And we talk about how a better understanding of unanticipated consequences and the ""identifiable victim effect"" can help us respond to the coronavirus pandemic in ways that can make it less likely that those consequences will be fatal.

Robert Frank of Cornell University talks with EconTalk host Russ Roberts about inequality. Is there a role for public policy in mitigating income inequality? Is such intervention justified or effective? The conversation delves into both the philosophical and empirical evidence behind differing answers to these questions. Ultimately, Frank argues for a steeply rising tax rate on consumption that would reduce disparities in consumption. This is a lively back-and-forth about a very timely topic.

The Great Depression was a revolutionary spark for all kinds of things — health insurance, social safety nets, big government — all of which were in response to a national crisis. Through the personal accounts of four people who lived during the Great Depression, we look back at what life was like back then and what those stories can teach us about the last time the U.S. went through a national economic cataclysm.

At the heart of policy debates about our collective responses to climate change is the issue of risk and uncertainty - ‘unknown unknowns’ about the impact of global warming. In this Vox Talk, Gernot Wagner - co-author with Harvard’s Martin L. Weitzman of 'Climate Shock: The Economic Consequences of a Hotter Planet’ - argues for Pigovian taxes and carbon pricing, against geoengineering solutions, and why 'we need to stick it to CO2, not to capitalism’.

We don't always behave the way economic models say we will. We don't save enough for retirement. We order dessert when we're supposed to be dieting. We give donations when we could keep our money for ourselves.

Again and again, we fail to act rationally and selfishly — the way traditional economics expects us to.

We've seen this during the coronavirus crisis: People selflessly mobilizing to help each other, like the retired Kansas farmer who sent an N95 mask to New York to help a nurse or a doctor.

At the same time, though, we've also seen some people do exactly what economic theory assumes they will: Place their own self-interest above everything else. There are those who have even tried to profit from the pandemic, like the man in New York accused of stockpiling N95 masks to sell at an inflated price.

Think about this man who hoarded masks and the man who donated a mask. In almost every sphere, our public and economic policies are designed around the assumption that most of us are going to behave like the first man. Legislators pass laws that take aim at transgressors. Regulators and police departments come up with rules that punish lawbreakers. Parents and teachers discipline truants.

On today's show, we ask: What does full employment really look like?

NPR sent reporters across the country, including to Ames, Iowa, the city with the lowest unemployment rate, to find out.

The unemployment rate is just 3.6% in the U.S., a 50-year low. People think we are at, or near, full employment. That's the lowest the unemployment rate can go without triggering inflation. And when the labor market is that tight, power shifts from employers to workers. When unemployment is low, workers can threaten to quit and their bosses have to take that threat seriously. That's what leads to raises.

Bloomberg Opinion columnist and economist Noah Smith talks with EconTalk host Russ Roberts about corporate control, wages, and monopoly power. Smith discusses the costs and benefits of co-determination--the idea of putting workers on corporate boards. The conversation then moves to a lively discussion of wages and monopoly power and how the American worker has been doing in recent years.

As cities become ever-more expensive, politicians and housing advocates keep calling for rent control. Economists think that’s a terrible idea. They say it helps a small (albeit noisy) group of renters, but keeps overall rents artificially high by disincentivizing new construction. So what happens next?