We keep right on moving through Adam Smith's The Wealth of Nations with Book 1 Chapter 7: Of the Natural and Market Price of Commodities.  In this chapter supply finally meets demand, prices fluctuate, and I can't understand what the deal is with people who don't like chocolate.  

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Episode 30 - The Wealth of Nations 1.7 - Natural and Market Price

This is a podcast for Understanding Economics.  I, and a guest with a background in economics sift through the issues being discussed and present them as Economists would, without all the hype and hyperbole.

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WE.  ARE.  BACK.

After a very long hiatus I am back and making podcasts again.  Don't worry folks nothing bad happened.  It was more like being an adult got in the way for a while.

Anyway, I chose to use this come-back episode to talk about something related to current events and answer the question of "why do economists keep insisting that there's no such thing as price gouging?"

If you want to contact me and tell me why I'm wrong, feel free to do so by joining our Facebook group at:

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or you can email me at:

okayletmetellyouwhyyourewrong@gmail.com

Episode 44 - Price Gouging

This week we're talking about Comparative Advantage and asking the question "why should we engage in trade."  I cover both the concept as well as its originator, David Ricardo, who you will discover is in fact "The Most Interesting Man in the World."

If you want to tell me why I'm wrong, come on out and join our Facebook group at: 

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or you can always send me an email at: 

okayletmetellyouwhyyourewrong@gmail.com

Episode 43 - Comparative Advantage

This week we're back with part two of chapter eleven of book 1 of Adam Smith's The Wealth of Nations, and this one is massive.  We're covering what is known as the Digression on Silver, and wondering if you can call something a digression when it's almost 100 pages long.  

If you want to tell me why I'm wrong, come on out and join the Facebook group at:

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Episode 42 - The Wealth of Nations 1.11.2 - Rent of Land part 2

We're cranking it to 11 and talking about that most metal of all economists, Joseph Schumpeter and his idea of Creative Destruction.  I cover the intellectual underpinnings of it, the idea itself, and several examples of it throughout history.  

If you want to tell me why I'm wrong, come join the Facebook group and leave a comment or post a question at:

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Episode 41 - Creative Destruction

This week we're covering part 1 of Adam Smith's The Wealth of Nation Book 1 Chapter 11: Of the Rent of Land, where we discover exactly why the rent is too damn high, and it has more to do with wheat prices than you might think.

If you want to tell me why I'm wrong, come join our Facebook group at:

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Episode 30 - The Wealth of Nations 1.7 - Natural and Market Price

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