Understand

Latest Episodes:

The Economy: 10. Inequality Nov 18, 2022

Show notes

Why are the rich, rich and the poor, poor, and was it always this way? Tim Harford explains what’s happened to inequality over the last 100 years in the UK and why things might be better than you think. Economic historian Victoria Bateman explains the surprising effect The Great Plague had on income and gender equality. Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war hungry Kings who have shaped how things are counted today to the greedy merchants flooding Spain with Silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Xiaowei Xu, Senior Research Economist at the Institute for Fiscal Studies

Producer: Phoebe Keane

Researchers: Drew Hyndman and Kirsteen Knight

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4

The Economy: 9. International Trade and Currency Markets Nov 18, 2022

Show notes

The reason we can eat pineapples and sell aeroplane parts. But why might the value of the pound fall and what does that mean if it does? Tim Harford explains who wins and who loses if the pound is cheap against the dollar and economic historian Victoria Bateman tells the story of a trade deal with Portugal that flooded England with wine and Port.

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war hungry Kings who have shaped how things are counted today to the greedy merchants flooding Spain with Silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Professor Richard Davies, The University of Bristol

Producer: Phoebe Keane

Researcher: Drew Hyndman

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4

The Economy: 8. Pensions Nov 16, 2022

Show notes

Why is it so hard to save for retirement? Will future generations even get a pension? Why is the pension age rising and what is the state pension age? Tim Harford explains the problem an aging population is causing for the state pension and explores the gender pension gap. Economic historian Victoria Bateman tells the story of the very first pensions in the UK.

Guest: Dr. Rajiv Prabhakar, The Open University

Producer: Phoebe Keane

Researcher: Drew Hyndman

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4

The Economy: 7. Jobs and Unemployment Nov 10, 2022

Show notes

What happens when lots of people lose their jobs? Why might wages be low even though everyone who wants a job, has one? What do we mean by employment and unemployment and what does 'economic inactivity' mean? What is productivity and how does it relate to you and your job? Tim Harford explains, and Cambridge University Economic Historian Victoria Bateman tells the story of what happened when unemployment in the North East of England reached 70%.

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war-hungry kings who have shaped how things are counted today to the greedy merchants flooding Spain with silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Professor Richard Davies, The University of Bristol

Producer: Phoebe Keane

Researcher: Drew Hyndman

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4

The Economy: 6. Recessions Nov 10, 2022

Show notes

What is a recession and what causes a recession? Whether something suddenly makes you poorer or just makes you worry about becoming poorer, when you cut your spending in the shops, this affects other people and ripples through the economy. Tim Harford explains the role a government can play in pulling a country out of a recession and Cambridge University Economic Historian Victoria Bateman tells the story of one of our longest recessions that started in 1921.

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war-hungry kings who have shaped how things are counted today to the greedy merchants flooding Spain with silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Professor Richard Davies, University of Bristol

Producer: Phoebe Keane

Researcher: Drew Hyndman

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4

The Economy: 5. Banks Nov 04, 2022

Show notes

What are banks and what do they do with our money? Tim Harford explains where your money goes when you put it in a bank account and reveals that your bank might actually be a shadow bank. Economic historian Victoria Bateman tells the story of Priscilla Wakefield, one of Britain's forgotten female economists, who created the first saving bank for working-class women in a Tottenham grammar school.

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war-hungry kings who have shaped how things are counted today to the greedy merchants flooding Spain with silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Professor Wendy Carlin, University College London and Director of CORE Econ (Curriculum Open-access Resources in Economics)

Producer: Phoebe Keane

Researchers: Drew Hyndman and Marianna Brain

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4

The Economy: 4. Bonds, Gilts, Stocks and Shares Nov 04, 2022

Show notes

Who lends the government money and why? And what exactly does the stock market do? All those people in the movies shouting at the screens are buying and selling something, but what? Tim Harford explains why government debt isn’t always a bad thing and why the prices agreed in a room in London affect the prices you pay for petrol and food. Economic Historian Victoria Bateman tells the story of the East India Company, one of the first companies to ask for money and in return, give people a share of their profits.

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war-hungry kings who have shaped how things are counted today to the greedy merchants flooding Spain with silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Professor Wendy Carlin, University College London and Director of CORE Econ (Curriculum Open-access Resources in Economics).

Producer: Phoebe Keane

Researchers: Drew Hyndman and Marianna Brain

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Radio Current Affairs Production for BBC Radio 4

The Economy: 3. Economic Growth and GDP Nov 04, 2022

Show notes

What is economic growth, and what happens if there isn’t any? And what does that GDP figure stand for? Tim Harford explains how and why we measure everything.

If the economy stops growing, that could mean things like job cuts, so measuring what’s going on is crucial. In this episode Tim Harford explains how the economy is measured and what is missed out. Economic historian Victoria Bateman tells us why people first started to measure this in the first place. Spoiler alert…. it’s to do with war!

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war-hungry kings who have shaped how things are counted today to the greedy merchants flooding Spain with silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Dimitri Zenghelis, Grantham Research Institute on Climate Change and the Environment, London School of Economics

Producer: Phoebe Keane

Researchers: Drew Hyndman and Marianna Brain

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Radio Current Affairs Production for BBC Radio 4

The Economy: 2. Interest Rates and Mortgage Rates Nov 03, 2022

Show notes

Why does the interest you pay on your credit card or your mortgage rate go up and down? What’s the Bank of England got to do with it all? In this episode, Tim Harford explains why the banks need to charge you interest when you borrow money and explains why the Bank of England might put interest rates up. Economic historian Victoria Bateman tells us why the Bank of England first lent money to the government. Spoiler alert…. it was to wage war.

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war-hungry kings who have shaped how things are counted today to the greedy merchants flooding Spain with silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Richard Davies, Professor of Economics at Bristol University

Producer: Phoebe Keane

Researchers: Drew Hyndman and Marianna Brain

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4

The Economy: 1. Inflation Nov 03, 2022

Show notes

What is inflation, why does it matter, and is someone to blame if it goes up? Understanding inflation will help you understand why your shopping is getting more and more expensive and why prices rarely seem to come down. Tim Harford explains why the inflation figure you see on the TV might not reflect the price rises you’re experiencing and economic historian Victoria Bateman tells us why having a boat load of silver coins isn’t always a good thing.

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war-hungry kings who have shaped how things are counted today to the greedy merchants flooding Spain with silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.

Guest: Richard Davies, Professor of Economics at Bristol University

Producer: Phoebe Keane

Researchers: Drew Hyndman and Marianna Brain

Editor: Clare Fordham

Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4