Words & Numbers

Latest Episodes:

Episode 32: Venezuela: Let Them Eat… Rabbits? Sep 20, 2017

Show notes

Once upon a time, an out-of-touch queen heard of her subjects’ lack of bread and supposedly responded, “Let them eat cake.”

Hunger has become so bad in Venezuela that its own out-of-touch ruler has proclaimed, in essence, “let them eat rabbits.”

This is how far Venezuela has fallen. And yet, only a few years ago, many (including the American left) were heralding the rise of “Bolivarian socialism” as the wave of the future and the hope for the people. How can a nation plummet so deeply into squalor so quickly in spite of abundant natural resources? Economists James Harrigan and Antony Davies explain.

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Episode 31: Does the Debt Ceiling Mean Anything? Sep 13, 2017

Show notes

Does the debt ceiling even mean anything? It’s like a credit limit on your credit card, but one which the borrower (the US government) gets to set for itself. Moreover, it’s most likely that the government has been borrowing way above the ceiling but simply doesn’t make it official until after the debt ceiling is raised: as it always is. Economists Antony Davies and James Harrigan discuss what this means for the taxpayer and for the economy.

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Episode 30: Must the Police Be Above the Law to Enforce It? Sep 06, 2017

Show notes

Nurse Alex Wubbels refused to let police draw blood from an unconscious crash victim and ended up arrested. The ensuing national controversy has brought police conduct back into the spotlight, raising several questions. Is it necessary to be above the law to enforce it? Does the policy of granting “qualified immunity” to officers incentivize irresponsibility? Would police ranks have far fewer “bad apples” if officers were required to carry malpractice insurance? Antony and James address all this and more.

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Episode 29: Do Americans Still Have Freedom of Speech Aug 30, 2017

Show notes

These days, everybody is nervous about what you can say in public without getting slammed by retribution. But is that a free-speech problem, or does it only become one when the police start showing up? Do we live in a truly tolerant society if voicing an opinion, even if it doesn’t land you in jail, ends up ending your career? Antony and James explore these intricate issues on this weeks episode.

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Episode 28: Child Labor Was Wiped Out By Markets, Not Government Aug 23, 2017

Show notes

In 1938 the US government passed the Fair Labor Standards Act mandating a forty hour work week, establishing a minimum wage, and prohibiting child labor. Because of legislation like this, government is often credited for making the American work environment safer and more fair. Yet, as Antony Davies and James Harrigan demonstrate with historical data, market forces were already making things easier on the American worker long before the FLSA.

Learn More: https://www.youtube.com/watch?v=0zq-2cKENOc&feature=youtu.be

http://www.politifact.com/truth-o-meter/statements/2015/sep/09/viral-image/does-8-hour-day-and-40-hour-come-henry-ford-or-lab/

Data: https://www2.census.gov/prod2/statcomp/documents/CT1970p1-05.pdf

See page 170 for average weekly work hours. See page 134 for child labor rates.

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Episode 27: The Illusion of School Choice Aug 16, 2017

Show notes

In private schools, as in private enterprise in general, poor performance drives funding away by driving paying customers away. Yet in public schools, poor performance is used as an excuse for increased funding. With incentives like these, is it any wonder that public schools are failing our children so badly? Isn’t it time to inject some competition into the system?

Education for all is a worthy wish. So is food for all. But we don’t force poor people to eat state-produced food. Even food stamp recipients get to choose where to shop. Why shouldn’t beneficiaries of public education spending get to choose where to send their kids?

Our hosts James R. Harrigan and Antony Davies want to know.

Check out the facts on this issue for yourself here: https://fee.org/articles/the-illusion-of-school-choice

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Episode 26: Has Tipping Gone Out of Control Aug 09, 2017

Show notes

In 1922, famed etiquette writer Emily Post advised her readers that 10% is the standard for tipping your waiter. Since then, “gratuity creep” has been so steady that tip jars are now ubiquitous and 25-30% is considered the rule in New York City. Uber once resisted this trend, but recently added a tipping feature to its app. What is the economic rationale behind tipping? Does the usefulness of tipping diminish the more that a certain rate becomes an expectation? At a certain point, would it be better to do without the fuss involved and simply include that portion of a service-provider’s compensation in the wages paid by the employer? Our valiant hosts, Antony Davies and James Harrigan explore these questions and more!

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Episode 25: Is UBI Better Than Welfare Aug 02, 2017

Show notes

A viewer recently asked us what Words & Numbers thought of Universal Basic Income. Antony Davies likes the idea of it, provided it’s done well, but doesn’t think it could ever possibly be done well. But what about a theoretical UBI? If we could actually figure out how to implement that well, would that work? And why wouldn’t that work in the real world? This week on Words and Numbers, Antony and James R. Harrigan tackle the issue that’s getting a lot of attention in Silicon Valley.

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Episode 24: Is Income Inequality Real? Jul 26, 2017

Show notes

Income inequality has been in the news more and more, and it doesn’t look good. It’s aggravating to see people making more money than you, and we’re told all the time that income inequality is on the rise. But is it? And even if it is, is it actually a bad thing? This week on Words and Numbers, Antony Davies and James R. Harrigantalk about how income inequality plays out in the real world.

Learn More: https://fee.org/articles/is-income-inequality-real/

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Episode 23: The Illinois Budget is a Mess Jul 19, 2017

Show notes

This week on Words & Numbers, Antony Davies and James R. Harrigan tackle the disaster that is the Illinois state budget crisis. Pro-tip: Don't let it happen to your state.

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