Summary: The podcast outlines the problems that small local businesses face when the state forces licensing restrictions on their practices. Jestina Clayton, a local hair braiding businesswomen in Centerville, Utah shares her experience with the limiting aspects that licensing places on the U.S. economy.
Original air date: June 22, 2012
Length: 12:53 min
Link: http://www.npr.org/blogs/money/2012/12/18/167265874/episode-424-how-much-is-a-firefighter-worth
Summary: A look at how changing building codes, etc. have changed the risk of fires and so impacted the market for firefighters. Considers challenges in current public policy around fire fighting, including whether policies reflect the current market.
Original air date: December 18, 2012
Length: 19:21
Link: http://www.npr.org/blogs/money/2012/04/25/151365350/how-to-make-it-in-the-food-truck-business
Summary: NPR sheds light on the competitive market economy of the food truck business in Manhattan,.
Original air date: April 27, 2012
Length: 14:24 min
Discussion Prompt: Restaurants are a common example of firms operating in a monopolistically competitive type of market structure. In what way do you think food trucks do or do not fall in that same market structure category? Explain using economic thinking.
Follow-up Prompt: The podcast discusses the particular strategies that food truck drivers might employ to be successful in their goal of maximizing profits. How do you think the type of market structure in which a firm operates impacts the strategic thinking and actions that firms engage in? You can make your comments relevant to the food truck example, or think more broadly and connect to other industries or examples.
Link: http://www.npr.org/blogs/money/2012/08/31/160391850/episode-399-can-you-patent-a-steak
Summary: A discussion of the intricacies of the U.S. patent system, featuring an innovator in the meat industry.
Original air date: August 31, 2012
Length: 17:48
Original air date: April 12, 2011
Length: 21:43
Main story content begins: 3:10
Link: http://www.npr.org/blogs/money/2011/08/05/138934689/the-tuesday-podcast-the-patent-war
Summary: Discussion of how the U.S. patent system is not working for software and related technology.
Original air date: August 2, 2011
Length: 18:54
Main story content begins: 3:10
Summary: Story of the origins of the 2008 global rice shortage “that wasn’t”.
Original Air Date: November 4, 2011
Length: 24:33
Main story content begins: 2:12
Link: http://www.npr.org/blogs/money/2012/04/10/150368897/the-matzo-economy
Summary: A visit to the Manischewitz matzo factory as an illustration of niche industries. An illustration of the impact of regulations via religious restrictions.
Original Air Date: April 10, 2012
Length 21:19
Main story content begins: 2:24
Discussion Prompt: This podcast features the many rules, restrictions and regulations faced by the Manischewitz company. (1) How do you think these restrictions relate to concepts about different market structures that firms may operate in? (2) What do you see as the benefit to the Manischewitz company that comes from operating in this unique marketplace? What are the challenges? What benefits / challenges might face a new company seeking to join this industry?
Follow-up Prompt: How might technology and/or the passage of time impact the degree to which these restrictions help or hurt the Manischewitz company? Do you think this might be different for other industries where barriers to entry are a component of the market structure?
Summary: A history of taxicabs in New York sheds light on why a single taxi medallion, which serves as a permit to operate a cab in the city, would be sold for $1 million.
Original Air Date: November 29, 2011
Length 19:40
Main story content begins: 0:00 (Planet Money indicator discusses the price of a taxi medallion itself).
Link: http://www.npr.org/blogs/money/2010/01/podcast_an_economist_gets_ston.html
Summary: Interview with economist Jeffrey Miron of the market for illegal drugs and the economic impact of ‘legalizing’ marijuana through implementation of medical marijuana laws at the state level.
Original Air Date: January 27, 2010
Length 19:03
Main story content begins: 0:00 (Planet Money indicator discusses contribution of marijuana to California economy)
Class Discussion Question: Discuss the conclusions reached in the podcast about the interaction of the elasticity of drugs and drug legalization. What impact do you think this would have on, for example, the marijuana industry when states legalize this product?
Written Assignment Prompt: Marijuana is California’s largest cash crop, with about 1,000 stores selling pot in LA alone. Predict the supply and demand of marijuana for Los Angeles that would come with the legalization of the drug.
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