Government. The Big G. Sometimes we talk about the free market and the invisible hand as being independent from political influence. But since the birth of economics the two have been interwoven.
"Adam Smith and other early writers on economics did not see any separation between economics and politics. Meaning — who makes the decisions around the rule of law and markets and all the things that make the economy function." says Summer School guest professor and Nobel laureate Simon Johnson.
This season of Planet Money Summer School we continue our tradition of taking the biggest ideas in economics, asking the hardest questions, and turning that into the easiest listening "course" for your ears, designed to take with you to the beach or anywhere else for a little extra learning on the go. Each Wednesday through Labor Day this summer, we're tackling what academics call political economy but the rest of us might just call something like: whatever the government does in the market.
(Planet Money+ supporters get access to episodes one week early and 10% off live event tickets. Sign up here: plus.npr.org/planetmoney.)
We'll ask questions like: What role should a government play in the economy? How big does government have to be to be 'Big Government'? When does intervention help and when does it hurt?
In this first, we ask one of the biggest questions of all: Why are some countries rich and some countries poor?
Featured Excerpts:
- Fear and Taxes in Jamaica (2010)
- The Invisible Wall (2015)
Featured Terms:
- The Informal Sector
- Inclusive Institutions
- Extractive Institutions
The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford and Sierra Juarez. Engineering by Neal Rausch.
Planet Money+ supporters get early access to new episodes of Summer School this season! You also get sponsor-free listening, regular bonus episodes, and you'll help support the work of Planet Money. Sign up for Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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