What Reese's Cups and Canadian Wildfires Can Teach Us About Economics | Off the Clock
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What is the main topic discussed in this episode?
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Hello, my love. I'm Ryan Weiss. And for the past 15 years, I've been an emotional intelligence coach and a spiritual guide. And I'm sharing with you my new podcast, Waking Up With Ryan. Waking Up With Ryan is a daily audio video podcast here to help you connect with yourself before the noise of the day takes over. So let's start our days together with a moment of calm that's just for you. Listen to Waking Up With Ryan on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
If I fart in an elevator, that's a negative externality. It harms you. If it's I grow beautiful flowers in my front yard, that's something that helps you. That's a positive externality. The work week may be over, but the economy, it never takes time off. I'm Justin Wolfers and this is Off The Clock, the show where we unwind and rewind the week's economic news. I'm back once again with my friend and my favourite economics journalist in the world, Stacey Vanek-Smith. I'm really thrilled to be here once again, Justin. It's always very wonderful to talk with you. And I am a columnist at Bloomberg Businessweek and co-host of the podcast, Everybody's Business, and thrilled to be here. I just love the fact you said very wonderful, like wonderful needed an intensifier.
Yeah, it did. It's great to have you. We live in an age of superlatives. Our job, our magnificent job, is to pick through the recent economic news. We want to tell you what are the things you should actually be concerned about, what you can safely ignore. And these days, there's a lot of that. And maybe we can help you find some silver linings along the way too. Stacey, we've got a few big stories to talk about. So first up, we're going to check in on the latest news out of Iran. I'm going to stop sounding so happy when we talk about that. I'm just happy to see you. We're also going to discuss what it means for both inflation and you taught me a new word today, skimpflation. And then we're going to talk briefly, Stacey, I heard you coughing a little before.
We're going to talk about the terrible air quality afflicted in the country right now. But unlike any other show, we're not here to measure it with an index. We're here to explore the economics underneath it all. Finally, we're going to close out with some good news because good news always wins. Yes, I'm especially excited about the good news this week, especially since I can't go outside because the air is so bad. But always good to end with a silver lining. Very happy to be here. And let's jump in. Okay, Justin. Iran. Big news of the week, the big global news of the week. There was a ceasefire. It was starting to look like things were on the road towards peace. There wasn't actually a deal, but it seemed like we were headed towards a deal.
Now it does not seem like we're headed towards a deal. The Strait of Hormuz once again closed and their attacks seem to be escalating. And of course, for you and me, this means... probably higher oil prices, higher gas prices. But I would love to hear as an economist, when you hear this news that the Strait of Hormuz is once again closed and there's not an end to this conflict in sight, like what, what do you hear? What's your take on this? Yeah. So look, extraordinary week at some level. You know, so phase one of this, we tried bombs and bragging. The president discovered that wasn't going to work. Phase one. That was our bombs and bragging era. Yeah. So then we went to, let's try a ceasefire. We have a lot to talk about, about the ceasefire, but the president decided that wouldn't work.
So he decided to go to bombs and bragging. And the current US posture in this war is it didn't work the first time. So let's try it the second time.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–7:18
2
How did the Iran ceasefire collapse and what does it mean for oil prices?
7:18–34:36
3
Why are markets more worried about the duration of the Iran conflict than its intensity?
34:36–38:47
4
How are futures markets pricing sustained higher oil and gas costs?
38:47–54:26
Speakers
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