(For our story on this year's Nobel in Economics, check out our daily show, The Indicator!)

Let's face it. Economics is filled with terms that don't always make sense to the average person. Terms that sometimes mean what you think they mean, but sometimes not at all. Not even close.

We surveyed 188 economists. And we asked them: What are the most misunderstood terms in the field of economics?

On today's show, their answers! Hear stories about near recessions, a problem with insurance, econ at your local movie theater, and... an economics term that will make undergrads blush. Strap in, and bring your popcorn!

This episode was hosted by Amanda Aronczyk and Alexi Horowitz-Ghazi. It was produced by Sam Yellowhorse Kesler with help from Sean Saldana. It was edited by Jess Jiang, engineered by Valentina Rodríguez Sánchez and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.

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Even in our modern world with planes and jets and drones, the vast majority of goods are moved around the planet in cargo ships. Which means our ports are the backbone of our global economy. The longshoremans' strike closed the eastern ports for only three days, but those three days raised a lot of questions.

Like - why is a discount furniture store the fourth largest importer on the East Coast? How come so many bananas come through Wilmington, Delaware? Why do we need live frogs delivered into the US six times a month? And... how do we even keep track of all of these imports? On today's episode, we get into #PortFacts!

This episode was hosted by Kenny Malone and Amanda Aronczyk. It was produced by Sam Yellowhorse Kesler. It was edited by Audrey Quinn, and fact-checked by Dania Suleman. Engineering by Cena Loffredo and Kwesi Lee with an assist from Valentina Rodriguez Sanchez. Alex Goldmark is Planet Money's executive producer.

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Recently, the state of Washington embarked on an ambitious new plan to combat climate change. Taking a page from economics textbooks, the state instituted a statewide "cap and trade" system for carbon emissions. The state establishes a cap on the total amount of carbon pollution it is willing to allow each year, and then gives away or auctions off carbon emission permits that add up to that total. Companies can then trade those permits on the open market.

Economists love cap and trade plans because they establish a limit on carbon emissions while letting the market find the most efficient way for decarbonization to occur. But cap and trade has had a hard time catching on, especially in the U.S.

The stakes are high for Washington's new plan. If it succeeds, it could convince other states to implement their own versions, but if it fails, it might serve as a cautionary tale. On today's show, we take a look at how Washington's grand experiment with cap and trade is faring.

This episode was hosted by Keith Romer and Kenny Malone. It was produced by Emma Peaslee and edited by Emily Siner. It was fact checked by Sierra Juarez and engineered by Valentina Rodriguez Sanchez. Alex Goldmark is Planet Money's executive producer.

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The lawyer commercial is almost an art form unto itself. Learned practitioners of the law doing whatever it takes to get your attention, from impressive dirt bike stunts to running around half naked. All so when you land in trouble, you don't have to think hard to remember their name. Odds are you can name one or two right now.

This world of law ads did not exist fifty years ago. Then, lawyers were not allowed to advertise. Not by law, by the exclusive organization that decides who gets to be a lawyer: state bars.

On today's episode, how that changed. How a couple of lawyers placing an ad in a local newspaper led to the inescapable world of law firm ads we know today. And, how the right to advertise got put on the same level as some of the most important, fundamental rights we have.

This episode was hosted by Nick Fountain and Jeff Guo. It was produced by Sam Yellowhorse Kesler with help from Sean Saldana. It was edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Valentina Rodríguez Sánchez. Alex Goldmark is Planet Money's executive producer.

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(Note: A version of this episode originally ran in 2016.)

Back in 2016, things were pretty bad in Venezuela. Grocery stores didn't have enough food. Hospitals didn't have basic supplies, like gauze. Child mortality was spiking. Businesses were shuttering. It's one of the epic economic collapses of our time. And it was totally avoidable.

Venezuela used to be a relatively rich country. It has just about all the economic advantages a country could ask for: Beautiful beaches and mountains ready for tourism, fertile land good for farming, an educated population, and oil, lots and lots of oil.

But during the boom years, the Venezuelan government made some choices that add up to an economic time bomb.

Today on the show, we have an economic horror story about a country that made all the wrong decisions with its oil money. It's a window into the fundamental way that money works and how when you try to control it, you can lose everything.

Then, an update on Venezuela today. How it went from a downward spiral, to a tentative economic stabilization... amidst political upheaval.

This original episode is hosted by Robert Smith and Noel King. It was produced by Nick Fountain and Sally Helm. Today's update was hosted by Amanda Aronczyk, produced by Sean Saldana, fact checked by Sierra Juarez, and engineered by Neal Rauch. Alex Goldmark is our Executive Producer.

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"Wanna see a trick? Give us any topic and we can tie it back to the economy."

That is the bold promise in Planet Money's tagline. And we believe the show does live up to it. Over the last year, we've told stories about breakdancing, rum, pagers, buffets, colors, and heartbreak.

But then one host wondered: what if we really held ourselves to that promise? What if we challenged ourselves to find economic meaning in the most esoteric and far-flung topics imaginable?

That's when we turned to you, our listeners. And boy did you deliver. You sent in ideas so obscure, so banananas, so guaranteed to stump and bamboozle that our host maybe started to regret her life choices...but she was resolved to give it a try.

This episode was hosted by Sally Helm and Keith Romer. It was produced by James Sneed. It was edited by Molly Messick and fact-checked by Sierra Juarez. Engineering by Kwesi Lee. Alex Goldmark is Planet Money's executive producer.

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Next week, JD Vance and Tim Walz will face off in the only confirmed vice presidential debate ahead of the election. As voters look ahead to what their economic policies might be, we look back to see what they have said and done, and how it turned out.

Planet Money's newsletter author Greg Rosalsky has spent some time combing through the economic records of Vance and Walz, and has some knowledge to share. Why does Walz support universal free school lunches, and why do some criticize him for it? Why have some called Vance a "Khan-servative?" And, how much do these candidates represent a break from the past?

This episode was hosted by Nick Fountain and Greg Rosalsky. It was produced by James Sneed and Emma Peaslee. It was edited by Meg Cramer. Sierra Juarez fact-checked it, and it was engineered by Valentina Rodríguez Sánchez. Alex Goldmark is Planet Money's Executive Producer.

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Table saws are extremely dangerous. The government estimates that injuries from table saws send something like 30,000 people to the emergency room every year. 3,000 of those end in amputations. The costs of those injuries are enormous. Are they also avoidable?

In 1999, inventor Steve Gass had a realization: Humans conduct electricity pretty well; Wood does not. Could he develop a saw that could tell the difference between the two?

Steve invented a saw that can detect a finger and stop the blade in milliseconds. Then, he tried to license it to the big tool companies. He thought it was a slam dunk proposition: It would dramatically reduce the injuries, and the cost of medical treatments and lost wages associated with them.

On today's episode: What does it take to make table saws safer? When someone gets hurt by a power tool, there are tons of costs, tons of externalities. We all bear the cost of the injury, in some way. So, it can be in society's best interest to minimize those costs. We follow Steve's quest to save thousands of fingers. It brought him face-to-face with roomfuls of power tool company defense attorneys, made him the anti-hero of the woodworking world, and cost the lives of many, many hot dogs.

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People often say that money can't buy you happiness. Sometimes, if you ask them to tell you more about it, they'll mention a famous 2010 study by Nobel Prize winners Daniel Kahneman and Angus Deaton. That study found that higher household income correlates with greater emotional well-being, but only up to around $75,000 a year. After that, more money didn't seem to matter.

This was a famous study by two famous academics. The result stood for over a decade. And it feels good, right? Maybe the rich aren't so much happier than anyone else. But researchers have recently done a complete 180 on this idea. In 2021, psychologist Matt Killingsworth found nearly the opposite: That more money does correlate with more happiness. And that the relationship continues well beyond $75,000 per year.

Today on the show: Does more money mean fewer problems? Two researchers with totally different takes come together to hammer out a better understanding of the relationship between money and happiness.

This episode was hosted by Sally Helm and Nick Fountain. It was produced by Sean Saldana, Sam Yellowhorse Kesler, and Emma Peaslee. It was edited by Meg Cramer and fact-checked by Sierra Juarez. Engineering by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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Today we have a guest episode from 99 Percent Invisible.

It is about White Castle, the burger chain. Even if you haven't visited, you have tasted its influence because, as we will learn in this episode, White Castle is really the proto-burger chain.

Our friends at the excellent podcast 99 Percent Invisible bring us the origin story of White Castle and trace its influence on the business of fast food, and on American eating habits. The story is about one man who had an idea for a world where you could get a slider anywhere in the country and get the same tasty, onion-y quality each time. Think of this as a forebear of the modern global economy of sameness.

This episode is hosted by Roman Mars and reported by Mackenzie Martin. It was produced by Jeyca Maldonado-Medina, and edited by Joe Rosenberg. Mix and sound design by Martín Gonzalez. Music by Swan Real with additional music by Jenny Conlee, Nate Query, and John Neufeld. Fact-checking by Graham Hacia. Kathy Tu is 99 Percent Invisible's executive producer. Kurt Kohlstedt is their digital director, and Delaney Hall is their senior editor.

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