The way economic data gets presented can shape the story we believe about the economy. Numbers are often used selectively, sometimes masking the real picture behind them. In this episode, we sit down with Gene Epstein, Senior Economist at the Euro Stock Exchange, to explore how debates, data interpretation and media narratives shape public perception of capitalism, socialism and the broader economy.
Key Takeaways:
00:00 Introduction.
01:28 One-on-one debates create more clarity than two-on-two.
05:13 Live audiences and Oxford-style voting make debates more engaging.
09:34 Econospinning shows how the media skews data to fit political bias.
11:47 Krugman misjudged unemployment by overlooking women’s workforce participation.
15:12 Statistical redundancy means using multiple data sources to confirm trends.
20:09 Powell’s rapid rate hikes fueled recession fears, but 2023 only muddled through.
25:13 CPI likely overstates inflation, a view that challenges free market orthodoxy.
29:24 Government aid reduced work incentives, cutting participation to one-third.
Resources Mentioned:
https://www.linkedin.com/in/gene-epstein-4215416/
https://www.thesohoforum.org/
https://www.bls.gov/
Institute for Supply Management
https://www.ismworld.org/
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#Macroeconomics #PersonalFinance #InvestmentResearch