Home Alone, Taylor Swift, misnamed Econ Concepts and more with Jadrian Wooten

In this episode of Econ Nerds Live, host Matt Hill and co-host Ariel Slonim welcome Jadrian Wooten from Monday Morning Economist (https://www.mondayeconomist.com/). They start with a news quiz. Then talk about their favorite Monday Morning Economist posts:How much would the pizza from Home Alone be today?Why do we buy fancier eggs when egg prices rise?Does Taylor Swift actually add to the economy?Then the conversation also gets very nerdy with a discussion on confusing terminology used in Economics. 00:00 Introduction to Monday Morning Economist02:27 News Quiz 18:39 Pop Culture Economics and Home Alone20:09 Challenges in Adjusting Prices Over Time24:10 Comparing Historical Prices: Time vs. CPI28:10 The Alchian-Allen Effect Explained (why are you buying more expensive eggs?)31:54 The Impact of Taylor Swift on Local Economies38:13 Teaching Economics: Challenges and Insights41:03 The Challenge of Economic Terminology55:03 Consumer Surplus/ DWL: Transformers, home buying, DeltaReferenced in the podcast:https://www.mondayeconomist.com/Planet money on sugar prices: https://www.npr.org/sections/money/2013/04/26/179295426/episode-454-the-lollipop-warSubscribe to our youtube channel: https://www.youtube.com/@EconNerds