Planet Money: The Pickle Problem

Planet Money: The Pickle Problem

Author: Professor Daniel Ludwinski September 3, 2025 Duration: 31:19
From Planet Money:
In our second class, we find markets everywhere and discuss what makes them work and when they fail.

We start off with the basic tools to understand a market: supply and demand. We find that the price of an item isn't just about money; a price reflects all the information inside a market, from a buyer's willingness to pay to a supplier's cost to make that item.

Then, we put the concepts to work with the parable of the pickles. A food bank in Alaska gets sent a truckload of pickles, more than it could ever use. A food bank in Idaho gets sent a truckload of potatoes, the last thing it needs. With the help of economists, the food banks figure out a way to create a trading market, complete with information sharing and prices. We see how that works out as the food banks compete for the most coveted prize of all: a shipment of breakfast cereal.

Professor Daniel Ludwinski guides his students through the real-world echoes of economic theory with Oxford College Principles of Microeconomics Course. Rather than a standard lecture series, this audio collection pulls from a wide spectrum of existing conversations and analyses, all curated to illuminate the principles discussed in class. You'll hear how foundational concepts like supply, demand, and market structures play out in current events, policy debates, and everyday life. The selected episodes serve as a bridge, connecting textbook models to the nuanced discussions happening in the broader world. This podcast is designed specifically for learners, offering a complementary audio syllabus that deepens understanding by placing economics in context. Tuning in provides a richer, more applied perspective on the course material, hearing expert voices explore the economic forces shaping our communities and choices. Each chosen episode acts as a case study, prompting listeners to think critically about the incentives and trade-offs that define our interconnected systems.
Author: Language: en-us Episodes: 14

Oxford College Principles of Microeconomics Course
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