S7 Ep50: The economic effect of the Great Fire of London

Recorded at the Climate Change and the Environment Conference, organised by the AXA Research Fund and CEPR. We are familiar with frightening images of deforestation, and you’ve heard the warnings of the impact on nature if we do not do a better job of protecting our tropical rainforests. But how can we quantify the gains from reversing deforestation, and at what carbon price is reforestation economically rational? José Scheinkman talks to Tim Phillips about the consequences of deforestation, how to create policy levers to reverse the trend, and the benefits if we use carbon credits as a means of restoring nature.

The second of three special episodes of VoxTalks Economics recorded at the Climate Change and the Environment Conference in Paris, jointly organised by the AXA Research Fund and CEPR. The green transition needs investment. So who will fund it, and under what conditions? Tim Phillips asks Gilles Moec of AXA and Katheline Schubert of the Sorbonne and PSE about how capital can be mobilised to get us to Net Zero.

The first of three special episodes of VoxTalks Economics recorded at the Climate Change and the Environment Conference in Paris, jointly organised by the AXA Research Fund and CEPR. Weather patterns are changing around the world, and weather-related insurance claims are rising. As climate change increases losses from these events, is it the responsibility of governments to compensate those who lose their homes and businesses, or can the insurance industry step up to provide that service? Thierry Langreney of the NGO Les Ateliers du Futur, and Mathieu Godart, Head of P&C - AXA France, discuss the issues with Tim Phillips.

In the early hours of 2 September 1666, a spark in Thomas Farriner's bakery on Pudding Lane in the City of London ignited a blaze that would go on to consume 90% of the City’s houses. But how did economic activity and wealth rebound after the fire? Philipp Ager of the University of Mannheim and Paul Sharp of the University of Southern Denmark have used contemporary records to describe London’s uneven economic recovery. They tell Tim Phillips about the records they uncovered, and what they reveal about London’s economy before and after the fire.

In some places in Europe, young college graduates are more likely to be unemployed than young high school graduates. We assume that jobs are more likely to go to people with more education, so can economics explain why this is happening? Sena Coskun of tells Tim Phillips what is different about these countries – and the young jobseekers in them. 

The saying “don’t be a toad” in Colombia tells people to mind their own business and not to tell on others. The warning that “snitches get stitches” is common to many societies. It’s easy to imagine why groups adopt prosocial norms like sharing and volunteering. But what sustains an “antisocial” norm like this one? James Robinson talks to Tim Phillips about why people dislike but adopt antisocial norms, what that means for society, and what we can do to change them.

A Nobel season episode: what is the background of the scientists who win the big prize? If talent is equally distributed, but the opportunity to use that talent is not, both individuals and society lose. Paul Novosad and Sam Asher talk to Tim Phillips about the background of the scientists who win the Nobel, and what that tells us about equality of opportunity. 

In May 2022 the Indian government responded to a heatwave that had cut crop yields by unexpectedly banning wheat exports. Ministers spoke of the need for domestic food security, and the important of reducing wheat prices for the India’s citizens. But the policy was unpopular with domestic farmers and in countries that imported wheat, where prices had already risen following the Russian invasion of Ukraine. Allan Hsiao talks to Tim Phillips about how common these policy interventions really are – and the consequences for governments and trade, consumers and farmers.

Every year we see thousands of protest movements on our city streets. Most are fuelled by social media. But why do some protests persist, and some disappear. Why do some remain peaceful, but others become violent? Benoît Schmutz-Bloch tells Tim Phillips about how social media gives life to protest movements – but can also hasten their destruction.

US federal debt is expected to grow to historic highs in the next 10 years, and the interest bill for that debt will continue to grow too. But does it matter? Yes, say Giancarlo Corsetti and Riccardo Trezzi They tell Tim Phillips about the unpalatable policy options if the US wants to stabilise its ballooning debt and interest payments. Read their VoxEU column