What Is Capitalism? (with Mike Munger)

What is capitalism, really? Drawing on Adam Smith, Douglass North, and his own experience as a teacher and economist, economist Michael Munger of Duke University discusses three stages of economic development with EconTalk's Russ Roberts: voluntary exchange, markets, and capitalism. Along the way, the conversation explores the moral and institutional foundations that make impersonal exchange possible, the transformative power of the division of labor, and how capitalism uniquely enables "time travel" through liquidity and equity finance. The conversation closes with a discussion of human needs beyond material well-being.

How can the state of Colorado have nearly 700 sides? Why is a country's coastline as long as you want it to be? And how is it that your UPS driver has more routes to choose from than there are stars in the universe? Listen as mathematician Paulina Rowinska talks with EconTalk's Russ Roberts about the mathematical tricks hiding in plain sight with every map we use. From the Mercator projection that warped how we see the world to the London Tube map that reinvented urban navigation, they discuss how distorting geography shapes our ability to navigate reality.

What if we could delay--or even prevent--Alzheimer's, cancer, and heart disease? What if much of what you know about aging is wrong? Listen as cardiologist and author Eric Topol of the Scripps Research Institute talks about his new book Super Agers with EconTalk's Russ Roberts. They discuss why your genes matter less than you think, how your immune system can help prevent cancer and Alzheimer's, and why a simple shingles vaccine could reduce the risk of dementia. From the surprising anti-inflammatory powers of Ozempic to the critical importance of deep sleep for brain detoxification, Topol shares insights that can extend your healthy lifespan.

Does technology liberate us or enslave us? How do our social interactions affect our sense of self and our emotional health? Listen as author and master teacher Leon Kass and EconTalk's Russ Roberts do a close reading of a few paragraphs of Jean-Jacques Rousseau and explore some of the deepest aspects of our relationships with each other and with our technology.

Economist Noah Smith was so focused on libertarianism's theoretical flaws, he overlooked its political importance. Trump's tariff policy opened his eyes and made him re-assess the virtues of both libertarianism and Econ 101. Listen as he and EconTalk's Russ Roberts explore the way political competition has shaped economic policy in surprising ways in recent years.

In honor of EconTalk's 1,000th episode, host Russ Roberts reflects on his long, strange journey from pioneer of the podcast format to weekly interviewer of leading economists, authors, and thinkers. Hear him answer your--and Chat GPT's--questions about why he got started, how he preps, and how he picks guests. He also explains why debate gave way to conversation--even about arguments with which he disagrees--and why EconTalk isn't only (or even mostly) about economics anymore. And yes, he shares some of his all-time favorite episodes and why he's so grateful to be the host.

How much of our success or failure is written in our genes? How much is under our control? Is it nature or nurture or is that dichotomy too simplistic? Hear EconTalk's Russ Roberts and psychologist Paul Bloom discuss why the nature vs. nurture question is actually worth taking seriously and how by understanding it we can help ourselves and others.

Patrick McKenzie explains to EconTalk's Russ Roberts how credit cards work, who makes money from them and how, and gives his take on whether cash customers and debit card users subsidize the users of credit cards with reward programs.

A paradox of our time is our willingness to bare all to strangers while worrying about who exactly is watching us online and anywhere else. Listen as author Tiffany Jenkins discusses her book, Strangers and Intimates, with EconTalk's Russ Roberts. In this wide-ranging conversation, they explore the role of Martin Luther, J.S. Mill, reality TV, and social media, among other factors, in creating the norms of the public and private spheres over time and today.

Is the United States victimized by trade? What causes trade deficits? Are higher tariffs a good idea? Can manufacturing jobs return to the United States? Economist Doug Irwin of Dartmouth College answers these questions and more in this wide-ranging conversation with EconTalk's Russ Roberts.