The Political Economy Connection
Johnson, who received the Nobel Prize for his work in economics, argues that political influence has been intertwined with economic systems from their inception. This perspective challenges the traditional view of markets operating solely through Adam Smith’s “invisible hand” concept without government intervention.
The series aims to reframe how listeners understand the relationship between political systems and economic outcomes, suggesting that the term “political economy” more accurately describes how markets function in the real world.
Global Case Studies
The program uses international examples to illustrate how government structures impact economic development:
- India’s economic policies and their effect on growth and inequality
- New York City’s regulatory environment and its impact on local businesses
- Peru’s experience with different governance models and resulting economic outcomes
These case studies provide concrete examples of how bureaucratic systems can either create pathways to prosperity or establish barriers that limit economic potential.
Production Team and Format
Robert Smith hosts the summer series, with Eric Mennel serving as producer. The production team includes project manager Devin Mellor, executive producer Alex Goldmark as editor, and fact-checkers Emily Crawford and Sierra Juarez. Neal Rausch handles the engineering aspects of the program.
Each Wednesday episode builds on previous discussions, creating a semester-like structure that progressively develops the central theme of government-business relationships.
“We like to imagine the free market and the invisible hand as being independent from political influence. But Nobel laureate, Simon Johnson, says that influence has been there since the birth of economics.”
The program represents a departure from simplified economic narratives that separate government from markets. Instead, it embraces the complexity of how political systems, bureaucracy, and regulatory frameworks shape economic outcomes for nations and individuals alike.
For those interested in experiencing the program live, Planet Money is hosting an event at the Bell House, with tickets available online. Subscribers to Planet Money+ receive a 10 percent discount on tickets and can access bonus episodes through Apple Podcasts or the NPR website.
The summer school series continues the program’s tradition of making complex economic concepts accessible to general audiences while challenging conventional wisdom about how economies function. By examining the intersection of government and business, Planet Money offers listeners a more nuanced understanding of why economic prosperity varies significantly across different regions of the world.
