Morality, money and markets

Morality, money and markets

What should — and shouldn’t — be for sale? In this episode of Econ To Go, Neale Mahoney sits down with Stanford economist and Nobel laureate Alvin Roth to explore “moral economics,” the subject of his new book and the idea that markets are not just driven by prices, but shaped by human values. From debates over “repugnant transactions” like surrogacy and prostitution to the real-world design of kidney exchange systems, Roth unpacks how markets evolve, where they break down, and why thoughtful design and social support are essential to making them work. Along the way, we cover several key topics, including: * (01:33) Markets as human artifacts * (03:25) The moral boundaries of markets and trade * (08:14) The economics of kidney exchange * (19:03) Why markets need social support (and thoughtful regulation) * (22:40) Designing markets — from prostitution to Uber Econ To Go brings Stanford economics into your everyday life — served with a side of coffee. Hosted by economist and director of the Stanford Institute for Economic Policy Research (SIEPR), Neale Mahoney, the show takes you on a walk across campus with leading thinkers as they unpack the ideas shaping our economy, public policy, and daily lives. Smart, curious, and conversational — it’s Stanford economics, to go. The Stanford Institute for Economic Policy Research is a nonpartisan research center that brings together scholars, policymakers, and industry leaders to solve pressing economic challenges and inform better public policy. Never miss an episode. Subscribe to Econ To Go on Spotify [https://open.spotify.com/show/6N6y2rZjgzYp3iLxapTv66], Apple Podcasts [https://podcasts.apple.com/us/podcast/econ-to-go/id1877987298], Amazon [https://music.amazon.com/podcasts/77d2d963-f67c-4333-aa5f-3431693f6f9b/econ-to-go], YouTube [https://www.youtube.com/playlist?list=PLs-p47TpkzbcouPPocQHF-Lke1OAwGM1Z], or wherever you get your podcasts. Plus follow SIEPR on LinkedIn [https://www.linkedin.com/company/stanford-institute-for-economic-policy-research/] or X/Twitter [https://x.com/SIEPR] for episode updates and research highlights, or explore more at siepr.stanford.edu [http://siepr.stanford.edu]. Today’s guest, Alvin Roth, a Nobel laureate, is the Craig and Susan McCaw Professor of Economics at Stanford University and a senior fellow at the Stanford Institute for Economic Policy Research (SIEPR). A pioneer in market design, his work has helped shape systems like kidney exchange, improving how scarce resources are allocated in practice. His research focuses on how markets can be designed to function more effectively, especially in areas where traditional markets fall short. To learn more about his work and these ideas, explore the following: * Book: Moral Economics [https://www.hachettebookgroup.com/titles/alvin-e-roth/moral-economics/9781541702011/] (available for purchase) * Sex, drugs & surrogacy: When morality and markets clash [https://siepr.stanford.edu/news/moral-economics-stanford-nobel-alvin-roth] * The Visible Hand [https://stanfordmag.org/contents/the-visible-hand]

Beyond rhetoric: Immigration in America

What’s the untold story of immigration in the United States? Are our beliefs misconceptions or truths?  In this episode of Econ To Go, Neale Mahoney sits down with Stanford economist Ran Abramitzky to unpack some of the most persistent myths about immigration — and what the evidence shows instead. Drawing on decades of data, Abramitzky breaks down how immigrants and their children fare over time, how assimilation works in practice, and why common narratives about crime and economic impact often miss the mark. Along the way, we explore several key themes, including: * (01:28) Debunking common myths about immigration * (03:11) Upward mobility and the children of immigrants * (08:11) What cultural assimilation looks like * (11:16) Immigration rhetoric and the facts on crime * (17:07) Rethinking immigration policy * (22:44) The joy of teaching immigration Econ To Go brings Stanford economics into your everyday life — served with a side of coffee. Hosted by economist and director of the Stanford Institute for Economic Policy Research (SIEPR), Neale Mahoney, the show takes you on a walk across campus with leading thinkers as they unpack the ideas shaping our economy, public policy, and daily lives. Smart, curious, and conversational — it’s Stanford economics, to go. The Stanford Institute for Economic Policy Research is a nonpartisan research center that brings together scholars, policymakers, and industry leaders to solve pressing economic challenges and inform better public policy. Never miss an episode. Subscribe to Econ To Go on Spotify [https://open.spotify.com/show/6N6y2rZjgzYp3iLxapTv66], Apple Podcasts [https://podcasts.apple.com/us/podcast/econ-to-go/id1877987298], Amazon [https://music.amazon.com/podcasts/77d2d963-f67c-4333-aa5f-3431693f6f9b/econ-to-go], YouTube [https://www.youtube.com/playlist?list=PLs-p47TpkzbcouPPocQHF-Lke1OAwGM1Z], or wherever you get your podcasts. Plus follow SIEPR on LinkedIn [https://www.linkedin.com/company/stanford-institute-for-economic-policy-research/] or X/Twitter [https://x.com/SIEPR] for episode updates and research highlights, or explore more at siepr.stanford.edu [http://siepr.stanford.edu]. Today’s guest, Ran Abramitzky, is the Stanford Federal Credit Union Professor of Economics and senior associate dean of social sciences at Stanford University and a senior fellow at the Stanford Institute for Economic Policy Research. His research focuses on immigration, economic mobility, and economic history. To learn more about his work, visit his Stanford profile [https://economics.stanford.edu/people/ran-abramitzky] or explore these links: * Book: Streets of Gold: America's Untold Story of Immigrant Success [https://www.goodreads.com/book/show/58950980-streets-of-gold] * Economics and the Modern Economic Historian [https://www.nber.org/papers/w21636] * The mythical tie between immigration and crime [https://siepr.stanford.edu/news/mythical-tie-between-immigration-and-crime]

Tariffs and trade: A turning point for globalization

Are we entering a new era of globalization? In this episode of Econ To Go, Neale Mahoney sits down with Stanford trade economist Stephen Redding to unpack the sharp escalation of U.S. tariffs in 2025 and 2026, and what it signals for the global economy. Redding explains why the scale of recent changes stands out historically, and how trade policy is becoming more persistent and more weaponized, shaped by concerns around supply chains, geopolitical tensions and critical technologies. The conversation also explores what tariffs are designed to do — and why economists often view them as a blunt tool, with costs that ripple through consumers, firms, and global trade flows. Along the way, we explore several key themes, including: * (01:24) The scale of recent tariff changes * (04:55) When tariffs are used, and why * (14:30) The economist’s view of tariffs * (19:58) The benefits of trade and who is left behind * (26:56) Rethinking policy and the path forward Econ To Go brings Stanford economics into your everyday life — served with a side of coffee. Hosted by economist and director of the Stanford Institute for Economic Policy Research (SIEPR), Neale Mahoney, the show takes you on a walk across campus with leading thinkers as they unpack the ideas shaping our economy, public policy, and daily lives. Smart, curious, and conversational — it’s Stanford economics, to go. The Stanford Institute for Economic Policy Research is a nonpartisan research center that brings together scholars, policymakers, and industry leaders to solve pressing economic challenges and inform better public policy. Never miss an episode. Subscribe to Econ To Go on Spotify [https://open.spotify.com/show/6N6y2rZjgzYp3iLxapTv66], Apple Podcasts [https://podcasts.apple.com/us/podcast/econ-to-go/id1877987298], Amazon [https://music.amazon.com/podcasts/77d2d963-f67c-4333-aa5f-3431693f6f9b/econ-to-go], YouTube [https://www.youtube.com/playlist?list=PLs-p47TpkzbcouPPocQHF-Lke1OAwGM1Z], or wherever you get your podcasts. Plus follow SIEPR on LinkedIn [https://www.linkedin.com/company/stanford-institute-for-economic-policy-research/] or X/Twitter [https://x.com/SIEPR] for episode updates and research highlights, or explore more at siepr.stanford.edu [http://siepr.stanford.edu]. Today’s guest, Stephen Redding, is the Kleinheinz Family Professor of International Studies and a professor of economics at Stanford University, as well as a senior fellow at the Stanford Institute for Economic Policy Research. His research focuses on international trade, economic geography, and the impact of globalization on local economies. To learn more about his work, explore these links: * Stephen Redding website [https://stephenredding.github.io/] * The Economics of Tariffs [https://siepr.stanford.edu/publications/working-paper/economics-tariffs]

Medical mistrust: Why representation matters

How does trust — or the lack of it — shape who gets care, and what outcomes they experience? In this episode of Econ To Go, Neale Mahoney sits down with Stanford physician-economist and MacArthur Fellow Marcella Alsan to explore how trust and representation shape the U.S. health care system. Her research shows that historical events like the Tuskegee Syphilis Study continue to affect healthcare use and health outcomes today, and that trust isn’t abstract, it’s measurable. The conversation also highlights how trust can be built, how underrepresentation in clinical trials can influence both physician behavior and patient trust, and other key themes, including: * (01:33) The mistrust problem * (06:50) Representation as remedy  * (12:18) Clinical trials and trust in data  * (24:04) Eroding trust across the system Econ To Go brings Stanford economics into your everyday life — served with a side of coffee. Hosted by economist and director of the Stanford Institute for Economic Policy Research (SIEPR), Neale Mahoney, the show takes you on a walk across campus with leading thinkers as they unpack the ideas shaping our economy, public policy, and daily lives. Smart, curious, and conversational — it’s Stanford economics, to go. The Stanford Institute for Economic Policy Research is a nonpartisan research center that brings together scholars, policymakers, and industry leaders to solve pressing economic challenges and inform better public policy. Never miss an episode. Subscribe to Econ To Go on Spotify [https://open.spotify.com/show/6N6y2rZjgzYp3iLxapTv66], Apple Podcasts [https://podcasts.apple.com/us/podcast/econ-to-go/id1877987298], Amazon [https://music.amazon.com/podcasts/77d2d963-f67c-4333-aa5f-3431693f6f9b/econ-to-go], YouTube [https://www.youtube.com/playlist?list=PLs-p47TpkzbcouPPocQHF-Lke1OAwGM1Z], or wherever you get your podcasts. Plus follow SIEPR on LinkedIn [https://www.linkedin.com/company/stanford-institute-for-economic-policy-research/] or X/Twitter [https://x.com/SIEPR] for episode updates and research highlights, or explore more at siepr.stanford.edu [http://siepr.stanford.edu]. Today’s guest, Marcella Alsan, is a physician-economist at Stanford University, the Thomas J. Davis, Jr. Faculty Scholar at the Stanford Institute for Economic Policy Research, and a MacArthur Fellow whose research focuses on health disparities, trust in medicine, and the role of institutions in shaping health outcomes. To learn more about her work, explore her bio [https://fsi.stanford.edu/people/marcella-alsan] and these links: * Tuskegee and the Health of Black Men [https://www.nber.org/system/files/working_papers/w22323/w22323.pdf] * Does Diversity Matter for Health? Experimental Evidence from Oakland [https://www.nber.org/system/files/working_papers/w24787/w24787.pdf] * Representation and Extrapolation: Evidence from Clinical Trials* | The Quarterly Journal of Economics | Oxford Academic [https://academic.oup.com/qje/article/139/1/575/7260873]

The hidden backbone: The data behind the economy

How do we know what’s really happening in the economy? In this episode of Econ To Go, Neale Mahoney sits down with labor economist Erika McEntarfer, former head of the U.S. Bureau of Labor Statistics, to explore the public data system behind the numbers we hear every day, like inflation, unemployment, and GDP. McEntarfer explains why America’s statistical system is widely considered the global gold standard, but also why it’s facing new pressures from rising survey costs, declining response rates, threats to independence, and limited budgets. We explore several key themes, including: * (01:14) Challenges and opportunities in the economic data system * (05:30) Public vs. private data * (09:14) Modernizing the data system * (18:03) Implications of firing your chief statistician * (23:53) Can we trust the data? Econ To Go brings Stanford economics into your everyday life — served with a side of coffee. Hosted by economist and director of the Stanford Institute for Economic Policy Research (SIEPR), Neale Mahoney, the show takes you on a walk across campus with leading thinkers as they unpack the ideas shaping our economy, public policy, and daily lives. Smart, curious, and conversational — it’s Stanford economics, to go. The Stanford Institute for Economic Policy Research is a nonpartisan research center that brings together scholars, policymakers, and industry leaders to solve pressing economic challenges and inform better public policy. Never miss an episode. Subscribe to Econ To Go on Spotify [https://open.spotify.com/show/6N6y2rZjgzYp3iLxapTv66], Apple Podcasts [https://podcasts.apple.com/us/podcast/econ-to-go/id1877987298], Amazon [https://music.amazon.com/podcasts/77d2d963-f67c-4333-aa5f-3431693f6f9b/econ-to-go], YouTube [https://www.youtube.com/playlist?list=PLs-p47TpkzbcouPPocQHF-Lke1OAwGM1Z], or wherever you get your podcasts. Plus follow SIEPR on LinkedIn [https://www.linkedin.com/company/stanford-institute-for-economic-policy-research/] or X/Twitter [https://x.com/SIEPR] for episode updates and research highlights, or explore more at siepr.stanford.edu [http://siepr.stanford.edu]. Today’s guest, Erika McEntarfer, is a labor economist and former Commissioner of the U.S. Bureau of Labor Statistics. She is a research scholar and the Tad and Dianne Taube Policy Fellow at the Stanford Institute for Economic Policy Research. Her work focuses on economic measurement, labor markets, and the public statistical infrastructure that underpins economic policymaking. To learn more about her work and the U.S. economic data system, explore these links: * Until Trump Fired Her, She Was an Economist With Bipartisan Support [https://www.nytimes.com/2025/08/02/us/politics/until-trump-fired-her-she-was-an-economist-with-bipartisan-support.html] * The Value of US Government Data to US Business Decisions [https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.33.1.131] * U.S. Bureau of Labor Statistics [https://www.bls.gov/]