Platypus Economics with Justin Wolfers

Justin is back with Stacey Vanek Smith for another episode of Off the Clock just in time for America’s 250th birthday. The two of us dive into the latest economic news, and sift through the noise so you don’t have to.
This week’s conversation covers the latest jobs report (disappointing but far from a disaster), the possible causes of the ongoing disconnect between economic statistics and consumer sentiment, the pros and cons and a less transparent Fed, and America’s newest addition to its tax code—Trump accounts.
To wrap things up, Justin and Stacey look back on the many ways life has improved for Americans over our nation’s 250 years—from income to life expectancy to jobs, and what that might tell us about the future of work and our next quarter-millennium.
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Is a “bad” jobs number is closer to normal than you think?
In this 10-minute breakdown, Justin Wolfers explains how to read the latest jobs report without overreacting to a single headline. June payroll growth came in at 57,000, which looks weak by the standards of a few years ago. But those older standards may no longer fit an economy with slower population growth and lower immigration. The labor market may now need only around 60,000 new jobs a month to stay in balance.
Justin also discusses what’s really driving the labor market. The answer is not manufacturing, but healthcare and social assistance. In fact, more than 100% of net job growth since January 2025 has come from those sectors alone, while the rest of the economy has lost jobs overall. This matters for two reasons. First, it explains why women have received 90% of the jobs created in this expansion. Second, it illuminates why so many Americans feel economic opportunity is shrinking. If you are not in the sectors that are expanding, the economy may feel far weaker than the headline unemployment rate suggests.
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Inflation doesn't just raise prices — it tricks you into staring at bigger dollar numbers instead of asking what those dollars can actually buy. A two percent pay raise sounds great until inflation is running at three percent. Your savings account pays more interest until you realize it's still losing purchasing power. This is “money illusion,” and it costs you real money.
In this episode, Justin Wolfers explains why inflation is like driving through fog: The signals are still there, but they're much harder to read. He walks through the mental shift you need to make — from thinking in dollar signs to thinking in purchasing power — then reveals five practical strategies you can use right now to protect yourself and your wallet. But there is also a deeper lesson revealed: Good economics is about asking what the number you’re seeing really means. Once you start asking it, you're ready to protect yourself during inflationary times.

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Getting food delivered should be simple — but somehow it's gotten outrageously expensive. In this video, Justin Wolfers break down why food delivery apps like DoorDash, Uber Eats, and Grubhub make it nearly impossible to compare prices, and why that's no accident. Justin Wolfers spent half an hour pricing the same dinner order across four platforms, and the results will make you rethink every takeout order you've ever placed. This is what happens when bad design is there by design.
This isn't just a story about annoying apps — it's about how markets can fail even when competition exists. When comparing prices is too painful, firms stop competing on price, and you end up paying more than you should. The FTC is starting to take notice, and there are real fixes on the table. But until then, that $28 burrito isn't going anywhere.
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In this episode of Slate's What Next, we examine the economic costs of the conflict with Iran and why the true price of war extends far beyond the immediate impact on oil prices. From higher energy costs to the effects of rising geopolitical risk on economic growth, we explore how economists measure the consequences of uncertainty — and why those costs are felt most by the world’s most vulnerable households. The conversation also looks at the broader economic implications of weakened institutions and why competition, not just business success, is the foundation of long-term prosperity.
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