Richard Davies

What is inflation, why does it matter, and is someone to blame if it goes up? Understanding inflation will help you understand why your shopping is getting more and more expensive and why prices rarely seem to come down. Tim Harford explains why the inflation figure you see on the TV might not reflect the price rises you’re experiencing and economic historian Victoria Bateman tells us why having a boat load of silver coins isn’t always a good thing. Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news. Inflation, GDP, Interest rates, and bonds, Tim Harford and friends explain them all. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills. We’ll also bring you surprising histories, from the war-hungry kings who have shaped how things are counted today to the greedy merchants flooding Spain with silver coins. So if your eyes usually glaze over when someone says ‘cutting taxes stimulates growth’, fear no more, we’ve got you covered.Guest: Richard Davies, Professor of Economics at Bristol UniversityProducer: Phoebe KeaneResearchers: Drew Hyndman and Marianna BrainEditor: Clare FordhamTheme music: Don’t Fret, Beats Fresh MusicA BBC Long Form Audio Production for BBC Radio 4

Richard Davies, an economist and author of "Extreme Economies," shares his insights on economies in extreme situations. He explores the underground economies in Angola's penitentiary, where inmates barter with ramen noodles amid harsh conditions. The discussion shifts to contrasting refugee camps in Jordan, highlighting how policy affects personal agency. Davies also delves into the economic disparities in the Darien Gap and the historical complexities of the Congo. His experiences reveal resilience and innovation in the face of adversity.

Economist Richard Davies and ex-prisoner Lester Young discuss trading in extreme places like refugee camps and US prisons. They delve into the unique economy of camps using powdered milk as currency and the evolution of trading systems in prisons, shedding light on the informal economy and entrepreneurial challenges.