How Economic Modeling Can Identify Trends with Wharton Prof. Kent Smetters — Ripple Effect Podcast
Episode Description
EPISODE OVERVIEW Wharton’s Kent Smetters talks about the Penn Wharton Budget Model, a nonpartisan, research-based initiative that analyzes the fiscal impact of federal public policy. This episode is part of a series on “The Economy & You.”
Topics and questions covered: 0:00 - Introductions 1:10 - Growing public interest on the economy 1:52 - Origins of Penn Wharton Budget Model 2:51 - What are the benefits of Penn Wharton Budget Model? 4:27 - Evaluating bias in policymaking 6:20 - How is Penn Wharton Budget Model funded? 7:39 - Is there public interest in the Budget Model? 10:17 - How does the Budget Model address U.S. debt?
PODCAST OVERVIEW Every day, business scholars answer pressing questions in their research — but what do their insights mean for you? In this podcast, Wharton faculty dive into what inspired their studies and how their findings resonate with the world today. Learn how research insights translate into knowledge you can use, with host Dan Loney.
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Brief Summary
Ken Mets discusses the Penn Wharton Budget Model's role in providing early economic analysis for Congress amidst rising national debt and inflation concerns.
Key points
- The Genesis of the Penn Wharton Budget Model. Learn how the Penn Wharton budget model was created to provide early analysis for legislation.
- Understanding Inflation's Impact. A deep dive into how inflation affects the economy and people's lives today.
- The Challenge of Political Bias. Exploring the biases in economic metrics used in Washington and how they affect policy.
- The Unsustainable Debt Path. A stark warning about the increasing national debt and its implications for the economy.
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Episode highlights
- The Genesis of the Penn Wharton Budget ModelLearn how the Penn Wharton budget model was created to provide early analysis for legislation.“They wanted analysis at the very beginning while they're actually writing legislation.”0:26Oct 10, 2023
- Understanding Inflation's ImpactA deep dive into how inflation affects the economy and people's lives today.“Inflation is a real phenomenon; it's not just a textbook issue.”1:46Oct 10, 2023
- The Challenge of Political BiasExploring the biases in economic metrics used in Washington and how they affect policy.“We’re not just nonpartisan; we’re nonnormative.”3:37Oct 10, 2023
- The Unsustainable Debt PathA stark warning about the increasing national debt and its implications for the economy.“This is not sustainable; it literally will collapse the economy if we don't do something.”13:11Oct 10, 2023
