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To be an oil person in Kansas is to understand that bad times follow good and that betting on any dip or upswing is a game for suckers.

Yet it can be so tempting when crude prices soar. There’s so much money to be made. Or, of course, lost.

The far-flung, mostly small and independent oil and gas companies in the state found themselves laid flat by the bust of 2014. It still stings.

Two Americans won the Nobel Prize in economics. Who are they?

Oct 8, 2018

The Nobel Memorial Prize in Economic Sciences was awarded to Yale's William Nordhaus and New York University's Paul Romer on Monday morning. Nordhaus developed a way to think about the benefits and costs of mitigating climate change. Romer is also familiar to Marketplace listeners: He figured out a way to factor in technology in economic growth calculations. To help tell us more about the winners, Marketplace Morning Report's David Brancaccio talked to economics contributor Chris Farrell. Below is an edited transcript of their conversation.

It was lunch time in Manhattan and Anastasia Tzdanides had just made a makeup run to Sephora. She picked up “some Hourglass products; a brush, blush, bronzer,” she said.

At 23, Tzdanides is a typical young cosmetics buyer. She buys lots of different brands after she's researched them online. Her mother, Johanna, who was shopping with her, said her generation did things differently. 

“We stuck with one brand; you used Clarins or you used Lancome. Where here you try the different ones and you kind of mix everything,” she said.

Does anyone actually want a Facebook portal?

Oct 8, 2018

Yale economist William Nordhaus, along with New York University’s Paul Romer, received the Nobel Prize in economics Monday. We look at the consequences of putting Nordhaus’ research on the economic impact of climate change to policy. Then, Romer's work connecting technological innovation to economic growth has been influential across the globe, but perhaps not as influential as he would like. Also on today's show, we speak with Marketplace Tech host Molly Wood about Facebook’s newest gadget release amid users’ security concerns. And the U.S.

The Iron Lotus

Oct 8, 2018

Today on The Indicator, we answer your questions. Well, one of them anyway. Listener Sam Spear wrote to us to ask us about the mysterious financial contortions performed by a company called Helios and Matheson, which owns a company called Moviepass. Specifically, Helios and Matheson performed a reverse stock split, after which they diluted their stock an extraordinary amount. Sam asked us to explain what happened, and why, and whether what Helios and Matheson was even legal.

My Economy tells the story of the new economic normal through the eyes of people trying to make it, because we know the only numbers that really matter are the ones in your economy.

(Markets Edition) Has the world gotten complacent about the price of oil? According to the Wall Street Journal, bets on oil surpassing $100 per barrel have doubled in the last month. Julia Coronado at Macropolicy Perspectives has more. Then, we examine the growing trade deficit as seen through goods and services … specifically services. Also, across two hemispheres, officials are cutting back on how much financial cushion banks set aside for emergencies.

This episode is a rerun. It originally ran in 2014. We're playing it again because Bill Nordhaus shared the 2018 Nobel Memorial Prize in Economic Science today! We based this episode on one of his papers.

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Here’s an unusual tale of urban revival in the U.K., which owes much to an iconic entertainer from the U.S. The small Welsh seaside resort of Porthcawl — population 10,000 — had been waning for years. Holidaymakers had been choosing sunnier vacations overseas and the town, with its rather antiquated fairground and slightly tacky amusement arcades, was sliding into seedy decline.

But now the town is undergoing an economic renaissance.

And it’s largely thanks to the King of Rock n' Roll.

Dairy was one of the sticking points between the United States and Canada during the negotiations to replace the North American Free Trade Agreement.

American producers of milk and cheese complained Canada's tightly controlled dairy industry limited their access to markets north of the border. The new agreement opens the door to more U.S. milk exports to Canada.

While it could lead to lower prices there, many Canadians worry about the fate of small milk and cheese producers, particularly in Quebec, home to half of Canadian dairy production. 

(U.S. Edition) Scientists with the International Panel on Climate Change have gathered in South Korea and released a report Monday outlining the steps that need to be taken to stop global temperatures from rising by more than 1.5 degrees Celsius. It also says that We also examine how goods and services indicate a growing trade deficit, but services alone offer different insights.

(Global Edition) From the BBC World Service …  A new report on climate change says 2.5 percent of global GDP needs to be spent each year for two decades to stop global warming. We hear from the co-chair of the International Panel on Climate Change. Then, Brazil’s voters handed a previously fringe candidate nearly half the vote in Sunday’s election, but he’ll face a runoff election  at the end of the month after failing to secure a majority. What does that mean for a country facing continued economic hardship?

Almost 40 percent of rural America, or about 23 million people, don't have access to broadband internet or reliable mobile service. Long term, this digital divide is a huge economic problem. Companies need high-skilled workers, and people without decent internet access can't find those jobs or get the training they might need to do them. Now the Fed is trying convince businesses that the digital divide is their problem, too, Jeremy Hegle told us. He's a senior community development adviser for the Federal Reserve Bank of Kansas City.

Almost 40 percent of rural America, or about 23 million people, don't have access to broadband internet or reliable mobile service. Long term, this digital divide is a huge economic problem. Companies need high-skilled workers, and people without decent internet access can't find those jobs or get the training they might need to do them. Now the Fed is trying convince businesses that the digital divide is their problem, too, Jeremy Hegle told us. He's a senior community development adviser for the Federal Reserve Bank of Kansas City.

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