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A comedian and an economist walk into a bar... and somehow, you learn more about inflation than in all your years of school. And, unlike your student loans, this round is on us. Welcome to Happy Hour Econ from Free To Choose Network, where comedian Lou Perez and economist Phil Magness serve up weekly shots of economic reality with a chaser of sanity. No PowerPoints, no pretense—just two guys who've figured out that the best way to understand why everything costs more is to stop taking it so seriously. While politicians promise solutions and pundits peddle panic, Lou and Phil cut through the noise with the kind of clear-eyed perspective that only comes from a duo who's seen it all before. Lou brings the punchlines. Phil brings the receipts. Together, they explain why your grocery bill keeps climbing, why "free" government programs aren't, and how the same economic principles that govern happy hour pricing also explain most of what's wrong with the world. This isn't economics made simple. It's economics made honest. The result is a conversation that treats important topics with respect, but never forgets that sometimes the best response to economic nonsense is a well-timed joke. Pour yourself a drink, pull up a stool, and join Happy Hour Econ—because understanding the economy shouldn’t require a Ph.D. or a hangover.

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Check latest episodes from Happy Hour Econ podcast

American Heavy Metal

2026/10/19

Steel is back, baby! At least, that’s the pitch, now that a company plans to build the largest steel mill in U.S. history (in the fields of Iowa) and politicians are already taking a victory lap four years before a single beam rolls off the line. But is this a real industrial comeback, or the latest chapter in a protectionist saga that started before the ink on the Constitution was dry? Lou and Phil find out whether Big Steel’s big promises have any mettle at all on this week’s Happy Hour Econ.

Majoring in Debt

2026/10/12

Ah, college. A time for late-night study sessions, questionable roommates, and, of course, finding yourself. But what happens when the bill for all that soul-searching comes due? With new rules set to limit federal loans for degrees that don’t earn enough, Lou and Phil take a hard look at the economics of higher ed: who’s paying the bill, who’s cashing in, and whether a diploma is worth the price. Class is in session at the bar on this week’s Happy Hour Econ. No tuition required.

The History and Costs of Slavery in America

2026/10/05

Last week, Lou and Phil looked at the claim that American capitalism was built on slavery. This week, they turn to what slavery actually cost, both to the enslaved people who were denied any choice in their own work and to a Southern economy that fell far behind the North. Along the way, they look at why the American founding set much of the country on a path to abolition, and why forced labor still persists wherever the rule of law breaks down. Listen to the full episode of Happy Hour Econ with Lou and Phil.

Slavery, Capitalism, and the Historical Record

2026/09/28

A recent CNN debate put a pointed question before a national audience. Is capitalism bound up with racism and slavery? Slavery predates writing, and it predates capitalism by thousands of years, yet a growing body of scholarship argues that the modern American economy rests on the forced labor of enslaved people. In this week's Happy Hour Econ, Lou and Phil test those claims against the historical record and revisit what the defenders of slavery themselves had to say about free markets.

Sanctions Impossible

2026/09/21

Nothing says we're doing something quite like a fresh round of economic sanctions. They're cheap, they're popular, and they let politicians look tough without adding much pain at home for Americans. But do they actually work? From Iran to Cuba, with oil tankers quietly dodging the rules in between, Lou and Phil look at who really ends up picking up the tab when a nation gets cut off. Pour something strong and press play on this episode of Happy Hour Econ.

Oh, Canada

2026/09/14

Somewhere between tariffs, resurrected 1930s legislation, and a rebranded Great Lake, the United States decided to start a trade war with its most polite neighbor. Section 338 of the Smoot-Hawley Tariff Act—yes, that Smoot-Hawley—has been dusted off from the legislative graveyard to justify slapping Canada with tariffs nobody can quite explain the reasoning behind. Lou and Phil sort through the legal mess, the retaliatory liquor store bans, and a history lesson on the one war America actually lost, all while asking who really foots the bill when two friendly countries start slapping tariffs on each other. Pour yourself a drink and settle in for an episode that's equal parts economics lecture and international incident.

Dolly Parton: An American Success Story

2026/09/07

Dolly Parton was so beloved that her passing briefly brought the nation together. She was a country music icon and savvy entrepreneur who built a genuine business empire from a childhood spent in a one-room Appalachian cabin. Lou and Phil look at how she held onto her publishing rights when so many artists signed them away, turned a struggling stretch of Tennessee into a tourism powerhouse with Dollywood, and quietly gave away hundreds of millions of books through her Imagination Library. It's a rags-to-riches story that somehow undersells just how much she actually built. Pour one out for Dolly and tune in for Lou and Phil's full toast.

Not In My Cloud (Or Backyard)

2026/08/31

Is it "dā-ta center" or "dăt-a center"? Lou and Phil can't agree, but they're united on one thing: these giant server farms have become the most contested real estate in America. Between grid strain, water bills, and surveillance worries, there's plenty to be suspicious of, and just as many overblown claims borrowed straight from old fights over Bitcoin and net neutrality. Settle into your favorite seat at the bar for the full conversation on this week’s Happy Hour Econ with Lou and Phil.

No Edu-crats Left Behind

2026/08/24

More money, more administrators, worse outcomes—that's the trend line in American education, and Lou and Phil want to know how everyone keeps missing it. They talk about school choice as an actual accountability mechanism, why a college diploma isn't automatically worth its debt, and why the guy in charge of the budget has zero incentive to leave any of it unspent. Lou and Phil deliver the full lecture on this week's episode of Happy Hour Econ.

Speakeasy Economics

2026/08/17

Free speech and free markets run on the same fuel: information. When the government steps in to control what can and can't be said, it's not just a free speech problem—it's an economic one, stifling the open exchange that lets markets and democracy both function. Lou and Phil explore the long, messy history of speech suppression in America, from Alexander Hamilton's grudge against newspaper editors, to the use of social media, to a certain retired public health official whose private diary tells a very different story than his public press briefings. Pour a drink and tune in to this episode of Happy Hour Econ to hear Lou and Phil sort out who's really doing the talking, and who's been quietly doing the silencing.

Jones Act, Dead Weight

2026/08/10

The Jones Act has been quietly taxing Americans for over a century, and it's finally getting some attention now that it's been suspended since March. Lou and Phil trace this WWI-era shipping law from its origins as a favor to a handful of politically connected shipbuilders to its very costly present-day legacy in Puerto Rico, Hawaii, and beyond. From there they turn to tariffs, where Phil makes his case that tariffs are little more than government-sanctioned favoritism, quietly shifting costs onto consumers to protect a narrow set of special interests, complete with a Supreme Court showdown and a "trade deficit emergency" that raises more questions than answers. Grab a drink and settle in for an economic history lesson with Lou and Phil on this episode of Happy Hour Econ.

You'll Own Nothing (And Like It)

2026/08/03

"You will own nothing and be happy." That was one politician's prediction for 2030, floated in an essay for the World Economic Forum in 2016. Between Amazon Prime deciding which movies you get to keep and every song, show, and subscription living somewhere in a cloud you don't control, we might already be there. Lou and Phil trace it all back to Thomas Jefferson's edit of John Locke's theory of life, liberty, and property, and ask what happens to the pursuit of happiness once everything you own is really just a license somebody else can pull. Grab a drink you still technically own and join Lou and Phil for this week's episode of Happy Hour Econ to find out whether owning nothing is progress, or just renting with better branding.

Taco 'Bout a Recall

2026/07/27

Something's rotten in the produce aisle. Or at least, something is sending half the country's stomachs into open revolt. As a cyclosporiasis outbreak takes down Taco Bell's lettuce supply (and a lot of taco fans along with it), it's turning into more than just a recall story. Lou and Phil trace the whole thing back to Upton Sinclair's The Jungle, the FDA's surprisingly cynical origin story, and why market incentives might police food safety better than any government regulator. Grab a seat—maybe skip the salad—for this episode of Happy Hour Econ.

Cool Hand Lou (and Phil)

2026/07/13

It's the peak of summer, and while half the country is cranking the AC, the mayor of New York is asking his constituents to embrace the heat for the good of the grid. Meanwhile, across the pond, entire cities are stuck sweating it out... in restaurants, hotels, even hospitals... because installing an air conditioner has become a bureaucratic nightmare. Is staying cool really the enemy of climate progress, or just an easy target for policymakers looking for control? Join Lou and Phil on this week's Happy Hour Econ as they get into why keeping cool might be the most radical thing you do this summer.

World Cup Runneth Over

2026/07/06

The World Cup has landed on American soil (with a little help from Canada and Mexico), and suddenly the whole world is discovering what U.S. locals take for granted—free refills, blasting AC, and the sheer, unbottled majesty of a Buc-ee's. But amid all the cultural exchange and ranch dressing diplomacy, there's a bigger question lurking behind the confetti: is hosting the world's biggest sporting event actually a good financial decision, or just an expensive party with really good branding? Lou and Phil break down the economics of subsidies, spectacle, and soft power on this week's Happy Hour Econ. Just don't ask them to explain the offside rule.