Category: 3-EconSometimeCommentary

Ever since free trade opened up between the US and Mexico in the 1990s, trillions of dollars of goods have been going back and forth between the two countries, from cars to strawberries to MRI machines to underwear. But one major exception has been fresh American potatoes.

Today on the show, we tell the trade saga of the American potato. For more than 25 years, there was a place that American potatoes could not go to freely. A place that the entire American potato industry was desperate to access. A vast, untapped market: Mexico.

But standing in their way – the Mexican potato lobby and a trade loophole.

This episode was hosted by Erika Beras and Jeff Guo. It was produced by Willa Rubin and edited by Meg Cramer. It was fact-checked by Sierra Juarez. Engineering by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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If you believe the hype, translators will all soon be out of work. Luis von Ahn, CEO and co-founder of the language learning app Duolingo, doesn't think AI is quite there... yet. In this interview, Greg Rosalsky talks with Luis about AI and how it's reshaping translation jobs and the language learning industry. We also ask him about headlines earlier this year suggesting Duolingo laid off some of its workers and replaced them with AI.

This is one of Greg's Behind The Newsletter conversations where he shares his interviews with policy makers, business leaders, and economists who appear in The Planet Money Newsletter.

This episode was first released as a bonus episode for Planet Money+ listeners earlier this year. We're sharing it today for all listeners. To hear more episodes like this one and support NPR in the process, sign up for Planet Money+ at plus.npr.org. We'll have a fresh bonus episode out in two weeks!

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How did a little green nut become a billion-dollar product, lauded by celebrities in Super Bowl ads? Zachary Crockett cracks open the story.

 

• SOURCES:
  • Sawyer Clark, director of asset management at Gold Leaf Farming.
  • Diana Salsa, vice president of marketing for Wonderful Pistachios.

 

• RESOURCES:
  • "Almond Acreage Decline Prompts Industry Introspection," by Mitch Lies (West Coast Nut, 2023).
  • American Pistachio Industry 2021 Annual Report, by American Pistachio Growers (2023).
  • "California’s Agricultural Water Policies Are Nuts," by Douglas R. Noble (The Gainesville Sun, 2021).
  • "Amid Drought, Billionaires Control a Critical California Water Bank," by Chloe Sorvino (Forbes, 2021).
  • "Wonderful Pistachios Achieves Billion-Dollar Brand Milestone," press release by The Wonderful Company (2020).
  • "Pistachios: The Quirks of Agricultural Trade in a Nutshell," by Andrea Durkin (Global Trade, 2020).
  • "California Pistachios With Perfect Timing," by Mark Blackburn (The New York Times, 1979).

After the gift exchange comes another great holiday tradition: returns season. Once again, we are joining the fun in our own Planet Money way. We are returning to stories from years past to see what's changed since we last reported them. It's an episode we call The Rest of the Story.

We have updates on zombie mortgages, student loan forgiveness, Argentina's economy under its self-described anarcho-capitalist president, and the best place in the world to give birth to twins. Plus, a return to... returns.

So while you're looking for that holiday sweater in a better size, or waiting in line to trade in your Dutch oven for an air fryer, take a listen to all our latest little audio gifts. And see you in 2025!

This episode was hosted by Alexi Horowitz-Ghazi. It was produced by Sam Yellowhorse Kesler, and edited by Keith Romer and Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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On this episode of the Hayek Program Podcast, Peter Boettke gives the opening keynote lecture at the 2022 Markets & Society conference. In this lecture, Boettke speaks on the importance of “relations before transactions”, emphasizes the impact of social interactions on economic activity and the role of trust, norms, and institutions, and highlights the insights of Adam Smith, F.A. Hayek, and Elinor Ostrom. Boettke explores the intersections between markets and society, opening the conference with a discussion of its theme.

Peter Boettke is a Distinguished University Professor of Economics and Philosophy at George Mason University and Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics and Economics at the Mercatus Center at George Mason University. He has published numerous books including Money and the Rule of Law: Generality and Predictability in Monetary Institutions (2021), Living Economics: Yesterday, Today, and Tomorrow (2012), and Challenging Institutional Analysis and Development: The Bloomington School (2009).

This lecture has been published in the Markets & Society Journal, Volume 1 Issue 1, as "Toward a Theory of Social Cooperation under the Division of Labor." Learn more about the Markets & Society conference and journal here.

If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.

Virtual Sentiments, our new podcast series from the Hayek Program is streaming! Subscribe today and listen to seasons one and two.

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CC Music: Twisterium

This year, there was some economic good news to go around. Inflation generally ticked down. Unemployment more or less held around 4-percent. Heck, the Fed even cut interest rates three times. But for a lot of people, the overall economic vibes were more important. And the vibes... were still off.

We might have achieved the soft landing the Fed was hoping for, but we saw some wackiness in the relationship between unemployment and job vacancies. Meanwhile, Bitcoin went to the moon. We have covered all of that in this past year, but which of these economic stories really defined the year?

Fortunately, we don't have to decide. You all do.

On today's show, a collaboration with our daily podcast The Indicator, we have Indicator Family Feud! Two Planet Money hosts enter, one Indicator host... also enters. And all three leave, having had a great time with lively discussion and light ribbing. Plus, some mild scheduling issues. But, we can't stress enough that no hosts were harmed in the making of this podcast.

Then, we look ahead to 2025 to see what indicators we think will define the coming year – the future and the past, on our latest episode!

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Once a luxury good, the soft fiber is now everywhere — which has led to a goat boom in Mongolia. Zachary Crockett tugs at the thread.

 

• SOURCES:
  • Myagmarjav Serjkhuu, manager of the Mongolian Sustainable Cashmere Platform for the United Nations Development Programme.
  • Carolyn Yim, designer and owner of Ply-Knits.

 

• RESOURCES:
  • "Sandstorms and Desertification in Mongolia, an Example of Future Climate Events: A Review," by Jie Han, Han Dai, and Zhaolin Gu (Environmental Chemistry Letters, 2021).
  • "How Sustainable Cashmere Is Reversing Land Degradation in Mongolia," by Mariana Simões (United Nations Development Programme, 2021).
  • "Exploding Demand for Cashmere Wool Is Ruining Mongolia's Grasslands," by Kathleen McLaughlin (Science, 2019).
  • "From H&M to Gucci, Fashion Rethinks Cashmere, Citing Environmental Harm," by Matthew Dalton (The Wall Street Journal, 2019).
  • "2018 Annual Cashmere Market Report," by Marco Spina (The Schneider Group, 2019).
  • "How This Brand Made a Cashmere Sweater for $75 Ethically," by Esha Chhabra (Forbes, 2018).
  • "Pastoral Nomadism in the Forest-Steppe of the Mongolian Altai Under a Changing Economy and a Warming Climate," by D. Lkhagvadorj, M. Hauck, Ch. Dulamsuren, and J. Tsogtbaatar (Journal of Arid Environments, 2013).

Our planet is in serious trouble. There are a million species of plants and animals in danger of extinction, and the biggest cause is companies destroying their habitats to farm food, mine minerals, and otherwise get the raw materials to turn into the products we all consume.

So, when Mauricio Serna was in college, he realized his family's plot of land in Colombia, called El Globo, presented a unique opportunity. Sure, it had historically been a cattle ranch. But if he could get the money to turn it back into cloud forest, perhaps it could once again be a habitat for the animals who used to live there — animals like the yellow-eared parrot, the tree ocelot, and the spectacled bear (of Paddington fame).

On today's show, Mauricio's quest to make a market for a new-ish financial instrument: the biodiversity credit. We peek under the hood to try to figure out how these credits actually work. Is the hype around them a bunch of hot air? Or could they be a critical tool for saving thousands of species around the world?

Today's episode was hosted by Stan Alcorn and Alexi Horowitz-Ghazi. It was co-reported by Tomás Uprimny. It was produced by James Sneed, edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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Sports gambling isn't exactly a financial market, but it rhymes with financial markets. What happens on Wall Street somehow eventually also happens in sports gambling. So in the 1980s, when computers and deep statistical analysis entered the markets, it also entered the sportsbooks and changed the world of sports gambling in ways we see every day now.

On today's episode, we have a story from Michael Lewis' new season of his podcast Against The Rules. We hear from a bookie who was able to beat the odds using statistical analysis, and the other bookie who managed to beat those odds, using an even more subtle science: behavioral analysis. Plus, how it's harder than ever to win against the house, and why those offers of free bets in TV ads are maybe not such a good idea.

This episode was hosted by Michael Lewis and Mary Childs. Our version of the podcast was produced by Emma Peaslee and edited by Martina Castro. It was fact checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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Behind almost every character you see displayed on a page or a screen, there’s a complex — and sometimes lucrative — web of licensing deals. Zachary Crockett is just your type.

 

• SOURCES:
  • Lucas Czarnecki, creative director of Type Network.
  • Gerry Leonidas, professor of typography at the University of Reading.
  • Chantra Malee, co-founder and C.E.O. of Sharp Type.
  • Lucas Sharp, professional font designer and co-founder of Sharp Type.

 

• RESOURCES:
  • "What Fonts Are Used by The New York Times?" by Nona Blackman (Envato Tuts+, 2024).
  • "Legendary Type Foundry Monotype Sold to Private Equity for $825 Million," by Suzanne LaBarre (Fast Company, 2019).
  • "Calibri’s Scandalous History," by Ross Arbes (The New Yorker, 2017).
  • "This Was The First Computer Font," by John Herrman (BuzzFeed News, 2012).
  • "Manuscripts and Special Collections," by the University of Nottingham.

 

• EXTRA:
  • "Are Our Tools Becoming Part of Us?" by People I (Mostly) Admire (2024).