Category: 3-EconSometimeCommentary

This is the story behind one of the most valuable — and perhaps, most improbable — technologies humanity has ever created. It's a breakthrough called extreme ultraviolet lithography, and it's how the most advanced microchips in the world are made. The kind of chips powering the latest AI models. The kind of chips that the U.S. is desperately trying to keep out of the hands of China.

For years, few thought this technology was even possible. It still sounds like science fiction: A laser strong enough to blast holes in a bank vault hits a droplet of molten tin. The droplet explodes into a burst of extreme ultraviolet light. That precious light is funneled onto a wafer of silicon, where it etches circuits as fine as a strand of DNA. Only one company in the world that can make these advanced microchip etching machines: a Dutch firm called ASML.

Today on the show, how this breakthrough in advanced chipmaking happened — and how it almost didn't. How the long-shot idea was incubated in U.S. nuclear weapons laboratories and nurtured by U.S. tech giants. And, why a Dutch company now controls it.

This episode was hosted by Jeff Guo and Sally Helm. It was produced by Willa Rubin and edited by Jess Jiang. It was fact-checked by Dania Suleman, and engineered by Patrick Murray. Alex Goldmark is Planet Money's executive producer.

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This is the last episode of a three-part miniseries on entangled political economy (EPE), hosted by Mikayla Novak. Entangled political economy is a sub-discipline of political economy that explicitly views individuals and the private and public sectors as being intertwined in overlapping exchange relationships along competitive and collaborative dimensions.

On this episode, Mikayla Novak is joined by Marta Podemska-Mikluch who discusses her life in Poland under socialism, her time working alongside Richard Wagner, genuine versus parasitical entrepreneurship, dyad versus triad exchanges, the health care system, the future of analyzing rhetoric using AI, and more!

Marta Podemska-Mikluch is the Schnell Family Chair in Econ-Capital Systems and Associate Professor in Business and Economics and Public Health at Gustavus Adolphus College. She is the Director of the Entangled Political Economy Research Network (EPERN).

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Incarcerated people grow crops, fight wildfires, and manufacture everything from motor oil to prescription glasses — often for pennies per hour. Zachary Crockett reports from North Carolina.

SOURCES:

• Laura Appleman, professor of law at Willamette University.
• Christopher Barnes, inmate at the Franklin Correctional Center.
• Lee Blackman, general manager at Correction Enterprises.
• Brian Scott, ex-inmate, former worker at the Correction Enterprises printing plant.
• Louis Southall, warden of Franklin Correctional Center.

RESOURCES:

• "Prisoners in the U.S. Are Part of a Hidden Workforce Linked to Hundreds of Popular Food Brands," by Robin McDowell and Margie Mason (AP News, 2024).
• "Ex-Prisoners Face Headwinds as Job Seekers, Even as Openings Abound," by Talmon Joseph Smith (The New York Times, 2023).
• "Captive Labor: Exploitation of Incarcerated Workers," by the American Civil Liberties Union and the University of Chicago Law School Global Human Rights Clinic (2022).
• "Bloody Lucre: Carceral Labor and Prison Profit," by Laura Appleman (Wisconsin Law Review, 2022).
• "Prison Labor Is on the Frontlines of the COVID-19 Pandemic," by Eliyahu Kamisher (The Appeal, 2020).
• Correction Enterprises.

EXTRAS:

• "Can Data Keep People Out of Prison?" by People I (Mostly) Admire (2023).

On the day after the election, Wall Street responded in a dramatic way. Some stocks went way up, others went way down. By reading those signals — by breaking down what people were buying and what they were selling — you can learn a lot about where the economy might be headed. Or at least, where people are willing to bet the economy is headed.

On today's show, we decode what Wall Street thinks about the next Trump presidency — what it means for different parts of the economy, and what it means for everyone. Does the wisdom of the market think President Trump will actually impose new tariffs and lift regulations? What about taxes and spending? And will inflation ultimately go up or down?

What markets bet President Trump will do. That's today's episode.

This episode was hosted by Jeff Guo, Sally Helm, Erika Beras, and Keith Romer. It was produced by Sam Yellowhorse Kesler and Willa Rubin. It was edited by Martina Castro and fact-checked by Sierra Juarez. Engineering by Gilly Moon. Alex Goldmark is Planet Money's executive producer.

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Back in the 90s, the federal government ran a bold experiment, giving people vouchers to move out of high-poverty neighborhoods into low-poverty ones. They wanted to test if housing policy could be hope – whether an address change alone could improve jobs, earnings and education.

The answer to that seems obvious. But it did not at all turn out as they expected.

Years later, when new researchers went back to the data on this experiment, they stumbled on something big. Something that is changing housing policy across the country today.

Today's episode was originally hosted by Karen Duffin, produced by Aviva DeKornfeld, and edited by Bryant Urstadt. The update was hosted by Amanda Aronczyk, produced by Sean Saldana and fact checked by Sierra Juarez. Our supervising executive producer is Alex Goldmark.

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It takes millions of giant green placards to make America navigable. Where do they come from — and who pays the bill? Zachary Crockett takes the exit. 

 

• SOURCES:
  • Lee Blackman, general manager at Correction Enterprises.
  • Gene Hawkins, senior principal engineer at Kittelson and professor emeritus of civil engineering at Texas A&M University.
  • Renee Roach, state signing and delineation engineer for the North Carolina Department of Transportation.

 

• RESOURCES:
  • "Manual on Uniform Traffic Control Devices for Streets and Highways, 11th Edition," by the U.S. Department of Transportation Federal Highway Administration (2023).
  • "Who Picks the Businesses on Highway Exit Signs?" by Janet Nguyen (Marketplace, 2022).
  • "The Road to Clarity," by Joshua Yaffa (The New York Times Magazine, 2007).

 

• EXTRAS:
  • "Do People Pay Attention to Signs?" by No Stupid Questions (2022).

Ray and Becky Queen live in rural Oklahoma with their kids (and chickens). The Queens were able to buy that home with a VA loan because of Ray's service in the Army. During COVID, the Queens – like millions of other Americans – needed help from emergency forbearance. They were told they could pause home payments for up to a year and then pick up again making affordable mortgage payments with no problems.

That's what happened for most American homeowners who took forbearance. But not for tens of thousands of military veterans like Ray Queen.

On today's show, we follow two reporters' journey to figure out what went wrong with the VA's loan forbearance program. How did something meant to help vets keep their houses during COVID end up stranding tens of thousands of them on the brink of foreclosure? And, once the error was spotted, did the government do enough to make things right?

Today's episode was produced by James Sneed. It was edited by Meg Cramer. And fact-checked by Dania Suleman. Engineering by Cena Loffredo. Alex Goldmark is Planet Money's executive producer.

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If you... exist in the world, it's likely that you have gotten a letter or email at some point informing you that your data was stolen. This happened recently to potentially hundreds of millions of people in a hack that targeted companies like Ticketmaster, AT&T, Advance Auto Parts and others that use the data cloud company Snowflake.

On today's show, we try to figure out where that stolen data ended up, how worried we should be about it, and what we're supposed to do when bad actors take our personal and private information. And: How our information is being bought, sold, and stolen.

This episode was hosted by Amanda Aronczyk and Keith Romer. It was produced by Sam Yellowhorse Kesler and edited by Meg Cramer. It was engineered by Ko Takasugi-Czernowin with an assist from Kwesi Lee, and fact-checked by Dania Suleman. Alex Goldmark is Planet Money's executive producer.

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Welcome back to the series, Perspectives on Peace, hosted by Chris Coyne. The first four episodes of this series will focus on The Legacy of Robert Higgs (Mercatus Center, 2024) and will feature a collection of short interviews with many of the chapter authors.

This episode focuses on the Ratchet Effect of Robert Higgs, featuring authors Abigail Hall on “Ideology, Crisis, and the Ratchet Effect: Retrospect and Prospects”, Jayme Lemke on “The Origins and Persistence of Discriminatory Institutions and Ideologies”, and Anthony Gregory on “The History, Ideology, and Shape of Leviathan: Researching the American State's Ratchet Effect, Growth, and Transformation.” In their conversations, the authors share the impact Robert Higgs has had on their life and career and dive into a short summary of their respective chapters.

• Abigail R. Hall is an Associate Professor of Economics at the University of Tampa. Abby is an alum of the Mercatus PhD Fellowship.
• Jayme Lemke is a Senior Fellow with the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. Jayme is an alum of the Mercatus PhD Fellowship.
• Anthony Gregory is a Hoover Fellow at the Hoover Institution on War, Revolution, and Peace at Stanford University.

Learn more about Chris Coyne’s work as Director of the Initiative for the Study of a Stable Peace (ISSP).

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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When a zoo needs an elephant, or finds itself with three surplus penguins, it doesn’t buy or sell the animals — it asks around. Zachary Crockett rattles the cages.

 

• SOURCES:
  • Hollie Colahan, deputy director of the Birmingham Zoo and chair of the AZA's Animal Population Management Committee.
  • Dwight Lawson, executive director and C.E.O. of the Oklahoma City Zoo.

 

• RESOURCES:
  • "Oklahoma City Zoo Announces Near-Total Redesign in 2024 Master Plan," by Sam Royka (The Oklahoman, 2024).
  • "Panda Diplomacy: What China’s Decision to Send Bears to the US Reveals About Its Economy," by Chee Meng Tan (The Conversation, 2024).
  • "Oklahoma City Zoological Trust Financial Statements," (2023).
  • "Modern Zoos Are Not Worth the Moral Cost," by Emma Marris (The New York Times, 2021).
  • "The Tiger King of the 19th Century," by Betsy Golden Kellem (Slate, 2020).
  • Animal Population Management Committee of the Association of Zoos and Aquariums.