Category: 3-EconSometimeCommentary

The market for gustatory pain is surprisingly competitive. Zachary Crockett feels the burn.

 

• SOURCES:
  • Ed Currie, founder and president of the PuckerButt Pepper Company.
  • Stephanie Walker, associate professor and Extension Vegetable Specialist at New Mexico State University

 

• RESOURCES:
  • "Pepper X Dethrones Carolina Reaper as World’s Hottest Chili Pepper," by Sanj Atwal (Guinness World Records, 2023).
  • "The Shocking, Stupendous Rise of Superhot Chillies: ‘The Stomach Cramps Can Last for 14 Hours,’" by Tim Dowling (The Guardian, 2023).
  • "14-Year-Old Dies After Trying The Paqui ‘One Chip Challenge,’" by Bruce Y. Lee (Forbes, 2023).
  • "Beyond Neuronal Heat Sensing: Diversity of TRPV1 Heat-Capsaicin Receptor-Channel Functions," by Yaroslav M. Shuba (Frontiers in Cellular Neuroscience, 2021).
  • "Training Your Tongue to Love Spicy Food Benefits More Than Your Taste Buds," by Maddie Oatman (Mother Jones, 2019).
  • "Fire-Eaters," by Lauren Collins (The New Yorker, 2013).
  • "The Arms Race to Grow World's Hottest Pepper Goes Nuclear," by Spencer Jakab (The Wall Street Journal, 2013).

 

• EXRAS:
  • "Why Do People Love Horror Movies?" by No Stupid Questions (2022).
  • Hot Ones, YouTube talk show.

Picture the Pacific Ocean of the 16th century. Spanish Galleons sail the wide open seas, carrying precious cargo like silver, porcelain, and textiles. The waters are dangerous; ship logs show concerns over pirates. But pirates are not to blame for a mysterious event that keeps happening.

For, you see, one in five of the ships leaving from the port of Manila didn't make it to Acapulco. It's a shipwrecking rate much higher than rates for other routes of the time. And the mystery of the serial shipwrecking Spanish ships remains unsolved, until today.

Everyone involved with these Spanish ships were aligned in a goal: Don't wreck the Spanish ships. And yet, wreck they did. Three economists took a look at the incentives for profit and risk at the time, and found the key to unlocking this ancient booty (of knowledge).

Our show today 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.

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Casinos think they can stop skilled gamblers from eking out a tiny edge at blackjack. Is that a losing bet? Zachary Crockett doubles down.

 

• SOURCES:
  • "Ben," former professional card counter.
  • Bill Zender, co-founder of Bill Zender and Associates casino consulting firm.

 

• RESOURCES:
  • "Blackjack Player Sues Ameristar Casino, City of Black Hawk Over Alleged Detainment for Card Counting," by Megan Ulu-Lani Boyanton (The Denver Post, 2023).
  • "Why Does the House Always Win? A Look at Casino Profitability," by J. B. Maverick (Investopedia, 2023).
  • "Counting the Cost," by Bill Zender (GGB News, 2022).
  • "Nevada Supreme Court Orders Casino To Pay Card Counter," by I. Nelson Rose (Gambling and the Law, 2017).
  • "Counting Cards Is Legal, But ..." by Mark Pilarski (Detroit Free Press, 2016).
  • "Card Counter Sues Planet Hollywood Over Detention, Confiscated Casino Chips," by Carri Geer Thevenot (Las Vegas Review-Journal, 2015).
  • "Real People Behind Story of '21' Discuss Film's Facts," by Ed Symkus (The State Journal-Register, 2008).
  • Blackbelt in Blackjack: Playing 21 as a Martial Art, by Arnold Snyder (1997).

 

• EXTRAS:
  • "How to Make Your Own Luck," by Freakonomics Radio (2020).
  • "The Economics of Sports Gambling (Replay)," by Freakonomics Radio (2020).
  • "Could the Next Brooklyn Be … Las Vegas?!" by Freakonomics Radio (2015).
  • 21, film by Robert Luketic (2008).

It's that time of year again! Our annual year-end tradition of checking in on the stories we've reported and the people we met along the way.

We'll hear from a Hollywood strike captain who tried to pull off one last job, an update from the data detective trying to uncover the truth in academic research, and tribute to a very special member of the Planet Money family.

Check out the original stories:
Vacation, and why the U.S. takes so little of it
The secret entrance that sidesteps Hollywood picket lines
Did two honesty researchers fabricate their data?
Planet Money Records Vol. 1: Earnest Jackson, Planet Money Records Vol. 2: The Negotiation & Planet Money Records Vol. 3: Making a Hit

Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

On this episode, we’ll hear a book panel discussion on David Schmidtz’s book, Living Together: Inventing Moral Science (Oxford University Press, 2023). In his comments, Schmidtz discusses his academic journey and the reshaping of his philosophical views, emphasizing real-world observations over theoretical debates, and comments on the work of Adam Smith and David Hume. He stresses the necessary role of humility in sciences and highlights how game theory has challenged the pre-existing theoretical frameworks of human behavior, underscoring the limitations of theories in explaining complex, human interactions. The panel is moderated by Peter J. Boettke, and they are joined on the panel by:

• Ryan Muldoon, Associate Professor of Philosophy, Director of Undergraduate Studies in the Department of Philosophy, and the Director of the Philosophy, Political Science, and Economics Program at the University at Buffalo, and author of Social Contract Theory for a Diverse World: Beyond Tolerance
• Margaret Schabas, Canadian Philosopher and Professor of Philosophy and Economics at the University of British Columbia and author of A Philosopher's Economist: Hume and the Rise of Capitalism

David Schmidtz is the Presidential Chair of Moral Sciences and the Director of the Social Philosophy and Policy Center at West Virginia University. He is a Distinguished Affiliated Fellow with the F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics and editor-in-chief of Social Philosophy & Policy.

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 now streaming! Subscribe today and listen to season two, now releasing!

Follow the Hayek Program on Twitter: @HayekProgram

Learn more about Academic & Student Programs

Follow the Mercatus Center on Twitter: @mercatus

CC Music: Twisterium

Today on the show, hosts from Planet Money and The Indicator debate the economic indicators of this year and next year.

First up, we try to identify the figure that best captured the essence of 2023. The contenders: the possible soft landing, consumer sentiment, and the housing market.

And looking ahead to 2024, what will the economic indicator of next year be? Interest rates, Bidenomics, or junk fees?

Listen to our hosts make their case, and then tell us who won by submitting your vote via Planet Money's Instagram or email us with "Family Feud" in the subject line. Voting ends on December 31st.

This episode was hosted by Jeff Guo, Kenny Malone and Wailin Wong. It was produced by Julia Ritchey and Willa Rubin with engineering help from Valentina Rodriguez Sanchez. It was fact-checked by Sierra Juarez. Kate Concannon edits The Indicator.

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Music: Universal Music Production, "Terry And Mildred," "Decked Out For The Holidays." Audio Network - "Counting Down Seconds," "Tijuana Choo Choo."

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Only the finest restaurants have a chance to bask in their glow. Sometimes, it’s a bit too bright. Zachary Crockett squints at the menu.

 

• SOURCES:
  • Nick Kokonas, founder and co-owner of The Alinea Group.
  • Charlie Mitchell, executive chef and co-owner of Clover Hill restaurant.

 

• RESOURCES:
  • "Michelin Announces 2022 Stars for New York City," by Ryan Sutton and Luke Fortney (Eater, 2022).
  • "What’s Wrong With the Michelin Guide?" by Tim Hayward (Financial Times, 2021).
  • "Eating A 6-Course Dinner From The Best Restaurant In The Country," by Number Six With Cheese (2020).
  • "Expert Opinion and Restaurant Pricing: Quantifying the Value of a Michelin Star," by Carly Shin (Stanford Economic Review, 2018).
  • "Here's How Michelin Stars Actually Affect the Restaurant Business," by Hillary Eaton (Food & Wine, 2017).
  • "Three-Star Chef Asks Michelin Guide To Leave Him Out: 'I Will Be Able To Feel Free,'" by Laurel Wamsley (The Two-Way, 2017).
  • "Lunch with M.," by John Colapinto (The New Yorker, 2009).
  • "Alinea," review by the Michelin Guide.

 

• EXTRAS:
  • "Why You Shouldn’t Open a Restaurant (Update)," by Freakonomics Radio (2019).

*Note: This episode originally ran in 2020*

'Tis the season for Americans to head out in droves and bring home a freshly-cut Christmas tree. But decorative evergreens don't just magically show up on corner lots, waiting to find a home in your living room. There are a bunch of fascinating steps that determine exactly how many Christmas trees get sold, and how expensive they are.

Today on the show, we visit the world's largest auction of Christmas trees — and then see how much green New Yorkers are willing to throw down for some greenery. It's a story where snow-dusted Yuletide dreams meet the hard reality of supply and demand. We've got market theory, a thousand dollars in cash, and a "decent sized truck"... anything could happen.

This episode was produced by James Sneed. It was edited by Bryant Urstadt. It was engineered by Gilly Moon. Alex Goldmark is Planet Money's executive producer.

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

Argentina has been on a decades-long search for economic stability, but it always seems to be out of reach. High inflation has been plaguing the country and just surpassed 160% a year.

Over the past couple of years, the local currency has collapsed. One U.S. dollar used to be worth 20 Argentinean pesos in 2018. Today, one U.S. dollar is worth 1,000 pesos on the black market. And that means for Argentineans, the real prices of everything — from groceries to gas — have spiked.

In a country where the local currency is in free fall, promising to replace that currency with the US dollar can seem like a magical solution.

Argentina's new president, Javier Milei, won in part by promising to do just that - to dollarize. To scrap Argentina's peso and replace it with the relatively stable, predictable, boring United States dollar.

On today's show, what does dollarizing mean? Why dollarize, how to do it, and will it even work?

For more:
A black market, a currency crisis, and a tango competition in Argentina (Apple, Spotify, NPR)
Venezuela's Fugitive Money Traders
Why Ecuador Uses The Dollar? : The Indicator from Planet Money

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy

The research keeps coming in on remote work. New evidence suggests working from home, at least full-time, may not be as productive as we once thought. Economist Jose Maria Barrero and his co-authors have reviewed this and other studies for a recent paper. In this episode, we hear about the challenges that come with working fully remote and some best practices for hybrid work.

This episode was first published as a bonus episode for our Planet Money+ listeners. Today, we're making it available for everyone!

To hear more episodes like this, and to hear Planet Money and The Indicator without sponsor messages, support the show by signing up for Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Learn more about sponsor message choices: podcastchoices.com/adchoices

NPR Privacy Policy