There is a constant arms race between law enforcement and criminals, especially when it comes to technology. For years, law enforcement has been frustrated with encrypted messaging apps, like Signal and Telegram. And law enforcement has been even more frustrated by encrypted phones, specifically designed to thwart authorities from snooping.
But in 2018, in a story that seems like it's straight out of a spy novel, the FBI was approached with an offer: Would they like to get into the encrypted cell phone business? What if they could convince criminals to use their phones to plan and document their crimes — all while the FBI was secretly watching? It could be an unprecedented peek into the criminal underground.
To pull off this massive sting operation, the FBI needed to design a cell phone that criminals wanted to use and adopt. Their mission: to make a tech platform for the criminal underworld. And in many ways, the FBI's journey was filled with all the hallmarks of many Silicon Valley start-ups.
On this show, we talk with journalist Joseph Cox, who wrote a new book about the FBI's cell phone business, called Dark Wire. And we hear from the federal prosecutor who became an unlikely tech company founder.
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Planet Money - So you’ve been scammed, now what?
We are living in a kind of golden age for online fraudsters. As the number of apps and services for storing and sending money has exploded – so too have the schemes that bad actors have cooked up to steal that money. Every year, we hear more and more stories of financial heartbreak. What you don't often hear about is what happens after the scam?
On today's show, we follow one woman who was scammed out of over $800,000 on her quest to get her money back. That journey takes her from the halls of the FBI to the fraud departments of some of the country's biggest financial institutions. And it offers a window into how the systems that are theoretically designed to help the victims of financial cybercrime actually work in practice.
This episode was hosted by Alexi Horowitz-Ghazi and Jeff Guo. It was produced by Willa Rubin and edited by Keith Romer. It was engineered by Neal Rauch and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.
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On today's show, we follow one woman who was scammed out of over $800,000 on her quest to get her money back. That journey takes her from the halls of the FBI to the fraud departments of some of the country's biggest financial institutions. And it offers a window into how the systems that are theoretically designed to help the victims of financial cybercrime actually work in practice.
This episode was hosted by Alexi Horowitz-Ghazi and Jeff Guo. It was produced by Willa Rubin and edited by Keith Romer. It was engineered by Neal Rauch and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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Hayek Program Podcast - Entangled Political Economy — Richard Wagner on the Origins of EPE
This is the first 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 interviews Richard Wagner on entangled political economy. Wagner discusses the framework’s origins, influenced by James Buchanan, and critiques governmental inefficiency, advocating for privately ordered governance. Wagner reflects on his teaching experiences which integrated anthropology, sociology, and other social sciences, and how these shaped his understanding of economics as a broad social science encompassing various forms of exchange and societal interactions. He highlights Vincent Ostrom's work on the limitations of government, and considers the future directions of EPE.
Richard Wagner is Emeritus Professor of Economics at George Mason University and Distinguished Senior Fellow with the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.
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The Economics of Everyday Things - Carnival Games (Replay)
Does anyone ever win the giant teddy bear? Zachary Crockett steps right up.
- SOURCES:
- Matthew Gryczan, retired journalist and engineer.
- Elliot Simmons, former carnival game worker.
- Olivia Turner, general manager of Redbone Products.
- RESOURCES:
- "AG Platkin Announces 10-Year Ban of Amusement Games Licenses and a Fine for Wildwood Games Operator," by the New Jersey Office of the Attorney General (2023).
- "N.H. Man Loses Life Savings on Carnival Game," (C.B.S. News Boston, 2013).
- "Carnival Games: Walking the Line Between Illegal Gambling and Amusement," by J. Royce Fichtner (Drake Law Review, 2012).
- "Carnivals: Law Enforcement on the Midway," by Bruce Walstad (F.B.I. Law Enforcement Bulletin, 1997).
- Carnival Secrets: How to Win at Carnival Games, Which Games to Avoid, How to Make Your Own Games, by Matthew Gryczan (1988).
Planet Money - The junkyard economist
On today's episode, we ride through the streets of San Francisco with a long-time junkman, Jon Rolston.
Jon has spent the last two decades clearing out houses and offices of their junk. He's found all sorts of items: a life-time supply of toilet paper, gold rings, $20,000 in cash. Over the years, he's developed a keen eye for what has value and what might sell. He's become a kind of trash savant.
As we ride with Jon, he shows us the whole ecosystem of how our reusable trash gets dealt with — from metals (ferrous and non-ferrous) to tires to cardboard. And we see how our junk can sometimes get a second chance at life.
If you can understand the junk market like Jon, you can understand dozens of trends in our economy.
This episode was hosted by Erika Beras and James Sneed, and produced by James Sneed with help from Emma Peaslee. It was edited by Jess Jiang. Engineering by Josh Newell. It was fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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Jon has spent the last two decades clearing out houses and offices of their junk. He's found all sorts of items: a life-time supply of toilet paper, gold rings, $20,000 in cash. Over the years, he's developed a keen eye for what has value and what might sell. He's become a kind of trash savant.
As we ride with Jon, he shows us the whole ecosystem of how our reusable trash gets dealt with — from metals (ferrous and non-ferrous) to tires to cardboard. And we see how our junk can sometimes get a second chance at life.
If you can understand the junk market like Jon, you can understand dozens of trends in our economy.
This episode was hosted by Erika Beras and James Sneed, and produced by James Sneed with help from Emma Peaslee. It was edited by Jess Jiang. Engineering by Josh Newell. It was fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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Planet Money - Anatomy of a layoff
By one estimate, 40 percent of American workers get laid off at least once in their careers. And when that happens, companies will often say, "It's not personal. It has nothing to do with you or your performance. We're just changing priorities, making a strategic shift."
It's like the business version of: "It's not you, it's me." And just like a breakup, it feels terrible.
This happened to a man we're calling V, who was working at the same company as his husband when he got laid off. And for V, the experience felt shocking. It left him and his husband with a lot of unresolved questions.
On today's show, the story of that layoff. And we help that couple get some answers by taking their questions to an HR expert who gives the low-down on lay-offs.
This story is adapted from a 3-part series on layoffs produced by Yowei Shaw for her show, Proxy. The layoff series was edited by John DeLore with research and reporting help from Kim Nederveen Pieterse. You can listen to the full layoff series from Proxy wherever you get your podcasts, and you can support the show and find out more by going to patreon.com/proxypodcast. And you can check out her original song "Gold Star" on Spotify and YouTube.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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It's like the business version of: "It's not you, it's me." And just like a breakup, it feels terrible.
This happened to a man we're calling V, who was working at the same company as his husband when he got laid off. And for V, the experience felt shocking. It left him and his husband with a lot of unresolved questions.
On today's show, the story of that layoff. And we help that couple get some answers by taking their questions to an HR expert who gives the low-down on lay-offs.
This story is adapted from a 3-part series on layoffs produced by Yowei Shaw for her show, Proxy. The layoff series was edited by John DeLore with research and reporting help from Kim Nederveen Pieterse. You can listen to the full layoff series from Proxy wherever you get your podcasts, and you can support the show and find out more by going to patreon.com/proxypodcast. And you can check out her original song "Gold Star" on Spotify and YouTube.
Help support Planet Money and hear our 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
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The Economics of Everyday Things - 49. Weather Forecasts
With industries relying on them and profits to be made, weather forecasts are more precise and more popular than ever. But there are clouds on the horizon. Zachary Crockett grabs an umbrella.
- SOURCES:
- Steve Adelman, head of Adelman Law Group, PLLC and vice president of the Event Safety Alliance.
- Peter Neilley, director of weather forecasting sciences and technologies for The Weather Company.
- RESOURCES:
- "Traders Have Turned Betting on the Weather, a Technique Pioneered by Enron, Into a Booming $25 Billion Market," by Dylan Sloan (Fortune, 2024).
- "Why Your Weather Forecasts May Soon Become More Accurate," by Dan Stillman (The Washington Post, 2023).
- "The High-Tech Race to Improve Weather Forecasting," (The Economist, 2023).
- "Study: Climate Change Has Increased Atmospheric Instability Over Past 40 Years," by University at Albany (Phys.org, 2023).
- "Beyoncé Concert In D.C. Suburb Highlights Complex Weather Challenges," by Marshall Shepherd (Forbes, 2023).
- "Forecast Process," by the U.S. National Weather Service.
- EXTRAS:
- "How Will We Handle the Heat?" by Freakonomics Radio (2022).
- "The Folly of Prediction," by Freakonomics Radio (2011).
Planet Money - The hack that almost broke the internet
Last month, the world narrowly avoided a cyberattack of stunning ambition. The targets were some of the most important computers on the planet. Computers that power the internet. Computers used by banks and airlines and even the military.
What these computers had in common was that they all relied on open source software.
A strange fact about modern life is that most of the computers responsible for it are running open source software. That is, software mostly written by unpaid, sometimes even anonymous volunteers. Some crucial open source programs are managed by just a single overworked programmer. And as the world learned last month, these programs can become attractive targets for hackers.
In this case, the hackers had infiltrated a popular open source program called XZ. Slowly, over the course of two years, they transformed XZ into a secret backdoor. And if they hadn't been caught, they could have taken control of large swaths of the internet.
On today's show, we get the story behind the XZ hack and what made it possible. How the hackers took advantage of the strange way we make modern software. And what that tells us about the economics of one of the most important industries in the world.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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What these computers had in common was that they all relied on open source software.
A strange fact about modern life is that most of the computers responsible for it are running open source software. That is, software mostly written by unpaid, sometimes even anonymous volunteers. Some crucial open source programs are managed by just a single overworked programmer. And as the world learned last month, these programs can become attractive targets for hackers.
In this case, the hackers had infiltrated a popular open source program called XZ. Slowly, over the course of two years, they transformed XZ into a secret backdoor. And if they hadn't been caught, they could have taken control of large swaths of the internet.
On today's show, we get the story behind the XZ hack and what made it possible. How the hackers took advantage of the strange way we make modern software. And what that tells us about the economics of one of the most important industries in the world.
Help support Planet Money and hear our 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
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Planet Money - Why Gold? (Classic)
In the past few months, the price of gold has gone way up – even hitting a new high last month at just over $2,400 per troy ounce.
Gold has long had a shiny quality to it, literally and in the marketplace. And we wondered, why is that?
Today on the show, we revisit a Planet Money classic episode: Why Gold? Jacob Goldstein and David Kestenbaum will peruse the periodic table of the elements with one goal in mind: to learn which element would really make the best money.
This classic Planet Money episode was part of the Planet Money Buys Gold series, and was hosted by Jacob Goldstein and David Kestenbaum.
This rerun was hosted by Sally Helm, produced by Willa Rubin, edited by Keith Romer, and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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Gold has long had a shiny quality to it, literally and in the marketplace. And we wondered, why is that?
Today on the show, we revisit a Planet Money classic episode: Why Gold? Jacob Goldstein and David Kestenbaum will peruse the periodic table of the elements with one goal in mind: to learn which element would really make the best money.
This classic Planet Money episode was part of the Planet Money Buys Gold series, and was hosted by Jacob Goldstein and David Kestenbaum.
This rerun was hosted by Sally Helm, produced by Willa Rubin, edited by Keith Romer, and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Always free at these links: Apple Podcasts, Spotify, Google Podcasts, the NPR app or anywhere you get podcasts.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Hayek Program Podcast - “Living Better Together” — On Culture and Economics
On this episode of the Hayek Program Podcast, we continue the Living Better Together miniseries, featuring select authors of Living Better Together: Social Relations and Economic Governance in the Work of Ostrom and Zelizer (Palgrave Macmillan, 2023) and hosted by its coeditor, Stefanie Haeffele.
Joining us today are Carolina Dalla Chiesa and Crystal Dozier. Together, they mesh Ostrom and Zelizer’s approaches and highlight the importance of using interdisciplinary methods to better understand economic exchanges. Carolina focuses on the symbolic meanings of money and economic governance, while Crystal explores archaeological studies of non-market societies. They both articulate how their unique backgrounds and research focus contribute to a richer dialogue between economic sociology and institutional economics.
Carolina Dalla Chiesa is Assistant Professor of Cultural Economics and Organizations in the Department of Arts and Culture at Erasmus University Rotterdam. She is currently a Mercatus James Buchanan fellow. Check out her chapter, “‘Circuits of Commons’: Exploring the Connections Between Economic Lives and the Commons.”
Crystal Dozier is Associate Professor and Archaeologist in the Fairmount College of Liberal Arts and Sciences at Wichita State University. She is an alum of the Mercatus Adam Smith Fellowship. Check out her chapter, “Testing Circuits of Commerce in the Distant Past: Archaeological Understandings of Social Relationships and Economic Lives.“
References: Virgil Henry Storr’s Understanding the Culture of Markets, Daniel K. Richter’s Facing East from Indian Country: A Native History of Early America, and Hans Abbing’s Why Are Artists Poor?: The Exceptional Economy of the Arts
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 seasons one and two!
Follow the Hayek Program on Twitter: @HayekProgram
Learn more about Academic & Student Programs
Follow the Mercatus Center on Twitter: @mercatus
CC Music: Twisterium