Category: 3-EconSometimeCommentary

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

 

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).

 

SOURCES:

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

When Lina Khan was in law school back in 2017, she wrote a law review article called 'Amazon's Antitrust Paradox,' that went kinda viral in policy circles. In it, she argued that antitrust enforcement in the U.S. was behind the times. For decades, regulators had focused narrowly on consumer welfare, and they'd bring companies to court only when they thought consumers were being harmed by things like rising prices. But in the age of digital platforms like Amazon and Facebook, Khan argued in the article, the time had come for a more proactive approach to antitrust.

Just four years later, President Biden appointed Lina Khan to be the Chair of the Federal Trade Commission, one of the main government agencies responsible for enforcing antitrust in America, putting her in the rare position of putting some of her ideas into practice.

Now, two years into the job, Khan has taken some big swings at big tech companies like Meta and Microsoft. But the FTC has also faced a couple of big losses in the courts. On today's show, a conversation with FTC Chair Lina Khan on what it's like to try to turn audacious theory into bureaucratic practice, the FTC's new lawsuit against Amazon, and what it all means for business as usual.

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Earlier this fall, the Federal Trade Commission filed a high-stakes lawsuit against Amazon.

In that suit, the FTC claims Amazon is a monopoly, and it accuses the company of using anti-competitive tactics to hold onto its market power. It's a big case, with implications for consumers and businesses and digital marketplaces, and for antitrust law itself. That is the highly important but somewhat obscure body of law that deals with competition and big business.

And so, this week on Planet Money, we are doing a deep dive on the history of antitrust. It begins with today's episode, a Planet Money double feature. Two classic episodes that tell the story of how the U.S. government's approach to big business and competition has changed over time.

First, the story of a moment more than 100 years ago, when the government stepped into the free market in a big way to make competition work. It's the story of John D. Rockefeller and Standard Oil, and a muckraking journalist named Ida Tarbell.

Then, we fast forward to a turning point that took antitrust in the other direction. This is the story of a lawyer named Robert Bork, who transformed the way courts would interpret antitrust law.

These episodes were produced by Sally Helm with help from Alexi Horowitz Ghazi. They were edited by Bryant Urdstadt. Alex Goldmark is Planet Money's executive producer.

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This episode of the Hayek Program Podcast is a special crossover episode from Virtual Sentiments, S1E9, with a special introduction by Jayme Lemke to celebrate the start of Season 2! Go check out S2E1 of Virtual Sentiments featuring Christopher Coyne today!

On this, the last episode of Season 1 of Virtual Sentiments, Kristen Collins interviews Eileen Hunt, a Professor and Political Theorist at the University of Notre Dame, on Mary Shelley and the Ethics of AI. Hunt begins by providing historical context of Mary Shelley regarding her parents and Shelley as a child of the Enlightenment. Hunt explains the interdisciplinary nature of Mary Shelley’s work, rooted in a Grecian philosophical past and concerned with future-oriented questions about the rights of human beings, tying in Mary Shelley’s famous Gothic novel, Frankenstein, to modern considerations of the ethics and rights of artificial life. She encourages us to think of ourselves as artificial, technological creatures and to contemplate the rights of all artificial creatures, including humans and other forms of artificial intelligence. Additionally, Hunt discusses issues of genetic engineering, humanity as a built environment, Jeremy Bentham and reproductive justice.

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Virtual Sentiments, our new podcast series from the Hayek Program is now streaming! Subscribe today and listen to season one on digital democracy.

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CC Music: Twisterium

In the final part of our series, Zachary Crockett talks to a man with a storied — and controversial — career in the body parts business.

 

RESOURCES

• "Inside the Largely Unregulated Market for Bodies Donated to Science: 'It's Harder to Sell Hot Dogs on a Cart,'" by Justin Sherman (CBS News, 2023).
• "Bilirakis, Fletcher, Murphy and Tillis Introduce Bipartisan, Bicameral Bill to Stop Brokering of Body Parts, Preserve Integrity of Organ Donation Process," press release by the office of Congressman Gus Bilirakis (2023).
• "Sunset Mesa Funeral Home Operators Sentenced to Federal Prison For Illegal Body Part Scheme," press release by the U.S. Attorney's Office, District of Colorado (2023).
• "Cashing in on the Donated Dead: The Body Trade," series by Reuters (2017).
• Heads, Shoulders, Knees, and Bone$: A Personal Account of a 'Body Broker's' Thirteen Year Journey Through the Legal and Lucrative Body Parts Business, by Philip Guyett (2011).

 

EXTRAS

• "Cadavers – Part 1," by The Economics of Everyday Things (2023).

 

SOURCES:

• Philip Guyett, land surveyor and former body broker.

You might expect to find economic concepts in the pages of an economics textbook. But you know where you can really see a lot of economic concepts in action? Buffets.

Here at Planet Money we believe there's a lot of economics going on at the all-you-eat buffet, tucked in between the mountains of brisket and troughs of mashed potatoes. From classic concepts like adverse selection, sunk costs, diminishing marginal returns, to more exotic economic mysteries, like the flat rate pricing bias.

Today on the show, we're headed to the place where the modern buffet may have been born: Las Vegas. Our mission? To feast ourselves on all the economics we can handle at the all-you-can-eat buffet. And along the way, an economist and fellow buffet-lover will teach us his hyper-rational strategy for optimizing his buffet experience.

Today's show was produced by James Sneed and Nick Fountain with help from Emma Peaslee. It was edited by Jess Jiang, engineered by James Willetts, and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.

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Right now, a lot of school districts across the country are making a pretty giant change to the way public education usually works. Facing teacher shortages and struggling to fill vacant spots, they are finding a new recruitment tool: the four-day school week.

Those districts are saying to teachers, "You can have three-day weekends all the time, and we won't cut your pay." As of this fall, around 900 school districts – that's about 7% of all districts in the U.S. – now have school weeks that are just four days long.

And this isn't the first time a bunch of schools have scaled back to four days, so there is a lot of data to lean on to figure out how well it works. In this episode, teachers love the four-day school week, and it turns out even parents love it, too. But is it good for students?

This episode was produced by Sam Yellowhorse Kesler with help from Willa Rubin. It was edited by Molly Messick and engineered by Maggie Luthar. Fact-checking by Sierra Juarez. Alex Goldmark is our executive producer.

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In the first of two episodes, Zachary Crockett digs into the strange and discomfiting history of cadavers, and the industry that has emerged around them.

 

RESOURCES:

• "From Grave Robbing to Giving Your Own Body to Science – A Short History of Where Medical Schools Get Cadavers," by Susan Lawrence and Susan E. Lederer (The Conversation, 2023).
• "Box of Human Heads Stolen From Truck in Denver," by Carly Moore (FOX4, 2022).
• "A Body Donated to Science - but Used to Test Bombs," by Rozina Sini (BBC News, 2019).
• "How an American Company Made a Fortune Selling Bodies Donated to Science," by John Shiffman and Brian Grow (Reuters, 2017).
• "From Sacrilege to Privilege: The Tale of Body Procurement for Anatomical Dissection in the United States," by Raphael Hulkower (The Einstein Journal of Biology and Medicine, 2011).
• The Anatomy Murders, by Lisa Rosner (2010).

 

SOURCES:

• Kaylan Goodwin, vice president of marketing at Science Care.
• Susan Lawrence, professor and head of the history department at the University of Tennessee, Knoxville.

Union membership in the U.S. has been declining for decades. But, in 2022, support for unions among Americans was the highest it's been in decades. This dissonance is due, in part, to the difficulties of one important phase in the life cycle of a union: setting up a union in the first place. One place where that has been particularly clear is at the Volkswagen plant in Chattanooga, Tennessee.

Back in 2008, Volkswagen announced that they would be setting up production in the United States after a 20-year absence. They planned to build a new auto manufacturing plant in Chattanooga.

Volkswagen has plants all over the world, all of which have some kind of worker representation, and the company said that it wanted that for Chattanooga too. So, the United Auto Workers, the union that traditionally represents auto workers, thought they would be able to successfully unionize this plant.

They were wrong.

In this episode, we tell the story of the UAW's 10-year fight to unionize the Chattanooga plant. And, what other unions can learn from how badly that fight went for labor.

This episode was hosted by Amanda Aronczyk and Nick Fountain. It was produced by Willa Rubin. It was engineered by Josephine Nyounai, fact-checked by Sierra Juarez, and edited by Keith Romer. Alex Goldmark is our executive producer.

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When someone says "the economy is doing well"—what does that even mean? Like, for workers, for employers, for the country as a whole? According to what calculation? How do you put a number on it?

The world of economics is filled with all sorts of "measuring sticks." GDP. Inflation. Unemployment. Consumer sentiment. Over time, all kinds of government agencies, universities and private companies have come up with different ways to measure facets of the economy. These measures factor into all kinds of huge decisions—things like government policy, business strategies, maybe even your personal career choices or investments.

On today's show, we're going to lift the curtain on two of these yardsticks. We are going to meet the people tasked with sticking a number on two huge measures of our economic well being: the official U.S. government inflation report and the monthly unemployment and jobs numbers. Come along and see how the measures get made.

This episode was hosted by Darian Woods, Stacey Vanek Smith, and Wailin Wong. It was produced by Julia Ritchey and Jess Kung with help from James Sneed. Engineering by Gilly Moon and James Willetts. It was fact-checked by Michael He and Corey Bridges, and edited by Kate Concannon and Viet Le. Alex Goldmark is Planet Money's executive producer.

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