Category: 3-EconSometimeCommentary

For thousands of years, getting light was a huge hassle. You had to make candles from scratch. This is not as romantic as it sounds. You had to get a cow, raise the cow, feed the cow, kill the cow, get the fat out of the cow, cook the fat, dip wicks into the fat. All that--for not very much light. Now, if we want to light a whole room, we just flip a switch.

The history of light explains why the world today is the way it is. It explains why we aren't all subsistence farmers, and why we can afford to have artists and massage therapists and plumbers. (And, yes, people who make podcasts about the history of light.) The history of light is the history of economic growth--of things getting faster, cheaper, and more efficient.

On today's show: How we got from dim little candles made out of cow fat, to as much light as we want at the flick of a switch.

Today's show was hosted by Jacob Goldstein and David Kestenbaum. It was originally produced by Caitlin Kenney and Damiano Marchetti. Today's rerun was produced by James Sneed, and edited by Jenny Lawton. It was fact-checked by Sierra Juarez. Engineering by Valentina Rodríguez Sánchez. Alex Goldmark is Planet Money's executive producer.

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Grocery stores have turned shoppers into cashiers. Zachary Crockett runs two bags of chips and a Gatorade over the scanner.

 

• SOURCES:
  • Sara Alloy, experience retail lead for North America at Publicis Sapient.
  • Christopher Andrews, professor of sociology at Drew University.
  • Phil Lempert, founder and C.E.O. of SupermarketGuru.

 

• RESOURCES:
  • "Feeling Rewarded and Entitled to Be Served: Understanding the Influence of Self- Versus Regular Checkout on Customer Loyalty," by Farhana Nusrat and Yanliu Huang (Journal of Business Research, 2024).
  • "It’s Not Just You: Self-Checkout Is Awful. These Retailers Finally Agree," by Sarah Bregel (Fast Company, 2023).
  • "'I'm Banned From Walmart Over a Bag of Reese's,' Houston-Area Woman Says After Self-Checkout 'issue,'" by Matthew Seedorff (Fox26, 2023).
  • "Self-Checkout Is a Failed Experiment," by Amanda Mull (The Atlantic, 2023).
  • The Overworked Consumer: Self-Checkouts, Supermarkets, and the Do-It-Yourself Economy, by Christopher Andrews (2018).
  • "The Banana Trick and Other Acts of Self-Checkout Thievery," by Rene Chun (The Atlantic, 2018).
  • "Self-Service Checkouts Can Turn Customers Into Shoplifters, Study Says," by Christopher Mele (The New York Times, 2016).
  • "Check This Out: A Revolution in the Supermarket," by Daniel P. Puzo (Los Angeles Times, 1987).

 

• EXTRAS:
  • "How the Supermarket Helped America Win the Cold War," by Freakonomics Radio (2019).

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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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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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.

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

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CC Music: Twisterium

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).

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.

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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.

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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).

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.

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