Category: 3-EconSometimeCommentary

American golfers lose 300 million balls a year — and all those bad swings are someone else’s business opportunity. Zachary Crockett hits the links.

 

• SOURCES:
  • Todd Hutchinson, president and owner of BallHawker.
  • Lashan Wanigatunga, founder of Two Guys With Balls.

 

• RESOURCES:
  • "BallHawker, Challenge Enterprises Turn Wayward Golf Shots Into Successful Endeavor," Natalie Gilstrap (Clay Today, 2023).
  • "Temecula Golf Ball Diver Nets $100,000 a Year," by Jeff Zevely (CBS8, 2022).
  • "Golf’s Recycled Ball Market is Big Business," by Erik Matuszewski (Link, 2021).
  • "The Inside Story of What the Original Titleist Pro V1 Launch Was Really Like," Andrew Tursky (Golf Digest, 2020).
  • "Head of Golf Ball Retrieval Company Sentenced for Manslaughter After Diving Death at Wales Golf Course," by Alex Myers (Golf Digest, 2017).
  • "Man Dies While Illegally Diving for Golf Balls," by Alex Myers (Golf Digest, 2015).

 

• EXTRAS:
  • "Greg Norman Takes On the P.G.A. Tour," by People I (Mostly) Admire (2023).

When you think of a potato, one state probably comes to mind: Idaho. But for much of American history, Maine was home to the nation's largest potato crop.

That status had changed by the 1970s, with the West growing more and more of the nation's potatoes. But Maine still had one distinct advantage: A privileged position in the commodities market. The New York Mercantile Exchange, one of the largest such marketplaces in the country, exclusively dealt in Maine potatoes. And two deep-pocketed Western potato kingpins weren't happy about it.

So the Westerners waged what's now called the Maine Potato War of 1976. Their battlefield was the futures market: A special type of marketplace, made up of hordes of screaming traders, where potatoes can be bought and sold before they're even planted.

The Westerners did something so bold – and so unexpected – that it brought not only the potato market, but the entire New York commodities exchange, to its knees.

Today on the show, how a war waged through futures contracts influenced the kind of potatoes we eat.

This episode was hosted by Dylan Sloan and Nick Fountain. This episode was produced by Sam Yellowhorse Kesler with help from Emma Peaslee. It was edited by Molly Messick, engineered by Valentina Rodríguez Sánchez, and fact checked by Sierra Juarez. Our executive producer is Alex Goldmark.

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There's this fundamental question in economics that has proven really hard to answer: What's a good way to help people out of poverty? The old-school way was to fund programs that would support very particular things, like buying cows for a village, giving people business training, or building schools.

But over the past few decades, there has been a new idea: Could you help people who don't have money by ... just giving them money? We covered this question in a segment of This American Life that originally ran in 2013. Economists who studied the question found that giving people cash had positive effects on recipients' economic and psychological well-being. Maybe they bought a cow that could earn them money each week. Maybe they could replace their grass roofs with metal roofs that didn't need fixing every so often.

The success of just giving people in poverty cash has spawned a whole set of new questions that economists are now trying to answer. Like, if we do just give money, what's the best way to do that? Do you just give it all at once? Or do you dole it out over time? And it turns out... a huge new study on giving cash was just released and it's got a lot of answers.

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Peter Boettke sits down with Bryan Cheang, discussing unveiling liberalism in Southeast Asia. In this conversation, Bryan begins with discourse on the synthesis of different schools of thought in economic growth and development, stressing the importance of considering the relationship between cultural differences, classical liberalism, and economic development. He points out that in Asia, many countries adopted capitalist practices but remained authoritarian, challenging the notion that capitalism and freedom always go hand in hand. Bryan also argues for a broadening of methodological approaches in economics to include cultural and historical contexts of individuals.

Bryan Cheang is the Assistant Director of the Centre for the Study of Governance & Society. He received his PhD and MA in Political Economy from King’s College London and is a graduate of the National University of Singapore. He has authored three books including Economic Liberalism and the Developmental State: Hong Kong and Singapore’s Post-war Development (Palgrave Macmillan, 2023), Liberalism Unveiled: Forging A New Third Way In Singapore (coauthored with Donovan Choy, World Scientific, 2021) and Free Market Humanitarianism (Ally Press, 2019). Bryan is an alum of the Mercatus Adam Smith Fellowship.

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CC Music: Twisterium

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.

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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

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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!

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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.

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

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