Category: 3-EconSometimeCommentary

A full-length conversation with Robert Sullivan, who wrote the best book on rats you’ll ever read. To get subscriber-only episodes, sign up for SiriusXM Podcasts+ on Apple Podcasts or by visiting siriusxm.com/podcastsplus.

The post The Rat Man appeared first on Freakonomics.

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When a Fortune 500 company needs a new leader, it turns to a well-connected headhunter who assesses candidates with psychological tests and mock TV interviews. Zachary Crockett activates his network.  

 

• SOURCES:
  • Julian Ha, partner at the executive recruiting firm Heidrick & Struggles.
  • Jane Stevenson, global vice chair of board and CEO services at Korn Ferry.

 

• RESOURCES:
  • "The Transformation of the CEO," by Stephen Langton, Rusty O'Kelley, Laura Sanderson, and Sean Roberts (Russell Reynolds Associates, 2024).
  • "Executive Paywatch" (AFL-CIO, 2023).
  • "Diversity matters even more: The case for holistic impact," by Dame Vivian Hunt, Sundiatu Dixon-Fyle, Celia Huber, María del Mar Martínez Márquez, Sara Prince, and Ashley Thomas (McKinsey & Company, 2023).
  • "CEO Tenure Rates," by Joyce Chen (Harvard Law School Forum on Corporate Governenance, 2023).
  • "Best Industries to Recruit for in the US" (Precision Global Consulting).

There's one statistic that rules them all when it comes to keeping track of the economy: gross domestic product (GDP). It's the sum of all final transactions, so all the goods or services bought and sold, in an economy. GDP tells us how hot the economy is running, or how cool — like if we might be heading into a recession. And it's an important tool to compare countries, policies, and politicians. It's used by the U.S. government to allocate money and by businesses to make decisions about the future.

For close to a century the building blocks of GDP have been the same. Now Commerce Secretary Howard Lutnick, has proposed a big change: taking government spending out of GDP.

On today's show, can the U.S. change how it measures GDP? We talk with a former head of the BEA — about what he thinks they're likely to do now, and about the pressure he faced while trying to compile GDP for nearly two decades. Turns out, people have always been trying to bend it to make whatever grand project they're working on look better.

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The quirky little grocery chain with California roots and German ownership has a lot to teach all of us about choice architecture, efficiency, frugality, collaboration, and team spirit.

The post Should America Be Run by … Trader Joe’s? (Update) appeared first on Freakonomics.

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On this episode, Jessica Carges chats with Catherine Pakaluk on her latest book, Hannah's Children: The Women Quietly Defying the Birth Dearth (2024). Pakaluk describes the economic consequences of dropping fertility rates, explores the reasons for why women choose to have children, explains how we can increase fertility rates, and more.

Catherine Pakaluk is the Director of Political Economy and an Associate Professor at The Catholic University of America. Her primary areas of research include economics of education and religion, family studies and demography, Catholic social thought and political economy.

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, a podcast series from the Hayek Program, is streaming. Subscribe today and listen to season three, releasing now!

Follow the Hayek Program on Twitter: @HayekProgram

Learn more about Academic & Student Programs

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CC Music: Twisterium

Note: This original episode ran in 2020.

Walter Schramm did everything right as an investor — at least according to the philosophy of Warren Buffett. So how come he lost a small fortune?

In this episode, we look into an obscure government program that slurps up forgotten money. We hunt for money we might have left vulnerable and we try to figure out how it got there in the first place so we can tell you where to find the money you've misplaced too.

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Security guards make malls feel safer, but what can they do when there’s trouble? Zachary Crockett observes and reports.

 

• SOURCES:
  • Gus Parsons, mall cop in the San Diego area.
  • David Levenberg, owner of Center Security Services.

 

• RESOURCES:
  • "Mall of America's security team will start using facial recognition software as part of safety plan," by Derek James (CBS News, 2024).
  • "The Problems Inside North America’s Largest Security Firm—and Third-Biggest Employer," by Alana Semuels (Time, 2023).
  • "Malls Work on Their Security, but Keep It in the Background," by Ronda Kaysen (New York Times, 2013).
  • Center Security Services.

 

• EXTRAS:
  • "NYPD subway robot, Knightscope, gets sacked after two-month pilot program," by Vineet Josan (The Ticker, 2024).
  • "The State of the American Mall," by Sapna Maheshwari (New York Times, 2021).

 

Tupperware is the stealthy star of our modern homes. These plastic storage containers are ubiquitous in our fridges, pantries, and closets. But the original product was revolutionary. So was its breakthrough sales strategy: the Tupperware Party.

Led in part by a charismatic housewife turned business innovator, Tupperware pioneered more than the party. Brownie Wise, and the company she came to represent, are behind a core sales technique that we might now recognize as influencer marketing.

The company was so successful at its peak, it reached almost cult status. But it didn't last.

On our latest episode: Tupperware's success and the company's demise. And how its descendants — in products, and in sales strategies — lived on.

This episode is in partnership with Decoder Ring. For even more on the legacy of Tupperware, listen to their full episode.

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If you cut every single federal job President Donald Trump wants to cut, how much money would that save?

A president has tried to massively shrink the size of the federal government before. It was in the 90s, under a Democrat.

Today on the show: Where they found waste the last time we really looked. (Hint: it wasn't jobs.) And why the pace of firings under Trump might start to slow down.

For more:
- Lessons for the Future of Government Reform
- Is government too big? Reflections on the size and composition of today's federal government
- Creating a Government That Works Better and Costs Less

This episode of Planet Money was produced by Willa Rubin. It was edited by Jess Jiang and engineered by Jimmy Keeley. We had fact-checking help from Sierra Juarez. Alex Goldmark is our executive producer. Special thanks to Ben Zipperer.

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Music: Audio Network - "West Green Road," "Raise Up," and "Blue and Green."

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How do TV producers decide how much money to give away? A little psychology and a lot of math. Zachary Crockett phones a friend.

 

• SOURCES:
  • Bowen Kerins, math teacher and former contestant on Who Wants to Be A Millionaire.
  • Arthur Smith, CEO of A. Smith & Co. Productions and author of "Reach: Hard Lessons and Learned Truths from a Lifetime in Television."
  • Aaron Solomon, television producer.

 

• RESOURCES:
  • "‘The Price Is Right’ Celebrates 10,000 Episodes With Extra Big Wins for Contestants That Top Off at $100,000!" by Rosemary Rossi (Variety, 2025).
  • "Why haven’t more game show prizes been adjusted for inflation?" by Janet Nguyen (Marketplace, 2023).
  • "Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show," by Thierry Post, Martijn J. van den Assem, Guido Baltussen, and Richard Thaler (American Economic Review, 2008).
  • "Why Game Shows Have Economists Glued to Their TVs," by Charles Florelle (Wall Street Journal, 2006).

 

• EXTRAS:
  • "Bowen Kerins on Who Wants to Be a Millionaire" (2000).