Have you noticed a lot of young people getting into antenna-maxxing as alpha? Or, maybe searching for any bit of copium after they fat-fingered and got rinsed? Or maybe they farmed during a yes-fest on Mention Markets resulting in some serious printing? If none of that made sense to you, then we have the perfect episode for you. Prediction markets have taken off in the past few years, using the same legal loopholes as the crypto market to essentially claim they are a “swap,” or “futures market,” similar to that of the totally legal grain and pork belly markets, and less like the state-regulated sports gambling market. And they are great for the bondsharps who print on the regular (or, in English, “well known market makers who often make a lot of money”). These prediction market companies exist because they’ve convinced regulators that they’re also great for the rest of us. They're adding new knowledge to the world. Making us more informed about the future. On today’s episode, the case Kalshi has been making to regulators, the courts and the public as to why what looks like gambling and seems like gambling … is not. Why that argument’s kinda been working. And – if no one stops them – what prediction markets could do to our future. If you want to hear more about how federal regulators investigate trades on prediction markets, The Indicator will have an episode on Monday with former CFTC Commissioner Kristin Johnson. Live show tour and book info. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode of Planet Money was hosted by Bobby Allyn and Mary Childs. It was produced by Sam Yellowhorse Kesler. It was edited by Marianne McCune, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

The United States has been at war with Iran since February 28th. And for a month and a half, Iran’s main leverage over the U.S. has been their control over the Strait of Hormuz — a key global shipping route. Iran has attacked ships that try to pass without approval. And recently they’ve insinuated that one part of the Strait — the part near Oman — is not safe. Which means that captains had to go right by Iran’s shores to get through the Strait … effectively creating a chokepoint for the global economy. On today’s show, a source inside Iran tells us how ships had been getting through the strait, and how the tollbooth Iran set up works. And we ask: What does this all mean for the global economy? Live show tour and book info. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode of Planet Money was hosted by Nick Fountain. It was produced by James Sneed. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Kwesi Lee. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

How do bookstores choose the books they stock, and how does that affect what customers read? It may not seem like it, but every shelf in a bookstore is a highly valuable and contested piece of commercial real estate. And for every new book that a bookstore decides to stock, there are thousands of others that did not make the cut. So how do bookstores make those decisions? And how will the Planet Money book fare under the discerning eyes of the booksellers, the final gatekeepers in the long gauntlet of the publishing industry? Today on the show: the third episode in our series. Planet Money sets out to actually sell a book. We burrow behind the bookstore shelves to learn the secret codes that publishers use to try to convince booksellers to carry the book, from little mom and pops to airport juggernauts. There will be corporate intelligence networks, bargain bin shenanigans, and a giant industrial saw chewing up books by the thousands. Call it Pulp Non-fiction. Related: - Fisher Nash’s Substack - Episode 1: Inside a BOOK auction - Episode 2: Our BOOK vs. the global supply chain - Series: Planet Money makes a book Live show tour and book info. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was produced by Willa Rubin with help from Emma Peaslee. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is our executive producer. Music: NPR Source Audio - “A Peculiar Investigation,” “Round Round,” and “Neighbourhood Watcher.” See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

Live event info and tickets here. If your company got bought by a private equity firm, how would you feel? Maybe a little nervous? You might find yourself wondering if there will be layoffs. And you’d be right to worry about that. Research shows that while private equity ownership can boost a company’s productivity, it does generally result in job cuts. But one private equity executive is trying to do things a different way – giving workers equity, little cuts of ownership in their own companies. To see if doing so can improve outcomes overall. On today’s show, private equity is not widely beloved for its societal costs – job losses, product degradation, worsening inequality. And this one guy at this one firm can’t solve all of his industry’s ills. But for the past 15 years, he’s been running a large-scale, real-world experiment to see if giving workers ownership can fit into the big bad world of PE. And maybe lead to more … equity. Recommended Listening/Reading: What Do Private Equity Firms Actually Do? The risk of private equity in your 401(k) Here's what happens when private equity buys homes in your neighborhood (newsletter) JScrewed Find the Planet Money book. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was hosted by Mary Childs and Wailin Wong. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang with an assist from Marianne McCune, fact-checked by Sierra Juarez, engineered by Cena Loffredo with help from Jimmy Keeley. Alex Goldmark is Planet Money’s executive producer. Music: Universal Production Music - "Make Me Want You," "Baby I Surrender," and "Bye Bye Bye" See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

Live event info and tickets here. When ingredient costs skyrocket, companies have three basic options: They can raise their prices (a sort of product-specific inflation), shrink the size of the products (often called “shrinkflation”), or, sometimes, find more creative ways to reduce costs by degrading the quality of their products - which our very own Greg Rosalsky has dubbed as “skimpflation.” The latest alleged culprit? Hershey’s. The Hershey Company is using ingredients in some of their Reese’s candies that — legally — they cannot call milk chocolate or peanut butter. This has infuriated Brad Reese, a grandson of H.B. Reese, the inventor of the Reese’s Peanut Butter Cup. On today’s show, why chocolate makers might be skimping on chocolate and peanut butter, what else might explain these ingredients, and how Brad Reese has launched a skimp-shaming campaign to get Hershey’s to go back to using classic Reese’s ingredients. And – EXCLUSIVE – you’ll hear Planet Money break some big news to third-generation peanut butter cup scion Brad Reese. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was hosted by Greg Rosalsky and Sarah Gonzalez. It was produced by James Sneed. It was edited by Kenny Malone, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

LIVE SHOW TOUR INFO HERE. New stories, live tapings, special guests, book signings and more. What would you build on a piece of land when all the normal rules go out the window? On today’s show, how the Squamish Nation reclaimed a sliver of prime urban real estate and were liberated from zoning restrictions, to the consternation of their wealthy NIMBY neighbors. We trace the 100 year saga of what might be the most interesting real estate development in North America right now: There’s a violent eviction, a tense legal battle, and a giant, tough decision for the Squamish Nation that culminates in the daring project that they’re building today. It’s a story with lessons for every city trying to lower housing costs and build more. This episode is adapted from Planet Money: A Guide To The Economic Forces That Shape Your Life. Pre-order before April 7 and you can get a poster. Details here. The working paper we mentioned on “ready-to-issue” permits in Los Angeles. Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was produced by Sam Yellowhorse Kesler with an assist from Emma Peaslee. It was edited by Jess Jiang, fact-checked by Sierra Juarez and engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

When you come across a book at a yard sale or a bookstore, you might pay more attention to the words between the covers than the physical form of the book itself. But content and the form are both crucial to a book’s success. Each book you pull off the shelf, is the product of thousands of decisions, big and small, tying together vast supply chains and armies of workers from around the world. On today’s episode, the second episode in our series: Planet Money sets out to actually write, design, and manufacture a book. We go spelunking deep inside the bowels of the publishing industrial complex. There will be trade wars, sunken cargo containers filled with lost cookbooks, deforestation regulations, and just a whiff of scratch and sniff. Related: - Watch our book being printed: TikTok, Instagram, Spotify - Episode 1: Inside a BOOK auction - Episode 3: BOOKstore Economics - The laws of the office revisited - Series: Planet Money makes a book Live event info and tickets here. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was produced by Willa Rubin. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is Planet Money's executive producer. Music: NPR Source Audio - “Motivation Or Mayhem,” “Missing A Deadline,” and “No Limits After All.” See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

In the age of TikTok and Polymarket, it can be easy to overlook the humble book. But books are one of the most influential technologies ever invented. From “The Wealth of Nations” to “Das Kapital,” books have the power to shape whole economic systems… and everything else in our world. The market for books can determine which ideas make it to the masses. So when Planet Money was approached to make its own book, not only did it present an opportunity to spread the gospel of whimsical economic infotainment to new audiences everywhere, but it also presented an opportunity to get a rare peek behind the curtain of the notoriously opaque world of publishing. On today’s episode, the first chapter in our series on the making of a book: Planet Money sets out to land a book deal. We enter the high stakes, high school drama of the publishing industry, where literary agents try to woo powerful book editors. And we learn what happens when lofty artistic ideals meet the cold logic of the market. It’s a courtship dance with millions of dollars potentially on the line. There will be whale fights, corporate speed dating, and a literary shotgun wedding. Related: - Episode 2: Our BOOK vs. the global supply chain - Episode 3: BOOKstore Economics - Series: Planet Money makes a book Live event info and tickets here. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was produced by Willa Rubin with production help from Sam Yellowhorse Kesler. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Alex Goldmark is Planet Money's executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

The cardinal tetra is one of the most popular pet fish in the world. They look like little red and blue sequins. You've almost certainly seen them at the pet store or the fish tank at your dentist's office. They're everywhere. Not so long ago, most of the world's supply of cardinals came from just one place. It's a little town deep in the rainforests of Brazil, where locals still catch these fish by hand. But the business that this town has relied on for decades has come under threat. Recently, we hopped on a plane to see this unusual economy for ourselves — and, two different visions for how to save it. For more information about these fish, check out Project Piaba. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was hosted by Jeff Guo. It was co-reported and produced by Luis Gallo. It was edited by Marianne McCune, fact-checked by Sierra Juarez and engineered by Kwesi Lee. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

Robby the chef has lots of endearing qualities. He can make over 5000 dishes, he’s a consistent cook, and he’s never late for work. But he’s not a human. It is a 750 lb. stainless steel robot. With a rotating wok at its center. It’s a wok-bot. Automation has changed many industries. But automation only started entering restaurant kitchens in the past couple decades. Which raises the question – what will robots mean for the restaurant industry? How will automation change jobs and how will it change the very food we eat? Today on the show, we talk with a Nobel prize-winning economist, Daron Acemoglu, about when automation is complementing or displacing workers. And we decide to put this wok-bot to the test. We pit a human chef against Robby the wok-bot in a head-to-metalhead smackdown. Further Listening/Reading: * How AI could help rebuild the middle class * The Big Red Button * Check out our AI series: Planet Money makes an episode using AI * Why Nations Fail, America Edition (newsletter) * A New Way To Understand Automation (newsletter) Get your book tour tickets here. / Pre-order the Planet Money book and get a free gift. Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was hosted by Erika Beras and Justin Kramon. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez with help from Cena Loffredo. Interpretation help from Huo Jingnan. Alex Goldmark is Planet Money’s executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

Live event info and tickets here. If something is going wrong in your workplace, there's probably a law that explains why. Meetings always seem long, and never end early? There’s Parkinson’s Law, which says work expands to the time allotted, or, restated: meetings will always take up all the time blocked on Outlook calendars. Is your boss bad at managing? Check the Peter Principle, which says people are promoted to their level of incompetence. A good worker does not a good manager make. And yet … here we are. Once you hear these laws, and a few others, you start to spot them everywhere. Today on the show, we picked a few of the most famous and powerful ‘laws of the office’ and tested them out on each other. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. This episode was hosted by Kenny Malone, Sarah Gonzalez, and Alexi Horowitz-Ghazi. It was produced by Alexi Horowitz-Ghazi. Bryant Urstadt edited this show. Planet Money’s executive producer is Alex Goldmark. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

What do we want from sports? The very best athletes competing as hard as they know how, putting all their effort and training and natural ability to the test against their opponents. But this time of year, that’s not the product the NBA is putting on the court. Instead, teams at the bottom of the league are competing … to lose, because it could help them get a top pick in next year’s draft. It’s called tanking — it’s bad for fans, and it’s bad for the league. Tanking has gotten especially egregious this year. Even NBA Adam Silver has called out teams for tanking. He recently announced that league bigwigs are considering “every possible remedy” to “align incentives.” Today on the show — Planet Money fixes the NBA’s tanking problem by … fixing the NBA draft. We get solutions from Hockey Hall of Famer Jayna Hefford, World Cup Champion Sam Mewis, and long-time NBA analyst Zach Lowe. Handles for the NBA fans in the episode: thevoiceofevan, fullcourtblitz, ashleynevel, igotnxtpodcast, finesse.wes, basketballsavant, and mikedaddino__. Live event info and tickets here / Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, or the NPR app Facebook / Instagram / TikTok / Our weekly Newsletter This episode was hosted by Keith Romer and Erika Beras. It was produced by James Sneed with an assist from Sam Yellowhorse Kesler. It was edited by Jess Jiang and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

Heated Rivalry, the steamy hockey romance show, was made for about $2 million per episode. That is remarkably cheap for an hour-long drama. Today on the show, a conversation with Heated Rivalry creators Jacob Tierney and Brendan Brady about their television miracle on ice. It’s not just that the show was made efficiently and cleverly. Heated Rivalry comes from a Canadian economic system of making TV and movies that is completely different from how we do things in the US. In this episode of Planet Money, in partnership with the Pivot podcast co-hosted by Kara Swisher, we hear about a Canadian production model for making TV and movies and how it’s different from the U.S. model. And we learn what the experience of making Heated Rivalry teaches us about the current state of both industries. Live event info and tickets here. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Facebook / Instagram / TikTok / Our weekly Newsletter. The original Pivot episode from New York Magazine and The Vox Media Podcast Network was hosted by Kara Swisher, produced by Lara Naman, Zoë Marcus and Taylor Griffin and engineered by Brandon McFarland. Nishat Kurwa is Vox Media's Executive Producer of podcasts. This episode of Planet Money was hosted by Kenny Malone, produced by James Sneed, edited by Jess Jiang and fact-checked by Lara Naman. Alex Goldmark is our executive producer. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

The world of science has been stuck in an existential crisis over whether we actually know the things we thought we knew. Re-running an old study today doesn't always yield the same result. Same with re-enacting old experiments. Collectively, this is known as the “replication crisis.” Economist Abel Brodeur has come up with one way to help fix this crisis: he’s invented an internationally crowdsourced surveillance system, designed to keep social scientists honest. He calls it the “Replication Games.” Further Listening: * Fabricated data in research about honesty. You can't make this stuff up. Or, can you? * The Experiment Experiment * How Much Should We Trust Economics? This episode was hosted by Mary Childs and Alexi Horowitz-Ghazi. It was produced by James Sneed and Emma Peaslee, with help from Willa Rubin. It was edited by Jess Jiang, fact-checked by Sam Yellowhorse Kesler, and engineered by Ko Takasugi-Czernowin. Alex Goldmark is Planet Money’s executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy

Live event info and tickets here. ICE is scaling up, with rapid new hiring. So we ask, has training new officers changed? At what cost? Also, the Trump administration has plans to pour billions of dollars into warehouses for mass immigrant detention centers, which can totally change the economy of some areas. We hear from a rural town in Georgia that wants an ICE facility in its own backyard. These episodes were originally published on Planet Money’s sister daily podcast The Indicator. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+ Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Listen to the Indicator from Planet Money Facebook / Instagram / TikTok / Our weekly Newsletter. The episodes of The Indicator were produced by Julia Ritchey, with engineering by Jimmy Keeley. They were fact-checked by Sierra Juarez. Kate Concannon is our show's editor. This episode of Planet Money was produced by Luis Gallo, with help from James Sneed. It was edited by Planet Money’s Executive Producer, Alex Goldmark. See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy