Austan Goolsbee, president of the Federal Reserve Bank of Chicago, is less reserved than the average banker. He explains why vibes are overrated, why the Fed’s independence is non-negotiable, and why tariffs could bring the economy back to the Covid era.

• SOURCES:
  • Austan Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago.

• RESOURCES:
  • "Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce," by Austan Goolsbee and Peter Klenow (American Economic Association Papers and Proceedings, 2018).
  • Microeconomics, by Austan Goolsbee, Steven Levitt, and Chad Syverson (2012).
  • "Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry," by Jeffrey Brown and Austan Goolsbee (Journal of Political Economy, 2002).
  • Survey of Consumers (University of Michigan).
  • Adobe Digital Price Index.

• EXTRAS:
  • "Was Austan Goolsbee’s First Visit to the Oval Office Almost His Last?" by People I (Mostly) Admire (2022).
  • "Is $2 Trillion the Right Medicine for a Sick Economy?" by Freakonomics Radio (2020).
  • "Fed Up," by Freakonomics Radio (2019).
  • "Why the Trump Tax Cuts Are Terrible/Awesome (Part 2)" by Freakonomics Radio (2018).
  • "Ben Bernanke Gives Himself a Grade," by Freakonomics Radio (2015).
  • "Should the U.S. Merge With Mexico?" by Freakonomics Radio (2014).

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Just beneath the surface of the global economy, there is a hidden layer of dealmakers for whom war, chaos, and sanctions can be a great business opportunity. Javier Blas and Jack Farchy, the authors of The World for Sale, help us shine a light on the shadowy realm of commodity traders.

• SOURCES:
  • Javier Blas, opinion columnist at Bloomberg News.
  • Jack Farchy, energy and commodities senior reporter at Bloomberg News.

• RESOURCES:
  • The World For Sale: Money, Power, and the Traders Who Barter the Earth's Resources, by Javier Blas and Jack Farchy (2021)
  • The King of Oil: The Secret Lives of Marc Rich, by Daniel Ammann (2010).

• EXTRAS:
  • "How the Supermarket Helped America Win the Cold War (Update)" by Freakonomics Radio (2024).
  • "The First Great American Industry," by Freakonomics Radio (2023).

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Everyone makes mistakes. How do we learn from them? Lessons from the classroom, the Air Force, and the world’s deadliest infectious disease. (Part four of a four-part series.)

• SOURCES:
  • Will Coleman, founder and C.E.O. of Alto.
  • Amy Edmondson, professor of leadership management at Harvard Business School.
  • Babak Javid, physician-scientist and associate director of the University of California, San Francisco Center for Tuberculosis.
  • Gary Klein, cognitive psychologist and pioneer in the field of naturalistic decision making.
  • Theresa MacPhail, medical anthropologist and associate professor of science & technology studies at the Stevens Institute of Technology.
  • Roy Shalem, lecturer at Tel Aviv University.
  • Samuel West, curator and founder of The Museum of Failure.

• RESOURCES:
  • "A Golf Club Urinal, Colgate Lasagna and the Bitter Fight Over the Museum of Failure," by Zusha Elinson (Wall Street Journal, 2025).
  • Right Kind of Wrong: The Science of Failing Well, by Amy Edmondson (2023).
  • “You Think Failure Is Hard? So Is Learning From It,” by Lauren Eskreis-Winkler and Ayelet Fishbach (Perspectives on Psychological Science, 2022).
  • “The Market for R&D Failures,” by Manuel Trajtenberg and Roy Shalem (SSRN, 2010).
  • “Performing a Project Premortem,” by Gary Klein (Harvard Business Review, 2007).

• EXTRAS:
  • "The Deadliest Disease in Human History," by People I (Mostly) Admire (2025).
  • “How to Succeed at Failing,” series by Freakonomics Radio (2023).
  • “Moncef Slaoui: ‘It’s Unfortunate That It Takes a Crisis for This to Happen,'” by People I (Mostly) Admire (2020).

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Giving up can be painful. That's why we need to talk about it. Today: stories about glitchy apps, leaky paint cans, broken sculptures — and a quest for the perfect bowl of ramen. (Part three of a four-part series.)

• SOURCES:
  • John Boykin, website designer and failed paint can re-inventor.
  • Angela Duckworth, host of No Stupid Questions, co-founder of Character Lab, and professor of psychology at the University of Pennsylvania.
  • Amy Edmondson, professor of leadership management at Harvard Business School.
  • Helen Fisher, former senior research fellow at The Kinsey Institute and former chief science advisor to Match.com.
  • Eric von Hippel, professor of technological innovation at M.I.T.’s Sloan School of Management.
  • Jill Hoffman, founder and C.E.O. of Path 2 Flight.
  • Gary Klein, cognitive psychologist and pioneer in the field of naturalistic decision making.
  • Steve Levitt, host of People I (Mostly) Admire, co-author of the Freakonomics books, and professor of economics at the University of Chicago.
  • Joseph O’Connell, artist.
  • Mike Ridgeman, government affairs manager at the Wisconsin Bike Fed.
  • Melanie Stefan, professor of physiology at Medical School Berlin.
  • Travis Thul, vice president for Student Success and Engagement at Minnesota State University, Mankato.

• RESOURCES:
  • “Data Snapshot: Tenure and Contingency in US Higher Education,” by Glenn Colby (American Association of University Professors, 2023).
  • Grit: The Power of Passion and Perseverance, by Angela Duckworth (2016).
  • “Entrepreneurship and the U.S. Economy,” by the U.S. Bureau of Labor Statistics (2016).
  • “A C.V. of Failures,” by Melanie Stefan (Nature, 2010).
  • Ramen Now! official website.

• EXTRAS: 
  • “How to Succeed at Failing,” series by Freakonomics Radio (2023).
  • “Annie Duke Thinks You Should Quit,” by People I (Mostly) Admire (2022).
  • “How Do You Know When It’s Time to Quit?” by No Stupid Questions (2020).
  • “Honey, I Grew the Economy,” by Freakonomics Radio (2019).
  • “The Upside of Quitting,” by Freakonomics Radio (2011).

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In medicine, failure can be catastrophic. It can also produce discoveries that save millions of lives. Tales from the front line, the lab, and the I.T. department. (Part two of a four-part series.)

• SOURCES:
  • Amy Edmondson, professor of leadership management at Harvard Business School.
  • Carole Hemmelgarn, co-founder of Patients for Patient Safety U.S. and director of the Clinical Quality, Safety & Leadership Master’s program at Georgetown University.
  • Gary Klein, cognitive psychologist and pioneer in the field of naturalistic decision making.
  • Robert Langer, institute professor and head of the Langer Lab at the Massachusetts Institute of Technology.
  • John Van Reenen, professor at the London School of Economics.

• RESOURCES:
  • Right Kind of Wrong: The Science of Failing Well, by Amy Edmondson (2023).
  • “Reconsidering the Application of Systems Thinking in Healthcare: The RaDonda Vaught Case,” by Connor Lusk, Elise DeForest, Gabriel Segarra, David M. Neyens, James H. Abernathy III, and Ken Catchpole (British Journal of Anaesthesia, 2022).
  • "Estimates of preventable hospital deaths are too high, new study shows," by Bill Hathaway (Yale News, 2020).
  • “Dispelling the Myth That Organizations Learn From Failure,” by Jeffrey Ray (SSRN, 2016).
  • “A New, Evidence-Based Estimate of Patient Harms Associated With Hospital Care,” by John T. James (Journal of Patient Safety, 2013).
  • To Err is Human: Building a Safer Health System, by the National Academy of Sciences (1999).
  • “Polymers for the Sustained Release of Proteins and Other Macromolecules,” by Robert Langer and Judah Folkman (Nature, 1976).
  • The Innovation and Diffusion Podcast, by John Van Reenen and Ruveyda Gozen.

• EXTRAS:
  • "The Curious, Brilliant, Vanishing Mr. Feynman," series by Freakonomics Radio (2024).
  • “Will a Covid-19 Vaccine Change the Future of Medical Research?” by Freakonomics Radio (2020).
  • “Bad Medicine, Part 3: Death by Diagnosis,” by Freakonomics Radio (2016).

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We tend to think of tragedies as a single terrible moment, rather than the result of multiple bad decisions. Can this pattern be reversed? We try — with stories about wildfires, school shootings, and love. (Part one of a four-part series.)

• SOURCES:
  • Amy Edmondson, professor of leadership management at Harvard Business School.
  • Helen Fisher, former senior research fellow at The Kinsey Institute and former chief science advisor to Match.com.
  • Ed Galea, founding director of the Fire Safety Engineering Group at the University of Greenwich.
  • Gary Klein, cognitive psychologist and pioneer in the field of naturalistic decision making.
  • David Riedman, founder of the K-12 School Shooting Database.
  • Aaron Stark, head cashier at Lowe's and keynote speaker.
  • John Van Reenen, professor at the London School of Economics.

• RESOURCES:
  • "Ethan Crumbley: Parents of Michigan school gunman sentenced to at least 10 years," by Brandon Drenon (New York Times, 2024).
  • Right Kind of Wrong: The Science of Failing Well, by Amy Edmondson (2023).
  • "How Fire Turned Lahaina Into a Death Trap," by Nicholas Bogel-Burroughs, Serge F. Kovaleski, Shawn Hubler, and Riley Mellen (The New York Times, 2023).
  • The Violence Project: How to Stop a Mass Shooting Epidemic, by Jillian Peterson and James Densley (2021).
  • "I Was Almost A School Shooter," by Aaron Stark (TEDxBoulder, 2018).

• EXTRAS: 
  • "Is Perfectionism Ruining Your Life?" by People I (Mostly) Admire (2023).
  • "Why Did You Marry That Person?" by Freakonomics Radio (2022).
  • "What Do We Really Learn From Failure?" by No Stupid Questions (2021).
  • "How to Fail Like a Pro," by Freakonomics Radio (2019).
  • "Failure Is Your Friend," by Freakonomics Radio (2014).

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It used to be that making documentary films meant taking a vow of poverty (and obscurity). The streaming revolution changed that. Award-winning filmmaker R.J. Cutler talks to Stephen Dubner about capturing Billie Eilish’s musical genius and Martha Stewart’s vulnerability — and why he really, really, really needs to make a film about the New York Mets.

• SOURCES:
  • R.J. Cutler, filmmaker.

• RESOURCES:
  • Fight for Glory, documentary (2025).
  • Martha, documentary (2024).
  • "Reality Check: The Boom—or Glut—in Streaming Documentaries Has Sparked a Reckoning Among Filmmakers and Their Subjects," by Reeves Wiedeman (Vulture, 2023).
  • "Inside the Documentary Cash Grab," by Mia Galuppo and Katie Kilkenny (The Hollywood Reporter, 2022).
  • Billie Eilish: The World’s a Little Blurry, documentary (2021).

• EXTRAS:
  • “Ari Emanuel Is Never Indifferent,” by Freakonomics Radio (2023).

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It’s been in development for five years and has at least a year to go. On the eve of its out-of-town debut, the actor playing Lincoln quit. And the producers still need to raise another $15 million to bring the show to New York. There really is no business like show business. (Part three of a three-part series.)

• SOURCES:
  • Christopher Ashley, artistic director of La Jolla Playhouse.
  • Debby Buchholz, managing director of La Jolla Playhouse.
  • Carmen Cusack, actor.
  • Quentin Earl Darrington, actor.
  • Joe DiPietro, playwright and lyricist.
  • Crystal Monee Hall, composer, singer, actor.
  • Ivan Hernandez, actor.
  • Michael Rushton, professor of arts administration at Indiana University.
  • Jeffrey Seller, Broadway producer.
  • Alan Shorr, Broadway producer.
  • Daniel Watts, writer, choreographer, actor.

• RESOURCES:
  • 3 Summers of Lincoln (2025).
  • "Review: Visceral ‘3 Summers of Lincoln’ is thrilling and thought-provoking," by Pam Kragen (San Diego Union-Tribune, 2025).
  • "What’s Wrong with the Theatre is What’s Wrong With Society," by Michael Rushton (ArtsJournal, 2023).
  • "American Theater Is Imploding Before Our Eyes," by Isaac Butler (New York Times, 2023).
  • The Moral Foundations of Public Funding for the Arts, by Michael Rushton (2023).

• EXTRAS:
  • “How to Make the Coolest Show on Broadway,” by Freakonomics Radio (2024).
  • “You Can Make a Killing, but Not a Living,” by Freakonomics Radio (2024).

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In an episode from 2012, we looked at what Sleep No More and the Stanford Prison Experiment can tell us about who we really are.

• SOURCES:
  • Felix Barrett, artistic director of Punchdrunk.
  • Steven Levitt, professor of economics at the University of Chicago.
  • Philip Zimbardo, professor emeritus at Stanford University.

• RESOURCES:
  • “Philip Zimbardo, the psychologist behind the ‘Stanford Prison Experiment,’ dies at 91,” by Melissa De Witte (Stanford Report, 2024).
  • “Debunking the Stanford Prison Experiment,” by Thibault Le Texier (American Psychologist, 2019).
  • “The Lifespan of a Lie,” by Ben Blum (GEN, 2018).
  • Punchdrunk.

• EXTRAS:
  • “How Is Live Theater Still Alive?” by Freakonomics Radio (2025).
  • "Why Is There So Much Fraud in Academia?" by Freakonomics Radio (2024).

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A hit like Hamilton can come from nowhere while a sure bet can lose $20 million in a flash. We speak with some of the biggest producers in the game — Sonia Friedman, Jeffrey Seller, Hal Luftig — and learn that there is only one guarantee: the theater owners always win. (Part two of a three-part series.)

• SOURCES:
  • Debby Buchholz, managing director of La Jolla Playhouse.
  • Sonia Friedman, Broadway producer.
  • Rocco Landesman, Broadway producer, former owner of Jujamcyn Theaters, former chairman of the National Endowment for the Arts.
  • Hal Luftig, Broadway producer.
  • Luis Miranda Jr., political strategist, founding president of the Hispanic Federation, the Northern Manhattan Arts Alliance, Viva Broadway, and The Public Theater.
  • Michael Rushton, professor of arts administration at Indiana University.
  • Jeffrey Seller, Broadway producer.
  • Richard Winkler, Broadway producer.
  • Stacy Wolf, professor of theater at Princeton University.

• RESOURCES:
  • Theater Kid: A Broadway Memoir, by Jeffrey Seller (2025).
  • Relentless: My Story of the Latino Spirit That Is Transforming America, by Luis Miranda Jr. (2024).
  • Beyond Broadway: The Pleasure and Promise of Musical Theatre Across America, by Stacy Wolf (2019).
  • "‘Hamilton’ Inc.: The Path to a Billion-Dollar Broadway Show," by Michael Paulson and David Gelles (New York Times, 2016).
  • "On the Performing Arts: The Anatomy of Their Economic Problems," by W.J. Baumol and W.G. Bowen (The American Economic Review, 1965).

• EXTRAS:
  • “How to Make the Coolest Show on Broadway,” by Freakonomics Radio (2024).
  • “You Can Make a Killing, but Not a Living,” by Freakonomics Radio (2024).

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