David Rubenstein, a product of the old bipartisan D.C., made his fortune in private equity. He’s been spending it on “patriotic philanthropy” and institutions like the Kennedy Center, where Trump fired him as chairman. Now he wonders if the center can hold. <ul><li>SOURCES:<ul><li><a href="https://www.davidrubenstein.com/" rel="noopener noreferrer">David Rubenstein</a>, co-founder and co-chairman of the Carlyle Group, principal owner of the Baltimore Orioles.</li></ul></li></ul> <ul><li>RESOURCES:<ul><li><a href="https://amzn.to/4scMs6c" rel="noopener noreferrer">Inside the Owner's Box: Conversations on Power and Leadership in Sports</a>, by David M. Rubenstein (2026).</li><li><a href="https://amzn.to/4joOf5K" rel="noopener noreferrer">The American Experiment: Dialogues on a Dream</a>, by David M. Rubenstein (2021).</li><li><a href="https://amzn.to/3WrEHNA" rel="noopener noreferrer">The American Story: Conversations With Master Historians</a>, by David M. Rubenstein (2019).</li><li><a href="https://amzn.to/4yPYDYN" rel="noopener noreferrer">Moneyball: The Art of Winning an Unfair Game</a>, by Michael Lewis (2003).</li></ul></li></ul> <ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/the-merger-you-never-knew-you-wanted/" rel="noopener noreferrer">The Merger You Never Knew You Wanted</a>," by Freakonomics Radio (2025).</li><li>"<a href="https://freakonomics.com/podcast-tag/the-secret-life-of-c-e-o-s/" rel="noopener noreferrer">The Secret Life of a C.E.O.</a>," series by Freakonomics Radio (2018).</li><li>"<a href="https://freakonomics.com/podcast/extra-david-rubenstein-full-interview/" rel="noopener noreferrer">Extra: David Rubenstein Full Interview</a>," by Freakonomics Radio (2018).</li><li>"<a href="https://freakonomics.com/podcast/the-longest-long-shot/" rel="noopener noreferrer">The Longest Long Shot</a>," by Freakonomics Radio (2016).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

David Rubenstein, a product of the old bipartisan D.C., made his fortune in private equity. He’s been spending it on “patriotic philanthropy” and institutions like the Kennedy Center, where Trump fired him as chairman. Now he wonders if the center can hold. SOURCES:David Rubenstein, co-founder and co-chairman of the Carlyle Group, principal owner of the Baltimore Orioles. RESOURCES:Inside the Owner's Box: Conversations on Power and Leadership in Sports, by David M. Rubenstein (2026).The American Experiment: Dialogues on a Dream, by David M. Rubenstein (2021).The American Story: Conversations With Master Historians, by David M. Rubenstein (2019).Moneyball: The Art of Winning an Unfair Game, by Michael Lewis (2003). EXTRAS:"The Merger You Never Knew You Wanted," by Freakonomics Radio (2025)."The Secret Life of a C.E.O.," series by Freakonomics Radio (2018)."Extra: David Rubenstein Full Interview," by Freakonomics Radio (2018)."The Longest Long Shot," by Freakonomics Radio (2016). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

David Rubenstein, a product of the old bipartisan D.C., made his fortune in private equity. He’s been spending it on “patriotic philanthropy” and institutions like the Kennedy Center, where Trump fired him as chairman. Now he wonders if the center can hold.&nbsp;<ul><li>SOURCES:<ul><li><a href="https://www.davidrubenstein.com/" rel="noopener noreferrer">David Rubenstein</a>, co-founder and co-chairman of the Carlyle Group, principal owner of the Baltimore Orioles.</li></ul></li></ul>&nbsp;<ul><li>RESOURCES:<ul><li><a href="https://amzn.to/4scMs6c" rel="noopener noreferrer">Inside the Owner's Box: Conversations on Power and Leadership in Sports</a>, by David M. Rubenstein (2026).</li><li><a href="https://amzn.to/4joOf5K" rel="noopener noreferrer">The American Experiment: Dialogues on a Dream</a>, by David M. Rubenstein (2021).</li><li><a href="https://amzn.to/3WrEHNA" rel="noopener noreferrer">The American Story: Conversations With Master Historians</a>, by David M. Rubenstein (2019).</li><li><a href="https://amzn.to/4yPYDYN" rel="noopener noreferrer">Moneyball: The Art of Winning an Unfair Game</a>, by Michael Lewis (2003).</li></ul></li></ul>&nbsp;<ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/the-merger-you-never-knew-you-wanted/" rel="noopener noreferrer">The Merger You Never Knew You Wanted</a>," by Freakonomics Radio (2025).</li><li>"<a href="https://freakonomics.com/podcast-tag/the-secret-life-of-c-e-o-s/" rel="noopener noreferrer">The Secret Life of a C.E.O.</a>," series by Freakonomics Radio (2018).</li><li>"<a href="https://freakonomics.com/podcast/extra-david-rubenstein-full-interview/" rel="noopener noreferrer">Extra: David Rubenstein Full Interview</a>," by Freakonomics Radio (2018).</li><li>"<a href="https://freakonomics.com/podcast/the-longest-long-shot/" rel="noopener noreferrer">The Longest Long Shot</a>," by Freakonomics Radio (2016).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com" rel="noopener noreferrer">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

691. Is This What a “Good Billionaire” Looks Like?

Podcasting started as a niche-nerd pursuit. Now it’s a $9 billion industry. Is that a lot? The strange economics of this thing we do. <ul><li>SOURCES:<ul><li><a href="https://www.linkedin.com/in/jimbankoff/?isSelfProfile=false" rel="noopener noreferrer">Jim Bankoff</a>, chairman and C.E.O. of Vox Media.</li><li><a href="https://www.insideradio.com/podcast_power_players_2020/ben-davis---partner-wme-digital/article_04ea4b38-d841-11ea-a58c-5782a8512a58.html" rel="noopener noreferrer">Ben Davis</a>, head of digital at WME.</li><li><a href="https://tarzaneconomics.com/" rel="noopener noreferrer">Will Page</a>, former chief economist at Spotify and author of Pivot.</li><li><a href="https://www.linkedin.com/in/jenna-weiss-berman-67558525/?isSelfProfile=false" rel="noopener noreferrer">Jenna Weiss-Berman</a>, head of Paper Kite Audio and executive producer of Good Hang with Amy Poehler.</li><li><a href="https://www.linkedin.com/in/jeaninepercivalwright/?isSelfProfile=false" rel="noopener noreferrer">Jeanine Wright</a>, co-founder and C.E.O. of Liquid Studios (Inception Point AI).</li></ul></li></ul> <ul><li>RESOURCES:<ul><li>"<a href="https://qz.com/us-ai-infrastructure-buildout-biggest-economic-bet-history-092426" rel="noopener noreferrer">U.S. AI infrastructure buildout is surpassing every prior investment in American history</a>," by Cris Tolomia (Quartz, 2026).</li><li>"<a href="https://www.ampaccords.com/" rel="noopener noreferrer">The AMP Accords</a>," (Alliance for Measurement in Podcasting, 2026).</li><li>"<a href="https://www.insideradio.com/free/owl-co-global-podcast-economy-grew-23-to-9-2-billion-in-2025/article_adec67bf-e80e-4f07-a2e5-f5deca3065b6.html" rel="noopener noreferrer">Owl & Co: Global Podcast Economy Grew 23% To $9.2 Billion In 2025.</a>" (Inside Radio, 2026).</li><li>"<a href="https://www.wsj.com/business/media/vox-media-selling-new-york-magazine-podcast-network-to-james-murdoch-7f48edfc" rel="noopener noreferrer">James Murdoch to Buy New York Magazine, Other Vox Assets for Around $300 Million</a>," by Isabella Simonetti and Jessica Toonkel (The Wall Street Journal, 2026).</li><li>"<a href="https://variety.com/2026/digital/news/patreon-podcaster-earnings-2025-biggest-content-category-1236710779/" rel="noopener noreferrer">Patreon Says Podcasters Earned $629 Million in 2025, Up 33%, as Platform's Biggest Content Category Keeps Growing</a>," by Todd Spangler (Variety, 2026).</li></ul></li></ul> <ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast-tag/how-to-think-about-a-i/" rel="noopener noreferrer">How to Think About A.I.</a>," series by Freakonomics Radio (2023).</li><li>"<a href="https://freakonomics.com/podcast/how-spotify-saved-the-music-industry-but-not-necessarily-musicians-ep-374/" rel="noopener noreferrer">How Spotify Saved the Music Industry (But Not Necessarily Musicians)</a>," by Freakonomics Radio (2019).</li><li>"<a href="https://freakonomics.com/podcast/our-100th-episode" rel="noopener noreferrer">Our 100th Episode!</a>" by Freakonomics Radio (2012).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

Podcasting started as a niche-nerd pursuit. Now it’s a $9 billion industry. Is that a lot? The strange economics of this thing we do. SOURCES:Jim Bankoff, chairman and C.E.O. of Vox Media.Ben Davis, head of digital at WME.Will Page, former chief economist at Spotify and author of Pivot.Jenna Weiss-Berman, head of Paper Kite Audio and executive producer of Good Hang with Amy Poehler.Jeanine Wright, co-founder and C.E.O. of Liquid Studios (Inception Point AI). RESOURCES:"U.S. AI infrastructure buildout is surpassing every prior investment in American history," by Cris Tolomia (Quartz, 2026)."The AMP Accords," (Alliance for Measurement in Podcasting, 2026)."Owl & Co: Global Podcast Economy Grew 23% To $9.2 Billion In 2025." (Inside Radio, 2026)."James Murdoch to Buy New York Magazine, Other Vox Assets for Around $300 Million," by Isabella Simonetti and Jessica Toonkel (The Wall Street Journal, 2026)."Patreon Says Podcasters Earned $629 Million in 2025, Up 33%, as Platform's Biggest Content Category Keeps Growing," by Todd Spangler (Variety, 2026). EXTRAS:"How to Think About A.I.," series by Freakonomics Radio (2023)."How Spotify Saved the Music Industry (But Not Necessarily Musicians)," by Freakonomics Radio (2019)."Our 100th Episode!" by Freakonomics Radio (2012). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Podcasting started as a niche-nerd pursuit. Now it’s a $9 billion industry. Is that a lot? The strange economics of this thing we do.&nbsp;<ul><li>SOURCES:<ul><li><a href="https://www.linkedin.com/in/jimbankoff/?isSelfProfile=false" rel="noopener noreferrer">Jim Bankoff</a>, chairman and C.E.O. of Vox Media.</li><li><a href="https://www.insideradio.com/podcast_power_players_2020/ben-davis---partner-wme-digital/article_04ea4b38-d841-11ea-a58c-5782a8512a58.html" rel="noopener noreferrer">Ben Davis</a>, head of digital at WME.</li><li><a href="https://tarzaneconomics.com/" rel="noopener noreferrer">Will Page</a>, former chief economist at Spotify and author of Pivot.</li><li><a href="https://www.linkedin.com/in/jenna-weiss-berman-67558525/?isSelfProfile=false" rel="noopener noreferrer">Jenna Weiss-Berman</a>, head of Paper Kite Audio and executive producer of Good Hang with Amy Poehler.</li><li><a href="https://www.linkedin.com/in/jeaninepercivalwright/?isSelfProfile=false" rel="noopener noreferrer">Jeanine Wright</a>, co-founder and C.E.O. of Liquid Studios (Inception Point AI).</li></ul></li></ul>&nbsp;<ul><li>RESOURCES:<ul><li>"<a href="https://qz.com/us-ai-infrastructure-buildout-biggest-economic-bet-history-092426" rel="noopener noreferrer">U.S. AI infrastructure buildout is surpassing every prior investment in American history</a>," by Cris Tolomia (Quartz, 2026).</li><li>"<a href="https://www.ampaccords.com/" rel="noopener noreferrer">The AMP Accords</a>," (Alliance for Measurement in Podcasting, 2026).</li><li>"<a href="https://www.insideradio.com/free/owl-co-global-podcast-economy-grew-23-to-9-2-billion-in-2025/article_adec67bf-e80e-4f07-a2e5-f5deca3065b6.html" rel="noopener noreferrer">Owl &amp; Co: Global Podcast Economy Grew 23% To $9.2 Billion In 2025.</a>" (Inside Radio, 2026).</li><li>"<a href="https://www.wsj.com/business/media/vox-media-selling-new-york-magazine-podcast-network-to-james-murdoch-7f48edfc" rel="noopener noreferrer">James Murdoch to Buy New York Magazine, Other Vox Assets for Around $300 Million</a>," by Isabella Simonetti and Jessica Toonkel (The Wall Street Journal, 2026).</li><li>"<a href="https://variety.com/2026/digital/news/patreon-podcaster-earnings-2025-biggest-content-category-1236710779/" rel="noopener noreferrer">Patreon Says Podcasters Earned $629 Million in 2025, Up 33%, as Platform's Biggest Content Category Keeps Growing</a>," by Todd Spangler (Variety, 2026).</li></ul></li></ul>&nbsp;<ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast-tag/how-to-think-about-a-i/" rel="noopener noreferrer">How to Think About A.I.</a>," series by Freakonomics Radio (2023).</li><li>"<a href="https://freakonomics.com/podcast/how-spotify-saved-the-music-industry-but-not-necessarily-musicians-ep-374/" rel="noopener noreferrer">How Spotify Saved the Music Industry (But Not Necessarily Musicians)</a>," by Freakonomics Radio (2019).</li><li>"<a href="https://freakonomics.com/podcast/our-100th-episode" rel="noopener noreferrer">Our 100th Episode!</a>" by Freakonomics Radio (2012).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com" rel="noopener noreferrer">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

690. It’s Show Business, Baby!

An economist calls America’s beef industry a “miracle.” An antitrust scholar calls it “broken.” Maybe they’re both right? <ul><li>SOURCES:<ul><li><a href="https://www.austinfrerick.com/" rel="noopener noreferrer">Austin Frerick</a>, agriculture antitrust expert, fellow at Yale University, author of Barons: Money, Power, and the Corruption of America's Food Industry.</li><li><a href="https://king-ranch.com/king-ranch-names-robert-hodgen-new-ceo/" rel="noopener noreferrer">Robert Hodgen</a>, C.E.O. of King Ranch.</li><li><a href="https://www.rogerhorowitz.com/about-roger.html" rel="noopener noreferrer">Roger Horowitz</a>, food historian, director of the Center for the History of Business, Technology, and Society at the Hagley Museum and Library.</li><li><a href="https://experts.okstate.edu/derrell.peel" rel="noopener noreferrer">Derrell Peel</a>, Charles Breedlove Professorship of Agribusiness in the department of agricultural economics at Oklahoma State University.</li></ul></li></ul> <ul><li>RESOURCES:<ul><li>"<a href="https://www.beefmagazine.com/market-news/the-hamburger-story" rel="noopener noreferrer">The hamburger story</a>," by Derrell Peel (Beef, 2026).</li><li>"<a href="https://www.cnn.com/2026/08/29/business/beef-imports-tariffs-trump" rel="noopener noreferrer">Trump is letting in 300,000 tons of beef duty-free. Don’t expect cheaper burgers,</a>" by Elisabeth Buchwald (CNN, 2026).</li><li>"<a href="https://www.newsweek.com/doj-probes-soaring-beef-prices-at-eight-major-stores-including-walmart-12393757" rel="noopener noreferrer">DOJ Probes Soaring Beef Prices at Eight Major Stores Including Walmart</a>," by Hugh Cameron (Newsweek, 2026).</li><li>"<a href="https://corpgov.law.harvard.edu/2025/02/24/takeaways-from-the-pause-on-foreign-corrupt-practices-act-enforcement/" rel="noopener noreferrer">Takeaways from the Pause on Foreign Corrupt Practices Act Enforcement</a>," by Brendan Quigley, Bridget Moore, Kyle Clark, and Baker Botts (Harvard Law School, 2025).</li><li>"<a href="https://businesslawreview.uchicago.edu/print-archive/tyson-and-leviathan-usda-rulemaking-and-psa-harm-competition-requirement" rel="noopener noreferrer">Tyson and Leviathan: USDA Rulemaking and the PSA Harm to Competition Requirement</a>," by Spencer James Parts (University of Chicago Business Review, 2022).</li><li>"<a href="https://fred.stlouisfed.org/series/APU0000FC1101" rel="noopener noreferrer">Average Price: All Uncooked Ground Beef (Cost per Pound/453.6 Grams) in U.S. City Average</a>," (Federal Reserve Bank of St. Louis).</li></ul></li></ul> <ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/an-economics-lesson-from-a-talking-pencil-update/" rel="noopener noreferrer">An Economics Lesson from a Talking Pencil (Update)</a>," by Freakonomics Radio (2025).</li><li>"<a href="https://freakonomics.com/podcast/the-future-of-meat/" rel="noopener noreferrer">The Future of Meat</a>," by Freakonomics Radio (2019).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

An economist calls America’s beef industry a “miracle.” An antitrust scholar calls it “broken.” Maybe they’re both right? SOURCES:Austin Frerick, agriculture antitrust expert, fellow at Yale University, author of Barons: Money, Power, and the Corruption of America's Food Industry.Robert Hodgen, C.E.O. of King Ranch.Roger Horowitz, food historian, director of the Center for the History of Business, Technology, and Society at the Hagley Museum and Library.Derrell Peel, Charles Breedlove Professorship of Agribusiness in the department of agricultural economics at Oklahoma State University. RESOURCES:"The hamburger story," by Derrell Peel (Beef, 2026)."Trump is letting in 300,000 tons of beef duty-free. Don’t expect cheaper burgers," by Elisabeth Buchwald (CNN, 2026)."DOJ Probes Soaring Beef Prices at Eight Major Stores Including Walmart," by Hugh Cameron (Newsweek, 2026)."Takeaways from the Pause on Foreign Corrupt Practices Act Enforcement," by Brendan Quigley, Bridget Moore, Kyle Clark, and Baker Botts (Harvard Law School, 2025)."Tyson and Leviathan: USDA Rulemaking and the PSA Harm to Competition Requirement," by Spencer James Parts (University of Chicago Business Review, 2022)."Average Price: All Uncooked Ground Beef (Cost per Pound/453.6 Grams) in U.S. City Average," (Federal Reserve Bank of St. Louis). EXTRAS:"An Economics Lesson from a Talking Pencil (Update)," by Freakonomics Radio (2025)."The Future of Meat," by Freakonomics Radio (2019). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

An economist calls America’s beef industry a “miracle.” An antitrust scholar calls it “broken.” Maybe they’re both right?&nbsp;<ul><li>SOURCES:<ul><li><a href="https://www.austinfrerick.com/" rel="noopener noreferrer">Austin Frerick</a>, agriculture antitrust expert, fellow at Yale University, author of Barons: Money, Power, and the Corruption of America's Food Industry.</li><li><a href="https://king-ranch.com/king-ranch-names-robert-hodgen-new-ceo/" rel="noopener noreferrer">Robert Hodgen</a>, C.E.O. of King Ranch.</li><li><a href="https://www.rogerhorowitz.com/about-roger.html" rel="noopener noreferrer">Roger Horowitz</a>, food historian, director of the Center for the History of Business, Technology, and Society at the Hagley Museum and Library.</li><li><a href="https://experts.okstate.edu/derrell.peel" rel="noopener noreferrer">Derrell Peel</a>, Charles Breedlove Professorship of Agribusiness in the department of agricultural economics at Oklahoma State University.</li></ul></li></ul>&nbsp;<ul><li>RESOURCES:<ul><li>"<a href="https://www.beefmagazine.com/market-news/the-hamburger-story" rel="noopener noreferrer">The hamburger story</a>," by Derrell Peel (Beef, 2026).</li><li>"<a href="https://www.cnn.com/2026/08/29/business/beef-imports-tariffs-trump" rel="noopener noreferrer">Trump is letting in 300,000 tons of beef duty-free. Don’t expect cheaper burgers,</a>" by Elisabeth Buchwald (CNN, 2026).</li><li>"<a href="https://www.newsweek.com/doj-probes-soaring-beef-prices-at-eight-major-stores-including-walmart-12393757" rel="noopener noreferrer">DOJ Probes Soaring Beef Prices at Eight Major Stores Including Walmart</a>," by Hugh Cameron (Newsweek, 2026).</li><li>"<a href="https://corpgov.law.harvard.edu/2025/02/24/takeaways-from-the-pause-on-foreign-corrupt-practices-act-enforcement/" rel="noopener noreferrer">Takeaways from the Pause on Foreign Corrupt Practices Act Enforcement</a>," by Brendan Quigley, Bridget Moore, Kyle Clark, and Baker Botts (Harvard Law School, 2025).</li><li>"<a href="https://businesslawreview.uchicago.edu/print-archive/tyson-and-leviathan-usda-rulemaking-and-psa-harm-competition-requirement" rel="noopener noreferrer">Tyson and Leviathan: USDA Rulemaking and the PSA Harm to Competition Requirement</a>," by Spencer James Parts (University of Chicago Business Review, 2022).</li><li>"<a href="https://fred.stlouisfed.org/series/APU0000FC1101" rel="noopener noreferrer">Average Price: All Uncooked Ground Beef (Cost per Pound/453.6 Grams) in U.S. City Average</a>," (Federal Reserve Bank of St. Louis).</li></ul></li></ul>&nbsp;<ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/an-economics-lesson-from-a-talking-pencil-update/" rel="noopener noreferrer">An Economics Lesson from a Talking Pencil (Update)</a>," by Freakonomics Radio (2025).</li><li>"<a href="https://freakonomics.com/podcast/the-future-of-meat/" rel="noopener noreferrer">The Future of Meat</a>," by Freakonomics Radio (2019).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com" rel="noopener noreferrer">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

689. Here’s Why Your Hamburger Just Got So Pricey

That’s the question at the heart of a battle between Kalshi and state gambling regulators. As prediction markets boom, there are other questions, too — about insider trading, market manipulation, and whether the public has turned against them. (Part two of <a href="https://freakonomics.com/the-price-of-prediction/" rel="noopener noreferrer">a two-part series</a>.)  <ul><li>SOURCES:<ul><li><a href="https://mitsloan.mit.edu/faculty/directory/gary-gensler" rel="noopener noreferrer">Gary Gensler</a>, former chair of the S.E.C. and the C.F.T.C.</li><li><a href="https://economics.gmu.edu/people/rhanson" rel="noopener noreferrer">Robin Hanson</a>, professor of economics at George Mason University.</li><li><a href="https://www.linkedin.com/in/nicole-kagan/" rel="noopener noreferrer">Nicole Kagan</a>, head of research at Kalshi.</li><li><a href="https://news.kalshi.com/p/tarek-mansour" rel="noopener noreferrer">Tarek Mansour</a>, co-founder and C.E.O. of Kalshi.</li></ul></li></ul> <ul><li>RESOURCES:<ul><li>"<a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/jopp.12008" rel="noopener noreferrer">Shall We Vote on Values, But Bet on Beliefs?</a>" by Robin Hanson (Journal of Political Philosophy, 2013).</li></ul></li></ul> <ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/are-prediction-markets-the-best-forecasting-tool-ever-or-just-another-casino/" rel="noopener noreferrer">Are Prediction Markets the Best Forecasting Tool Ever — or Just Another Casino?</a>" by Freakonomics Radio (2026).</li><li>"<a href="https://freakonomics.com/podcast/he-helped-clean-up-the-last-crash-does-he-see-another-one-coming/" rel="noopener noreferrer">He Helped Clean Up the Last Crash. Does He See Another One Coming?</a>" by Freakonomics Radio (2026).</li><li>"<a href="https://freakonomics.com/podcast/the-economics-of-sports-gambling/" rel="noopener noreferrer">The Economics of Sports Gambling</a>," by Freakonomics Radio (2019).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

That’s the question at the heart of a battle between Kalshi and state gambling regulators. As prediction markets boom, there are other questions, too — about insider trading, market manipulation, and whether the public has turned against them. (Part two of a two-part series.) SOURCES:Gary Gensler, former chair of the S.E.C. and the C.F.T.C.Robin Hanson, professor of economics at George Mason University.Nicole Kagan, head of research at Kalshi.Tarek Mansour, co-founder and C.E.O. of Kalshi. RESOURCES:"Shall We Vote on Values, But Bet on Beliefs?" by Robin Hanson (Journal of Political Philosophy, 2013). EXTRAS:"Are Prediction Markets the Best Forecasting Tool Ever — or Just Another Casino?" by Freakonomics Radio (2026)."He Helped Clean Up the Last Crash. Does He See Another One Coming?" by Freakonomics Radio (2026)."The Economics of Sports Gambling," by Freakonomics Radio (2019). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

That’s the question at the heart of a battle between Kalshi and state gambling regulators. As prediction markets boom, there are other questions, too — about insider trading, market manipulation, and whether the public has turned against them. (Part two of <a href="https://freakonomics.com/the-price-of-prediction/" rel="noopener noreferrer">a two-part series</a>.)&nbsp;&nbsp;<ul><li>SOURCES:<ul><li><a href="https://mitsloan.mit.edu/faculty/directory/gary-gensler" rel="noopener noreferrer">Gary Gensler</a>, former chair of the S.E.C. and the C.F.T.C.</li><li><a href="https://economics.gmu.edu/people/rhanson" rel="noopener noreferrer">Robin Hanson</a>, professor of economics at George Mason University.</li><li><a href="https://www.linkedin.com/in/nicole-kagan/" rel="noopener noreferrer">Nicole Kagan</a>, head of research at Kalshi.</li><li><a href="https://news.kalshi.com/p/tarek-mansour" rel="noopener noreferrer">Tarek Mansour</a>, co-founder and C.E.O. of Kalshi.</li></ul></li></ul>&nbsp;<ul><li>RESOURCES:<ul><li>"<a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/jopp.12008" rel="noopener noreferrer">Shall We Vote on Values, But Bet on Beliefs?</a>" by Robin Hanson (Journal of Political Philosophy, 2013).</li></ul></li></ul>&nbsp;<ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/are-prediction-markets-the-best-forecasting-tool-ever-or-just-another-casino/" rel="noopener noreferrer">Are Prediction Markets the Best Forecasting Tool Ever — or Just Another Casino?</a>" by Freakonomics Radio (2026).</li><li>"<a href="https://freakonomics.com/podcast/he-helped-clean-up-the-last-crash-does-he-see-another-one-coming/" rel="noopener noreferrer">He Helped Clean Up the Last Crash. Does He See Another One Coming?</a>" by Freakonomics Radio (2026).</li><li>"<a href="https://freakonomics.com/podcast/the-economics-of-sports-gambling/" rel="noopener noreferrer">The Economics of Sports Gambling</a>," by Freakonomics Radio (2019).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com" rel="noopener noreferrer">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

688. When Is a Bet Not a Bet?

The promise is that they can beat the experts at predicting inflation, elections, and FDA approvals. But right now, roughly 90 percent of the action is sports. Is this a future we want to bet on? Stephen Dubner speaks with, among others, the C.E.O. of Kalshi. (Part one of a <a href="https://freakonomics.com/the-price-of-prediction/" rel="noopener noreferrer">two-part series</a>.) <ul><li>SOURCES:<ul><li><a href="https://economics.gmu.edu/people/rhanson" rel="noopener noreferrer">Robin Hanson</a>, professor of economics at George Mason University.</li><li><a href="https://www.linkedin.com/in/nicole-kagan/" rel="noopener noreferrer">Nicole Kagan</a>, head of research at Kalshi.</li><li><a href="https://news.kalshi.com/p/tarek-mansour" rel="noopener noreferrer">Tarek Mansour</a>, co-founder and C.E.O. of Kalshi.</li></ul></li></ul> <ul><li>RESOURCE:<ul><li>"<a href="https://www.federalreserve.gov/econres/feds/files/2026010pap.pdf" rel="noopener noreferrer">Kalshi and the Rise of Macro Markets</a>," by Anthony Diercks, Jared Dean Katz, and Jonathan Wright (Federal Reserve Board, 2026).</li><li>"<a href="https://research.kalshi.com/articles/mamdani-primary-victory" rel="noopener noreferrer">Slowly, Then All At Once: What Mamdani's Victory Tells Us About Information Aggregation</a>," (Kalshi Research, 2026).</li><li>"<a href="https://mason.gmu.edu/~rhanson/futarchy.html" rel="noopener noreferrer">Futarchy: Vote Values, But Bet Beliefs</a>," by Robin Hanson (2000).</li><li>"<a href="https://home.uchicago.edu/~vlima/courses/econ200/spring01/hayek.pdf" rel="noopener noreferrer">The Use of Knowledge in Society</a>," by Friedrich Hayek (American Economic Review, 1945).</li></ul></li></ul> <ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/the-economics-of-sports-gambling/" rel="noopener noreferrer">The Economics of Sports Gambling</a>," by Freakonomics Radio (2019).</li><li>"<a href="https://freakonomics.com/podcast/how-to-be-less-terrible-at-predicting-the-future/" rel="noopener noreferrer">How to Be Less Terrible at Predicting the Future</a>," by Freakonomics Radio (2016).</li><li>"<a href="https://freakonomics.com/podcast/the-folly-of-prediction/" rel="noopener noreferrer">The Folly of Prediction</a>," by Freakonomics Radio (2011).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

The promise is that they can beat the experts at predicting inflation, elections, and FDA approvals. But right now, roughly 90 percent of the action is sports. Is this a future we want to bet on? Stephen Dubner speaks with, among others, the C.E.O. of Kalshi. (Part one of a two-part series.) SOURCES:Robin Hanson, professor of economics at George Mason University.Nicole Kagan, head of research at Kalshi.Tarek Mansour, co-founder and C.E.O. of Kalshi. RESOURCE:"Kalshi and the Rise of Macro Markets," by Anthony Diercks, Jared Dean Katz, and Jonathan Wright (Federal Reserve Board, 2026)."Slowly, Then All At Once: What Mamdani's Victory Tells Us About Information Aggregation," (Kalshi Research, 2026)."Futarchy: Vote Values, But Bet Beliefs," by Robin Hanson (2000)."The Use of Knowledge in Society," by Friedrich Hayek (American Economic Review, 1945). EXTRAS:"The Economics of Sports Gambling," by Freakonomics Radio (2019)."How to Be Less Terrible at Predicting the Future," by Freakonomics Radio (2016)."The Folly of Prediction," by Freakonomics Radio (2011). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The promise is that they can beat the experts at predicting inflation, elections, and FDA approvals. But right now, roughly 90 percent of the action is sports. Is this a future we want to bet on? Stephen Dubner speaks with, among others, the C.E.O. of Kalshi. (Part one of a <a href="https://freakonomics.com/the-price-of-prediction/" rel="noopener noreferrer">two-part series</a>.)&nbsp;<ul><li>SOURCES:<ul><li><a href="https://economics.gmu.edu/people/rhanson" rel="noopener noreferrer">Robin Hanson</a>, professor of economics at George Mason University.</li><li><a href="https://www.linkedin.com/in/nicole-kagan/" rel="noopener noreferrer">Nicole Kagan</a>, head of research at Kalshi.</li><li><a href="https://news.kalshi.com/p/tarek-mansour" rel="noopener noreferrer">Tarek Mansour</a>, co-founder and C.E.O. of Kalshi.</li></ul></li></ul>&nbsp;<ul><li>RESOURCE:<ul><li>"<a href="https://www.federalreserve.gov/econres/feds/files/2026010pap.pdf" rel="noopener noreferrer">Kalshi and the Rise of Macro Markets</a>," by Anthony Diercks, Jared Dean Katz, and Jonathan Wright (Federal Reserve Board, 2026).</li><li>"<a href="https://research.kalshi.com/articles/mamdani-primary-victory" rel="noopener noreferrer">Slowly, Then All At Once: What Mamdani's Victory Tells Us About Information Aggregation</a>," (Kalshi Research, 2026).</li><li>"<a href="https://mason.gmu.edu/~rhanson/futarchy.html" rel="noopener noreferrer">Futarchy: Vote Values, But Bet Beliefs</a>," by Robin Hanson (2000).</li><li>"<a href="https://home.uchicago.edu/~vlima/courses/econ200/spring01/hayek.pdf" rel="noopener noreferrer">The Use of Knowledge in Society</a>," by Friedrich Hayek (American Economic Review, 1945).</li></ul></li></ul>&nbsp;<ul><li>EXTRAS:<ul><li>"<a href="https://freakonomics.com/podcast/the-economics-of-sports-gambling/" rel="noopener noreferrer">The Economics of Sports Gambling</a>," by Freakonomics Radio (2019).</li><li>"<a href="https://freakonomics.com/podcast/how-to-be-less-terrible-at-predicting-the-future/" rel="noopener noreferrer">How to Be Less Terrible at Predicting the Future</a>," by Freakonomics Radio (2016).</li><li>"<a href="https://freakonomics.com/podcast/the-folly-of-prediction/" rel="noopener noreferrer">The Folly of Prediction</a>," by Freakonomics Radio (2011).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com" rel="noopener noreferrer">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

687. Are Prediction Markets the Best Forecasting Tool Ever — or Just Another Casino?

What do NASCAR drivers, Glenn Beck and the hit men of the NFL have in common? Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

What do NASCAR drivers, Glenn Beck and the hit men of the NFL have in common? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What do NASCAR drivers, Glenn Beck and the hit men of the NFL have in common? Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com" rel="noopener noreferrer">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

1. The Dangers of Safety

Freakonomics co-author Stephen J. Dubner uncovers the hidden side of everything. Why is it safer to fly in an airplane than drive a car? How do we decide whom to marry? Why is the media so full of bad news? Also: things you never knew you wanted to know about wolves, bananas, pollution, search engines, and the quirks of human behavior.

To get every show in the Freakonomics Radio Network without ads and a monthly bonus episode of Freakonomics Radio, start a free trial for SiriusXM Podcasts+ on Apple Podcasts or by visiting siriusxm.com/podcastsplus.

Society & Culture

Documentary

Freakonomics co-author Stephen J. Dubner uncovers the hidden side of everything. Why is it safer to fly in an airplane than drive a car? How do we decide whom to marry? Why is the media so full of bad news? Also: things you never knew you wanted to know about wolves, bananas, pollution, search engines, and the quirks of human behavior. To get every show in the Freakonomics Radio Network without ads and a monthly bonus episode of Freakonomics Radio, start a free trial for SiriusXM Podcasts+ on Apple Podcasts or by visiting siriusxm.com/podcastsplus.

Sign up to save your podcasts

Freakonomics Radio

Freakonomics Radio episodes

About Freakonomics Radio

Best of Freakonomics Radio

This American Life

TED Radio Hour

Stuff You Should Know

Radiolab

Fresh Air

Planet Money

Hidden Brain

99% Invisible

Comedy Bang Bang: The Podcast

Marketplace

The Sporkful

The Daily

Ologies with Alie Ward

The Indicator from Planet Money

Throughline

No Dogs in Space

No Stupid Questions

The Walkout

Coaches Clubhouse

SmartLess

Rise and Schein

People I (Mostly) Admire

Aussie Football Rules America with Eddie McGuire

Book Club with Michael Smerconish

Shattering Gleam: A Podcast About Music and Gender

LPN Deep Dives: Crescent City

The Mel Robbins Podcast

Andy Cohen’s Daddy Diaries Podcast

Owned with Rex Chapman

The Economics of Everyday Things

The Bone Whisperers

Victoria & Friends

Sidebar: A Suits Watch Podcast

Smith Sisters Live Deep Dive

The Trendcast