A flashing wristband at an NFL game sends Ed Conway down an unexpected economic rabbit hole.

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LEDs were supposed to be one of the great technological and environmental success stories: a revolutionary technology that uses a fraction of the energy of traditional light bulbs. But is that what they've become? Or are they just an example of humankind’s insatiable desire for stuff? After all - we’ve just started lighting up more of the world than ever before.

Ed’s journey takes us from a small chemical factory in rural Japan where inventor Shuji Nakamura spent years battling explosions in pursuit of the world's first blue LED, all the way to Victorian Britain and the economist William Stanley Jevons whose ideas still shape the way we think about energy and consumption today.

Along the way, Ed explores one of the biggest questions in economics and climate policy: The Jevons Paradox. When technology becomes more efficient, do we actually use less of it, or simply find new ways to consume more?

Do you have any thoughts about the episode or questions for Ed? Email us at [email protected] and maybe we'll feature your email in an upcoming Q&A episode!

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The Stuff Matters series producer is Jake Otajovic. The production team includes assistant producer Valeria Rocca, specialist producer Aoife Yourell, and video producer Charlie Bell. Our bonus episodes are produced by Soila Apparicio. The editor is Philly Beaumont, and the commissioning editor is Paul Stanworth. Sound design and mixing by Luke Hatten. Original music for the series composed by Klong and Ed Conway.