Freakonomics Radio

Dive into the world of the Macy's Thanksgiving Parade, hailed as a 'gift to the nation' with 30 million viewers. Discover why Macy's keeps its parade economics under wraps and the complexities of producing such a massive event. Hear from NBC about the challenges of broadcasting it live and the intricacies of securing sponsors and selecting balloon characters. Explore the crucial partnership with New York City for safety and logistics, while questioning Macy's relevance in today's retail landscape.

Elisabeth de Fontenay, a Duke Law professor specializing in corporate law, and Steven Kaplan, a finance expert from the University of Chicago, discuss the implications of new retail access to private equity. They explore whether this access is a genuine opportunity or a potential trap for everyday investors. Topics include the hidden risks of private markets, the performance history of buyouts, and the challenges faced by retail investors, including high fees and limited deal access. Can democratizing private equity truly benefit the average American?

Cormac Branwick, Senior Director at Keeneland, shares insights on the yearling auction process and how market demand impacts prices. Emily Plant, a marketing professor and thoroughbred researcher, discusses the risks and rewards of buying yearlings, highlighting data-driven breeding strategies. Mark Taylor, President of Taylor Made Farm, warns about the industry's reliance on record prices amid declining participation. Marshall Gramm, an economics professor and horse player, explores the impact of legalized gambling on horse racing, raising questions about the future of the sport.

Geoff Bennett, co-anchor and managing editor of PBS NewsHour, joins Stephen Dubner to celebrate 20 years of Freakonomics. They discuss how the podcast mixes narrative journalism with economics. Dubner dives into the importance of curiosity and open-mindedness in understanding data. He reflects on how certain insights have aged and what he might change if rewriting the book today. Additionally, they explore the implications of misinformation and the promise of AI in improving medical diagnoses. A lively dialogue on economics and creativity!

Mark Taylor, President of TaylorMade Farm, shares insights on why Kentucky thrives as the thoroughbred industry's hub. Former champion jockey Richard Migliore delves into the physical and mental challenges of jockey life. Emily Plant, a thoroughbred researcher, discusses the intricacies of high-end breeding practices and the economics of stud fees. The trio explores the transparency of horse auctions, modern breeding technology, and the impact of immigrant workers on the backstretch, painting a vivid picture of the industry's complexities.

In this discussion, Mark Paul, an economics professor and sport horse entrepreneur, dives into the opaque world of the sport-horse market. Constance Hunter, chief economist and equestrian, talks about the amateur-professional dynamics in horse competitions, while Elizabeth Bortuzzo, a professional dressage rider, showcases her training techniques. They explore how modern horses remain popular despite mechanization, the luxury dynamics of sport horses, and the unique challenges of pricing and selling them in a complex marketplace.

Mark Feigen, CEO advisor and co-author of a transformative study, highlights that companies with co-CEOs saw nearly 40% higher shareholder returns. Jim Balsillie, former co-CEO of BlackBerry, shares gripping stories of his partnership, discussing its strengths and eventual breakdown. Jeffrey Sonnenfeld critiques the co-CEO model, emphasizing risks like role confusion. They also explore how co-leadership could succeed—using innovative strategies and clear communication—and debate the future of this leadership style in large firms.

Rochelle Walensky, a physician-scientist and former CDC director, teams up with economist Karen Clay to discuss the U.S. physician shortage. They reveal historical reforms that increased the gap, focusing on the legacy of the Flexner Report and its implications. Walensky highlights the burden of medical school applications and geographic distribution challenges, while Clay questions whether a bad doctor is worse than none at all. They also explore burnout among physicians and the need for better public health strategies to ease demand.

Stephen J. Dubner, an award-winning journalist and co-creator of Freakonomics Radio, reflects on his journey from a farm upbringing as the youngest of eight to a celebrated author. He shares the thrill of writing his first poem at age eleven and discusses the impact of his dual heritage on his quest for identity. Dubner also teases a new TV talk show centered on understanding people, emphasizing the power of curiosity and storytelling grounded in data. With insights on choosing creativity over fame, he inspires listeners to 'swing their swing' and pursue their passions.

Arthur Brooks, an esteemed economist and Harvard professor, believes love is the antidote to today's political contempt. He dives into how media consumption fuels a dopamine-driven addiction to contempt, driving polarization. Brooks distinguishes contempt from anger, emphasizing its cold nature. He shares practical love-centered strategies to combat contempt in everyday life and discusses leadership's role in shaping our political climate. With insights from his personal journey, Brooks urges listeners to embrace actionable love to foster unity.