Freakonomics Radio

Tim Harford, an Economist and Financial Times columnist, joins Thomas Thwaites, a freelance designer known for building a toaster from scratch. They explore the fascinating story behind pencil production, revealing the complex global supply chains and interdependence that make it possible. The conversation highlights the benefits of free markets and the delicate balance between government and market forces. Additionally, Thwaites shares his humorous trials in DIY engineering, illustrating the challenges and quirks of modern craftsmanship.

Nicholas Cullinan, director of the British Museum, is on a mission to modernize the institution while embracing its complex past. He discusses the challenges of addressing looted artifacts and the museum's colonial legacy. Cullinan emphasizes the importance of making the museum accessible to everyone and the innovative plans for renovations that balance heritage with future needs. He also highlights the vital role museums play in community engagement and the ongoing conversation around artifact repatriation and cultural ownership.

Austan Goolsbee, President and CEO of the Federal Reserve Bank of Chicago and former chairman of the Council of Economic Advisers, shares his candid insights on the economy. He discusses why tariffs may lead us back to Covid-era challenges and the essential independence of the Federal Reserve from political influences. Goolsbee humorously critiques the overemphasis on vibes in economic discussions, while shedding light on how regional Fed presidents maintain this independence and the ever-evolving role of technology in shaping monetary policy.

Javier Blas and Jack Farchy, seasoned journalists from Bloomberg, explore the enigmatic world of commodity trading. They unveil how traders exploit geopolitical chaos for profit, shedding light on their vital role in global crises. Listeners will hear about intriguing historical examples, like a trader's influence during Jamaica's oil shortage, and the ethical challenges facing the industry today. The duo also discusses the shadowy operations in contemporary oil markets and the shifting dynamics caused by recent international events.

In this discussion, Gary Klein, a cognitive psychologist known for his work on wicked problems, and Theresa MacPhail, a medical anthropologist focused on pandemics, dive into the intricate lessons failure can teach us. They explore tuberculosis as a contemporary challenge, emphasizing its underestimated threat. The duo highlights the power of pre-mortems in decision-making, advocating for openness to failure in organizations. They also discuss resilience in entrepreneurship, illustrating how the Museum of Failure enables learning and growth from setbacks.

Travis Thul, a Vice President at Minnesota State University and ramen innovator, discusses the importance of grit in overcoming failure. Jill Hoffman, CEO of Path 2 Flight, shares insights from her family's aviation legacy and the value of embracing setbacks. John Boykin, a website designer who tried to revolutionize paint cans, reflects on how failure shaped his career. Artist Joseph O’Connell reveals how public art projects can inspire resilience and new beginnings, illustrating how persistence and the right mindset are key to success.

Join organizational psychologist Amy Edmondson, who tackles the science of failing well, and Carole Hemmelgarn, a patient safety advocate, as they discuss the catastrophic consequences of medical errors and the urgent need for transparency in healthcare. MIT's Robert Langer shares insights from biomedical research, illustrating how failures can lead to breakthroughs like COVID vaccine development. Through personal anecdotes, they emphasize viewing failures as learning opportunities, advocating for resilience and accountability in medical practices.

In this discussion, Amy Edmondson, a Harvard Business School professor, and David Riedman, founder of the K-12 School Shooting Database, explore the tragic chain of events leading to disasters. They emphasize the need for accountability after wildfires and school shootings, advocating for improved emergency responses. The conversation also touches on embracing failure as a pathway to growth, highlighting its vital role in both personal and organizational development. They argue for a cultural shift that supports open discussions around failure to prevent future tragedies.

R.J. Cutler, an Emmy Award-winning filmmaker known for his work with icons like Billie Eilish and Martha Stewart, dives into the changing landscape of documentary filmmaking. He explores how streaming has turned documentaries into mainstream entertainment, reshaping viewer preferences. Cutler shares insights on the emotional depth behind his projects, the complexities of editing narratives from raw footage, and the ethical dilemmas in balancing creative integrity with financial pressures, all while hinting at his desire to document the New York Mets.

Christopher Ashley, a Tony Award-winning director, alongside playwright Joe DiPietro and actor Quentin Earl Darrington, discusses the musical 'Three Summers of Lincoln'. They share behind-the-scenes anecdotes of the show's turbulent journey, including the last-minute casting crisis after the lead actor's departure. The trio dives into the challenges of financing Broadway productions, the emotional weight of portraying historical figures, and the broader implications for theater's future amidst increasing competition from streaming services.