An Economics Lesson from a Talking Pencil (Update)

In the U.S., there will soon be more people over 65 than there are under 18 — and it’s not just lifespan that’s improving, it’s “healthspan” too. Unfortunately, the American approach to aging is stuck in the 20th century. In less than an hour, we try to unstick it. (Part three of a three-part series, “Cradle to Grave.”) SOURCES:James Chappel, professor of history at Duke University.Katy Fike, co-founder of Aging 2.0 and managing partner of Generator Ventures.Kristen Fortney, co-founder and C.E.O. of BioAge.Celine Halioua, founder and C.E.O. of Loyal.Kyla Scanlon, economic commentator.Andrew Scott, professor of economics at London Business School. RESOURCES:In This Economy?: How Money & Markets Really Work, by Kyla Scanlon (2024).Golden Years: How Americans Invented and Reinvented Old Age, by James Chappel (2024).The Longevity Imperative: How to Build a Healthier and More Productive Society to Support Our Longer Lives, by Andrew Scott (2024). EXTRAS:"Off Leash," by The Freakonomics Radio Network (2022)."Are You Ready for a Glorious Sunset?" by Freakonomics Radio (2015).

In this episode from 2013, we look at whether spite pays — and if it even exists. SOURCES:Benedikt Herrmann, research officer at the European Commission.Steve Levitt, co-author of Freakonomics and host of People I (Mostly) Admire.Dave O'Connor, president of Times Studios.Lisi Oliver, professor of English at Louisiana State University.E.O. Wilson, naturalist and university research professor emeritus at Harvard University. RESOURCES:You Don't Know Bo: The Legend of Bo Jackson, documentary (2012)."Amputation of the nose throughout history," by G. Sperati (ACTA Otorhinolaryngologica Italica, 2009)."The Appearance of Homo Rivalis: Social Preferences and the Nature of Rent Seeking," by Benedikt Herrmann and Henrik Orzen (Center for Decision Research and Experimental Economics, 2008). EXTRAS:"What It’s Like to Be Middle-Aged (in the Middle Ages)," by Freakonomics Radio (2025).

The simplicity of life back then is appealing today, as long as you don’t mind Church hegemony, the occasional plague, trial by gossip — and the lack of ibuprofen. (Part two of a three-part series, “Cradle to Grave.”) SOURCES:Jordan Cavalier, performer at the New Jersey Renaissance Faire.Matt Schwarz, harpist at the New Jersey Renaissance Faire.Phillipp Schofield, professor of history at Aberystywth University.Neslihan Şenocak, professor of history at Columbia University. RESOURCES:A People's Church: Medieval Italy and Christianity, 1050–1300, co-edited by Agostino Paravicini Bagliani and Neslihan Şenocak (2023).The Routledge Handbook of Medieval Rural Life, edited by Miriam Müller with a contribution by Phillip Schofield (2021).Monty Python and the Holy Grail, film (1975). EXTRAS:"Are You Having a Midlife Crisis?" by No Stupid Questions (2022).

For decades, the great fear was overpopulation. Now it’s the opposite. How did this happen — and what’s being done about it? (Part one of a three-part series, “Cradle to Grave.”) SOURCES:Matthias Doepke, professor of economics at the London School of Economics.Amy Froide, professor of history at the University of Maryland, Baltimore County.Diana Laird, professor of obstetrics and gynecology at the University of California, San Francisco.Catherine Pakaluk, professor of economics at The Catholic University of America. RESOURCES:"Fertility Rate, Total for the United States," (Federal Reserve Bank of St. Louis, 2025)."Global fertility in 204 countries and territories, 1950–2021, with forecasts to 2100: a comprehensive demographic analysis for the Global Burden of Disease Study 2021," (The Lancet, 2024)."Suddenly There Aren’t Enough Babies. The Whole World Is Alarmed." by Greg Ip and Janet Adamy (The Wall Street Journal, 2024)."Taxing bachelors and proposing marriage lotteries – how superpowers addressed declining birthrates in the past," by Amy Froide (University of Maryland, 2021)."Is Fertility a Leading Economic Indicator?" by Kasey Buckles, Daniel Hungerman, and Steven Lugauer (National Bureau of Economic Research, 2018).The King's Midwife: A History and Mystery of Madame du Coudray, by Nina Rattner Gelbart (1999).The Population Bomb, by Paul Ehrlich (1970)."An Economic Analysis of Fertility," by Gary Becker (National Bureau of Economic Research, 1960). EXTRAS:"What Will Be the Consequences of the Latest Prenatal-Testing Technologies?" by Freakonomics Radio (2011).

A famous essay argues that “not a single person on the face of this earth” knows how to make a pencil. How true is that? In this 2016 episode, we looked at what pencil-making  can teach us about global manufacturing — and the proper role of government in the economy. SOURCES:Caroline Weaver, creator of the Locavore Guide.Matt Ridley, science writer, British viscount and retired member of the House of LordsTim Harford, economist, author and columnist for the Financial TimesJim Weissenborn, former CEO of General Pencil CompanyThomas Thwaites, freelance designer and associate lecturer at Central Saint Martins. RESOURCES:"When ideas have sex," by Matt Ridley (TED, 2010)."How I built a toaster — from scratch," by Thomas Thwaites (TED, 2010)."Look on this toaster, ye mighty, and despair!" by Tim Harford (Financial Times, 2009)."I, Pencil," by Leonard Read (Foundation for Economic Education, 1958). EXTRAS:“Fault-Finder Is a Minimum-Wage Job,” by Freakonomics Radio (2025).

Nicholas Cullinan, the new director of the British Museum, seems to think so. “I'm not afraid of the past,” he says — which means talking about looted objects, the basement storerooms, and the leaking roof. We take the guided tour. SOURCES:Nicholas Cullinan, director of the British Museum. RESOURCES:"Inside the British Museum: stolen treasures and a £1bn revamp," by Alice Thomson (The Times, 2025)."British Museum gems for sale on eBay - how a theft was exposed," by Katie Razzall, Larissa Kennelly, and Darin Graham (BBC, 2024)."British Museum chief Nicholas Cullinan: ‘I start with the idea that everything is possible,'" by Jan Dalley (Financial Times, 2024)."Who Benefits When Western Museums Return Looted Art?" by David Frum (The Atlantic, 2022).The Will of Sir Hans Sloane, by Sir Hans Sloane (1753).The Portland Vase (The British Museum). EXTRAS:"Stealing Art Is Easy. Giving It Back Is Hard." by Freakonomics Radio (2023).

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).

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).

Everyone makes mistakes. How do we learn from them? Lessons from the classroom, the Air Force, and the world’s deadliest infectious disease. 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).

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. 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).