587. Should Companies Be Owned by Their Workers?

Hit by Covid, runaway costs, and a zillion streams of competition, serious theater is in serious trouble. A new hit play called Stereophonic — the most Tony-nominated play in history — has something to say about that. We speak with the people who make it happen every night. (Part one of a two-part series.) SOURCES:David Adjmi, author and playwright.Sonia Friedman, theater producer and founder of Sonia Friedman Productions.John Johnson, theater producer and co-founder of Wagner Johnson Productions.Tom Pecinka, actor.Sarah Pidgeon, actor. RESOURCES:Stereophonic, by David Adjmi, Will Butler, and Daniel Aukin (2023).Lot Six: A Memoir, by David Adjmi (2020)."On the Performing Arts: The Anatomy of Their Economic Problems," by W. J. Baumol and W. G. Bowen (The American Economic Review, 1965).

Every December, a British man named Tom Whitwell publishes a list of 52 things he’s learned that year. These fascinating facts reveal the spectrum of human behavior, from fraud and hypocrisy to Whitwell’s steadfast belief in progress. Should we also believe? SOURCES:Tom Whitwell, managing consultant at Magnetic. RESOURCES:"Supercentenarian and Remarkable Age Records Exhibit Patterns Indicative of Clerical Errors and Pension Fraud," by Saul Justin Newman (Working Paper, 2024)."52 things I learned in 2023," by Tom Whitwell (Magnetic Notes, 2023)."Job Satisfaction 2023," by The Conference Board (2023)."What Fax Machines and Floppy Disks Reveal About Britain’s Productivity Problem," (The Economist, 2017).Fighting Traffic: The Dawn of the Motor Age in the American City, by Peter D. Norton (2008)."Beyond Propaganda," by John Kenney (The New York Times, 2006).

An update of our 2020 series, in which we spoke with physicians, researchers, and addicts about the root causes of the crisis — and the tension between abstinence and harm reduction. SOURCES:Gail D’Onofrio, professor and chair of emergency medicine at the Yale School of Medicine and chief of emergency services at Yale-New Haven Health.Keith Humphreys, professor of psychiatry and behavioral sciences at Stanford University.Stephen Loyd, chief medical officer of Cedar Recovery and chair of the Tennessee Opioid Abatement Council.Nicole O’Donnell, certified recovery specialist at the University of Pennsylvania's Center for Addiction Medicine and Policy.Jeanmarie Perrone, professor of emergency medicine at the University of Pennsylvania.Eileen Richardson, restaurant manager. RESOURCES:“Toward Healthy Drug Policy in the United States — The Case of Safehouse,” by Evan D. Anderson, Leo Beletsky, Scott Burris, and Corey S. Davis (The New England Journal of Medicine, 2020).“Buprenorphine Deregulation and Mainstreaming Treatment for Opioid Use Disorder,” by Leo Beletsky, Kevin Fiscella, and Sarah E. Wakeman (JAMA Psychiatry, 2018).“Emergency Department–Initiated Buprenorphine/Naloxone Treatment for Opioid Dependence,” by Gail D’Onofrio, Patrick G. O’Connor, Michael V. Pantalon, Marek C. Chawarski, Susan H. Busch, Patricia H. Owens, Steven L. Bernstein, and David A. Fiellin (JAMA, 2015).“Buprenorphine-Naloxone Therapy In Pain Management,” by Lucy Chen, Kelly Yan Chen, and Jianren Mao (National Institutes of Health, 2014).“Prevalence and Correlates of Street-Obtained Buprenorphine Use Among Current and Former Injectors In Baltimore, Maryland,” by Jacquie Astemborski, Becky L. Genberg, Mirinda Gillespie, Chris-Ellyn Johanson, Gregory D. Kirk, Shruti H. Mehta, Charles R. Schuster, and David Vlahov (U.S. National Library of Medicine National Institutes of Health, 2014).“The Promotion and Marketing of OxyContin: Commercial Triumph, Public Health Tragedy,” by Art Van Zee (U.S. National Library of Medicine National Institutes of Health, 2009). EXTRAS:"Why Is the Opioid Epidemic Still Raging?" series by Freakonomics Radio (2024)."The Opioid Tragedy, Part 1: 'We’ve Addicted an Entire Generation,'" by Freakonomics Radio (2020).“The Truth About the Vaping Crisis,” by Freakonomics Radio (2019).

Thanks to legal settlements with drug makers and distributors, states have plenty of money to boost prevention and treatment. Will it work? (Part two of a two-part series.) SOURCES:Keith Humphreys, professor of psychiatry and behavioral sciences at Stanford University.Stephen Loyd, chief medical officer of Cedar Recovery and chair of the Tennessee Opioid Abatement Council.Christine Minhee, founder of OpioidSettlementTracker.com. RESOURCES:"Court Conflicted Over Purdue Pharma Bankruptcy Plan That Shields Sacklers From Liability," by Amy Howe (SCOTUSblog, 2023).NationalOpioidSettlement.com.OpioidSettlementTracker.com.The Helios Alliance. EXTRAS:"The Opioid Tragedy, Part 2: 'It’s Not a Death Sentence,'" by Freakonomics Radio (2020).

Most epidemics flare up, do their damage, and fade away. This one has been raging for almost 30 years. To find out why, it’s time to ask some uncomfortable questions. (Part one of a two-part series.) SOURCES:David Cutler, professor of economics at Harvard University.Travis Donahoe, professor of health policy and management at the University of Pittsburgh.Keith Humphreys, professor of psychiatry and behavioral sciences at Stanford University.Stephen Loyd, chief medical officer of Cedar Recovery and chair of the Tennessee Opioid Abatement Council. RESOURCES:"Thick Market Externalities and the Persistence of the Opioid Epidemic," by David Cutler and J. Travis Donahoe (NBER Working Paper, 2024)."Responding to the Opioid Crisis in North America and Beyond: Recommendations of the Stanford-Lancet Commission," by Keith Humphreys, Chelsea L. Shover, Christine Timko, et al. (The Lancet, 2022)."When Innovation Goes Wrong: Technological Regress and the Opioid Epidemic," by David Cutler and Edward Glaeser (Journal of Economic Perspectives, 2021). EXTRAS:"Nuclear Power Isn’t Perfect. Is It Good Enough?" by Freakonomics Radio (2022)."The Opioid Tragedy, Part 2: 'It’s Not a Death Sentence,'" by Freakonomics Radio (2020)."The Opioid Tragedy, Part 1: 'We’ve Addicted an Entire Generation,'" by Freakonomics Radio (2020).

Presenting two stories from The Economics of Everyday Things: Why does it seem like every car is black, white, or gray these days? And: How self-storage took over America. SOURCES:Tom Crockett, classic car enthusiast.Zachary Dickens, executive vice president and chief investment officer of Extra Space Storage.Mark Gutjahr, global head of design at BASF.Kara Kolodziej, self-storage unit tenant.Anne Mari DeCoster, self-storage consultant.Nikkie Riedel, carline planning manager at Subaru of America. RESOURCES:“A Fifth Of Americans Rent Self Storage, With Millennials Overtaking Gen Xers In Generational Storage Wars,” by Francis Chantree (Storage Cafe, 2024).“Lessors of Mini Warehouses and Self-Storage Units Show Significant Financial Gains During COVID-19 Pandemic,” by Ben Chandler and Robin Enlow (United States Census Bureau, 2024).BASF Color Report 2023 for Automotive OEM Coatings, (2023).“The Fate of Oversupplied Self-Storage Markets and How to Pull Back From the Brink,” by Frank DeSalvo and David Perlleshi (Inside Self Storage, 2023).“A Pandemic Space Race: Self-Storage Roars Back,” by Ellen Rosen (The New York Times, 2021).“Beige on an S.U.V. Will Cost You, but for Pickups It’s Golden,” by Roy Furchgott (The New York Times, 2021).“A Brief History Of Car Colors — And Why Are We So Boring Now?” (Consumer Reports, 2018).“The Link Between the Colour of Cars and the Economy,” (The Economist, 2018).“Need to Store That? Booming Self-Storage Industry Says No Problem,” by Liam Pleven (The Wall Street Journal, 2015). EXTRAS:“Car Washes,” by The Economics of Everyday Things (2023).Storage Wars, TV series (2010-present).Auction Hunters, TV series (2010-2015).

The economist and social critic Glenn Loury has led a remarkably turbulent life, both professionally and personally. In a new memoir, he has chosen to reveal just about everything. Why? SOURCE:Glenn Loury, professor of economics at Brown University and host of The Glenn Show. RESOURCES:Late Admissions: Confessions of a Black Conservative, by Glenn Loury (2024)."Amy Wax – The DEI Witch Hunt at Penn Law," by Glenn Loury (The Glenn Show, 2024)."The Conservative Line on Race," by Glenn Loury (The Atlantic, 1997)."Will Affirmative-Action Policies Eliminate Negative Stereotypes?" by Stephen Coate and Glenn Loury (The American Economic Review, 1993). EXTRAS:"Roland Fryer Refuses to Lie to Black America," by Freakonomics Radio (2022)."How Much Does Discrimination Hurt the Economy?" by Freakonomics Radio (2021)."The Pros and Cons of Reparations," by Freakonomics Radio (2020).

The employee ownership movement is growing, and one of its biggest champions is also a private equity heavyweight. Is this meaningful change, or just window dressing? SOURCES:Marjorie Kelly, distinguished senior fellow at The Democracy Collaborative.Corey Rosen, founder and senior staff member of the National Center for Employee Ownership.Pete Stavros, co-head of Global Private Equity at KKR. RESOURCES:"Private Equity Is Starting to Share With Workers, Without Taking a Financial Hit," by Lydia DePillis (The New York Times, 2024)."Private Equity Heavyweight Pushing Employee Ownership," (60 Minutes, 2024)."Ownership Works: Scaling a Profitable Social Mission," by Ethan Rouen, Dennis Campbell, and Andrew Robinson (HBS Case Collection, 2023)."Research on Employee Ownership," by the National Center for Employee Ownership (2023).Wealth Supremacy: How the Extractive Economy and the Biased Rules of Capitalism Drive Today’s Crises, by Marjorie Kelly (2023)."Is Private Equity Joining — or Co-Opting—the Employee Ownership Movement?" by Marjorie Kelly and Karen Kahn (Fast Company, 2022)."How Well Is Employee Ownership Working?" by Corey Rosen and Michael Quarrey (Harvard Business Review, 1987). EXTRAS:"Are Private Equity Firms Plundering the U.S. Economy?" by Freakonomics Radio (2023)."Do You Know Who Owns Your Vet?" by Freakonomics Radio (2023)."Should You Trust Private Equity to Take Care of Your Dog?" by Freakonomics Radio (2023).

From politics and economics to psychology and the arts, many of the modern ideas we take for granted emerged a century ago from a single European capital. In this episode of the Freakonomics Radio Book Club, the historian Richard Cockett explores all those ideas — and how the arrival of fascism can ruin in a few years what took generations to build. SOURCE:Richard Cockett, author and senior editor at The Economist. RESOURCES:Vienna: How the City of Ideas Created the Modern World, by Richard Cockett (2023)."Birth, Death and Shopping," (The Economist, 2007).The Hidden Persuaders, by Vance Packard (1957)."An Economist's View of 'Planning,'" by Henry Hazlitt (The New York Times, 1944).The World of Yesterday: Memoires of a European, by Stefan Zweig (1942). EXTRA:"Arnold Schwarzenegger Has Some Advice for You," by People I (Mostly) Admire (2024).

Five years ago, we published an episode about the boom in home DNA testing kits, focusing on the high-flying firm 23andMe and its C.E.O. Anne Wojcicki. Their flight has been extremely bumpy since then. This update includes an additional interview with the Wall Street Journal reporter who has been investigating the firm’s collapse. SOURCES:Rolfe Winkler, reporter at The Wall Street Journal.Anne Wojcicki, co-founder and C.E.O. of 23andMe. RESOURCES:"23andMe’s Fall From $6 Billion to Nearly $0," by Rolfe Winkler (The Wall Street Journal, 2024)."23andMe User Data Stolen in Targeted Attack on Ashkenazi Jews," by Lily Hay Newman (Wired, 2023).Inheritance: A Memoir of Genealogy, Paternity, and Love, by Dani Shapiro (2019).How To Raise Successful People: Simple Lessons for Radical Results, by Esther Wojcicki (2019).“Diet and exercise changes following direct-to-consumer personal genomic testing,” by Daiva Elena Nielsen, Deanna Alexis Carere, Catharine Wang, J. Scott Roberts, and Robert C. Green (BMC Medical Genomics, 2016).“The impact of communicating genetic risks of disease on risk-reducing health behaviour: systematic review with meta-analysis,” Gareth J Hollands, David P. French, Simon J. Griffin, A. Toby Prevost, Stephen Sutton, Sarah King, Theresa M. Marteau (The British Medical Journal, 2016). EXTRAS:"Does Your DNA Determine Your Weight?" by No Stupid Questions (2023)."What’s Stopping Us From Curing Rare Diseases?" by Freakonomics, M.D. (2023)."We Can Play God Now," by People I (Mostly) Admire (2022)."Susan Wojcicki: 'Hey, Let’s Go Buy YouTube!'" by People I (Mostly) Admire (2020).