673. What Is Money?

Was Adam Smith Really a Right-Winger? (Update)

Economists and politicians have turned him into a mascot for free-market ideology. Some on the left say the right has badly misread him. In this updated replay of a 2022 episode, we hold a very Smithy tug of war.   * SOURCES: * Eamonn Butler [https://www.libertarianism.org/people/eamonn-butler], co-founder and director of the Adam Smith Institute. * Glory Liu [https://www.gloryliu.com/about], a political scientist and Adam Smith scholar at Georgetown University. * Mariana Mazzucato [https://marianamazzucato.com/], professor in the economics of innovation and public value at University College London. * Dennis Rasmussen [https://www.maxwell.syr.edu/directory/dennis-c-rasmussen], a professor of political science at Syracuse University. * Russ Roberts [https://russroberts.info/], president of Shalem College in in Jerusalem; host of the EconTalk podcast; and author. * Craig Smith [https://www.gla.ac.uk/schools/socialpolitical/staff/craigsmith/], Adam Smith Senior Lecturer in the Scottish Enlightenment at the University of Glasgow.   * RESOURCES: * Adam Smith’s America: How a Scottish Philosopher Became an Icon of American Capitalism [https://amzn.to/3P70VwN], by Gloria Liu (2022). * "Henry and Adam: A Deep and Special Friendship [https://www.panmurehouse.org/perspectives/articles/henry-and-adam-a-deep-and-special-friendship/]," by Benny Higgins (Adam Smith Panmure House Perspective, 2020). * "Rescuing Adam Smith From Myth and Misrepresentation [https://www.economist.com/books-and-arts/2018/07/26/rescuing-adam-smith-from-myth-and-misrepresentation]," (The Economist, 2018). * The Infidel and the Professor: David Hume, Adam Smith, and the Friendship That Shaped Modern Thought [https://amzn.to/3uzB5Is], by Dennis C. Rasmussen (2017). * How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness [https://amzn.to/3hd66i3], by Russ Roberts (2014). * "British Privatization — Taking Capitalism to the People [https://hbr.org/1992/01/british-privatization-taking-capitalism-to-the-people]," by John Moore (Harvard Business Review, 1992). * Free to Choose: A Personal Statement [https://amzn.to/3Y31wUh], by Milton Friedman and Rose Friedman (1990). * The Essential Adam Smith [https://amzn.to/3HjlAf3], edited by Robert L. Heilbroner (1986). * An Inquiry into the Nature and Causes of the Wealth of Nations [https://www.libertyfund.org/books/an-inquiry-into-the-nature-and-causes-of-the-wealth-of-nations-set/], by Adam Smith (1776). * The Theory of Moral Sentiments [https://amzn.to/3VYSzcJ], by Adam Smith (1759).   * EXTRAS: * "In Search of the Real Adam Smith [https://freakonomics.com/podcast-tag/in-search-of-the-real-adam-smith/]," series by Freakonomics Radio (2022). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

673. What Is Money?

That’s what the Pulitzer Prize-winning composer David Lang wanted to learn. So he turned Adam Smith’s The Wealth of Nations into an oratorio. We tag along as Lang’s piece heads toward its world premiere with the New York Philharmonic. (Part one of a two-part series [https://freakonomics.com/david-langs-the-wealth-of-nations/].)   * SOURCES: * Fleur Barron [https://www.fleurbarron.com/], opera singer and mezzo-soprano. * David Lang [https://davidlangmusic.com/about/], composer and professor at the Yale School of Music.   * RESOURCES: * "Finally, an Opera About Economics [https://www.bloomberg.com/news/articles/2026-03-20/gustavo-dudamel-s-the-wealth-of-nations-melds-opera-and-economics?embedded-checkout=true]," by Stacey Vanek Smith (Bloomberg, 2026). * "The Little Match Girl Passion [https://davidlangmusic.bandcamp.com/album/the-little-match-girl-passion]," by David Lang (2023). * The Wealth of Nations [https://archive.org/details/in.ernet.dli.2015.207956/page/n3/mode/2up], by Adam Smith (1776).   * EXTRAS: * "In Search of the Real Adam Smith [https://freakonomics.com/podcast-tag/in-search-of-the-real-adam-smith/]," series by Freakonomics Radio (2022). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

672. What Makes Judy Faulkner Run?

Epic Systems manages the electronic health records for hundreds of millions of people. This makes Faulkner a healthcare heavyweight and one of the most successful female entrepreneurs in history. So why haven’t we ever heard much from her? Stephen Dubner travels to Verona, Wisc., to explore the Faulknerverse.   * SOURCES: * Judy Faulkner [https://www.epic.com/about/], C.E.O. and founder of Epic Systems. * Seth Howard [https://www.linkedin.com/in/sethhoward/], executive vice president of research and development at Epic Systems.   * RESOURCES: * "Epic Systems (MyChart) [https://www.acquired.fm/episodes/epic-systems-mychart]," by Acquired (2025). * "Federal antitrust lawsuit against Wisconsin-based Epic Systems will move forward [https://www.wpr.org/news/federal-antitrust-lawsuit-against-epic-systems-move-forward]," by Joe Schulz (Wisconsin Public Radio, 2025). * "Bill Gates meets Willy Wonka: How Epic’s 82-year-old billionaire CEO, Judy Faulkner, built her software factory [https://www.cnbc.com/2025/08/16/how-epics-82-year-old-ceo-judy-faulkner-built-her-software-factory.html]," by Ashley Capoot (CNBC, 2025). * "Epic: The Future of Health Information Technology [https://www.hbs.edu/faculty/Pages/item.aspx?num=66399]," by Regina Herzlinger and Brian Walker (Harvard Business School, 2024).   * EXTRAS: * "Can A.I. Save Your Life? [https://freakonomics.com/podcast/can-a-i-save-your-life/]" by Freakonomics Radio (2026). * "How to Fix the Hot Mess of U.S. Healthcare [https://freakonomics.com/podcast/how-to-fix-the-hot-mess-of-u-s-healthcare-ep-456/]," by Freakonomics Radio (2021). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

Why Does Everyone Hate Rats? (Update)

New York City’s mayor called them “public enemy number one.” History books say they caused the Black Death — although recent scientific evidence disputes that claim. In an updated episode from 2025, we ask: Is the rat a scapegoat? And what does our rat hatred say about us?   * SOURCES: * Bethany Brookshire [https://bethanybrookshire.com/], author of Pests: How Humans Create Animal Villains. * Kathy Corradi [https://www.linkedin.com/in/kathleen-corradi-0678514a/], senior vice president of resident services, partnerships, and initiatives at the New York City Housing Authority. * Ed Glaeser [https://scholar.harvard.edu/glaeser/home], professor of economics at Harvard University. * Nils Stenseth [https://www.mn.uio.no/english/people/adm/fac/research/nilsst/], professor of ecology and evolution at the University of Oslo.   * RESOURCES: * "On Patrol With the Rat Czar, [https://nymag.com/intelligencer/article/rat-czar-kathleen-corradi-eric-adams.html]" by Mark Chiusano (Intelligencer, 2024). * "How Rats Took Over North America, [https://www.scientificamerican.com/article/how-rats-took-over-north-america/]" by Allison Parshall (Scientific American, 2024). * "Where Are the Rats in New York City, [https://www.nytimes.com/2024/10/24/realestate/rats-nyc-boroughs-study.html]" by Matt Yan (New York Times, 2024). * Pests: How Humans Create Animal Villains [https://amzn.to/4hQ725I] by Bethany Brookshire (2022). * "Human ectoparasites and the spread of plague in Europe during the Second Pandemic, [https://www.pnas.org/doi/10.1073/pnas.1715640115]" by Nils Stenseth, Katharine Dean, Fabienne Krauer, Lars Walløe, Ole Christian Lingjærde, Barbara Bramanti, and Boris Schmid (Proceedings of the National Academy of Sciences, 2018).   * EXTRAS:  * "Freakonomics Radio Live: 'Jesus Could Have Been a Pigeon.' [https://freakonomics.com/podcast/freakonomics-radio-live-jesus-could-have-been-a-pigeon/]" by Freakonomics Radio (2018). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.

671. Why Has There Been So Little Progress on Alzheimer’s Disease?

One possibility: a leading hypothesis pursued by researchers (and funders) was built on science that now appears to be fraudulent. Stephen Dubner speaks with the scientist and the journalist who blew the whistle.   * SOURCES: * Charles Piller [https://www.science.org/content/author/charles-piller], investigative journalist for Science, author of Doctored. * Matthew Schrag [https://www.vumc.org/vmac/person/matthew-s-schrag-md-phd], associate professor of neurology at Vanderbilt University Medical Center.   * RESOURCES: * Doctored: Fraud, Arrogance, and Tragedy in the Quest to Cure Alzheimer's [https://amzn.to/4tgz7t3], by Charles Piller (2025). * "The brain makes a lot of waste. Now scientists think they know where it goes [https://www.npr.org/sections/shots-health-news/2024/06/26/g-s1-6177/brain-waste-removal-system-amyloid-alzheimer-toxins]," by Jon Hamilton (NPR, 2024). * "The history of Alzheimer’s disease [https://www.nature.com/immersive/alzheimers-disease-history/index.html]," by Lisa Kiani and Richard Hodson (Nature, 2024).   * EXTRAS: * "Can Marty Makary Fix the F.D.A.? [https://freakonomics.com/podcast/can-marty-makary-fix-the-f-d-a/]" by Freakonomics Radio (2026). * "Are You Ready for the Elder Swell? [https://freakonomics.com/podcast/are-you-ready-for-the-elder-swell/]" by Freakonomics Radio (2025). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for advertising.