Freakonomics Radio

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 [https://www.chicagofed.org/utilities/about-us/office-of-the-president/office-of-the-president-home], 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 [http://klenow.com/internet-rising-prices-falling_GoolsbeeKlenow.pdf]," by Austan Goolsbee and Peter Klenow (American Economic Association Papers and Proceedings, 2018). * Microeconomics [https://amzn.to/3SntxV7], by Austan Goolsbee, Steven Levitt, and Chad Syverson (2012). * "Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry [https://www.journals.uchicago.edu/doi/abs/10.1086/339714?journalCode=jpe]," by Jeffrey Brown and Austan Goolsbee (Journal of Political Economy, 2002). * Survey of Consumers [https://www.sca.isr.umich.edu/] (University of Michigan). * Adobe Digital Price Index [https://business.adobe.com/resources/digital-price-index.html].   * EXTRAS: * "Was Austan Goolsbee’s First Visit to the Oval Office Almost His Last? [https://freakonomics.com/podcast/was-austan-goolsbees-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? [https://freakonomics.com/podcast/is-2-trillion-the-right-medicine-for-a-sick-economy-ep-411/]" by Freakonomics Radio (2020). * "Fed Up, [https://freakonomics.com/podcast/fed-up-ep-390/]" by Freakonomics Radio (2019). * "Why the Trump Tax Cuts Are Terrible/Awesome (Part 2) [https://freakonomics.com/podcast/why-the-trump-tax-cuts-are-terrible-awesome-part-2/]" by Freakonomics Radio (2018). * "Ben Bernanke Gives Himself a Grade [https://freakonomics.com/podcast/ben-bernanke-gives-himself-a-grade/]," by Freakonomics Radio (2015). * "Should the U.S. Merge With Mexico? [https://freakonomics.com/podcast/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 [https://www.bloomberg.com/authors/ASIsQsgx0V8/javier-blas?sref=6DPKmIax], opinion columnist at Bloomberg News. * Jack Farchy [https://www.linkedin.com/in/jack-farchy-5a3a6723/?originalSubdomain=uk], energy and commodities senior reporter at Bloomberg News.   * RESOURCES: * The World For Sale: Money, Power, and the Traders Who Barter the Earth's Resources [https://amzn.to/438t0fN], by Javier Blas and Jack Farchy (2021) * The King of Oil: The Secret Lives of Marc Rich [https://amzn.to/3Fjj7To], by Daniel Ammann (2010).   * EXTRAS: * "How the Supermarket Helped America Win the Cold War (Update) [https://freakonomics.com/podcast/how-the-supermarket-helped-america-win-the-cold-war-update/]" by Freakonomics Radio (2024). * "The First Great American Industry [https://freakonomics.com/podcast/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 [https://www.linkedin.com/in/will-coleman/], founder and C.E.O. of Alto. * Amy Edmondson [https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6451], professor of leadership management at Harvard Business School. * Babak Javid [https://tb.ucsf.edu/people/babak-javid-mb-phd], physician-scientist and associate director of the University of California, San Francisco Center for Tuberculosis. * Gary Klein [https://www.gary-klein.com/welcome], cognitive psychologist and pioneer in the field of naturalistic decision making. * Theresa MacPhail [https://theresamacphail.com/], medical anthropologist and associate professor of science & technology studies at the Stevens Institute of Technology. * Roy Shalem [https://english.tau.ac.il/profile/shalemro], lecturer at Tel Aviv University. * Samuel West [https://www.linkedin.com/in/samuelwest/?originalSubdomain=es], curator and founder of The Museum of Failure.   * RESOURCES: * "A Golf Club Urinal, Colgate Lasagna and the Bitter Fight Over the Museum of Failure [https://www.wsj.com/arts-culture/museum-of-failure-samuel-west-martin-biallas-7c1dfdcf?mod=hp_featst_pos3]," by Zusha Elinson (Wall Street Journal, 2025). * Right Kind of Wrong: The Science of Failing Well [https://amzn.to/45mpkoA], by Amy Edmondson (2023). * “You Think Failure Is Hard? So Is Learning From It [https://journals.sagepub.com/doi/abs/10.1177/17456916211059817],” by Lauren Eskreis-Winkler and Ayelet Fishbach (Perspectives on Psychological Science, 2022). * “The Market for R&D Failures [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1547268],” by Manuel Trajtenberg and Roy Shalem (SSRN, 2010). * “Performing a Project Premortem [https://cltr.nl/wp-content/uploads/2020/11/Project-Pre-Mortem-HBR-Gary-Klein.pdf],” by Gary Klein (Harvard Business Review, 2007).   * EXTRAS: * "The Deadliest Disease in Human History [https://freakonomics.com/podcast/the-deadliest-disease-in-human-history/]," by People I (Mostly) Admire (2025). * “How to Succeed at Failing [https://freakonomics.com/podcast-tag/how-to-succeed-at-failing/],” series by Freakonomics Radio (2023). * “Moncef Slaoui: ‘It’s Unfortunate That It Takes a Crisis for This to Happen [https://freakonomics.com/podcast/moncef-slaoui-its-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 [https://applegatellc.com/john/], website designer and failed paint can re-inventor. * Angela Duckworth [https://angeladuckworth.com/], host of No Stupid Questions, co-founder of Character Lab, and professor of psychology at the University of Pennsylvania. * Amy Edmondson [https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6451], professor of leadership management at Harvard Business School. * Helen Fisher [https://helenfisher.com/], former senior research fellow at The Kinsey Institute and former chief science advisor to Match.com. * Eric von Hippel, [https://evhippel.mit.edu/] professor of technological innovation at M.I.T.’s Sloan School of Management. * Jill Hoffman [https://www.linkedin.com/in/jillrutanhoffman/], founder and C.E.O. of Path 2 Flight. * Gary Klein [https://www.gary-klein.com/welcome], cognitive psychologist and pioneer in the field of naturalistic decision making. * Steve Levitt [https://pricetheory.uchicago.edu/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 [https://www.josephoconnell.art/], artist. * Mike Ridgeman [https://www.linkedin.com/in/mike-ridgeman-211428248], government affairs manager at the Wisconsin Bike Fed. * Melanie Stefan [http://melaniestefan.net/], professor of physiology at Medical School Berlin. * Travis Thul [https://www.linkedin.com/in/travismthul/], vice president for Student Success and Engagement at Minnesota State University, Mankato.   * RESOURCES: * “Data Snapshot: Tenure and Contingency in US Higher Education [https://www.aaup.org/sites/default/files/AAUP%20Data%20Snapshot.pdf],” by Glenn Colby (American Association of University Professors, 2023). * Grit: The Power of Passion and Perseverance [https://amzn.to/3SejjaI], by Angela Duckworth (2016). * “Entrepreneurship and the U.S. Economy [https://www.bls.gov/bdm/entrepreneurship/bdm_chart3.htm],” by the U.S. Bureau of Labor Statistics (2016). * “A C.V. of Failures [https://www.nature.com/articles/nj7322-467a],” by Melanie Stefan (Nature, 2010). * Ramen Now! [http://www.theramennow.com/] official website.   * EXTRAS:  * “How to Succeed at Failing [https://freakonomics.com/podcast-tag/how-to-succeed-at-failing/],” series by Freakonomics Radio (2023). * “Annie Duke Thinks You Should Quit [https://freakonomics.com/podcast/annie-duke-thinks-you-should-quit/],” by People I (Mostly) Admire (2022). * “How Do You Know When It’s Time to Quit? [https://freakonomics.com/podcast/how-do-you-know-when-its-time-to-quit-nsq-ep-29/]” by No Stupid Questions (2020). * “Honey, I Grew the Economy, [https://freakonomics.com/podcast/honey-i-grew-the-economy/]” by Freakonomics Radio (2019). * “The Upside of Quitting [https://freakonomics.com/podcast/the-upside-of-quitting-3/],” by Freakonomics Radio (2011).

In medicine, failure can be catastrophic. It can also produce discoveries that save millions of lives. Tales from the front line, the lab, and the I.T. department.   * SOURCES: * Amy Edmondson [https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6451], professor of leadership management at Harvard Business School. * Carole Hemmelgarn [https://gufaculty360.georgetown.edu/s/contact/0033600001MfbNuAAJ/carole-hemmelgarn], co-founder of Patients for Patient Safety U.S. and director of the Clinical Quality, Safety & Leadership Master’s program at Georgetown University. * Gary Klein [https://www.gary-klein.com/welcome], cognitive psychologist and pioneer in the field of naturalistic decision making. * Robert Langer [https://langerlab.mit.edu/langer-bio/], institute professor and head of the Langer Lab at the Massachusetts Institute of Technology. * John Van Reenen [https://www.lse.ac.uk/economics/people/faculty/john-van-reenen], professor at the London School of Economics.   * RESOURCES: * Right Kind of Wrong: The Science of Failing Well [https://amzn.to/45mpkoA], by Amy Edmondson (2023). * “Reconsidering the Application of Systems Thinking in Healthcare: The RaDonda Vaught Case [https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9724400/],” by Connor Lusk, Elise DeForest, Gabriel Segarra, David M. Neyens, James H. Abernathy III, and Ken Catchpole (British Journal of Anaesthesia, 2022). * "Estimates of preventable hospital deaths are too high, new study shows [https://news.yale.edu/2020/01/28/estimates-preventable-hospital-deaths-are-too-high-new-study-shows]," by Bill Hathaway (Yale News, 2020). * “Dispelling the Myth That Organizations Learn From Failure [https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2776873],” by Jeffrey Ray (SSRN, 2016). * “A New, Evidence-Based Estimate of Patient Harms Associated With Hospital Care [https://journals.lww.com/journalpatientsafety/Fulltext/2013/09000/A_New,_Evidence_based_Estimate_of_Patient_Harms.2.aspx],” by John T. James (Journal of Patient Safety, 2013). * To Err is Human: Building a Safer Health System [https://pubmed.ncbi.nlm.nih.gov/25077248/], by the National Academy of Sciences (1999). * “Polymers for the Sustained Release of Proteins and Other Macromolecules [https://www.nature.com/articles/263797a0],” by Robert Langer and Judah Folkman (Nature, 1976). * The Innovation and Diffusion Podcast [https://podcasts.apple.com/us/podcast/the-innovation-and-diffusion-podcast/id1708817309], by John Van Reenen and Ruveyda Gozen.   * EXTRAS: * "The Curious, Brilliant, Vanishing Mr. Feynman [https://freakonomics.com/the-curious-brilliant-vanishing-mr-feynman/]," series by Freakonomics Radio (2024). * “Will a Covid-19 Vaccine Change the Future of Medical Research? [https://freakonomics.com/podcast/will-a-covid-19-vaccine-change-the-future-of-medical-research-ep-430/]” by Freakonomics Radio (2020). * “Bad Medicine, Part 3: Death by Diagnosis [https://freakonomics.com/podcast/bad-medicine-part-3-death-by-diagnosis/],” by Freakonomics Radio (2016).