Planet Money

Older workers aren’t retiring. Should they be forced to?

When workers past retirement age can’t afford to retire — that’s one thing. When they can, and just don’t want to — that’s trickier. It used to be legal to force people to retire when they hit a certain age. The trend used to be earlier and earlier retirement. Now it’s later and later retirement. And younger workers say it’s impacting their career advancement and their ability to save for their own retirement. At the same time, older workers are living longer, Social Security and Medicare funding are less secure than ever … and many people want to keep working. Age in the workplace is a tricky thing to talk about. But today on the show, we’re talking about it. On the latest Planet Money, a law professor who says retirement should be mandatory at age 70. And an economist who says, actually … people should delay retirement even longer.  Show notes:  * More of Planet Money’s coverage [https://www.npr.org/2020/01/09/794977811/episode-963-13-000-economists-1-question] of the lump of labor fallacy * Samuel Moyn: Gerontocracy in America: How the Old Are Hoarding Power and Wealth? And What to Do About It. [https://us.macmillan.com/books/9780374607647/gerontocracyinamerica/] * Gerhard Casper and Saunders Mac Lane: “Older Doesn’t Mean Wiser [https://www.nytimes.com/1990/10/26/opinion/older-doesnt-mean-wiser.html]” Read:  * Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life [https://lnk.to/i3AukBdD]  * Our weekly long-form Planet Money newsletter [https://n.pr/3zrFvUB] * Our weekly Indicator round-up newsletter [https://www.npr.org/newsletter/indicator] Follow:  * Instagram [https://n.pr/3FqLuws] * TikTok [https://n.pr/3sGZdrq] * YouTube [https://lnk.to/iCVDaW3C] * Facebook [https://n.pr/3h92GwS] Support public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show’s perks include bonus episodes and sponsor-free listening. Learn more at plus.npr.org [http://plus.npr.org/]. This episode was reported by Sarah Gonzalez. It was produced by Willa Rubin, edited by Eric Misitzis Mennel, and fact-checked by Sierra Juarez. It was engineered by Robert Rodriguez and Jimmy Keeley. Alex Goldmark is our executive producer.  Music: NPR Source Audio: “Don’t Cross The Line,”  “Aventure Burlesque,” and “Hollywood.” See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

Sand heists and property rights in the Caribbean (Summer School)

Imagine a nation where, for the residents, land is for the claiming. You walk down the street, pick out a nice looking plot of land, and just plop down a marker. No rent, no taxes, no deed – just free land. That’s the communal system of property rights that governed a small Caribbean island for over a century. This week on our Summer School World Tour we make port on the small economies of island nations, a great place to explore how different experiments play out. Every small change – the good and the bad – has big consequences. First, the fascinating test case on the island of Barbuda, where the people there have found a way to run things without the usual, formal land rights. Then, we consider the vulnerabilities of small nations as we dig into a mysterious sand heist in Jamaica. A stolen beach – yes, you read that right – and something called “sand forensics” reveal the importance of this seemingly infinite resource and the challenges of protecting public spaces when there’s money to be made. Along the way we found ourselves asking: Does property have to be private? What happens when it’s not? How can you protect scarce resources when they’re part of the vast, public spaces everyone shares? Featured Episodes: * The Island No One Owns (2020) [https://www.npr.org/2020/01/31/801645818/episode-969-the-island-no-one-owns] * Peak Sand (2018) [https://www.npr.org/sections/money/2018/07/13/628894815/episode-853-peak-sand] Featured Terms: * Tragedy of the commons * Property rights * Path dependence * Ownership in common Support: * NPR+ (sponsor-free listening & bonus episodes)  [https://n.pr/3HlREPz] * And please click “follow” in your podcast app so you don’t miss an episode.  Read:  * Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life [https://lnk.to/i3AukBdD] (Audiobook here [https://open.spotify.com/show/509P7k1QPcwgzOSCqVCDCZ])  * Our weekly longform Planet Money newsletter [https://n.pr/3zrFvUB] * Our weekly Indicator link round-up newsletter [https://www.npr.org/newsletter/indicator] Follow:  * Instagram [https://n.pr/3FqLuws] * TikTok [https://n.pr/3sGZdrq] * YouTube [https://lnk.to/iCVDaW3C] * Facebook [https://n.pr/3h92GwS] This episode of Planet Money Summer School is hosted by Robert Smith. It was produced by Sophia Paliza-Carre and edited by Planet Money Executive Producer Alex Goldmark. It was fact-checked by Leyla Doss and engineered by Annlie Huang. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

What makes a toy go viral

Squishy, slimy, fidgety toys are having a moment. But it’s more than just an anxiety-soothing, social-media fueled trend – these toys are reshaping how toys get made. Today on the show, we have the story of the once-humble squishy dumpling and what it teaches us about how to make a viral hit and how to manufacture it, without getting left holding the bag. Hear it all firsthand from the creator of this trendy toy.  Read:  Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life [https://lnk.to/i3AukBdD]  Our weekly longform Planet Money newsletter [https://n.pr/3zrFvUB] Our weekly Indicator round-up newsletter [https://www.npr.org/newsletter/indicator] Follow:  Instagram [https://n.pr/3FqLuws] TikTok [https://n.pr/3sGZdrq] YouTube [https://lnk.to/iCVDaW3C] Facebook [https://n.pr/3h92GwS] Support public media by joining NPR+ at plus.npr.org [http://plus.npr.org/]. You’ll get perks for over 25 NPR podcasts, including bonus episodes and sponsor-free listening for Planet Money. This episode of Planet Money was produced by Emma Peaslee. It was edited by Marianne McCune. It was fact-checked by Sierra Juarez. It was engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer.  Music: NPR Source Audio - "Melty Heart," "Summer Escape," and "Twilight Sparkle" See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

How to beat the resource curse in Norway (Summer School)

Let’s call it the luxury of restraint. This is what enabled Norway to avoid the fate of so many other countries when they discovered oil and it changed the mix of their economy overnight. Norway! It’s expensive, wealthy, and abundant in resources. We’re going to compare two of them in particular today: deep reservoirs of oil and icy waters full of salmon. While one resource was heavily in demand, the country had an oversupply of the other. In this episode, we learn how Norway built its wealth by carefully avoiding the pitfalls of discovering oil that have plagued countries in the past and how it creatively created demand for its raw fish abroad. How do you dodge the dreaded resource curse? What clever ways can you benefit from oversupply? And lastly, how do you get rich and stay that way? Featured Episodes: * Norway Has Advice For Libya (2011) [https://www.npr.org/sections/money/2011/08/26/139972557/the-friday-podcast-norways-got-advice-for-libya] * The Salmon Taboo (2015) [https://www.npr.org/sections/money/2015/09/16/440951873/episode-651-the-salmon-taboo] Featured Terms: * Resource curse / Dutch disease / paradox of plenty * Coordination problem * Free-rider problem Support: * NPR+ [https://n.pr/3HlREPz] Read:  * Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life [https://lnk.to/i3AukBdD] (Audiobook here [https://open.spotify.com/show/509P7k1QPcwgzOSCqVCDCZ])  * Our weekly longform Planet Money newsletter [https://n.pr/3zrFvUB] * Our weekly Indicator link round-up newsletter [https://www.npr.org/newsletter/indicator] Follow:  * Instagram [https://n.pr/3FqLuws] * TikTok [https://n.pr/3sGZdrq] * YouTube [https://lnk.to/iCVDaW3C] * Facebook [https://n.pr/3h92GwS] * This episode of Planet Money Summer School is hosted by Robert Smith. It was produced by Sophia Paliza-Carre and edited by Planet Money Executive Producer Alex Goldmark. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo with help from Annlie Huang and Robert Rodriguez. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

Piles of cash and a town of solutions in Kenya, Nigeria (Summer School)

Let’s head to a small town in Kenya that’s become globally famous for helping economists answer some of the biggest questions facing humanity. In Kenya and Nigeria, economics isn’t just theory, it’s real life. We’ll look at some radical experiments that turned out to be enormously successful. What are the building blocks of health, education and prosperity for all? How does a nation grow rich? What is the most effective way to spend a dollar to fight poverty? We find answers in a town that became the laboratory for new concepts in economic research that netted some researchers the most prestigious prize in economics. Featured Episodes: * How randomized trials and the town of Busia, Kenya changed economics (2023) [https://www.npr.org/2023/06/09/1181448838/busia-kenya-nobel-prize-randomized-control-trials] * Nigeria, You Win! (2016) [https://www.npr.org/sections/money/2016/05/20/478883658/episode-702-nigeria-you-win] Featured Terms: * Randomized controlled trial * Human capital * Missing middle Support: * Planet Money+ [https://n.pr/3HlREPz] Read:  * Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life [https://lnk.to/i3AukBdD] (Audiobook here [https://open.spotify.com/show/509P7k1QPcwgzOSCqVCDCZ])  * Our weekly longform Planet Money newsletter [https://n.pr/3zrFvUB] * Our weekly Indicator link round-up newsletter [https://www.npr.org/newsletter/indicator] Follow:  * Instagram [https://n.pr/3FqLuws] * TikTok [https://n.pr/3sGZdrq] * YouTube [https://lnk.to/iCVDaW3C] * Facebook [https://n.pr/3h92GwS] The series is hosted by Robert Smith and produced by Sophia Paliza-Carre. This episode was edited by Planet Money Executive Producer Alex Goldmark. This episode was fact-checked by Leyla Doss, with engineering by Annlie Huang. See pcm.adswizz.com [https://pcm.adswizz.com] for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences. NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]