Before Kalshi and Polymarket there was the Iowa Electronic Markets

We almost had a smartphone in the 90s. Why did it fail?

In the early 90’s, a company called General Magic began working on a portable device that would allow people to check email, make phone calls, even play games. It was basically a smartphone. But it never caught on. On today’s show, a theory about why this device failed. General Magic had generous investors, world-class talent and creative freedom. But is it possible what they needed was constraints? 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]  * 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] This episode was hosted by Erika Beras and Emma Peaslee. It was produced by Emma Peaslee with help from Sam Yellowhorse Kesler and James Sneed. It was edited by Marianne McCune and fact-checked by Charlotte Isidore. It was engineered by Jimmy Keeley with help from Cena Loffredo. Alex Goldmark is Planet Money’s executive producer. 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]

Before Kalshi and Polymarket there was the Iowa Electronic Markets

Prediction markets aren’t new. Election betting was common until the 1940s, then mysteriously faded away. There was an entire political era when party bosses were expected to conspicuously gamble on their candidates (even if they secretly hedged). And in the 1980s, a few economists designed an election market that beat out election polling 74 percent of the time. Today, we’re running an excerpt from our friends at Throughline, NPR’s excellent history podcast. Subscribe right now if you don’t already [https://www.npr.org/podcasts/510333/throughline]. And, listen to their extended version of the episode [https://www.npr.org/2026/05/21/nx-s1-5828906/prediction-markets-are-making-a-150-year-comeback] to hear about the early markets for betting on terrorism and military uses of prediction markets. 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]  * 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] Today's episode was produced for Planet Money by Sam Yellowhorse Kesler, edited by Alex Goldmark, and engineered by Maggie Luthar. The original Throughline episode was produced by Rund Abdelfatah, Casey Miner, Cristina Kim, Devin Katayama, Sarah Wyman, Julia Redpath, and Kyana Moghadam.  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]

The real horror of ‘Alien’ and how it explains why we’re not paid enough

Maybe the real monster in the Alien franchise isn’t actually the killer alien. Because behind the acid blood and jump scares is an even more insidious horror: a single employer with unchecked power. That employer is named Weyland-Yutani, a mega-corporation that dominates workers across the galaxy. Weyland-Yutani is a sort of extreme example of what economists call a monopsony — when one employer dominates a labor market and gains power to underpay and mistreat workers. Sure, it’s science fiction. But a growing number of economists argue that monopsony power is a much bigger deal in the real world than previously thought. We watch scenes from the movie Alien with labor economist Arin Dube, whose new book, The Wage Standard, shines a spotlight on the problem of monopsony power in the modern economy. We ask Arin what policy ideas he has that would have maybe prevented the worker tragedy seen in Alien. And we use his answer to try and rewrite the movie (spoiler: the movie becomes much shorter and less exciting). Plus, we speak with Fede Álvarez, the director and co-writer of Alien: Romulus, which puts Weyland-Yutani’s poor treatment of workers front row and center. For more on monopsony and anti-trust: * The labor economics of 'Alien' — and its lessons for inequality on Earth [https://www.npr.org/sections/planet-money/2026/04/14/g-s1-117075/the-labor-economics-of-alien-and-its-lessons-for-inequality-on-earth] (PM newsletter) * The hidden power keeping wages low [https://www.npr.org/sections/planet-money/2026/04/21/g-s1-118071/the-hidden-power-keeping-wages-low] (PM newsletter) * Antitrust In America [https://www.npr.org/sections/money/2019/03/20/704426033/antitrust-in-america] (PM series) * How we got free agents in baseball [https://www.npr.org/2026/05/06/nx-s1-5812912/baseball-free-agency-curt-flood] (PM episode) 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]  * 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] Today's episode of Planet Money was hosted by Greg Rosalsky and Kenny Malone. It was produced by James Sneed, edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez. Our executive producer is Alex Goldmark. 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]

Can computer hackers get inside your mind?

The cyber weapon that might have prevented nuclear war. The U.S. and Israel have long been in conflict with Iran over their nuclear development program. Some of that conflict has been out in the open, with bombs and blockades, but some of it has been invisible.  Recently some security researchers discovered a cyberweapon likely tied to that invisible conflict. It looks like it was designed to hide on nuclear scientists computers, then throw off their calculations--just as they got close to achieving their goals. Sounds like something out of science fiction. But it was created 20 years ago.  On today’s show: a whodunit about hackers, ‘Cyber Paleontologists’, spy-vs-spy protocols, cryptic intelligence leaks, nuclear physics, high-precision math, and epistemological warfare. Pictured: Juan Andres Guerrero Saade (JAGS) and his ‘Fast16 - NOTHING TO SEE HERE, CARRY ON’ tattoo.  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]  * 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] This episode was hosted by Nick Fountain and Erika Beras. It was produced by Willa Rubin and edited by Marianne McCune with help from Jess Jiang. It was fact-checked by Charlotte Isidore and engineered by Kwesi Lee. Alex Goldmark is our executive producer. Music: NPR Source Audio - “High Tech Expert,” “Digital Wave,” and “Hyper Pop.” 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]

It’s my tree. Why can’t I cut it down?

Can the government stop you from cutting down your own tree? In many towns and cities these days, removing a tree now requires a permit. You might have to pay a fee, or promise to plant replacement trees. But sometimes, the city won't let you cut down the tree at all, even a tree in your own backyard. That's because trees are important for air quality, for flood control, and for public health. They help keep neighborhoods cool on hot days. But some think that tree protection laws have gone too far — that they might even be unconstitutional. On today's episode, it's the latest showdown between property rights and local zoning laws. Typically, towns and cities enjoy a lot of power when it comes to zoning and permits. They can ban certain types of buildings. They can make you paint your house a certain color. But can they make it illegal to cut down a tree? And what does it mean to "own" a piece of property anyway? 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]  * 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] This episode of Planet Money was hosted by Jeff Guo and Amanda Aronczyk. It was produced by James Sneed and Emma Peaslee, edited by Jess Jiang, and fact-checked by Vito Emanuel. It was engineered by Robert Rodriguez and Cena Loffredo. Alex Goldmark is our executive producer. 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]