The Economics of Everyday Things

Why do millions of people pay to have one of the world’s deadliest toxins injected into their faces? Zachary Crockett looks surprised.   * SOURCES: * Dana Berkowitz [https://www.lsu.edu/hss/sociology/people/faculty/profiles/berkowitz_dana.php], sociologist and author. * Jean Carruthers [https://carrutherscosmetic.com/about/meet-dr-jean/], pioneer of cosmetic Botox, clinical professor of ophthalmology at the University of British Columbia, and owner of Carruthers Cosmetic. * Steven Williams [https://www.plasticsurgery.org/about-asps/leadership/asps-president], president of the American Society of Plastic Surgeons and owner of Tri Valley Plastic Surgery.   * RESOURCES: * "Botox Is More Affordable Than Ever. Is That A Good Thing? [https://www.womenshealthmag.com/beauty/a60702410/counterfeit-botox-injections/]" by Krista Bennett DeMaio (Women's Health, 2024). * "Early Development History of Botox (onabotulinumtoxinA) [https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10374179/]," by Alan B. Scott, Dennis Honeychurch, and Mitchell F. Brin (Medicine, 2023). * "How Barely-There Botox Became the Norm [https://www.nytimes.com/2021/04/08/style/self-care-how-barely-there-botox-became-the-norm.html]," by Jessica Schiffer (The New York Times, 2021). * Botox Nation: Changing the Face of America [https://amzn.to/4ei0jjT], by Dana Berkowitz (2017). * "Billions and Billions for Botox [https://www.newyorker.com/business/currency/actavis-allergan-botox-sale]," by Vauhini Vara (The New Yorker, 2014). * "Botox is Destroying Hollywood Acting [https://www.huffpost.com/entry/botox-is-destroying-holly_b_173086]," by Johann Hari (HuffPost, 2011). * "The Botox Boom [https://www.newsweek.com/botox-boom-145291]," by David Noonan (Newsweek, 2002).

Almost everyone who buys a home spends thousands of dollars on title insurance. Most of them don’t understand it, and almost none of them use it. So why does it exist? Zachary Crockett closes the deal.   * SOURCES: * Christy Bieber [https://www.linkedin.com/in/christy-bieber/], personal finance writer. * Laurie Goodman [https://www.urban.org/author/laurie-goodman], institute fellow at the Urban Institute Housing Finance Policy Center. * Kathy Kwak [https://www.linkedin.com/in/kathy-j-kwak-6123752/], chief operating officer of Proper Title.   * RESOURCES: * "Remarks of President Joe Biden — State of the Union Address As Prepared for Delivery [https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/03/07/remarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery-2/]," (The White House Briefing Room, 2024). * "Fannie Mae Expands Use Of Attorney Opinion Letters (AOLs) As Title Insurance Alternatives [https://nationalmortgageprofessional.com/news/fannie-mae-expands-use-attorney-opinion-letters-aols-title-insurance-alternatives]," by Christine Stuart (National Mortgage Professional, 2023). * "U.S. Private Auto Insurers Break Premium, Loss Ratio Records in Q1 [https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-private-auto-insurers-break-premium-loss-ratio-records-in-q1-76310318]," by Kris Elaine Figuracion and Tyler Hammel (S&P Global, 2023).   * EXTRA: * "'Insurance Is Sexy.' Discuss [https://freakonomics.com/podcast/insurance-is-sexy-discuss/]," by Freakonomics Radio (2023).

It takes fungi-sniffing dogs, back-room deals, and a guy named “The Kingpin” for the world’s most coveted morsel to end up on your plate. Zachary Crockett picks up the scent.   * SOURCES: * Jason McKinney [https://www.truffleshufflesf.com/pages/our-story], co-founder and C.E.O. of Truffle Shuffle. * Besart Morina, truffle dealer.   * RESOURCES: * "Dogs Pay the Price in Italian Truffle War [https://www.wsj.com/articles/dogs-pay-the-price-in-italian-truffle-war-11671367338]," by Margherita Stancati (The Wall Street Journal, 2022). * "How Truffles Took Root Around the World [https://www.smithsonianmag.com/science-nature/how-truffles-took-root-around-the-world-180981011/]," by Federico Kukso (Smithsonian Magazine, 2022). * "Has the American-Grown Truffle Finally Broken Through? [https://www.smithsonianmag.com/innovation/american-grown-truffle-breakthrough-180977702/]" by Rowan Jacobsen (Smithsonian Magazine, 2021). * "Sonoma County Farm Strikes Black Truffle Gold After 9 Years of Waiting [https://www.latimes.com/food/story/2021-12-23/geyserville-sonoma-county-black-perigord-truffle]," by Jenn Harris (Los Angeles Times, 2021). * "In Nicolas Cage’s ‘Pig,’ How Much Is the Truffle Hog Worth Anyway? [https://www.nytimes.com/2021/07/16/dining/pig-movie-nicolas-cage.html]" by Victoria Petersen (The New York Times, 2021). * "Predicted Climate Change Will Increase the Truffle Cultivation Potential in Central Europe [https://www.nature.com/articles/s41598-020-76177-0]," by Tomáš Čejka, Miroslav Trnka, Paul J. Krusic, Ulrich Stobbe, Daniel Oliach, Tomáš Václavík, Willy Tegel, and Ulf Büntgen (Nature Scientific Reports, 2020). * "Inside the Exceptionally Shady World of Truffle Fraud [https://www.eater.com/2019/5/28/18638762/truffle-fraud-fake-italian-piedmont-alba-white-truffles]," by Ryan Jacobs (Eater, 2019). * "Truffle Thieves Face Paramilitary Threat [https://www.theguardian.com/world/2012/dec/23/french-truffle-thieves-military-threat]," by Kim Willsher (The Guardian, 2012). * "The Hidden Life of Truffles [https://www.scientificamerican.com/article/the-hidden-life-of-truffles/]," by James M. Trappe and Andrew W. Claridge (Scientific American, 2010). * "Cultivation of Black Truffle to Promote Reforestation and Land-Usestability [https://hal.science/hal-00886320/document]," by José Antonio Bonet, Christine R. Fischer, and Carlos Colinas (Agronomy for Sustainable Development, 2006).

Once considered noble and heroic, pigeons are now viewed as an urban nuisance — one that costs cities millions of dollars a year. Zachary Crockett tosses some crumbs.   * SOURCES: * Andrew Blechman [http://www.andrewblechman.com/], journalist and author. * David Champagne [https://www.birdbustersinc.com/what-we-do], owner of Bird Busters, Inc.   * RESOURCES: * "Racing Pigeon Sells For A Record-Breaking $1.9 Million At Auction [https://www.forbes.com/sites/carlieporterfield/2020/11/15/racing-pigeon-sells-for-a-record-breaking-19-million-at-auction/]," by Carlie Porterfield (Forbes, 2020). * "Feathers of Honor: U.S. Army Signal Corps Pigeon Service in World War I, 1917–1918 [https://www.jstor.org/stable/26939907?seq=1]," by Frank A. Blazich Jr. (Army History, 2020). * "Pigeon Wars [https://www.nytimes.com/2006/10/15/magazine/15pigeons.html?pagewanted=1&_r=1]," by Jon Mooallem (The New York Times, 2006). * Pigeons: The Fascinating Saga of the World's Most Revered and Reviled Bird [https://amzn.to/3WV6PW9], by Andrew Blechman (2004). * "Pigeons Have Magnets [https://www.science.org/doi/10.1126/science.472725#:~:text=Research%20on%20pigeon%20homing%20suggests,appears%20to%20be%20single%20domains]," by Charles Walcott, James L. Gould, and J. L. Kirschvink (Science, 1979). * "The Pigeon as a Quality-Control Inspector [https://psycnet.apa.org/record/1966-07512-001]," by Thom Verhave (American Psychologist, 1966).   * 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).

How do criminals turn their ill-gotten gains into taxable income? And how does law enforcement stop them? Zachary Crockett follows the money.   * SOURCES: * Patrick McKenzie [https://www.linkedin.com/in/patrickmckenzie/], fraud prevention expert and strategic advisor at Stripe. * Kerry Myers [https://www.usf.edu/business/about/bios/myers-kerry.aspx], associate professor of instruction at the University of South Florida and former F.B.I. special agent.   * RESOURCES: * "National Assessments of Money Laundering Risks: Stumbling at the Start [https://onlinelibrary.wiley.com/doi/pdf/10.1111/risa.14302]," by Joras Ferwerda and Peter Reuter (Risk Analysis, 2024). * "Hacker 'Washes' $25M in Stolen Crypto Through Magic: The Gathering Card Scheme [https://blockonomi.com/hacker-washes-25m-in-stolen-crypto-through-magic-the-gathering-card-scheme/]," by Oliver Dale (Blockonomi, 2023). * "Money Spending or Money Laundering: The Fine Line between Legal and Illegal Financial Transactions [https://digitalcommons.pace.edu/cgi/viewcontent.cgi?article=1844&context=plr]," by Matthew R. Auten (Pace Law Review, 2013). * "HSBC to Pay $1.9bn in US Money Laundering Penalties [https://www.bbc.com/news/business-20673466]" (BBC News, 2012). * "How a Big US Bank Laundered Billions From Mexico's Murderous Drug Gangs [https://www.theguardian.com/world/2011/apr/03/us-bank-mexico-drug-gangs]," by Ed Vulliamy (The Guardian, 2011).   * EXTRAS: * "Why Does One Tiny State Set the Rules for Everyone? [https://freakonomics.com/podcast/why-does-one-tiny-state-set-the-rules-for-everyone/]" by Freakonomics Radio (2023). * "Kafkaesque [https://www.imdb.com/title/tt1615558/]," S3.E9 of Breaking Bad (2010).