Planet Money

In 1981, photographer Lynn Goldsmith took a portrait of the musician Prince. It's a pretty standard headshot — it's in black-and-white, and Prince is staring down the camera lens.This was early in his career, when he was still building the pop icon reputation he would have today. And in 1984, shortly after Prince had released Purple Rain, he was chosen to grace the cover of Vanity Fair. The magazine commissioned pop culture icon Andy Warhol to make a portrait of Prince for the cover. He used Lynn Goldsmith's photo, created a silkscreen from it, added some artistic touches, and instead of black-and-white, colored the face purple and set it against a red background. Warhol was paid, Goldsmith was paid, and both were given credit.However, years later, after both Prince and Warhol had passed away, Goldsmith saw her portrait back out in the world again. But this time, the face was orange, and Goldsmith wasn't given money or credit. And what began as a typical question of payment for work, led to a firestorm in the

Back in the 1990s, Dr. Raghunath Mashelkar was in his office in New Delhi when he came across a puzzling story in the newspaper. Some university scientists in the U.S. had apparently filed a patent for using turmeric to help heal wounds. Mashelkar was shocked, because he knew that using turmeric that way was a well known remedy in traditional Indian medicine. And he knew that patents are for brand new inventions. So, he decided to do something about it – to go to battle against the turmeric patent.But as he would soon discover, turmeric wasn't the only piece of traditional or indigenous knowledge that had been claimed in Western patent offices. The practice even had its own menacing nickname - biopiracy. And what started out as a plan to rescue one Indian remedy from the clutches of the U.S. patent office, eventually turned into a much bigger mission – to build a new kind of digital fortress, strong enough to keep even the most rapacious of bio-pirates at bay.This episode was produced by Willa Rubin with help

Congratulations to the Planet Money Summer School Class of 2023! Today, you become masters of business administration... spelled with lower-case letters for legal purposes. Your diploma is waiting for you just across the stage.But first, there's one final skill to impart: the pitch. We wouldn't be doing our job as a half-baked parody of a business school if we didn't leave you with the confidence and opportunity to stand in front of an investor and ask for money. We understand what you ambitious business school graduates really want is the chance to launch something and get rich.So we're combining graduation with a little test of ideas, a showdown of startups, a competition of companies. We are going to put our own spin on a pitch competition like you see on Shark Tank. We hear from five listeners with real ideas for startups.Can they make a successful pitch? What will investors be looking for in their presentation? Can they come prepared with persuasive total addressable market analyses? Who will have the sh

Across Hollywood right now, writers and actors are picketing in front of studio lots. They're walking back and forth, holding up signs demanding concessions on things like pay, how many writers work on projects, and the use of AI in TV and movies.But, on some of these lots, there are these strange alternate entrances where there are no picketers. Here drivers can come and go as they please without ever encountering any sign of a strike.Behold the neutral gate. An entrance intended for people who work at these lots but don't work for production companies that are involved with these particular strikes. (Usually that means things like game shows or TV commercials.)But, as one group of picketers recently experienced, it's hard to know if these entrances are, in fact, only being used by neutral parties or if the entrances might be being abused.On today's episode, the question of whether one Hollywood production was taking advantage of the neutral gate, and what the fight over a driveway can teach us about the bro

How do you get the best deal? How do you know you're getting the best deal? Whether you're talking down the price of a car or talking up your salary, you don't have to be a jerk to get what you want. Negotiations can be win-win – if you know what to ask for and how to grow the pie.We have three stories in today's episode about how to negotiate tactically. First, a hostage negotiator tries to buy a car. Will he get far? Then, one man's encounter at the airline ticket booth may inform how you respond to your next job offer. Finally, how to avoid a food fight and make a deal that benefits everybody.We'll learn about something called BATNA, or best alternative to a negotiated agreement, which can tell you when to stand firm and when to walk away. We'll find out how to shift our thinking about what success can look like in a negotiation, and shift your counterpart's thinking too.Come learn the techniques of expert negotiators in the penultimate episode of Planet Money Summer School, MBA edition. Next week: Graduat

Do you work more for more money? Or work less for more time? For some, this is the ultimate economic choice.Every single worker in the European Union is guaranteed four weeks of paid vacation. No matter how long they've been at a company. No matter how low paying the job is. Vacation is a right.In fact, all but one of the richest countries in the world guarantees paid vacation, except: the U.S.According to a 2019 study, people in Japan get 10 paid vacation days and 15 paid holidays; in Australia it's 20 paid vacation days and 8 paid holidays; and in Spain it's 25 paid vacation days and 14 paid holidays.And it's not just a rich country thing: Mexico, Afghanistan, Thailand, Tanzania - they all guarantee paid vacation from work, at least in the formal job sector.In the U.S: Zero paid vacation days and zero paid holidays. So, why is the United States the outlier? We go to several labor economists and historians, to find out what makes Americans different from Europeans. It's a winding journey, so maybe put in a r

"It's difficult to control everything," says our guest professor for this week, Santiago Gallino. "What is not difficult is to plan for everything." Today we venture into the sphere of business that masters the planning, and backup planning: operations management.It's more than just predicting a bottleneck and imagining a solution, because there's always a bottleneck to clear. It's about modeling, and weighing the costs of messing up vs. missing out. For instance, take a newspaper vendor who has to decide how many newspapers to sell tomorrow morning. Do they buy fewer, knowing that they'll sell out–and then miss out on potential revenue from papers not sold? Or do they order more than they expect to sell, just in case–and eat the cost of a few unsold papers? This type of trade-off applies to all kinds of businesses, and Gallino talks us through how to choose.The only certainty in this life is uncertainty. But we are certain you will come out of this episode feeling better prepared for your future business. An

This summer, the Supreme Court struck down Biden's plan to forgive student loan debt for millions of borrowers. Except, on the same day Biden first announced that plan, he also unveiled another, the SAVE plan. And though SAVE sounded less significant than Biden's big forgiveness pledge, it's still alive and could erase even more student debt.SAVE is officially a loan repayment plan. But through a few seemingly minor yet powerful provisions, many more low-income borrowers will end up paying little or nothing until, eventually, their loans will be forgiven. Even many higher-income borrowers will see some of their debts erased.In this episode, we explain the history of income-driven repayment. And how borrowers could end up paying less than they might expect once payments resume in October. You can read more from NPR's Cory Turner's here.This episode was hosted by Cory Turner and Kenny Malone. It was produced by Emma Peaslee, and edited by Molly Messick. It was fact-checked by Sierra Juarez, and engineered by Ro

For anyone running a business, technology is both threat and opportunity. Today, we run through techniques entrepreneurs can use to take advantage of new tech or defend against the dangers. It's not just about the product you're selling. It's about consumer psychology, and ethics, and taking calculated risks to navigate uncertainty.But, since this is Planet Money Summer School and we want to set your business on the path to riches, we're going to talk about how to use tech to dream big. Maybe more than anything, technology creates opportunities for the little guys where the big established companies can't be so nimble or have too much to lose. Take the classic concept of the innovator's dilemma: a company that innovated and succeeded, now faces a choice about any disruptive new technology. Do they risk tossing out their existing advantage and switch to the new tech, or play it safe and risk becoming obsolete?Most new technologies don't end up disrupting an industry. So it is totally rational for the big exist

Predicting the future of the economy is always a dicey proposition. That is especially true after more than three years of pandemic-related economic weirdness. No one quite knows what will happen next.Will the Fed be able to pull off a soft landing and bring down inflation without causing either a recession or a big jump in unemployment? Or will we end up with a hard landing, in which inflation comes down, but at the price of the country's economic health? Or, a third possibility, will the Fed not successfully bring inflation down at all?On today's show, three economic experts explain what they look for when trying to make predictions about what might come next for the U.S. economy. And how those indicators lead them to very different conclusions. We will also consult a tarot card reader...to see if her reading of the future can help us know which outcome is the most likely.This episode was hosted by Keith Romer, Sarah Gonzalez, and Jeff Guo. It was produced by Sam Yellowhorse Kesler and edited by Jess Jiang.

In this session of Planet Money Summer School, we are getting the word out about your brand. How do you convince consumers to buy your product, even if they are only just hearing about it? It's time for sales and marketing!If you've watched a show like Mad Men or The Office, you know the importance of a strong pitch. It's precision-crafted to show how what you're selling can solve a problem your customer needs solved. Sometimes it even creates the need. Once you've got your sales pitch, it's time to get the word out: marketing. Where to spread that message? How to make it unforgettable? Instantly recognizable? What is going to be your Just do it? Your Think different? Your Where's the beef?In our case studies today, we look at a product so cleverly marketed, the company doesn't need to market it at all anymore and customers wait years to get it: the Birkin bag. And we hear lessons from some of the world's most time tested salespeople who can and do sell anything, literally. It's all about the four P's: Produc

There's an estimated $195 billion of medical debt in America. But just because a medical bill comes in the mail doesn't mean you have to pay that exact price. In this special episode from our friends at Life Kit, you'll learn how to eliminate, reduce or negotiate a medical bill.If you liked this episode, you can check out more Life Kit here. They have episodes on how to choose a bank, and how to save money at the grocery store.This episode of Life Kit was produced by Sylvie Douglis. Their visuals editor is Beck Harlan, and their digital editor is Danielle Nett. Meghan Keane is their supervising editor, and Beth Donovan is their executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Dan Ariely and Francesca Gino are two of the biggest stars in behavioral science. Both have conducted blockbuster research into how to make people more honest, research we've highlighted on Planet Money. The two worked together on a paper about how to "nudge" people to be more honest on things like forms or tax returns. Their trick: move the location where people attest that they have filled in a form honestly from the bottom of the form to the top.But recently, questions have arisen about whether the data Ariely and Gino relied on in their famous paper about honesty were fabricated — whether their research into honesty was itself built on lies. The blog Data Colada went looking for clues in the cells of the studies' Excel spreadsheets, the shapes of their data distributions, and even the fonts that were used.The Hartford, an insurance company that collaborated with Ariely on one implicated study, told NPR this week in a statement that it could confirm that the data it had provided for that study had been alt

Usually, the first class that an MBA student takes is accounting. That involves, yes, equations and counting widgets...but it's more than that. Inside the simple act of accounting is a revolutionary way of thinking not just about a business, but about the world. A universe where all the forces are in balance. Accounting gives you a sixth sense–one that can help you determine whether your business will survive or fail.In this class, you'll learn the basics of accounting, and uncover its origins. We'll introduce you to the man who helped it spread around the world. He was a monk, a magician, and possibly the boyfriend of Leonardo da Vinci.Is accounting... sexy?Yes. Yes it is.Find all episodes of Planet Money Summer School here.This series is hosted by Robert Smith, and produced by Max Freedman. Our project manager is Julia Carney. This episode was edited by Sally Helm and engineered by Robert Rodriguez. The show is fact-checked by Sierra Juarez. Planet Money's executive producer is Alex Goldmark.Help support Pl

We here at Planet Money love economics papers. And that is also the case for so many of the economists we speak with. For them, new research can explain something they have always wondered about, or make them see something they have never noticed before. And it inspires their own work. So, to bring that same sense of discovery to you, the listener, today we are dedicating our show to a special experiment. A new way to share some of the most fascinating, clever and surprising economics papers in a segment we're calling: The Econ Paper Club.On today's show, we read the econ papers so you don't have to. We take a joyous romp through some of the most fascinating ideas floating around economics right now. And we find that some of those fascinating ideas are about some of the biggest things in life: the careers we choose, the expectations that come with parenting and what one eminent economist calls 'greedy jobs.' This episode was hosted by Erika Beras and Kenny Malone. It was produced by Sam Yellowhorse Kesler an

For episode 2 of Planet Money Summer School, we are talking strategy. You have your million dollar business idea, and maybe some money in your pocket to get it up and running. But now you enter into a crowded market. You have to deal with competition. So, what can you do to make sure your product is a success? That was the conundrum facing the Starbury. It was a basketball shoe with a celebrity endorsement, that had to go up against THE basketball shoe with THE celebrity endorsement: the Air Jordan. Our first story is about the ways in which the Starbury succeeded and failed in taking on a juggernaut.Then, we will hear a story about trying to avoid the dangers of "perfect" competition. Two companies making almost identical handbells learn that the key to their success lies in convincing customers how different they really are.Find all episodes of Planet Money Summer School here.The series is hosted by Robert Smith and produced by Max Freedman. Our project manager is Julia Carney. This episode was edited by Ke

When you make an account online or install an app, you are probably entering into a legally enforceable contract. Even if you never signed anything. These days, we enter into these contracts so often, it can feel like no big deal.But then there are the horror stories like Greg Selden's. He tried to sue AirBnB for racial discrimination while using their site. But he had basically signed away his ability to sue AirBnB when he made an account. That agreement was tucked away in a little red link, something most people might not even bother to click through. But, it wasn't always like this. On today's show, we go back in time to understand how the law of contracts got rewritten. And why today, you can accept a contract without even noticing it. This episode was hosted by Emma Peaslee and Jeff Guo, and was produced by James Sneed. It was edited by Jess Jiang and fact-checked by Sierra Juarez. It was engineered by James Willetts. Alex Goldmark is our Executive Producer. Help support Planet Money and get bonus episod

Find all episodes of Planet Money Summer School here.Planet Money Summer School is back! It's the free economics class you can take from anywhere... for everyone! For Season 4 of Summer School, we are taking you to business school. It's time to get your MBA, the easy way!In this first class: Everyone has a million dollar business idea (e.g., "Shazam but for movies"), but not everyone has what it takes to be an entrepreneur. We have two stories about founders who learned the hard way what goes into starting a small business, and getting it up and running.First, a story about Frederick Hutson, who learned about pain points and unique value propositions when he founded a company to help inmates and their families share photos. Then, we take a trip to Columbia, Maryland with chefs RaeShawn and LaShone Middleton. Their steamed crab delivery service taught them the challenges of "bootstrapping" to grow their business. And throughout the episode, Columbia Business School professor Angela Lee explains why entrepreneu

When it comes to big questions about the economy, we're still kind of in the dark ages. Why do some economies grow so much faster than others? How long is the next recession going to last? How do we stop inflation without wrecking the rest of the economy? These questions are the domain of macroeconomics. But even some macroeconomists themselves admit: While we have many theories about how the economy works, we have very few satisfying answers.Emi Nakamura wants to change all that. She's a superstar economist who is a pioneer in the field of "empirical macroeconomics." She finds clever ways of using data to untangle some of the oldest mysteries in macroeconomics, about the invisible hand, the consequences of government spending, and the inner workings of inflation.Recently we called her up to ask her why the economy is so difficult to understand in first place, and how she's trying to find answers anyway. She gets into all of that, and how Jeff Goldblum shaped her career as an economist, in this episode. This

Two stories today.First, as we start to understand post-affirmative action America, we look to a natural experiment 25 years ago, when California ended the practice in public universities. It reshaped the makeup of the universities almost instantly. We find out what happened in the decades that followed.Then, we ask, why does it cost so much for America to build big things, like subways. Compared to other wealthy nations, the costs of infrastructure projects in the U.S. are astronomical. We take a trip to one of the most expensive subway stations in the world to get to the bottom of why American transit is so expensive to build.This episode was hosted by Adrian Ma and Darian Woods. It was produced by Corey Bridges, and engineered by Robert Rodriguez and Katherine Silva. It was fact-checked by Sierra Juarez. Viet Le is the Indicator's senior producer. And Kate Concannon edits the show. Alex Goldmark is our executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Ap