Earth 2.0: Is Income Inequality Inevitable?

In pursuit of a more perfect economy, we discuss the future of work; the toxic remnants of colonization; and whether giving everyone a basic income would be genius — or maybe the worst idea ever.

Earth 2.0: What Would Our Economy Look Like?

If we could reboot the planet and create new systems and institutions from scratch, would they be any better than what we’ve blundered our way into through trial and error? This is the first of a series of episodes that we’ll release over several months. Today we start with — what else? — economics. You’ll hear from Nobel laureate Angus Deaton, the poverty-fighting superhero Jeff Sachs; and many others.

Is the World Ready for a Guaranteed Basic Income?

Season 5, Episode 27

On this week's Freakonomics Radio: a lot of full-time jobs in the modern economy simply don’t pay a living wage. And even those jobs may be obliterated by new technologies. What’s to be done so that financially vulnerable people aren’t just crushed? It may finally be time for an idea that economists have promoted for decades: a guaranteed basic income.

Also, what is the long-term impact of suddenly acquiring a valuable asset? An 1832 land lottery in Georgia randomly rewarded roughly 20 percent of its participants with a large tract of land. Two researchers used U.S. Census data to track how this new wealth changed the lives of these families.

Pontiff-icating on the Free-Market System: A New Freakonomics Radio Podcast

This week’s episode of Freakonomics Radio takes a look at Pope Francis’s critique of the free-market system in "Evangelii Gaudium" ("The Joy of the Gospel"), his first apostolic exhortation. (You can subscribe to the podcast at iTunes, get the RSS feed, or listen via the media player above. You can also read the transcript, which includes credits for the music you’ll hear in the episode.)

The pontiff’s 224-page document covers a wide range of topics, but a small sub-section discussing “some challenges of today’s world” has captured the most attention. Using fiery language, Pope Francis condemns a global economy that “kills,” promotes inequality, and allows “the powerful [to] feed upon the powerless.” (Rush Limbaugh argued that this sounds like “pure Marxism.”):

Fighting Poverty With Actual Evidence: A New Freakonomics Radio Podcast

Our new podcast is called “Fighting Poverty With Actual Evidence.” (You can subscribe to the podcast at iTunes, get the RSS feed, or listen via the media player above. You can also read the transcript; it includes credits for the music you’ll hear in the episode.)

Not long ago, we put out a podcast that asked the question “Would a big bucket of cash really change your life?” That episode looked at whether winning a land lottery in antebellum Georgia significantly altered a given family's financial future. University of Chicago economist Hoyt Bleakley, who studied that 1832 lottery, told us this: 

BLEAKLEY: We see a really huge change in the wealth of the individuals, but we don’t see any difference in human capital. We don’t see that the children are going to school more. If your father won the lottery or lost the lottery the school attendance rates are pretty much the same, the literacy rates are pretty much the same. As we follow those sons into adulthood, their wealth looks the same in a statistical sense. Whether their father won the lottery, lost the lottery, their occupation looks the same. The grandchildren aren’t going to school more, the grandchildren aren't more literate. 

But one case study can’t definitively answer the larger question: what’s the best way to help poor people stop being poor? That's the question we address in this new podcast. If features a discussion that Stephen Dubner recently moderated in New York City with Richard Thaler and Dean Karlan.

Would a Big Bucket of Cash Really Change Your Life? A New Freakonomics Radio Podcast

Why does poverty persist? Is economic mobility still a real part of the American dream? And if you gave every poor family a big bucket of cash, would it substantially change the trajectory of its future?

Those are some of the questions we ask in our latest podcast, "Would a Big Bucket of Cash Really Change Your Life?" (You can subscribe at iTunes, get the RSS feed, or listen via the media player above. You can also read the transcript; it includes credits for the music you’ll hear in the episode.)

It attempts to answer an e-mail we received from a reader named Thomas Appleton:

What would be the socioeconomic effects if the 50 wealthiest Americans each gave $50,000 to 50 different American families, repeating this practice annually with new beneficiaries? How about if these families were targeted in a limited area; say, across some of the poorest neighborhoods in Brooklyn?

Freakonomics Radio: The Health of Nations

For decades, Gross Domestic Product (GDP) has been a standard yardstick for measuring living standards around the world. (The U.S., at $14 trillion, remains far above any other single nation in GDP.) Martha Nussbaum would rather use something that actually works. This is the topic of our latest Freakonomics Radio podcast.