Are You Ready for a Glorious Sunset?

Season 5, Episode 19

On this week's episode of Freakonomics Radio: We spend billions of dollars on end-of-life healthcare that often doesn’t do much good. So what if a patient could forego the standard treatment and get a cash rebate instead?

Also, the war on cigarettes has been fairly successful in some places. In the U.S., the smoking rate has fallen by more than half. But a billion humans still smoke, so what comes next?

Failure Is Your Friend: A Freakonomics Radio Rebroadcast

This week's Freakonomics Radio episode is a rebroadcast of the episode "Failure Is Your Friend" (You can subscribe to the podcast at iTunes or elsewhere, 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.)

Failure Is Your Friend: A New Freakonomics Radio Podcast

This week’s episode is called “Failure Is Your Friend.” (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.)

This is a natural followup to last week's episode, "The Upside of Quitting." Why are so many people so reluctant to quit projects or jobs or relationships that have soured? One reason, Stephen Dubner argues, is that we tend to equate quitting with failure, and there’s a huge stigma attached to failure. But … should there be? In their new book Think Like a Freak, Dubner and Steven Levitt  argue that perhaps we’re not thinking clearly about failure. Failure, they say, can be your friend:

LEVITT: I always tell my students -- fail quickly. The quicker you fail the more chances you have to fail at something else before you eventually maybe find the thing that you don’t fail at.

The Upside of Quitting: A Freakonomics Radio Rebroadcast

This week’s podcast is a rebroadcast of our episode called "The Upside of Quitting."  (You can subscribe at iTunes, get the RSS feed, or listen via the media player above. You can also read the transcript.)

You know the saying “a winner never quits, and a quitter never wins.” To which Freakonomics Radio says … Are you sure? Sometimes quitting is strategic, and sometimes it can be your best possible plan. To help us understand quitting, we look at a couple of key economic concepts in this episode: sunk costs and opportunity costs.

How to Make People Quit Smoking: A New Freakonomics Radio Podcast

Our latest Freakonomics Radio episode is called "How to Make People Quit Smoking." (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 gist: the war on cigarettes has been fairly successful in some places. But 1 billion humans still smoke -- so what comes next?

In the U.S., roughly 70 percent of smokers say they want to quit. But when they try, some 90 percent of them fail. So what does get people to smoke less? Something must be working: the smoking rate in the U.S. has fallen by more than half.

Kenneth Warner, an economist at the University of Michigan School of Public Health, has been doing tobacco-policy research since the 1970’s. One of the most powerful smoking deterrents, he says, is making cigarettes more expensive.

The Upside of Quitting

Season 1, Episode 5

You know the bromide: "a winner never quits, and a quitter never wins."

To which Freakonomics Radio says … Are you sure? Sometimes quitting is strategic, and sometimes it can be your best possible plan.

That is the gist of our latest Freakonomics Radio podcast, “The Upside of Quitting.” This is the last of five hour-long podcasts we’ve been putting out lately. Some of you may have heard them on public-radio stations around the country, but now all the hours are being fed into our podcast stream. (You can download/subscribe at iTunes, get the RSS feed, listen live via the media player above, or read the transcript here.)

To help us understand quitting, we look at a couple of key economic concepts in this episode: sunk cost and opportunity cost. Sunk cost is about the past – it’s the time or money or sweat equity you’ve put into a job or relationship or a project, and which makes quitting hard. Opportunity cost is about the future. It means that for every hour or dollar you spend on one thing, you’re giving up the opportunity to spend that hour or dollar on something else – something that might make your life better. If only you weren’t so worried about the sunk cost. If only you could …. quit.