A ruthless (and ruthlessly efficient) industry is using digital tools to supercharge one of the world’s oldest behaviors. We look at how the industry works, and ask the scam-fighters what they’re doing about it.

• SOURCES:
  • Kati Daffan, former assistant director at the Federal Trade Commission's Division of Marketing Practices.
  • Marti DeLiema, assistant professor of social work at the University of Minnesota.
  • Mark Frank, professor of communications at the University at Buffalo.

• RESOURCES:
  • "Cambodian Scam Tycoon Wanted by U.S. Extradited to China," by Gabriele Steinhauser (Wall Street Journal, 2026).
  • "The Rise and Fall Of Accused Cambodian Scam Kingpin Chen Zhi," by Low De Wei (Bloomberg, 2026).
  • "Protecting Older Consumers 2024-2025," by the Federal Trade Commission (2025).
  • "Meta is earning a fortune on a deluge of fraudulent ads, documents show," by Jeff Horwitz (Reuters, 2025).
  • "Exposed to Scams: What Separates Victims from Non-victims?," by Marti DeLiema, Emma Fletcher, Christine Kieffer, Gary Mottola, Rubens Pessanha, and Melissa Trumpower (Stanford Center on Longevity, 2019).
  • "Why do Nigerian Scammers Say They are from Nigeria?," by Cormac Herley (Microsoft Research, 2016).
  • Thinking, Fast and Slow, by Daniel Kahneman (2013).
  • FTC Fraud Reporting Portal.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Economists don’t usually talk about “culture.” But Joel Mokyr argues that it’s the engine of innovation — and the Nobel Prize committee agreed. Stephen Dubner sits down for a thousand-year conversation (including advice!) with the new Nobel laureate.

• SOURCES:
  • Joel Mokyr, economic historian at Northwestern University.

• RESOURCES:
  • Two Paths to Prosperity: Culture and Institutions in Europe and China, 1000–2000, by Avner Greif, Joel Mokyr, and, Guido Tabellini (2025).
  • "The Outsize Role of Immigrants in US Innovation," by Shai Bernstein, Rebecca Diamond, Abhisit Jiranaphawiboon, Timothy McQuade, and Beatriz Pousada (NBER, 2023).
  • A Culture of Growth: The Origins of the Modern Economy, by Joel Mokyr (2016).
  • Why Nations Fail: The Origins of Power, Prosperity, and Poverty, by Daron Acemoglu and James Robinson (2012).
  • "The Economics of Being Jewish," by Joel Mokyr (Critical Review, 2011).

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Just beneath the surface of the global economy, there is a hidden layer of dealmakers for whom war, chaos, and sanctions can be a great business opportunity. In this updated episode from 2025, journalists Javier Blas and Jack Farchy help us shine a light on the shadowy realm of commodity traders.

• SOURCES:
  • Javier Blas, opinion columnist at Bloomberg News.
  • Jack Farchy, energy and commodities senior reporter at Bloomberg News.
• RESOURCES:
  • The World For Sale: Money, Power, and the Traders Who Barter the Earth's Resources, by Javier Blas and Jack Farchy (2021)
  • The King of Oil: The Secret Lives of Marc Rich, by Daniel Ammann (2010).
• EXTRAS:
  • "How the Supermarket Helped America Win the Cold War (Update)" by Freakonomics Radio (2024).
  • "The First Great American Industry," by Freakonomics Radio (2023).

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.