Freakonomics – 552. Freakonomics Radio Presents: The Economics of Everyday Things

Intro

In this episode of the Freakonomics podcast, titled “The Economics of Everyday Things,” the Freakonomics Radio Network presents short pieces about unnoticed and unexplained everyday things. The show covers a range of topics including sports mascots, the democratization of cashmere, the commercial market for dinosaur fossils, and more. Join the hosts as they delve into the fascinating economic aspects behind these everyday phenomena.

Main Takeaways

The Economics of Sports Mascots

• The Philadelphia Phillies’ mascot, the Philly Phanatic, was designed by Bonnie Erickson, a former member of the Muppet Show design team.
• The Phillies wanted a mascot to encourage younger people to become baseball fans, and the Philly Phanatic has been successful in bringing families to the ballpark.
• Dave Raymond, the original performer of the Philly Phanatic, went on to create his own mascot firm and has since created over 130 mascots for minor league and college teams.
• Mascots at the very top of the food chain, like the Denver Nuggets’ Rocky the Mountain Lion, can earn more than $600,000 per year.

The Democratization of Cashmere

• Mongolia produces a substantial share of the world’s cashmere, with 27 million goats outnumbering people 8 to 1.
• The democratization of cashmere has made it more accessible to everyone, with direct-to-consumer companies selling the luxury product.
• Mongolia’s herding industry is the largest profession in the country, with families flooding into the business after privatization in 1990.
• The overgrazing of goats has contributed to the degradation of 70% of Mongolia’s grasslands.

The Commercial Market for Dinosaur Fossils

• Fossils found on public land cannot be sold and must go into a public trust for scientific and educational purposes.
• Fossils found on private land can be sold on the open market, leading to a commercial market for dinosaur fossils.
• The president of Black Hills Institute of Geological Research, Peter Larson, has found 13 T-Rex skeletons for museums.
• The commercial market for dinosaurs has had a devastating impact on scientific research, as commercial fossil hunters have collected more T-Rex fossils than the public trust.

Summary

The Economics of Sports Mascots

The Philly Phanatic, designed by Bonnie Erickson, has become an iconic sports mascot for the Philadelphia Phillies. The mascot was created to encourage younger people to become baseball fans and has successfully brought families to the ballpark. Dave Raymond, the original performer of the Philly Phanatic, went on to create his own mascot firm and has had great success in creating mascots for various teams. Mascots at the top of the food chain, like the Denver Nuggets’ Rocky the Mountain Lion, can earn substantial salaries. Mascots play a significant role in the economics of sports, attracting fans and generating merchandise sales.

The Democratization of Cashmere

Mongolia’s cashmere industry plays a vital role in the country’s economy. The democratization of cashmere has made this luxury product more accessible to consumers through direct-to-consumer companies. The herding industry, which heavily relies on cashmere production, is the largest profession in Mongolia. However, overgrazing by goats has led to the degradation of the country’s grasslands. The booming demand for cashmere has driven Mongolia’s goat population from 5 million to 27 million since 1990, putting pressure on the environment and sustainability standards. The cashmere industry faces challenges in maintaining quality and adapting to climate change.

The Commercial Market for Dinosaur Fossils

The commercial market for dinosaur fossils has created both opportunities and challenges. Fossils found on public land are protected and used for scientific and educational purposes. However, fossils found on private land can be sold on the open market. This has led to a commercial market where collectors and institutions purchase dinosaur fossils. The president of Black Hills Institute of Geological Research, Peter Larson, has been involved in finding and selling T-Rex skeletons. The commercial market has had a negative impact on scientific research, as commercial collectors have amassed more fossils than the public trust. This has raised ethical questions and affected the availability of fossils for scientific study.

Conclusion

The Freakonomics Radio Network’s “The Economics of Everyday Things” explores the economic aspects behind seemingly ordinary phenomena. From sports mascots to the democratization of cashmere and the commercial market for dinosaur fossils, these everyday things have intriguing economic implications. Understanding the economics behind these phenomena provides insights into consumer behavior, industry dynamics, and the impact on society and the environment.