An economist calls America’s beef industry a “miracle.” An antitrust scholar calls it “broken.” Maybe they’re both right? SOURCES:Austin Frerick, agriculture antitrust expert, fellow at Yale University, author of Barons: Money, Power, and the Corruption of America's Food Industry.Robert Hodgen, C.E.O. of King Ranch.Roger Horowitz, food historian, director of the Center for the History of Business, Technology, and Society at the Hagley Museum and Library.Derrell Peel, Charles Breedlove Professorship of Agribusiness in the department of agricultural economics at Oklahoma State University. RESOURCES:"The hamburger story," by Derrell Peel (Beef, 2026)."Trump is letting in 300,000 tons of beef duty-free. Don’t expect cheaper burgers," by Elisabeth Buchwald (CNN, 2026)."DOJ Probes Soaring Beef Prices at Eight Major Stores Including Walmart," by Hugh Cameron (Newsweek, 2026)."Takeaways from the Pause on Foreign Corrupt Practices Act Enforcement," by Brendan Quigley, Bridget Moore, Kyle Clark, and Baker Botts (Harvard Law School, 2025)."Tyson and Leviathan: USDA Rulemaking and the PSA Harm to Competition Requirement," by Spencer James Parts (University of Chicago Business Review, 2022)."Average Price: All Uncooked Ground Beef (Cost per Pound/453.6 Grams) in U.S. City Average," (Federal Reserve Bank of St. Louis). EXTRAS:"An Economics Lesson from a Talking Pencil (Update)," by Freakonomics Radio (2025)."The Future of Meat," by Freakonomics Radio (2019). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

That’s the question at the heart of a battle between Kalshi and state gambling regulators. As prediction markets boom, there are other questions, too — about insider trading, market manipulation, and whether the public has turned against them. (Part two of a two-part series.) SOURCES:Gary Gensler, former chair of the S.E.C. and the C.F.T.C.Robin Hanson, professor of economics at George Mason University.Nicole Kagan, head of research at Kalshi.Tarek Mansour, co-founder and C.E.O. of Kalshi. RESOURCES:"Shall We Vote on Values, But Bet on Beliefs?" by Robin Hanson (Journal of Political Philosophy, 2013). EXTRAS:"Are Prediction Markets the Best Forecasting Tool Ever — or Just Another Casino?" by Freakonomics Radio (2026)."He Helped Clean Up the Last Crash. Does He See Another One Coming?" by Freakonomics Radio (2026)."The Economics of Sports Gambling," by Freakonomics Radio (2019). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The promise is that they can beat the experts at predicting inflation, elections, and FDA approvals. But right now, roughly 90 percent of the action is sports. Is this a future we want to bet on? Stephen Dubner speaks with, among others, the C.E.O. of Kalshi. (Part one of a two-part series.) SOURCES:Robin Hanson, professor of economics at George Mason University.Nicole Kagan, head of research at Kalshi.Tarek Mansour, co-founder and C.E.O. of Kalshi. RESOURCE:"Kalshi and the Rise of Macro Markets," by Anthony Diercks, Jared Dean Katz, and Jonathan Wright (Federal Reserve Board, 2026)."Slowly, Then All At Once: What Mamdani's Victory Tells Us About Information Aggregation," (Kalshi Research, 2026)."Futarchy: Vote Values, But Bet Beliefs," by Robin Hanson (2000)."The Use of Knowledge in Society," by Friedrich Hayek (American Economic Review, 1945). EXTRAS:"The Economics of Sports Gambling," by Freakonomics Radio (2019)."How to Be Less Terrible at Predicting the Future," by Freakonomics Radio (2016)."The Folly of Prediction," by Freakonomics Radio (2011). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.