The global horse market is worth about $400B

The complicated economics of horse racing

The Triple Crown commands big ratings (and enormous amounts of money in betting) but the sport as a whole is in a precarious position, thanks to limited tracks and an overreliance on subsidies. This special from Freakonomics unpacks what all that means for the future of the sport.

The economics of horseshoe crab blood

Horseshoe crabs are older than dinosaurs and have survived five mass extinctions that wiped most life from the planet. But it's only now that their future as a species is in danger. This blood, worth about $60,000 per gallon, is hyper-sensitized to certain bacteria that are fatal to humans. This 17-minute podcast dives into humanity's pursuit of horseshoe crab blood, a "somewhat magical" mixture heavily relied on by the pharmaceutical industry.

Bubbles can exist in markets for collectibles, not just industries and technology

This podcast tells how "Magic: The Gathering" faced its own speculative bubble as rare cards surged in resale value—risking a Beanie Baby-style crash. It follows how the game’s creators tried to engineer a system to keep a collectibles market from collapsing.

The global creator economy is worth roughly $250B

That number is derived from multiple sources (such as brand deals and affiliate links), and the projections for how much the creator economy will be worth in the future are even more complicated.

Why is cocaine worth so much?

The global cocaine trade is worth an estimated $100B a year. But, where does that money go, who is spending it, and who is making it? Vice follows the money to understand why the cocaine business functions the way it does. From illicitly growing...

It's tough to measure just how much the global commodities market is worth

That's partly because of all the different ways and places commodities are traded—such as futures exchanges, spot markets, and over-the-counter deals. Additionally, the same commodity can be traded multiple times in different markets, making it easy to risk duplicating trade values in calculations.

A 'unicorn' is a private company with a $1B-plus valuation

Just like a horse with a spiraling horn on its head, private companies with a more than $1B valuation are rare creatures. But unlike the mythical creature, this type of “unicorn” is occasionally spotted in the wild. Unicorn companies include SpaceX, OpenAI, Skims, and more.

The NFL is the most valuable sports league in the world

NFL teams are worth a total of $228B. Each team holds an average value of over $7.6B, almost as much as the NBA and MLB combined. The Dallas Cowboys, valued at $12.5B, are the most valuable sports franchise on Earth.

Global xenotransplantation market may already be valued at more than $13B

With more than 100,000 people on the waiting list for organs at any given time in the United States, there's a known demand for organ transplants. Some estimates put the value of the global xenotransplantation market above $13B in recent years—and project the market to continue growing.

Explore the "winners and losers" of the Trump administration's H-1B visa fee

In this episode, experts discuss the rationale behind the new $100K fee, citing concerns about abuse of the H-1B program. Some economists warn that it could spur offshoring, reduce innovation, and create ripple effects on wages and talent supply.

Horses have four licensed West Nile vaccines—but humans have none

A major hurdle for West Nile vaccine development is the lack of a market for it since so many people are symptomatic for the infections. Still, a growing number of infections, including a 40% spike in 2025, may change that calculation.

The evolving industry of flowers

The global trade of flowers is worth billions of dollars, and new markets and supply chains are opening each year. This multimedia deep dive takes a look at the origins of the modern flower trade in the Netherlands and its expansion into dozens of...

The controversial 'Peloton Wife' ad from 2019 cost the company more than $1B in market value

The 2019 ad of a man gifting his wife a Peloton exercise bike sparked a wave of controversy, with some calling the ad sexist and fatphobic. The ad's backlash decreased the company's market value by $1.6B.

Check the real-time price of bitcoin

Bitcoin has gone through several boom and bust cycles. Those peaks and valleys sit on top of a steadily rising value, growing as the currency gains wider adoption. As of 2024, bitcoin’s total market value was over $1.3T, with more than 19.6 million coins in circulation. Still, the value fluctuates.

Sushi is an estimated $33B business in the US

US fishermen stock most of the country's more than 17,000 sushi restaurants. Distributors frequently adjust prices for different fish, based on their availability and the quality of the meat. This podcast unpacks how that industry operates.

What exactly is college for?

The rising cost of college has many of us wondering, what exactly is a college education for, anyways? This "Freakonomics" podcast episode breaks down how colleges operate like large businesses and try to differentiate their products from one another to win market share. To find out what the overwhelming higher education system is doing wrong (and what it gets right), listen here.

The world's largest stablecoins by market cap

The largest stablecoin by market cap, Tether (USDT), as well as the second largest, USDC, are both pegged to the US dollar. As of April 2026, Tether had a roughly $184B market cap.

BBC Radio 4 tackles the history of Stonehenge

On this podcast, host Greg Jenner humorously unpacks Stonehenge’s biggest myths and mysteries—from what a “henge” actually is, to how alien theories emerged, and why the monument was once sold for just £6,000.

A podcast detailing the drug markets of East and Southern Africa

The African continent plays a critical role in the global illicit drug market. Often forgotten when discussing drug trafficking, organized criminal networks in Africa have established relationships with other criminal organizations around the world....

Serbian donkey cheese is the most expensive in the world

Only one farm in the world produces pule, a cheese made from rare Balkan donkey milk that can cost up to $600 per pound. Pule is special for a number of reasons, including the unusual ingredients and the amount of labor required to produce it. Everything, including milking the donkeys, must be done by hand.

Does money buy happiness?

Perhaps you've heard of a 2010 study that found more money actually does correlate with an increased level of happiness, but after $75K per year, the happiness level didn't significantly increase. As it turns out, new research has complicated those findings. Listen to this podcast episode for more information.

The business models behind vaccines

Watch experts weigh in on the prevailing business models of vaccine production, including how the Covid-19 pandemic has disrupted the industry for good in this 20-minute video from Financial Times.

The prices on prediction markets reflect how the collective forecasts future outcomes

On prediction markets, bettors bid up or down the price of contracts based on what they expect an event's outcome to be. Bettors bid up prices when they think an event is more likely to occur than the current contract price shows, so they buy the contracts, pushing the price higher. They bid down prices by selling these contracts when they believe an event is less likely to occur, driving the price down due to supply and demand.

Meet Clever Hans, the 1900s horse that was believed to be able to solve math equations and read German

When Clever Hans was prompted with math questions, he responded by tapping his hoof to indicate his answers. Even a panel of experts found no indication of trickery in the horse's demonstrations. However, psychology student Oskar Pfungst found that Hans stopped tapping once a subtle cue on his owner's face told him to stop. The cues were so subtle that Wilhelm von Osten didn't even know he was giving them.

The history of the World Trade Organization

This episode of the "Brettonomics with Nancy Jackson" podcast explores the history of the WTO and its predecessor, the GATT, revealing the key people, negotiations, and decisions that shaped today's international trade rules.

See how Budweiser's famous Clydesdales spend their days at Warm Springs Ranch, where roughly 70 to 80 of the beer brand's giant horses can be found at any given time.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Clever Hans was a 1900s horse that was believed to be able to solve math equations, tell time, and read and comprehend German, until a psychology student discovered how he got his answers.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Watch how viruses like Ebola can spill over from animals to humans—and vice-versa.

About 2,000 US babies are born annually without some portion of their limbs, potentially leading to a lifetime of pricey prosthetics.

Hear about the 250-year history of the United States Postal Service, complete with some of its strangest deliveries, important innovations, and the figures that made it an American institution.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Double world record holder Hunter Ewen helped conquer his fear of balloons, called globophobia, by training to win Guinness World Record titles for balloon inflation.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

Read a deep dive on the 'all-purpose healing' peptide BPC-157.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

Explore an interactive map built from more than 100,000 survey responses on where people find joy in their lives

Use this calculator to find the dollar value of your mental load, from meal planning to coordinating after-school care for your children.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

According to the physics of black holes, our 4D reality may be a hologram—a projection of information coded on a 2D surface on the edge of the universe.

Fish populations in the Great Barrier Reef have increased after installing waterproof speakers on the ocean floor that played recordings of sounds from healthy coral reefs.

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

American short story writer Flannery O'Connor raised 40 peacocks, which became potent symbols for her fiction's elegant violence