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Freakonomics Radio

307. Thinking Is Expensive. Who’s Supposed to Pay for It?

Freakonomics Radio

Freakonomics Radio + Stitcher

Documentary, Society & Culture

4.632K Ratings

🗓️ 2 November 2017

⏱️ 39 minutes

🧾️ Download transcript

Summary

Corporations and rich people donate billions to their favorite think tanks and foundations. Should we be grateful for their generosity — or suspicious of their motives?

Transcript

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0:00.0

I'm sure you've been hearing the ever more anguished calls to regulate the huge tech

0:07.3

firms known collectively as GAFA, Google, Amazon, Facebook, and Apple.

0:12.4

These companies, these super large platform monopolists, they have developed the capacity

0:18.7

to manipulate us, to control us, to control the information that is delivered to us, to

0:24.2

control the pricing at which products are delivered to us, to control us as producers.

0:32.8

The GAFA companies are far bigger, richer, and arguably more dominant than tech companies

0:37.8

in the past.

0:39.1

Google, for instance, has more than 80% of global search engine market share.

0:43.8

Facebook has nearly 2 billion monthly active users.

0:47.3

Amazon has an estimated 90 million prime members in the US that's something like 70% of

0:53.0

all American households.

0:54.9

It's estimated that 40% of all online spending goes to Amazon.

0:59.8

This kind of scale creates a lot of concern.

1:02.6

We've examined this concern in previous episodes like who runs the internet and is the internet

1:08.4

being ruined.

1:09.4

We're seeing the birth of a new center of power, real power.

1:14.7

We depend on these technologies that have been in many ways wonderful and fascinating,

1:21.5

but they're making significant decisions laterally.

1:25.9

There's also the question of whether the mission of these firms is as socially beneficial as

1:31.4

many people believe they were in the early days of the internet.

1:34.4

There's all these really smart engineers.

1:36.9

They're the brightest computer scientists, and all they're thinking about is, how do I

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