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The Economics of Everyday Things

49. Weather Forecasts

The Economics of Everyday Things

Freakonomics Network

Business

4.81.2K Ratings

🗓️ 20 May 2024

⏱️ 14 minutes

🧾️ Download transcript

Summary

With industries relying on them and profits to be made, weather forecasts are more precise and more popular than ever. But there are clouds on the horizon. Zachary Crockett grabs an umbrella.

Transcript

Click on a timestamp to play from that location

0:00.0

Last August, more than 50,000 people made their way to a stadium in the suburbs outside of Washington, D.C.

0:10.0

They were there to see Beyonce during her Renaissance world tour.

0:16.0

But Mother Nature wasn't making it easy.

0:20.0

There was a storm front rolling in.

0:22.0

People were waiting outside. there was a storm front rolling in.

0:23.0

People were waiting outside.

0:24.8

The organizer said, you don't want to go out

0:27.5

to the seats where you're exposed to lightning strikes.

0:31.0

Stay in the concourse.

0:33.4

That's Steve Edelman, Vice President of the Event Safety Alliance.

0:38.0

He's a sports and entertainment lawyer who works on live events,

0:42.0

and he spends a lot of time thinking about how things could go wrong.

0:46.0

His biggest concern is usually the weather. The organizers of the Beyoncé concert,

0:52.0

the only thing they didn't account for is that on a hot steamy

0:57.1

August night in the DC area, putting thousands upon thousands of people in the concourses becomes a health and safety disaster

1:09.2

because people got dehydrated and started fainting in the concourses.

1:14.0

Edelman works in just one of the many industries that hinge on weather.

1:19.0

Live event planners, airlines, retailers, farmers, they all have to plan ahead and make weather-related decisions.

1:27.2

Because as it turns out, there's a lot at stake. When is the storm likely to arrive? What is the nature of the storm? The downside risk of

1:40.6

leaving everyone in harm's way when there's lightning in the forecast is

1:44.4

extremely bad. For the Freakonomics Radio Network, this is the economics of

1:49.6

everyday things. I'm Zachary Crorakit. Today, weather forecasts. From the time he was eight years old,

...

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