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The Economics of Everyday Things

97. Elevators

The Economics of Everyday Things

Freakonomics Network

Business

4.81.2K Ratings

🗓️ 23 June 2025

⏱️ 18 minutes

🧾️ Download transcript

Summary

Americans take more than 20 billion elevator rides every year — and keeping them safe is an expensive proposition. Zachary Crockett makes small talk.

Transcript

Click on a timestamp to play from that location

0:00.0

A couple times a week, I step inside a metal box and push a button that seals me inside.

0:15.3

Sometimes I do this with total strangers, and we rarely talk about it.

0:19.9

We just stand in silence while a system of

0:22.3

cables transports us up and down a concrete shaft. It's my four-story apartment building,

0:28.1

and we are in the elevator. If your elevator works well, it's easy to take it for granted.

0:35.2

But some people think about these machines all day. Yeah, we're not

0:39.4

really seen until you know about us. We're kind of like leprechauns in that way, right? You know,

0:44.4

you're talking about elevators and you start seeing an Otis truck here. And all of a sudden,

0:49.0

you're like, oh my gosh, they're everywhere. My name is Shannon Moore, and I'm a service mechanic for the local eight union

0:57.8

elevator constructors. Moore is right. Elevators are everywhere. In the U.S., there are around a million

1:05.2

of them, and 10,000 new ones are built every year. Manufacturing and installing all of these elevators is a lucrative

1:12.8

industry, and behind the scenes, it takes thousands of workers, and quite literally, tons of technology

1:20.0

to make sure your journey to the top is a smooth one.

1:26.1

Elevators, I think, are a lot like Wi-Fi.

1:27.9

You never hear anybody say, oh, yeah, this signal's really great, but everybody notices when they're not working.

1:33.5

For the Freakonomics Radio Network, this is the economics of everyday things.

1:39.1

I'm Zachary Crackett.

1:40.7

Today, elevators.

1:44.0

The earliest predecessors of elevators go back thousands of years.

1:48.5

In ancient Rome, winches and counterweights were used to transport lions, wolves, and bears

1:53.9

from underground tunnels into the Coliseum for Gladiator battles. These systems were powered by

2:00.4

animals, or even people.

...

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