Podcast Summary: "When to Rob a Bank: A Rogue Economist's Guide to the World"

Podcast: LSE: Public Lectures and Events
Host: Tim Harford (Financial Times journalist)
Guest: Stephen J. Dubner (Freakonomics co-author)
Date: May 27, 2015

Episode Overview

This vibrant discussion features Stephen Dubner, co-author of the Freakonomics series, in conversation with Tim Harford at the LSE. The focus is on the new book, "When to Rob a Bank," a collection of greatest hits from the Freakonomics blog. The episode explores the backstory of Freakonomics, the evolution of its brand, the challenges and philosophy behind economic storytelling, and the peculiar, counterintuitive questions that have defined this pop-economics phenomenon.

Key Discussion Points & Insights

1. The Origins of Freakonomics (03:32–07:54)

• Meeting Steve Levitt: Dubner recounts being asked multiple times to profile Levitt for The New York Times Magazine, initially declining before becoming intrigued by Levitt’s unconventional research, which included sumo wrestling and baby names.

• "Writing about ideas is what's exciting": Dubner found Levitt’s pure intellectual curiosity refreshing and the collaboration “kind of easy going” ever since.

  "Writing about ideas is what's exciting. And Steve Levitt was like I was as a writer—he was into ideas within an economic framework."
  —Stephen Dubner (06:36)

2. The Evolution of Freakonomics Media (07:54–12:58)

• Dominance of Freakonomics: Dubner talks about how the project, born from a magazine profile, has overtaken much of his professional life.
• Levitt’s Role: Levitt doesn’t love being in the media spotlight and mostly participates in the podcast in curated, time-efficient bursts.
• Expanding Formats: Beyond books and blogs, Dubner experiments with new media like game shows ("Tell Me Something I Don’t Know"), drawing from British panel traditions.

3. On Writing, Quitting, and Creativity (11:16–14:19)

• Keeping It Fresh: Shifting between formats helps Dubner combat creative fatigue.

• Writing Books vs. Podcasts: Books are “a big pile of rocks you carry,” whereas podcasts offer more dynamic, immediate storytelling.

• Quitting as a Virtue: Dubner advocates quitting things once they stop bringing satisfaction.

  "I think that everybody should quit all the time, what they're doing if they're not... happy, as long as you're not leaving a bunch of broken hearts or stray children or animals in your wake."
  —Stephen Dubner (13:13)

4. The New Book: "When to Rob a Bank" (14:23–17:15)

• A Greatest Hits of Curiosity: The book compiles 132 out of 8,000 Freakonomics blog posts across topics like crime, politics, sports, sex, and cheating, with a playful, provocative angle.
• Origin of the Blog: It began as a book marketing ploy, but quickly became a beloved, interactive forum.

5. Trolling, Controversy, and Responsibility in Journalism (17:15–28:37)

• On Provocative Content: Some blog posts (“how to stage a terrorist attack”) raised eyebrows; Dubner credits Levitt’s emotion-free, efficiency-focused mindset.

• Regrets & Corrections: Dubner reflects on a story about Stetson Kennedy and the Ku Klux Klan, and the difficult ethics of journalistic correction.

  "In my zeal to correct what I think I felt was our mistake, I launched a corrective address that I think assaulted him more than was warranted."
  —Stephen Dubner (25:35)

• Journalistic Standards: Discussion of self-plagiarism and the durability of journalistic ethics, suggesting the craft's standards have generally improved.

6. Audience Q&A Highlights

a) Where Do Ideas Come From? (35:37–37:07)

• Dubner attributes his idea generation to the “luxury” of ample time for reflective thinking, his curiosity, and permission as a writer to explore unusual questions.

b) Can Freakonomics Change the World? (37:07–44:27)

• Dubner is skeptical about their global impact:

  "The bad news is, I think we change very little. The good news is, we don’t really care… We don’t have horses in any race."
  —Stephen Dubner (41:16)

• He cites modest influence (“raising the profile of academic economists”) but doesn’t believe Freakonomics has transformed society.
• Anecdote about a politician misunderstanding their research highlights challenges of public communication.

c) Economics and Its Limits (37:48–41:06)

• Dubner prefers behavioral economics' approach and criticizes macroeconomics for overconfidence:

  “The macro economy as a kind of instrument that can be well described and predicted—we’re just not there yet.”
  —Stephen Dubner (38:53)

d) Sociological Dimensions and Writing About Asia (44:43–47:49)

• Responding to an Indian audience member, Dubner expresses regret at not writing more about Asia, noting the Freakonomics approach mixes economics, sociology, and psychology.

e) Most Counterintuitive Recommendations (45:39–50:22)

• Quitting, hitchhiking, and “do the exercise you enjoy” are cited.
• On exercise:

  "The answer to [the best exercise] is anything that you don’t hate."

• Discussion of how the public often misremembers Freakonomics findings. Dubner attributes this to both media distortions and confirmation biases.

Notable Moments & Quotes

• On Fame:

  "Fame ... is, in fact, very costly. Now, power and money, those things are a little bit different. But fame itself, I think, is very, very, very costly."
  —Stephen Dubner (13:03)

• On Misremembered Science:

  “People remember or think or believe what they want to be true. And that, I think, is really at the nub of a lot of our behavioral issues.”
  —Stephen Dubner (51:06)

• On Aspiring Writers:

  “Write the letters to the people that you really, really, really, really want to work with because you just never know what might happen.”
  —Stephen Dubner (34:37)

• On Quitting:

  "Everybody should quit all the time ... if they're not happy."
  —Stephen Dubner (13:13)

Fun and Memorable Segments

Sponsoring an Amateur Football Team (31:40–34:37)

• Dubner becomes sponsor of FC Dun Cow, a Sunday league football club, after receiving a pitch from their 15-year-old social media director. He shares their jersey on stage, using the story to encourage boldness and initiative.

The Title Question: “When to Rob a Bank?” (54:56–57:09)

• The true answer? Never—it’s a terrible return on investment. Robbing in the morning increases your odds (most rob in the afternoon), but average takings and risk make it a losing strategy.

  “If the idea is when to rob a bank, the short answer is never. It’s a terrible, terrible return on your investment.”
  —Stephen Dubner (56:26)

The Power (and Limits) of Economic Storytelling (28:37–41:06)

• Dubner and Harford agree that while economic journalism has become more ethical with time, public misunderstanding and resistance to new ideas persist.

Timestamps for Key Segments

• 03:32 – How Dubner met Levitt and the genesis of Freakonomics
• 08:34 – The long shadow of Freakonomics on Dubner’s career
• 14:23 – Why and how the Freakonomics blog/book was created
• 19:33 – Regrets about correcting the Stetson Kennedy chapter
• 29:31 – Story of FC Dun Cow sponsorship
• 35:37 – Audience Q&A: Generating story ideas
• 41:16 – Has Freakonomics changed the world?
• 45:39 – Counterintuitive findings: quitting, hitchhiking, exercise
• 54:56 – When (not) to rob a bank

Tone & Delivery

The conversation maintains the humorous, contrarian, and intellectually curious tone emblematic of Freakonomics. Dubner blends anecdotes with deep reflections and self-deprecating humor, while Harford brings incisive questions and a relaxed rapport.

Conclusion and Takeaways

• Freakonomics’ success is rooted in relentless curiosity, willingness to challenge assumptions, and multidisciplinary storytelling.
• Despite notoriety, Dubner and Levitt see themselves as honest brokers, not activists—and recognize the limits of their influence.
• The best time to rob a bank? Never. And as in life and economics, the counterintuitive, data-based answer often beats the obvious one.