Greetings from: Our favorite public goods

Summary

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Podcast Summary

The Indicator from Planet Money

Episode: Greetings from: Our Favorite Public Goods

Release Date: April 2, 2026
Host: Darian Boyds
Guest: Alex Mayasi

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Overview

This episode takes listeners on a lively world tour exploring “public goods” — services or benefits available to all and not diminished by individual use. Host Darian Boyds and Planet Money contributor (and author) Alex Mayasi exchange whimsical “postcards” from sites ranging from atomic clocks in Colorado to the Great Green Wall in Africa, highlighting the economic importance and often invisible value of these shared resources.

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Key Discussion Points & Insights

1. Defining Public Goods

• Public goods are defined as services or benefits that:
  • Cannot exclude people from using them
  • Do not lessen when more people utilize them
• Examples discussed: atomic clocks, streetlights, national security
• Quote:

  “A public good is some service or benefit that you can’t exclude people from. So the whole world benefits from atomic clocks…Also, more people benefiting from the public good doesn’t take away from others.”
  — Darian Boyds (00:32)

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2. The Cesium Fountain Atomic Clocks (Colorado, USA)

• Postcard from Alex: These clocks calibrate time globally for everything from phones to power grids.
  • Operate by measuring the resonant frequencies of atoms
  • Underpin key systems: accurate GPS, internet reliability, synchronized power grids
• Quote:

  “They are the world’s most accurate type of clocks…Without such accurate shared time, GPS locations would be off, Internet errors would proliferate and power grids could fail.”
  — Alex Mayasi (00:59)

• [00:27 – 01:25]

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3. The Large Hadron Collider (French-Swiss Border)

• Postcard from Darian:
  • Particle accelerators are exclusive, but their scientific discoveries benefit all
  • No immediate economic profit; value comes from fundamental insights and spinoffs in tech
• Quote:

  “Like the billions of dollars of research funded each year by governments, its findings are a public good... The Large Hadron Collider has created economic value far exceeding its multi-billion dollar price tag.”
  — Darian Boyds (03:47)

• [03:16 – 04:27]

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4. Freedom of the Seas (Strait of Gibraltar)

• Postcard from Alex:
  • For centuries, pirates impeded trade in the Gibraltar strait
  • International cooperation led to “freedom of the seas,” meaning cargo ships traverse freely, lowering consumer prices globally
• Quote:

  “Today there’s general agreement among countries…to protect the seas and not seize rivals’ cargo. It’s called ‘Freedom of the seas’.”
  — Alex Mayasi (04:27)

  • Modern conflicts, like those affecting the Strait of Hormuz, show the real costs when this public good is interrupted.
• [04:27 – 05:38]

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5. The Great Green Wall (Sahel Region, Africa)

• Postcard from Darian:
  • Massive reforestation project involving 11 African countries
  • Goal: restore land, enable farming, and sequester carbon
  • Budget: $33 billion for cross-continental transformation
• Quote:

  “The hope is that this will mean more farming and more carbon stored, more carbon dioxide captured by the trees. It’s epic scale up of public goods like parks and tree planting in cities that can cool cities several degrees.”
  — Darian Boyds (05:38)

• [05:38 – 06:32]

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6. NOAA’s Hurricane Hunters

• Postcard from Alex:
  • Government-funded “hurricane hunters” fly into storms to gather weather data with planes named Kermit, Gonzo, and Miss Piggy
  • The data forms the backbone of weather forecasts used by all
• Quote:

  “Taxpayers fund these agencies that gather and distribute atmospheric, population, and other data...Stay dry, Alex.”
  — Alex Mayasi (06:32)

• [06:32 – 07:16]

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7. Ubiquity and Value of Public Goods

• Darian wraps up by reflecting on the public goods all around us: GPS satellites, radio, and road safety regulations.
• Quote:

  “Once you get up close to a public good, you can’t help but see them everywhere.”
  — Darian Boyds (07:16)

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Memorable Moments & Quotes

• Atomic Clocks as the bedrock of modern life

  "Without such accurate shared time, GPS locations would be off, Internet errors would proliferate, and power grids could fail."
  — Alex Mayasi (00:59)

• On the value of fundamental research

  "The Large Hadron Collider has created economic value far exceeding its multi-billion dollar price tag."
  — Darian Boyds (03:47)

• Cascading effect of safe seas on daily life

  "That keeps prices down at Walmart and home goods."
  — Alex Mayasi (04:27)

• On global ecological efforts

  “It’s an epic scale up of public goods like parks and tree planting in cities that can cool cities several degrees.”
  — Darian Boyds (05:38)

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Important Segments (Timestamps)

• Introduction & Definition of Public Goods – 00:01 – 01:25
• Virtual Postcards Tour Begins:
  • Atomic Clocks – 00:27 – 01:25
  • Large Hadron Collider – 03:16 – 04:27
  • Strait of Gibraltar / Freedom of the Seas – 04:27 – 05:38
  • The Great Green Wall – 05:38 – 06:32
  • NOAA Hurricane Hunters – 06:32 – 07:16
• Reflections on Everyday Public Goods – 07:16 – 07:43

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Tone & Style

The episode is playful and informative, with Darian and Alex exchanging “postcards” to bring big, sometimes abstract economic ideas to life. The language is accessible, rich with quirky details, and consistently emphasizes how fundamental public goods are to daily life.

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Additional Notes

• The episode draws from the new Planet Money book, featuring illustrated postcards of public goods (07:43).
• For visuals and deeper dives, listeners are encouraged to visit planetmoneybook.com.

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Transcript

[Darian Boyds]

Npr. This is the indicator from Planet Money. I'm Darian Boyds. Recently I got a postcard from Alex Vyasi, contributor to Planet Money. Dear Darian, it was from the cesium fountain atomic clocks in Colorado.

[Alex Vyasi]

These are the clocks that set time for wristwatches, wall clocks and phones all across the country.

[Darian Boyds]

These atomic clocks are examples of public goods. A public good is some service or benefit that you can't exclude people from. So the whole world benefits from atomic clocks. They help us set the time better. Also, more people benefiting from the public good doesn't take away from others. So you can talk about things like street lights or national security as being public good.

[Alex Vyasi]

These atomic clocks measure the length of a second by the resonant frequencies of atoms. They are the world's most accurate type of clocks. The ones here are some of several hundred around the world used to coordinate time for everyone. Without such accurate shared time, GPS locations would be off, Internet errors would proliferate and power grids could fail. Clocking out for now, Alex Alex Mayasi

[Darian Boyds]

is also the author of the new Planet Money book. That book has a gorgeously illustrated collection of postcards of more public goods from around the world. So I thought I've got to go. Today on the show, Alex Mayasi and I are going to take you on a virtual world tour of spectacular public goods, one whimsical postcard at a time.

[Alex Vyasi]

Let's go.

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[Darian Boyds]

Dear Alex, I wanted to go on a tour of public goods myself. Big things we do together that we all benefit from. This one's from the French Swiss border. It's the Large Hadron Collider. Take a hike. As subatomic particles collide underneath your feet at 99% of the speed of light, so only elite physicists get time at particle accelerators. Their magnetic rings smash particles together in scientifically revealing ways.

[Alex Vyasi]

But.

[Darian Boyds]

But like the billions of dollars of research funded each year by governments, its findings are a public good. Experiments conducted here don't have immediate economic payoffs. Many seek to reveal the origin of the cosmos. But scientists often make practical discoveries indirectly. And the Large Hadron Collider has created economic value far exceeding its multi billion dollar price tag. It's made discoveries in magnets, refrigeration and more. Sincerely, Darien all right, I'm just going to put a poster stamp on this. Drop it in the mail. I wonder where Alex's next adventure is.

[Alex Vyasi]

Dear Darian, Ahoy from the Strait of Gibraltar. Pirate free for 200 years. So for centuries, North African pirates captured trading ships as they sailed the narrow strait that connects the Atlantic Ocean to the Mediterranean Sea. The crossing was perilous. That was until the 1800s, when the United States sent a naval squadron to intimidate the Barbary states of Tripoli and Algiers. France then conquered Algeria in 1830. Today there's General agreement among countries from Morocco to India to Japan to protect the seas and not seize rivals cargo. It's called Freedom of the seas. The assumption is that unprotected cargo ships are unlikely to be captured by pirates. That keeps prices down at Walmart and home goods. Of course, we have seen this year in the Strait of Hormuz what happens when ships aren't safe from attack. We all pay the cost. But here in the Strait of Gibraltar, all is peaceful. Regards, Alex.

[Darian Boyds]

Alex, I picked up this postcard while visiting a public good in progress. It's the great green wall of the Sahel region of Africa. This is a man made forest. So what I learned is that much of the area just south of the Sahara looks like a desert. But before widespread deforestation, overgrazing and climate change, it wasn't. That's why 11 African countries and some international organizations got together to plant millions of trees. The aim is to spend $33 billion to restore the land east to west across the entire continent. The hope is that this will mean more farming and more carbon stored, more carbon dioxide captured by the trees. It's an epic scale up of public goods like parks and tree planting in cities that can cool cities several degrees. Heavy sailing Darian.

[Alex Vyasi]

Darian, I'm in a propeller plane in the middle of a hurricane. I've joined the hurricane hunters of the national oceanic and Atmospheric Administration, or noaa. That's because weather forecasts are built on data gathered by the government from airport sensors, weather balloons and ocean buoys. And there are three planes nicknamed Kermit, Gonzo and Miss Piggy. When tropical storms are brewing over the Atlantic, pilots fly the Muppet planes through and around them to measure their path and ferocity. Taxpayers fund these agencies that gather and distribute atmospheric, population and other data. Although the Trump administration curtailed NOAA funding, Stay dry, Alex.

[Darian Boyds]

Alex Miyasi is a brave guy. Hi for one, I've had enough of traveling. I'm gonna call a rideshare home from my phone. Using gps, are you, Darian? Which is a public good provided by satellites. We'll listen to the radio home. Comfortable? Knowing the road rules make the ride safer. You know, Alex, once you get up close to a public good, you can't help but see them everywhere.

[Alex Vyasi]

This episode was drawn from our new book Planet Money, a guide to the economic forces that shape your life. If you buy a copy, you can see these postcards in their 1950s style full color glory. Just go to planetmoneybook.com this episode was

[Darian Boyds]

produced by Angel Carreras with engineering by Jimmy Keeley. It was fact checked by Sierra Juarez Cake and Cannon edits the show and the indicator is a production of npr.

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