606. How to Predict the Presidency

This episode appears to contain dynamically inserted ads. Transcript timestamps may be approximate.
Are betting markets more accurate than polls? What kind of chaos would a second Trump term bring? And is U.S. democracy really in danger, or just “sputtering on”? (Part two of a two-part series.)
- SOURCES:
- Eric Posner, professor of law at the University of Chicago Law School.
- Koleman Strumpf, professor of economics at Wake Forest University.
- RESOURCES:
- "A Trump Dictatorship Won’t Happen," by Eric Posner (Project Syndicate, 2023).
- The Demagogue's Playbook: The Battle for American Democracy from the Founders to Trump, by Eric Posner (2020).
- "The Long History of Political Betting Markets: An International Perspective," by Paul W. Rhode and Koleman Strumpf (The Oxford Handbook of the Economics of Gambling, 2013).
- "Manipulating Political Stock Markets: A Field Experiment and a Century of Observational Data," by Paul W. Rhode and Koleman S. Strumpf (Working Paper, 2007).
- "Historical Presidential Betting Markets," by Paul W. Rhode and Koleman S. Strumpf (Journal of Economic Perspectives, 2004).
- EXTRAS:
- "Has the U.S. Presidency Become a Dictatorship? (Update)," by Freakonomics Radio (2024).
- “Does the President Matter as Much as You Think?” by Freakonomics Radio (2020).
- "How Much Does the President Really Matter?" by Freakonomics Radio (2010).
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
For economic trade, you're sponsored by Pacific Life Insurance. From pinkie swears to I do, you make promises throughout your life. For nearly 160 years, Pacific Life has been helping you keep them by protecting those who matter most. Pacific Life, the power of a promise. Ask a financial professional how Pacific Life can help you create a more confident financial future. Pacific Life Insurance Company, Omaha, Nebraska, and in New York, Pacific Life and Inuity, Phoenix, Arizona. Freakonomics Radio is sponsored by PNC Bank, boring, great word, bad rep, yet time and time again here at Freakonomics we find that when something culture-changing happens, boring things like calculations and careful planning are usually behind it. Which begs the question, why not apply it to other aspects of life, like banking, for example? PNC Bank did since its inception, proving time and again that the best banking strategy isn't the exciting type, but the steady, reliable, definitely not YOLO type. PNC Bank, brilliantly boring since 1865. Brilliantly boring since 1865 is a registered mark of the PNC Financial Services Group, Inc., PNC Bank National Association, member FDIC. Freakonomics Radio is sponsored by Hotels.com. Hotels.com helps you find and book the right stay for work faster. With business preferences, save your travel must-haves like gym access or breakfast, just once then get tailored results whenever you search for work travel. Plus, with a free membership, you can save up to 20% on hotels and earn rewards on every stay for future travel. Book now at Hotels.com, visit Hotels.com for details. Freakonomics Radio is sponsored by Mint Mobile. With Mint Mobile's summer sale, all of Mint's plans are $15 per month, even unlimited. The free yourself from Big Wireless and switch to Mint for high-speed data and coverage on the T-Mobile 5G network. To get your new wireless plan for just $15 a month, go to mintmobile.com/freak. That's mintmobile.com/freak. Upfront payment, $45 for three months, $90 for six months, or $180 for 12 months. Plan required, $15 per month equivalent. Taxes and fees extra initial plan term only. Greater than 50 gigabytes may slow when network is busy, includes up to 20 gigabytes hotspot. Capable device required, availability, speed, and coverage varies, see Mint Mobile.com. In our previous episode, we had a wide-ranging conversation about presidential history and presidential power with the University of Chicago legal scholar, Eric Opposner. The founders could not possibly have imagined that the president would become as powerful as he has. And we wondered, is the U.S. presidency turning into something like a dictatorship? Yes. I think that is happening. Although, you know, dictatorship is such a frayed term. But that conversation with Opposner was recorded in 2016, a couple months before Donald Trump was elected president. Trump is, of course, now running again against Vice President Kamala Harris. So today on Freakonomics Radio, we go back to Eric Opposner to talk about what's happened over the past eight years and what the future may bring.
Transcription truncated.
Are betting markets more accurate than polls? What kind of chaos would a second Trump term bring? And is U.S. democracy really in danger, or just “sputtering on”? (Part two of a two-part series.)