673. What Is Money?

In this episode of Freakonomics Radio, Stephen Dubner explores the creative process behind David Lang's new oratorio, 'Wealth of Nations,' a musical adaptation of Adam Smith's seminal 1776 text. Lang, a Pulitzer Prize-winning composer and Yale professor, explains how he was inspired to transform Smith's dense economic treatise into a living, emotional experience through music. Drawing from Smith’s ideas about trade, labor, and the social function of money, Lang emphasizes money not as a thing of intrinsic value but as a token of human connection and cooperation. He weaves in texts from Frederick Douglass, Eugene V. Debs, Ralph Waldo Emerson, and Edith Wharton, creating a layered narrative that critiques economic inequality while affirming the moral potential of commerce. The episode captures the tension between artistic vision and performance reality, as Lang prepares for the world premiere with the New York Philharmonic, conducted by Gustavo Dudamel. Through rehearsals and conversations, Dubner reveals how Lang’s work challenges the perception of classical music as elitist, instead positioning it as a democratic, communal act of shared meaning. The episode ultimately probes deeper questions about money, humanity, and the role of art in society. Lang’s belief that money is a 'social lubricant' and that art can help us see the world more clearly becomes a central theme. His personal journey—from pre-med student to composer, from punk scene roots to academic leadership—adds emotional depth to his artistic mission. The oratorio, with its blend of historical text, modern music, and communal performance, becomes a living testament to the idea that complex systems like capitalism can be understood not just intellectually, but emotionally. As the premiere approaches, the episode leaves listeners with a sense of anticipation and hope: that art, especially music, can still be a tool for empathy, connection, and reimagining the world.