Alex Mayyasi

There is this strange economics going on where the banks, they want you to use their credit cards so they can charge these fees.

But then stores have to pay those fees.

So what do stores do?

They raise their prices.

So now we're paying higher prices because of credit card fees.

Hi Mike, it's really nice to be here.

Yeah, so the superstar effect is this idea that in certain fields, technology has really changed the range of outcomes.

Did you grow up watching I Love Lucy?

I did.

So you probably know who Desi Arnaz is then.

Right, so Desi Arnaz and Lucille Ball are famous for having created the beloved sitcom I Love Lucy.

But another way

What they did, and especially what Desi figured out, he really created the business model of television.

He figured out how to make television really lucrative.

Because TV was once this thing, it was almost like radio, and then they put a camera on it.

They were like these little plays in front of a single camera.

And so Desi and Lucille both figured out how to increase the production value of TV.

But what they also did is they changed TV from something that you just kind of people watched once and then it was done.

Like every TV show is live.

to something that you could watch any time.