Stephen Dubner

Hey there, Steven Dubner. Today, we're continuing our update of a series on failure we published a couple years ago called How to Succeed at Failing. In this episode, you will hear some personal stories from people who tried something new and failed. One of those people is Travis Thull, who thought what the world really needed was a new way to make instant ramen.

Hey there, Steven Dubner. Today, we're continuing our update of a series on failure we published a couple years ago called How to Succeed at Failing. In this episode, you will hear some personal stories from people who tried something new and failed. One of those people is Travis Thull, who thought what the world really needed was a new way to make instant ramen.

Hey there, Steven Dubner. Today, we're continuing our update of a series on failure we published a couple years ago called How to Succeed at Failing. In this episode, you will hear some personal stories from people who tried something new and failed. One of those people is Travis Thull, who thought what the world really needed was a new way to make instant ramen.

Stay tuned to the end to hear how that worked out. We have updated all facts and figures as necessary. As always, thanks for listening. We've been making Freakonomics Radio for a while now, and there are two themes we have come back to again and again. The first is the value of persistence, of staying the course, not giving up.

Stay tuned to the end to hear how that worked out. We have updated all facts and figures as necessary. As always, thanks for listening. We've been making Freakonomics Radio for a while now, and there are two themes we have come back to again and again. The first is the value of persistence, of staying the course, not giving up.

Stay tuned to the end to hear how that worked out. We have updated all facts and figures as necessary. As always, thanks for listening. We've been making Freakonomics Radio for a while now, and there are two themes we have come back to again and again. The first is the value of persistence, of staying the course, not giving up.

Our friend Angela Duckworth, a research psychologist at the University of Pennsylvania, wrote a book about this. It's called Grit, the Power of Passion and Perseverance. Here she is on another podcast we used to make together called No Stupid Questions.

Our friend Angela Duckworth, a research psychologist at the University of Pennsylvania, wrote a book about this. It's called Grit, the Power of Passion and Perseverance. Here she is on another podcast we used to make together called No Stupid Questions.

Our friend Angela Duckworth, a research psychologist at the University of Pennsylvania, wrote a book about this. It's called Grit, the Power of Passion and Perseverance. Here she is on another podcast we used to make together called No Stupid Questions.

In other words, we give up because we're lazy or maybe impatient or intimidated or we're scared to fail. That makes sense, doesn't it? Duckworth is saying we might be better off by learning to tough it out. But the other theme we have often explored is pretty much the opposite of grit. Back in 2011, we made an episode called The Upside of Quitting.

In other words, we give up because we're lazy or maybe impatient or intimidated or we're scared to fail. That makes sense, doesn't it? Duckworth is saying we might be better off by learning to tough it out. But the other theme we have often explored is pretty much the opposite of grit. Back in 2011, we made an episode called The Upside of Quitting.

In other words, we give up because we're lazy or maybe impatient or intimidated or we're scared to fail. That makes sense, doesn't it? Duckworth is saying we might be better off by learning to tough it out. But the other theme we have often explored is pretty much the opposite of grit. Back in 2011, we made an episode called The Upside of Quitting.

Here's my Freakonomics friend and co-author Steve Levitt more recently.

Here's my Freakonomics friend and co-author Steve Levitt more recently.

Here's my Freakonomics friend and co-author Steve Levitt more recently.

Now, Levitt is an economist, not a psychologist, and his ideas about quitting come from basic economic concepts. One of them is called opportunity cost. That's the idea that every dollar or hour or brain cell you spend doing one thing is a dollar, an hour or a brain cell you can't spend on some other opportunity. There is another idea called the sunk cost fallacy.

Now, Levitt is an economist, not a psychologist, and his ideas about quitting come from basic economic concepts. One of them is called opportunity cost. That's the idea that every dollar or hour or brain cell you spend doing one thing is a dollar, an hour or a brain cell you can't spend on some other opportunity. There is another idea called the sunk cost fallacy.

Now, Levitt is an economist, not a psychologist, and his ideas about quitting come from basic economic concepts. One of them is called opportunity cost. That's the idea that every dollar or hour or brain cell you spend doing one thing is a dollar, an hour or a brain cell you can't spend on some other opportunity. There is another idea called the sunk cost fallacy.

A sunk cost is a time or money or effort you've already spent. The fallacy is the belief that since you've already spent all those resources, you would be foolish to quit. But in reality, this is what economists argue, at least, those sunk costs are a distraction. And if what you're doing isn't likely to work out, you should stop throwing good money and time and effort after bad.

A sunk cost is a time or money or effort you've already spent. The fallacy is the belief that since you've already spent all those resources, you would be foolish to quit. But in reality, this is what economists argue, at least, those sunk costs are a distraction. And if what you're doing isn't likely to work out, you should stop throwing good money and time and effort after bad.