The Indicator from Planet Money

Pay transparency. The WhatsApp and Instagram decision. Our beef with screwworms.

November 21, 2025

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  • New working paper research suggests that pay transparency laws, such as those in Colorado, increase average wages by 2.5%, countering some economists' concerns that such laws might enable employer collusion. 
  • A federal judge sided with Meta against the FTC in a major antitrust case, partly influenced by an economic field study showing users switched to competing apps like YouTube or TikTok when paid to use Facebook and Instagram less ($4/hour). 
  • Beef prices have increased by 16.6% over the last year, partially due to the re-emergence of the screw worm fly in Mexico, prompting the USDA to halt cattle imports and increase sterilized fly production to combat the pest. 

Segments

Introduction and Hosts Greeting
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(00:00:12)
  • Key Takeaway: The Indicator from Planet Money episode covers pay transparency, Meta’s legal win, and beef price causes.
  • Summary: The hosts Darian Woods and Waylon Wong introduce the episode of The Indicator from Planet Money. The show will cover results on pay transparency, people being paid to use social media less, and a surprising reason for high beef prices. The episode is structured as ‘Indicators of the Week’.
Pay Transparency Wage Effects
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(00:02:07)
  • Key Takeaway: Rigorous analysis of pay transparency laws in states like Colorado shows an average wage increase of 2.5%.
  • Summary: Darian Woods presents the first indicator: 2.5%, the average wage change following pay transparency laws requiring salary ranges on job postings. Economists previously worried transparency could lead to tacit collusion among employers, suppressing wages. This new working paper, the first rigorous analysis on pay effects, found that the transparency effect increased wages.
Meta Antitrust Case Study
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(00:04:28)
  • Key Takeaway: An economic study paying users $4/hour to reduce Instagram/Facebook use demonstrated competition, aiding Meta’s defense against the FTC.
  • Summary: Waylon Wong’s indicator is $4 an hour, paid to participants in a study to use Facebook and Instagram less. Meta successfully used this study in court to argue it faces competition, as users switched to other apps like YouTube or TikTok. The judge sided with Meta, concluding the FTC failed to prove an illegal monopoly over personal social networking services.
Beef Prices and Screw Worm War
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(00:06:50)
  • Key Takeaway: Steak prices rose 16.6% partly due to the re-emergence of the screw worm fly, leading to border cattle import halts and new fly sterilization factories.
  • Summary: Nick Fountain’s indicator is 16.6%, the percentage increase in steak prices over the last year. This is linked to the screw worm, a fly whose larvae infest wounded cow flesh, which was previously eradicated north of Panama using sterilized male flies dropped from planes. The USDA halted imports from Mexican cattle and is opening new sterilized fly factories in Mexico and Texas to prevent a costly infestation.