Freakonomics Radio

673. What Is Money?

with David Lang
1 May 2026 36 min read 47m

Composer David Lang created an oratorio from Adam Smith's 'The Wealth of Nations' to explore a provocative insight: money itself has no intrinsic value, but functions as a token of human connection and labor. By weaving in texts from Douglass, Emerson, and Eugene Debs, Lang uses music to expose the gap between Smith's economic vision and the lived reality of those excluded from its systems.

David Lang
“Money doesn't really represent anything by itself, but it represents the amount of labor that we put into doing something, and to me, that was much more interesting and much more provocative.”
Lang explains the central insight that drew him to set Wealth of Nations to music—reframing money as a record of human effort rather than an abstract commodity
▶ 6:42
David Lang
“I think of money as an invention, as a social construct. I think of it is probably the greatest social lubricant that's ever been invented. If you compare it to the alternative, what would that be? It's either physical goods or maybe just beating people up when you want something.”
Lang defends money as fundamentally human and moral, contra the view that economics is inhuman
▶ 8:02
David Lang
“Enough is as good as a feast. And that's always informed the way I think about money, but everybody's got their own relationship to it.”
Lang reflects on his mother's wisdom about sufficiency, acknowledging that everyone's financial threshold differs
▶ 9:18
David Lang
“When I sing something myself that I know is going to be sung by someone else, I get to feel it. And somehow for me that makes it a lot more powerful.”
Lang explains why adding vocals to his composition after decades of instrumental work transformed his creative practice
▶ 15:11
David Lang
“There actually are people who don't have a coat. Those people don't show up in this book. And so I decided finally that I would write it myself.”
Lang describes adding an original movement called 'Enough' to critique Adam Smith's assumption that everyone participates equally in economic systems
▶ 37:24
David Lang is a Pulitzer Prize-winning composer and Grammy winner who teaches composition at Yale University. He co-founded Bang on a Can, a contemporary music festival and collective, and is known for blending classical forms with accessible, emotionally direct language. His new oratorio, 'the wealth of nations,' sets Adam Smith's foundational economic text to music, exploring how trade and money connect us as a society.
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Economic systems encode hidden assumptions about who matters Lang noticed that Adam Smith's 'poorest laborer' still owns a woolen coat—meaning the truly destitute are invisible in that economic model. By writing the 'Enough' movement himself, Lang highlighted how foundational texts often assume universal participation that doesn't actually exist.
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Collaboration scales better than competition in the arts Lang deliberately rejected the scarcity mindset that pits composers against each other, instead building a collegial ecosystem where multiple artists' work is elevated. Bang on a Can proved that generosity toward peers expands the whole field rather than dividing a fixed pie.
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Accessibility requires both technical mastery and generosity Lang's Bang on a Can collective was built on the principle of expanding who can access experimental music—not by dumbing down, but by designing pieces that require rehearsal and community participation. This creates a democratic experience where ordinary people build relationships while learning.