This is an excerpt of an interview that took place at On Air Fest on March 1st between Freakonomics Radio host Stephen Dubner and Hot Pod reporter Ariel Shapiro. The conversation has been condensed and edited for clarity.

Alright so, you know podcasting. You know economics. What do you make of this moment in the podcasting industry?

It really depends on what angle you’re coming at it from. The short version is that there was probably a little bit too much panic, because of the combination of the recession that never quite happened, and then the big iOS adjustment and how it’s playing out in reality and in perception. Additionally, from the platform side, there was just massive, massive acquisition, acquisition, acquisition, consolidation, consolidation, and then it breaks. So it’s confusing. The good news for me is I don’t care that much.