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Show host Gene Tunny sits down with Professor Cordelia Fine to discuss her latest book, Patriarchy Inc. Professor Fine argues gender biases are embedded in jobs and organizational structures, affecting women's career prospects. Topics include âgreedy jobs,â the undervaluation of feminized professions, the limits of diversity programs, and the role of evolutionary psychology in shaping gender assumptions. Whether you agree or disagree, this discussion offers a fresh perspective on gender in the modern economy.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
About this episodeâs guest: Professor Cordelia FineCordelia Fine is a Canadian-born British academic and writer. Her work analyses scientific and popular biological explanations of behavioural sex differences and workplace gender inequalities, explores the effects of gender-related attitudes and biases on judgements and decision-making, and contributes to debates about workplace gender equality. She is the author of three popular science books, published in 13 languages. Among other accolades, Testosterone Rex won the Royal Society Insight Investment Science Book Prize. She is currently a professor in the History & Philosophy of Science in the School of Historical & Philosophical Studies at the University of Melbourne.
Timestamps for EP274Introduction (0:00)Cordelia Fine's Background and Interests (2:44)Defining Patriarchy and Its Persistence (4:45)Gender Pay Gap and Job Selection (12:03)Impact of Gender Norms and Stigma (23:09)Diversity, Equity, and Inclusion (DEI) Programs (33:01)Market Thinking vs. Relations Thinking (40:07)Alternative Evolutionary Perspectives (1:05:11)Conclusion and Recommendations (1:14:11)TakeawaysThe Gender Pay Gap Is Complex â It's not just about discrimination; factors like âgreedy jobsâ (roles demanding long, inflexible hours) and the devaluation of feminized jobs play a major role.Diversity Initiatives Have Limits â Many corporate DEI (Diversity, Equity, and Inclusion) programs focus on âfixingâ women rather than addressing structural workplace issues.Workplace Norms Favor Men â High-status, high-paying jobs often assume an âideal workerâ who can dedicate unlimited hoursâan assumption that disadvantages women with caregiving roles.Traditional Economic Models Miss the Full Picture â Traditional market-based explanations of wage determination often overlook workplace hierarchies, organizational power dynamics, and societal gender norms.Evolutionary Psychology Oversimplifies Gender â Popular claims that men and women have biologically determined career preferences are challenged by alternative theories emphasizing cultural and social learning.Links relevant to the conversationCordelia Fineâs website:
http://www.cordelia-fine.com/
Patriarchy, Inc.:
https://www.amazon.com.au/Patriarchy-Inc-Wrong-Gender-Equality/dp/1838953345
Research showing increasing returns to overwork over time:
https://journals.sagepub.com/doi/full/10.1177/0003122414528936
The Gender Pay Debate: Understanding the Factors Behind the Gap w/ Dr Leonora Risse â EP230
https://economicsexplored.com/2024/03/10/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230/
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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
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Kate Schecter, CEO of World Neighbors, returns to the show and reveals how empowering local communities leads to long-term self-sufficiency in developing economies. She explains that roads connecting isolated communities to local markets can massively improve opportunities. She also explains that even modest interventions, like access to municipal water, can have profound impacts. From disaster preparedness in Indonesia to sustainable farming in Africa, Kate illustrates how World Neighbors helps communities build resilience.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
About this episodeâs guest: Dr Kate SchecterKate Schecter, Ph.D., joined WN as President and Chief Executive Officer in June, 2014. Dr. Schecter is responsible for managing World Neighborsâ programs and operations in 14 countries in Asia, Africa, Latin America, and the Caribbean. In her previous position, she worked for the American International Health Alliance (AIHA) for 14 years. As a Senior Program Officer at AIHA, she had responsibility for managing health partnerships throughout Eurasia and Central and Eastern Europe. Through her work with over 35 partnerships addressing healthcare and treatment, she has extensive experience successfully implementing AIHAâs health partnership model.
From 1997 to 2000, Dr. Schecter worked as a consultant for the World Bank specializing in healthcare reform and child welfare issues in Eurasia and Eastern Europe. She taught political science at the University of Michigan in Ann Arbor for four years (1993-1997). She has written extensively about healthcare in post-Soviet states, and has made three documentary films for PBS. Over the past eight years at World Neighbors, Dr. Schecter has authored or co-authored 21 articles about the challenges of international development in very poor rural countries, the impact of climate change, and how to help alleviate mass migration through effective international aid.
Dr. Schecter holds a Ph.D. in political science from Columbia University and an M.A. in Soviet Studies from Harvard University. She is a member of the Council on Foreign Relations and served on the Board of Childrenâs National Medical Center in Washington, D.C. from 2010 to 2018.
Timestamps for EP273Introduction (0:00)World Neighborsâ Geographical Reach and Recent Developments (2:34)Improving Climate Resilience in Agriculture (6:03)Disaster Preparedness and Community-Based Approaches (9:57)Connecting Communities with National and Regional Administrations (14:05)Funding and Operational Efficiency (23:21)Impact and Future Plans (27:08)Conclusion and Final Thoughts (29:24)TakeawaysInfrastructure can be transformative â Building a simple road or bridge can unlock market access for rural farmers, dramatically improving incomes and food security.Local savings and credit groups empower communities â These groups help farmers and entrepreneurs access capital for investments without relying on exploitative lenders.Disaster preparedness saves lives â Teaching communities to plan for floods, earthquakes, and other disasters helps them recover quickly and with fewer casualties.Indigenous crops can boost resilience â Reviving traditional drought-resistant crops helps communities adapt to climate change and maintain food security.Links relevant to the conversationKateâs previous appearance on the show:
https://economicsexplored.com/2022/05/23/economic-development-through-savings-and-credit-groups-w-world-neighbors-ceo-kate-schecter-ep140/
World Neighborâs website:
https://www.wn.org/
Francis Fukuyamaâs book Trust:
https://www.amazon.com/Trust-Social-Virtues-Creation-Prosperity/dp/0029109760
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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
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Is free trade always good for workers? Gene Tunny explores the Stolper-Samuelson theorem, which shows how trade can lower wages for some while benefiting others. He discusses key economic insights from Wolfgang Stolper and Paul Samuelson, real-world historical examples, and the implications for todayâs global trade debates.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
Timestamps for EP272Introduction (0:00)Explanation of Comparative Advantage and Free Trade (1:50)Background on Wolfgang Stolper and Paul Samuelson (5:50)The Heckscher-Ohlin Model and Indirect Factor Arbitrage (16:37)Stolper-Samuelson Theorem and Its Implications (26:35)Empirical Evidence and Historical Applications (31:53)Conclusion and Future Directions (32:19)TakeawaysFree Trade Creates Winners and Losers â The Stolper-Samuelson theorem predicts that free trade benefits the owners of a countryâs relatively abundant factors (e.g., capitalists in capital-rich countries) but can harm the owners of relatively scarce factors (e.g., workers in industrialised economies).Economic Theory Still Favors Free Trade Overall â While trade can hurt specific groups, economists argue that overall national income rises, making it possible (though not always politically feasible) to compensate the losers.Historical Evidence Supports the Underlying Theory â Examples from 19th-century trade patterns show factor price convergence, with land rents rising in the U.S. while falling in Britain due to increased trade.Trade Policy Shapes Political Alliances â Farmers in land-rich nations like Australia and the USA often supported free trade, while industrial workers in capital-rich nations tended to favor protectionism.Links relevant to the conversationThe previous episode with Ian Fletcher:
https://economicsexplored.com/2025/01/21/industrial-policy-vs-free-trade-w-ian-fletcher-coalition-for-a-prosperous-america-ep271/
Stolper and Samuelsonâs 1941 paper âProtection and Real Wagesâ:
https://academic.oup.com/restud/article-abstract/9/1/58/1588589
William Bernsteinâs book âA Splendid Exchange: How Trade Shaped the Worldâ:
https://www.amazon.com.au/Splendid-Exchange-Trade-Shaped-World/dp/0802144160
Roger Backhouseâs book âFounder of Modern Economics: Paul A. Samuelson: Volume 1: Becoming Samuelson, 1915-1948â:
https://www.amazon.com.au/Founder-Modern-Economics-Samuelson-1915-1948/dp/0190664096
Edward Leamerâs paper on the Hecksher-Ohlin model in theory and practice:
https://ies.princeton.edu/pdf/S77.pdf
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Ian Fletcher, co-author of Industrial Policy for the United States, published by Cambridge University Press, joins the show to argue that free trade does not always serve national interests. Fletcher defines industrial policy as government intervention to support better industries, emphasizing that some industries are inherently more valuable. He highlights successful industrial policies in Japan, Korea, and Germany. Fletcher also discusses the role of tariffs in protecting domestic industries, using the example of U.S. electric vehicle tariffs on Chinese imports.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
About this episodeâs guest: Ian FletcherIan Fletcher is an Advisory Board Member for Coalition for a Prosperous America. He is the author of Free Trade Doesn't Work (2010) and a co-author of The Conservative Case Against Free Trade. He was Senior Economist at the Coalition for a Prosperous America and a Research Fellow at the US Business and Industry Council. He was educated at Columbia and Chicago.
Timestamps for EP271Introduction (0:00)Defining Industrial Policy (3:31)Ian Fletcher's Journey into Industrial Policy (6:48)Better Industries and Manufacturing (11:27)Arguments Against Free Trade (18:10)Case Studies and Successes of Industrial Policy (28:07)Tariffs and Modern Industrial Policy (48:21)Taiwan's Success Story (51:46)Conclusion and Final Thoughts (53:51)TakeawaysIndustrial Policy Defined: Industrial policy focuses on nurturing high-value industries that provide higher wages and foster innovation.Free Trade Critique: While free trade reduces consumer costs, it can lead to job losses, regional economic disparities, and reliance on foreign manufacturing.Global Lessons: Successful industrial policies in countries like Taiwan and Germany show strategic government intervention can be successful in some instances, while failures in the UK and India underscore the risks of mismanagement.Technology Pipeline: Ian Fletcher argues that a robust pipeline connecting scientific research to commercialization is critical for maintaining competitiveness in manufacturing and innovation.Links relevant to the conversationIanâs book âIndustrial Policy for the United States: Winning the Competition for Good Jobs and High-Value Industriesâ:
https://www.amazon.com.au/Industrial-Policy-United-States-Competition/dp/1009243071
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Donald Chew discusses the evolution of corporate finance, emphasizing the shift from old-fashioned corporate finance, which focused on steady earnings growth, to modern corporate finance, which aims for high returns on capital. He highlights the decline of conglomerates in the 1970s and the rise of private equity. Despite criticism, Chew argues that modern corporate finance has been a success story, citing the doubling of U.S. public company market capitalization in the 1980s and the significant correlation of R&D and selling, general and administrative expenses (SG&A) expenses with corporate value. He also addresses the financial crisis, arguing it was due to mispriced mortgages and government policies, not market inefficiencies. Donald Chew is the founding editor of the Journal of Applied Corporate Finance, and joins show host Gene Tunny to discuss his latest book, The Making of Modern Corporate Finance, published by Columbia University Press.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
About this episodeâs guest: Donald ChewDon Chew is the founding editor and Editor-in-Chief of the Journal of Applied Corporate Finance (JACF), a publication he started almost 30 years ago. He has published over ten books on corporate finance, including The New Corporate Finance: Where Theory Meets Practice and The Revolution in Corporate Finance (with Joel Stern), which are both widely used in business schools throughout the United States and Europe. Don has both a Ph.D. in English and an MBA in finance from the University of Rochester.
Timestamps for EP270Introduction (0:00)The Decline of Conglomerates and the Rise of Modern Corporate Finance (5:58)The Role of Private Equity and Corporate Governance (14:25)The Impact of Modern Corporate Finance on Corporate Value (15:03)The Future of Corporate Finance and Productivity Measurement (16:37)The Role of Corporate Finance in Economic Growth (19:27)The Critique of Modern Corporate Finance and Corporate Social Responsibility (27:26)The Financial Crisis and the Role of Government Policy (35:40)The Future of Corporate Finance and the Role of Private Equity (43:21)TakeawaysModern Corporate Finance Principles: The shift from prioritizing steady earnings growth to maximizing long-term firm value has reshaped corporate strategies globally.The Importance of R&D: Increases in R&D and SG&A spending are now critical indicators of corporate value and long-term success, according to Don Chew.Private Equityâs Role: Private equity has transformed underperforming companies, streamlining operations and reallocating capital for growth.The Evolution of Corporate Governance: Shareholder activism has replaced hostile takeovers as the primary tool for enforcing corporate accountability.ESG and Value Creation: Enlightened value maximization is the idea that corporations can address societal concerns while enhancing long-term profitability.Links relevant to the conversationDon Chewâs new book The Making of Modern Corporate Finance:
https://www.amazon.com.au/Making-Modern-Corporate-Finance-History/dp/0231211104
Econometric study of benefits to consumers of Wal-Mart:
https://onlinelibrary.wiley.com/doi/abs/10.1002/jae.994
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Gene Tunny and Darren Brady Nelson discuss the economic legacy of President Jimmy Carter, highlighting his deregulation efforts, particularly in aviation, which led to increased competition and significant cost savings. They also touch on Carterâs appointment of Paul Volcker as Federal Reserve Chairman, credited with fighting inflation. The conversation shifts to the America Fest conference in Phoenix, where key speakers included Charlie Kirk, Tucker Carlson, and Glenn Beck. They discuss the tensions within the MAGA movement, particularly around immigration policies. Lastly, they explore the intersection of Christian economics and competition, emphasizing its ethical foundations and the potential for a moral case for free markets.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
Timestamps for EP269President Jimmy Carter's Legacy and Deregulation (0:00)Carter's Economic Policies and Personal Anecdotes (5:16)America Fest Conference in Phoenix (14:36)Trumpâs Speech and MAGA Movement Dynamics (27:46)Christian Economics and Competition (36:34)Darren's Critique of Mainstream Economics and Antitrust Regulation (51:22)Regulatory Challenges and Natural Monopolies (55:55)Final Thoughts and Future Directions (59:26)TakeawaysJimmy Carterâs Deregulation Impact: Carterâs policies in aviation, trucking, and beer production revolutionized U.S. markets, creating long-lasting consumer benefits.MAGAâs Immigration Debate: Tensions exist between Bannon's nationalist stance and Musk's globalist vision for high-skilled immigration policies.The Role of Competition: Darren highlighted the economic and ethical importance of competition, criticizing overreach in antitrust regulations.Links relevant to the conversationMises Institute article âJimmy Carterâs Legacy Is Much More than Good Deeds Done in His Later Yearsâ:
https://mises.org/mises-wire/jimmy-carters-legacy-much-more-good-deeds-done-his-later-years
The previous episode with Darren:
https://economicsexplored.com/2024/11/10/trump-2-0-w-top-wisconsin-door-knocker-economist-darren-brady-nelson-ep261/
Great Reset discussion with Darren from 2020:
https://economics-explained.simplecast.com/episodes/the-great-resetLarry Reed, President Emeritus of FEE, speaking about the Parable of the Vineyard Workers:
https://economicsexplored.com/2022/02/05/price-controls-to-fight-inflation-a-bad-idea-infrastructure-lessons-from-potus-21-ep125/
Darrenâs articles in Concurrences on competition and antitrust (paywalled, alas):
https://www.concurrences.com/en/page/recherche/?recherche=darren+nelson#Alfred Kahnâs Economics of Regulation:
https://www.amazon.com.au/Economics-Regulation-Principles-Institutions/dp/0262610523
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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
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Show host Gene Tunny discusses the ineffectiveness of the U.S. debt ceiling, citing its frequent increases and the political grandstanding it entails. He notes that since 1960, Congress has amended the debt limit 78 times. Tunny argues that the debt ceiling does not enforce fiscal discipline and highlights the need for better fiscal rules, such as the Swiss Debt Brake or the Taxpayer Bill of Rights. He also shares his experience with Australia's debt ceiling during the late 2000s financial crisis. Tunny concludes that Trump's criticism of the debt ceiling is justified.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
Timestamps for EP268US Debt Ceiling Overview (0:00)Historical Context and Modern Monetary Theory (4:09)Ineffectiveness of the Debt Ceiling (7:07)Australian Experience with the Debt Ceiling (13:00)Conclusion and Alternative Fiscal Rules (24:49)TakeawaysDebt Ceilings Are Ineffective: The US debt ceiling fails to control spending or debt accumulation, as it is consistently raised to avoid financial crises.Alternative Fiscal Rules: Spending caps or frameworks like Switzerlandâs debt brake are more effective at managing fiscal discipline than nominal debt ceilings.Political Grandstanding: The debt ceiling often serves as a stage for political drama rather than meaningful fiscal reform.Modern Monetary Theory Critique: Printing money to avoid debt constraints, as proposed by some MMT advocates, risks inflation and economic instability.Lessons from Australia: Australia abolished its debt ceiling a decade ago after recognizing its downsides, offering a model for US fiscal policy reform.Links relevant to the conversationUseful information on the US debt and deficit from the US Treasury:
https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/debt-limit (discusses how many times the debt ceiling has been amended)
https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/ (contains the spending, revenue, and deficit figures that Gene mentions)
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Coffee prices have surged dramatically over the past year, with green coffee increasing by 78%. In this episode, International Coffee Traders GM Raihaan Esat joins hosts Gene Tunny and Tim Hughes to explore the key drivers behind this spike, including harvest shortages, supply chain disruptions, and geopolitical factors. Discover why your morning brew may soon cost more and how the coffee industry is navigating these challenges.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
About our guest: Raihaan Esat, General Manager, International Coffee TradersRaihaan Esat is a passionate and seasoned coffee professional with extensive experience across the coffee industry. From working in bustling espresso bars and competing at the highest levels of barista competitions to managing roasteries and developing quality control systems, Raihaan has cultivated a deep understanding of every facet of coffee craftsmanship.
As General Manager of International Coffee Traders (ICT), a green coffee sales business, Raihaan connects both commercial and home roasters with premium green beans and equipment, sharing his love for exceptional coffee. Inspired by mentors like Phillip Di Bella and a history of innovation, Raihaan is also spearheading coffee events at The Coffee Commune, fostering a thriving community of coffee enthusiasts. Dedicated to excellence and driven by a lifelong passion, Raihaan continues to inspire others through mentorship, entrepreneurship, and a relentless pursuit of the perfect cup.
Source: https://www.roastmagazine.com/roastsummit/events/raihann-esat
Timestamps for EP267Coffee Market Overview and Initial Discussion (0:00)Factors Contributing to Coffee Price Increases (7:36)Quality Concerns and Market Dynamics (19:41)Consumer Behavior and Market Volatility (26:44)Impact on Coffee Shops and Consumers (47:07)Geopolitical and Weather Impact on Coffee Prices (54:20)TakeawaysGreen Coffee Prices Surge: Over the past 12 months, green coffee prices have increased by 78%, impacting every part of the supply chain.Major Producers Facing Challenges: Brazil and Vietnam, responsible for a large share of global coffee production, are experiencing lower yields due to weather conditions and harvest quality issues.Geopolitical Factors: Disruptions in trade routes, such as those caused by Middle East conflicts, have further strained the coffee supply chain, driving up costs.Changing Consumer Expectations: As prices rise, consumers may need to reconsider what they expect for a $5 cup of coffee and the value they receive in return.Sustainability of Cafes: For cafes to survive, they need to adjust their pricing to reflect increasing costs in labor, rent, and coffee supplies.Links relevant to the conversationOur previous conversation with Raihaan, âThe Future of Coffee: Climate Change & Rising Prices w/ Raihaan Esat, International Coffee Traders â EP217â:
https://economicsexplored.com/2023/12/06/the-future-of-coffee-climate-change-rising-prices-w-raihaan-esat-international-coffee-traders-ep217/
Raihaanâs slide explaining factors driving up coffee prices:
https://drive.google.com/file/d/1JAhmCl_TmfSoWRkh9wF9fDFU395mPnyL/view?usp=sharing
Chart of the green coffee price:
https://drive.google.com/file/d/1qnX28VagJ3FtD40JntMujADsNKI-NhBs/view?usp=sharing
International Coffee Traders at the Coffee Commune:
https://www.coffeecommune.com.au/international-coffee-traders/
ABC News article âCoffee prices hit record high after bad weatherâ:
https://www.abc.net.au/news/2024-12-11/coffee-prices-hit-record-high-after-bad-weather/104711708
Greensquare coffee roaster app:
https://www.greensquare.co/
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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
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This episode explores the economic implications of Trumpâs re-election, Franceâs political deadlock under Macron, and the future of global capitalism. Jean-Baptiste Wautier, a private equity investor and World Economic Forum speaker, shares insights on trade wars and deficits. He argues that short-term profit motives undermine the global capitalist system. Jean-Baptiste also discusses AI's transformative potential. Please note this episode was recorded on 11 December 2024, before French President Macron appointed François Bayrou as the new PM.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
Timestamps for EP266Introduction (0:00)Economic Implications of Trump's Re-Election (2:55)Potential Global Trade War (5:50)Global Trade and Economic Interdependence (8:29)Challenges Facing France and the Fifth Republic (13:55)Risks to the Eurozone (20:07)Flaws in Global Capitalism and Potential Solutions (27:34)Examples of Enlightened Capitalism (33:01)The Impact of Artificial Intelligence on Jobs (39:59)Final Thoughts and Future Directions (44:50)TakeawaysTrumpâs Second Term Risks: His proposed tax cuts and tariffs could reignite inflation and exacerbate the US federal deficit, leading to global economic consequences.Franceâs Political Instability: Macronâs government faces gridlock, which could potentially destabilize the Eurozone due to Franceâs growing budget deficit and political deadlock.Global Trade War Unlikely: Despite harsh rhetoric, economic interdependence makes a full-scale global trade war improbable, in Jean-Baptisteâs view.Capitalismâs Short-Term Focus: Jean-Baptiste argues the current capitalist model prioritizes short-term profits over long-term sustainability, causing inefficiencies and negative externalities like mental health crises and economic inequality.The Role of AI: AI is transforming industries at an unprecedented speed, raising concerns about job displacement and the need for economic adjustments, possibly extending to UBI (Universal Basic Income), depending on the scale of the displacement.Links relevant to the conversationJean-Baptiste Wautierâs website:
https://wautier.co.uk/
EXPLAINER: Why is natural gas still flowing from Russia to Europe across Ukraine?
https://apnews.com/article/russia-ukraine-war-natural-gas-f9f00df7195d01404f8cb2a43152a8b1
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Host Gene Tunny discusses significant economic issues from the year. He features clips from interviews with experts on various topics, including the economic consequences of Donald Trump's re-election, the U.S. budget deficit, the gender pay gap, and environmental impact. President Reaganâs budget director David Stockman criticizes Trumpâs policies for being anti-capitalist, citing a $8 trillion increase in public debt. Fiscal policy wonk Dan Mitchell argues that higher taxes are not the solution to the U.S. budget deficit, as spending is the primary issue. Leonora Risse (Assoc. Prof., University of Canberra) explains the concept of "greedy jobs" contributing to the gender pay gap. Marion Tupy of the Cato Institute discusses the long-term decline in commodity prices, and Daniel Lawse of Verdis Group emphasizes the need for sustainable, long-term thinking in business and policy. Daniel also reflects on the modest lifestyle of Warren Buffett, another Omaha resident. John August discusses the impact of immigration on Australia's housing crisis.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
Timestamps for EP265Introduction (0:00)David Stockman (6:20)Dan Mitchell (11:20)Leonora Risse (23:50)Marian Tupy (32:15)Daniel Lawse (41:49)John August (48:06)Links relevant to the conversationEpisodes featuring the clips:
https://economicsexplored.com/2024/01/28/reagans-budget-boss-david-stockman-on-trumps-economic-policies-ep224/
https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/
https://economicsexplored.com/2024/03/10/the-gender-pay-debate-understanding-the-factors-behind-the-gap-w-dr-leonora-risse-ep230/
https://economicsexplored.com/2024/10/16/abundance-mindset-exploring-the-super-abundance-thesis-w-marian-tupy-cato-institute-ep258/
https://economicsexplored.com/2024/06/01/helping-seattle-aquarium-others-go-to-net-zero-and-beyond-w-daniel-lawse-verdis-group-ep242/
https://economicsexplored.com/2024/04/17/housing-crisis-and-immigration-australias-tough-choices-w-john-august-ep236/
Leonoraâs review of Career and Family: Women's Century-Long Journey toward Equity, by Claudia Goldin
https://onlinelibrary.wiley.com/doi/abs/10.1111/1475-4932.12716?domain=author&token=UPATKK2WTIAEZ49UMRMV
Principle of Charity podcast episodes on degrowth:
https://podcasts.apple.com/au/podcast/can-degrowth-save-the-planet/id1571868650?i=1000674757240
https://podcasts.apple.com/au/podcast/can-degrowth-save-the-planet-pt-2-on-the-couch/id1571868650?i=1000675655623
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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
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Professor Amar BhidĂ© of Columbia University discusses his new book âUncertainty and Enterpriseâ, published by Oxford University Press. It emphasizes the limitations of standard economic models that rely on probability distributions. He argues that entrepreneurship involves dealing with unique, non-quantifiable uncertainties, which require imagination and narrative skills. Bhide critiques the over-reliance on incentives and statistical analysis, advocating for a more imaginative and contextual approach. He highlights the importance of routines and the need for accountability in expert decision-making, particularly in areas like public health and monetary policy. Bhide also discusses the role of narratives in business success and the challenges posed by tech monopolies.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
About this episodeâs guest Professor Amar BhidĂ©Professor of Health Policy and Management at Columbia University Irving Medical Center
Bhidé has researched and taught about innovation, entrepreneurship, and finance for over three decades. He now focuses on teaching, developing, and disseminating case histories of transformational technological advances.
A member of the Council on Foreign Relations, a founding member of the Center on Capitalism and Society at Columbia â and a founding editor of Capitalism and Society, Bhide is the author of the forthcoming book Uncertainty, Judgment, and Enterprise (Oxford). His earlier books include A Call for Judgment: Sensible Finance for a Dynamic Economy (Oxford, 2010), The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World (Princeton, 2008), The Origin and Evolution of New Businesses (Oxford, 2000) and Of Politics and Economic Reality (Basic Books, 1984). Starting in the early 1980s, he has written numerous articles for the Harvard Business Review, the Wall Street Journal, the New York Times, and The Financial Times. He has periodically appeared on Bloomberg TV and CNBC.
Bhidé was previously the Lawrence Glaubinger Professor of Business at Columbia University and the Thomas Schmidheiny Professor of Business at Tufts University. He has also taught at Harvard Business School (as an Assistant, Associate, and Visiting Professor)and at the University of Chicago's Booth School of Business.
His professional experience includes directorship of a FTSE 100 company. In the 1980s, Bhidé was a Senior Engagement Manager at McKinsey & Company, a Proprietary Trader at E.F. Hutton, and served on the Brady Commission staff, investigating the 1987 stock market crash.
Bhidé earned a DBA and MBA from Harvard Business School with High Distinction and a B. Tech from the Indian Institute of Technology (Bombay).
LinkedIn: https://www.linkedin.com/in/amar-bhide-8202ba10/
Timestamps for EP264Uncertainty in Economic Theory and Practice (0:00)The Role of Imagination in Economic Decision-Making (6:44)Narrative and Storytelling in Entrepreneurship (15:01)The Impact of Narratives on Markets and Investment (25:29)Challenges of Regulating Tech Monopolies (32:34)Accountability and Expertise in Governance (41:04)Building Narrative Skills for Entrepreneurs (48:31)Final Thoughts (52:14)TakeawaysThe Distinction Between Risk and Uncertainty: Frank Knightâs distinction highlights that risk is quantifiable, but uncertainty involves unknowns, requiring judgment and imagination.The Importance of Narrative in Business: Entrepreneurs use storytelling to make ventures plausible to investors and stakeholders, even when data is incomplete or speculative.Imagination is Key to Profit: Success in entrepreneurship often depends on the ability to imagine scenarios, adapt to setbacks, and create compelling business models.Challenges of Accountability in Modern Institutions: Bhide critiques the lack of accountability among experts in fields like public health and monetary policy, advocating for more robust governance structures.The Role of Plausibility in Decision-Making: Investors and entrepreneurs alike rely on plausible, if not always precise, projections to guide business choices.Links relevant to the conversationAmarâs new book Uncertainty and Enterprise:
https://www.amazon.com.au/Uncertainty-Enterprise-Venturing-Beyond-Known/dp/0197688357/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr=
Corralling the Info-Monopolists (Project Syndicate Op-ed):
https://sites.tufts.edu/amarbhide/2018/05/14/corralling-the-info-monopolists-project-syndicate-op-ed/
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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
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Dr Vuk Vukovic, economist and founder of Oraclum Capital, joins Gene Tunny to discuss elite networks, their economic impact, and the future of democracy. Delving into his research, Dr Vukovic examines how political connections affect income inequality and corporate success. He shares his innovative Bayesian approach to predicting financial and political trends, offering a glimpse into his hedge fundâs methods. The episode also tackles the dangers of centralized political power and explores solutions for empowering communities and fostering trust in democratic institutions.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
About this episodeâs guest Dr Vuk VukovicIn brief: an academic and practitioner
âAcademic...
Oxford PhD, LSE Masters, Harvard, Berkeley5-year university teaching experiencePublished in top journals, published a book (@Oxford University Press) => Elite NetworksExpert member of Parliament committeePractitioner...
Running a hedge fund in NYC, Oraclum Capital (ORCA), based on our scientific innovation in network theory Before that, founded two companies: market research consultancy & boutique rating agencyMacro-based trader & investor for over 10 years (learning by doing: lots of mistakes, lots of helpful lessons).Timestamps0:00 - Gene introduces Vuk and his work on elite networks and Bayesian analysis3:54 - Vuk explains how they use social network analysis to identify "super forecasters"7:47 - Vuk discusses the performance of his hedge fund Oraclum Capital9:29 - Vuk goes into more detail on their social network survey approach12:54 - Gene and Vuk discuss Vukâs thesis on how political connections contribute to inequality20:21 - Discussion of Lina Khan and potential risks of Trump-Musk connections25:02 - Vuk discusses how corruption and concentrated power can lead to poor economic outcomes33:30 - Vuk outlines recommendations for decentralizing political power and re-empowering citizens39:13 - Vuk's final thoughts on the role of elites and the need for system design to channel their influence positivelyTakeawaysElite Networks Drive Inequality: Dr Vukovicâs research shows that corporate executives with political connections earn significantly higher salaries, fueling income inequality.Bayesian Analysis Enhances Forecasting: Dr Vukovic argues his approach improves financial and political predictions by weighting opinions based on network diversity and historical accuracy.Centralization vs. Decentralization: Dr. Vukovic argues for reducing centralized political power to lower inequality and enhance democratic processes.Democracyâs Resilience: While acknowledging current challenges, Dr Vukovic remains optimistic about democracyâs ability to adapt through trial and error.Links relevant to the conversationInfo on Dr Vuk Vukovic:
https://www.vukvukovic.org/
Elite Networks book:
https://www.amazon.com.au/Elite-Networks-Political-Economy-Inequality/dp/0197774237
Oraclum Capital:
https://oraclumcapital.com/
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Explore the mechanics of decentralized finance (DeFi) with Professor Evgeny Lyandres, who breaks down how decentralized exchanges work and how VirtuSwap stands out in providing liquidity for small-cap crypto assets. With insights into the challenges and future of tokenization, this episode offers a clear view of where DeFi may be heading. Evgeny is Professor of Finance and Head of the Blockchain Research Institute at Tel Aviv University. Disclaimer: This podcast episode contains general information only and is not financial or investment advice.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected].
Timestamps for EP262Introduction to Decentralized Exchanges and Their Potential (0:00)The Evolution and Functionality of Decentralized Exchanges (6:38)Challenges and Solutions in Decentralized Finance (22:18)The Future of Crypto and Decentralized Finance (43:32)Optimizing Liquidity and the Role of AI in Decentralized Exchanges (55:15)TakeawaysTokenization of traditional assets, such as stocks or real estate, is a future possibility for DeFi that could expand its impact well beyond the current crypto market.Liquidity pools and smart contracts are essential to DeFi, providing a protocol-based framework where trades occur automatically based on programmed rules.VirtuSwapâs unique pool structure, including virtual liquidity reserves, is designed to address the liquidity challenges for less-traded assets in DeFi.With the aid of AI-driven systems like Minerva, DeFi platforms can optimize liquidity allocation, potentially offering higher returns for liquidity providers and more efficient trades for users.Links relevant to the conversationEvgenyâs academic web page:
https://lyandres.sites.tau.ac.il/
VirtuSwap website: https://virtuswap.io/
Previous episodes on web3, DeFi, crypto or blockchain:
The Future of VC: Blockchain, Web3, and Emerging Markets w/ Qin En Looi, Partner, Saison Capital â EP256
https://economicsexplored.com/2024/10/01/the-future-of-vc-blockchain-web3-and-emerging-markets-w-qin-en-looi-partner-saison-capital-ep256/
Navigating Volatile Crypto Markets & Avoiding Scams w/ Ben Simpson, Collective Shift â EP249 https://economicsexplored.com/2024/08/14/navigating-volatile-crypto-markets-avoiding-scams-w-ben-simpson-collective-shift-ep249/
Digital Money Demystified w/ Prof. Tonya Evans â EP216
https://economicsexplored.com/2023/11/30/digital-money-demystified-w-prof-tonya-evans-ep216/
Crypto arbitrage searcher Dave Belvedere on crypto and dApps such as Wizards & Dragons â EP178
https://economicsexplored.com/2023/03/08/crypto-arbitrage-searcher-dave-belvedere-on-crypto-and-dapps-such-as-wizards-dragons-ep178/
Bitcoin & books w/ author & ex-fighter pilot Lars Emmerich â EP157
https://economicsexplored.com/2022/09/18/bitcoin-books-w-author-ex-fighter-pilot-lars-emmerich-ep157/
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Economist and returning guest Darren Brady Nelson shares insights from his time as the top door-knocker for the Trump campaign in the battleground state of Wisconsin. He explains why Trumpâs messages on inflation, immigration, and cultural issues resonated with voters. He breaks down Trumpâs economic vision for the second term, including plans for Elon Musk to lead a government reorganisation. Show host Gene Tunny and Darren discuss the prospects for repairing the US budget and the possible economic implications of Trumpâs fiscal and trade policies.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected] or send a voice message via https://www.speakpipe.com/economicsexplored.
Timestamps for EP261Introduction (0:00)Darrenâs experience as Trumpâs top doorknocker in Wisconsin (3:00)Why Trump won (11:40)Illegal immigration (15:05)Trump and monetary policy (27:30)Elon Musk and government efficiency (33:00)Trump and trade (48:15)Final Thoughts (57:00)Links relevant to the conversationBio for Darren Brady Nelson available here:
https://economicsexplored.com/regular-guests/
Statistics on illegal immigration in the US:
https://cmsny.org/us-undocumented-population-increased-in-july-2023-warren-090624/
https://lamborn.house.gov/issues/illegal-immigration
Stanford University briefing on Chinaâs Use of Unofficial Trade Barriers in the U.S.-China Trade War:
https://sccei.fsi.stanford.edu/china-briefs/chinas-use-unofficial-trade-barriers-us-china-trade-war
Relevant previous episodes:
Is Uncle Sam Running a Ponzi Scheme with the National Debt? w/ Dr Dan Mitchell â EP235 - https://economicsexplored.com/2024/04/17/is-uncle-sam-running-a-ponzi-scheme-with-the-national-debt-w-dr-dan-mitchell-ep235/
US infrastructure: lessons from Australia, with Darren Brady Nelson - https://dashboard.simplecast.com/accounts/a4c530a8-52a1-4290-95a3-19c00e80602c/shows/a3789cf6-a26b-464a-ab7f-551db331ee09/episodes/6134a946-eab5-4a0c-bbe3-dfae5a6bf200/
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Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
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Wharton Professor Michael Useem joins host Gene Tunny to discuss his new book, Resolute Japan, which unveils Japanâs emerging shift in management practices fueling a corporate revival. Japanese companies are adopting ambidextrous management, empowering frontline employees, and embracing Western practices while retaining stakeholder-first traditions. He emphasizes the importance of top management in driving change and the potential for Japan to regain global economic prominence by learning from domestic and international best practices.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected] or send a voice message via https://www.speakpipe.com/economicsexplored.
Timestamps for EP260Introduction and Overview of the Podcast (0:00)Japan's Economic Downturn and Resurgence (3:30)Methodology and Interview Process (5:44)Innovative Management Practices in Japan (11:29)Ambidextrous Management and Global Influence (21:51)Challenges and Opportunities for Japan (42:36)Economic Research on Management Impact (42:58)Final Thoughts and Recommendations (52:47)TakeawaysJapanese companies are adopting innovative management practices, such as empowering frontline employees and embracing the "gemba walk" to better understand operations.Japanese companies are retaining their commitment to stakeholders, including employees, the community, and the country, while also becoming more open to adopting Western-style management principles.The concept of "ambidextrous management" is emerging, where companies are exploring new industries while exiting declining ones, demonstrating a willingness to adapt to changing market conditions.There is an increasing openness among Japanese companies to learn from and adopt best practices from other countries, which is helping drive their resurgence.The impact of top management changes can significantly influence a company's performance, suggesting the importance of resolute leadership in driving change and improvement.Links relevant to the conversationProfessor Michael Useemâs profile:
https://mgmt.wharton.upenn.edu/profile/useem/
Resolute Japan book:
https://www.amazon.com.au/Resolute-Japan-Leaders-Corporate-Resurgence/dp/1613631820
OECD Economic Surveys - Japan 2024:
https://www.oecd-ilibrary.org/economics/oecd-economic-surveys-japan-2024_41e807f9-en
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Thanks to Obsidian Productions for mixing the episode and to the showâs sponsor, Geneâs consultancy business www.adepteconomics.com.au.
Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.
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Ken Wilcox, former CEO of Silicon Valley Bank, discusses his book "The China Business Conundrum" and the challenges of doing business in China. He explains the concept of "one bed, two dreams," highlighting the disparity in goals between western and Chinese joint venture partners. Wilcox details his bank's entry into China, emphasizing the strategic invitations and control exerted by the Chinese Communist Party. He recounts the extensive regulations and control mechanisms, including a three-year restriction on using Chinese currency. Despite the challenges, Wilcox values the experience, noting the complex interdependence between the U.S. and China.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected] or send a voice message via https://www.speakpipe.com/economicsexplored.
About this episodeâs guest: Ken WilcoxKen Wilcox was the CEO of Silicon Valley Bank (SVB) from 2001 to 2011, then the CEO of SVB's joint venture with Shanghai Pudong Development Bank (SPDB-SVB) in Shanghai until 2015, followed by four years as its Vice Chairman. He currently serves on the boards of the Asia
Society of Northern California, the Asian Art Museum, and UC San Diego's 21st Century China Center, as well as Columbia Lake Partners, a European venture-debt fund. He is on the Board of Advisors of the Fudan University School of Management in Shanghai and an Adjunct Professor at U.C. Berkeley.
Ken holds a PhD in German from Ohio State University and an MBA from Harvard Business School. He has given numerous speeches in both English and Chinese, published a variety of articles in the banking press, and recently wrote the management book Leading Through Culture: How Real Leaders Create Cultures That Motivate People to Achieve Great Things (Waterside Productions, 2020) and its accompanying workbook, How About You? (Waterside Productions, 2023). His account of establishing an innovation bank in China, The China Business Conundrum: Ensure that Win-Win Doesnât Mean Western Companies Lose Twice, is forthcoming from Wiley.
To connect with Ken, please visit: www.linkedin.com/in/kenwilcoxsvb/
Timestamps for EP259Introduction and Overview of the Podcast (0:00)Ken Wilcox's Journey into China (4:40)Challenges and Strategic Invitations in China (8:10)Guanxi and Corruption in Business Relationships (14:13)State Control and Joint Venture Challenges (20:42)Impact of SVB's Collapse and Final Reflections (40:02)TakeawaysJoint ventures in China often suffer from differing goals between Western companies and their Chinese partners, a phenomenon Ken Wilcox refers to as "One Bed, Two Dreams."The Chinese Communist Party (CCP) holds significant control over both private and state-owned companies, making it difficult for foreign businesses to operate independently.Guanxi, a system of mutual obligation and trust, plays a critical role in business relationships in China, but it often involves navigating corruption and complex social expectations.Foreign companies entering China are often targeted for their intellectual property, and the CCP uses strategic partnerships to gain technological insights.Ken Wilcoxâs experience with Silicon Valley Bank in China illustrates the frustrations foreign firms face due to slow regulatory processes and overwhelming state control.Links relevant to the conversationKenâs book âThe China Business Conundrumâ:
https://www.amazon.com.au/China-Business-Conundrum-Win-Win-Companies/dp/1394294166
Previous Economics Explored episodes on China:
Chinaâs Economic Future Under Xi & the Australia-China Relationship w/ Emmanuel Daniel â EP253
https://economicsexplored.com/2024/09/17/chinas-economic-future-under-xi-the-australia-china-relationship-w-emmanuel-daniel-ep253/
Enterprise China: what western businesses need to know w/ Prof. Allen Morrison â EP171
https://economicsexplored.com/2022/12/26/enterprise-china-what-western-businesses-need-to-know-w-prof-allen-morrison-ep171/
Why weâre in the Decisive Decade with China & what the West should do w/ Dr Jonathan D. T. Ward â EP182
https://economicsexplored.com/2023/04/09/why-were-in-the-decisive-decade-with-china-what-the-west-should-do-w-dr-jonathan-d-t-ward-ep182/
China, Taiwan & the Indo-Pacific w/ Dr Greta Nabbs-Keller â EP146
https://economicsexplored.com/2022/07/04/china-taiwan-the-indo-pacific-w-dr-greta-nabbs-keller-ep146/
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Marian Tupy, a senior fellow at the Cato Institute, discusses his book "Super Abundance" with Gene Tunny. Tupy argues that resources are becoming more abundant relative to global population, a concept he calls "super abundance." He explains that human ingenuity has led to cheaper commodities over time. Tupy refutes Malthusian predictions of resource scarcity, citing examples like the Haber-Bosch process for synthetic fertilizer. He also addresses environmental concerns, emphasizing that economic growth and technological advancements can mitigate issues like ocean and air pollution and resource depletion.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected] or send a voice message via https://www.speakpipe.com/economicsexplored.
About this episodeâs guest: Marian Tupy, Cato InstituteMarian L. Tupy is the founder and editor of HumanâProgressâ.org, and a senior fellow at the Cato Instituteâs Center for Global Liberty and Prosperity.
He is the co-author of the Simon Abundance Index, Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet (2022) and Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting (2020).
His articles have been published in the Financial Times, the Washington Post, the Los Angeles Times, the Wall Street Journal, The Atlantic, Newsweek, the U.K. Spectator, Foreign Policy, and various other outlets both in the United States and overseas. He has appeared on BBC, CNN, CNBC, MSNBC, Fox News, Fox Business, and other channels.
Tupy received his BA in international relations and classics from the University of the Witwatersrand in Johannesburg, South Africa, and his PhD in international relations from the University of St. Andrews in the United Kingdom.
Source: https://www.cato.org/people/marian-l-tupy
Timestamps for EP258Introduction and Overview of the Podcast (0:00)Explaining the Concept of Super Abundance (2:30)Methodology and Stylized Facts (6:48)Julian Simon and the Bet with Paul Ehrlich (9:46)Future Prospects and Human Ingenuity (12:45)Environmental Concerns and Degrowth (22:59)Population Growth and Resource Use (33:11)Final Thoughts and Future Prospects (34:08)TakeawaysTupy argues that human ingenuity continuously expands the resource base, making resources more abundant even as populations grow.The concept of "time prices" shows that resources are becoming cheaper relative to wages, supporting the thesis of super abundance.The famous Simon-Ehrlich bet demonstrates that commodities became cheaper over time, disproving doomsday predictions about resource depletion.Technological advancements, such as desalination and agricultural productivity, are key to sustaining resource abundance.Economic prosperity and technological innovation are essential for environmental protection.Links relevant to the conversationMarianâs book Superabundance:
https://www.amazon.com.au/Superabundance-Population-Growth-Innovation-Flourishing/dp/1952223393
SimonâEhrlich wager Wikipedia entry:
https://en.wikipedia.org/wiki/Simon%E2%80%93Ehrlich_wager
Regarding the question, âIs it true that the majority of plastic in the oceans comes from Asia and Africa?â see:
https://www.perplexity.ai/search/is-it-true-that-the-majority-o-3aYOSMTyT6m9CcULDm7Iug
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In this episode, Gene Tunny dives into a recent Universal Basic Income (UBI) experiment funded by Sam Altman, CEO of OpenAI. Gene explores the key findings of the randomised controlled trial and discusses whether the positive outcomes are enough to convince sceptics. Are UBI recipients more financially secure, or are there deeper concerns about its impact on labour force participation and long-term wealth? Get Geneâs balanced analysis of this major UBI trial and its broader implications.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected] or send a voice message via https://www.speakpipe.com/economicsexplored.
Timestamps for EP257Introduction (0:00)Defining Universal Basic Income (UBI) (4:21)Overview of the OpenAI UBI Experiment (8:09)Positive Findings from the OpenAI UBI Experiment (13:54)Concerns and Criticisms of the OpenAI UBI Experiment (21:55)Financial Impact of UBI on Household Net Worth (22:50)Gene Tunny's Skepticism About UBI (34:17)Closing Remarks and Previous Episode Clips (37:57)TakeawaysMixed Outcomes of UBI: The experiment showed some positive effects, such as increased financial flexibility and well-being, but also concerning results, such as a slight decrease in labour market participation.Spending Behavior: UBI recipients spent more on necessities like food and rent; interestingly, they were more likely to help others financially.Limited Educational and Employment Impact: Younger participants showed interest in further education, but there was no significant boost in human capital or labour productivity.Debate Over Financial Impact: UBI did not lead to clear improvements in recipients' financial health. The study found increased debt in some cases, raising questions about UBI's long-term benefits.AI and UBI: As technological advancements continue, UBI is seen by some as a solution to technological unemployment, though Gene and some experts remain sceptical about the scale of potential job loss.Links relevant to the conversationBloomberg article âSam Altman-Backed Group Completes Largest US Study on Basic Incomeâ:
https://www.bloomberg.com/news/articles/2024-07-22/ubi-study-backed-by-openai-s-sam-altman-bolsters-support-for-basic-income
OpenResearchâs website:
https://www.openresearchlab.org/
Pete Judoâs video on UBI experiment failing:
https://youtu.be/oyoMgGiWgJQ?si=j3T-3yaEL5Rajcpw
NBER working papers on the study
The Employment Effects of a Guaranteed Income: Experimental Evidence from Two U.S. States:
https://www.nber.org/papers/w32719
The Impact of Unconditional Cash Transfers on Consumption and Household Balance Sheets: Experimental Evidence from Two US States:
https://www.nber.org/papers/w32784
Two Computer Scientists Debunk A.I. Hype with Arvind Narayanan and Sayash Kapoor:
https://youtu.be/M3U5UVyGTuQ?si=qcqSflHCf837GisA
AI can do only 5pc of jobs, says MIT economist who fears crash:
https://www.afr.com/world/north-america/ai-can-do-only-5pc-of-jobs-says-mit-economist-who-fears-crash-20241003-p5kfil
Previous episodes:
https://economicsexplored.com/2022/05/03/a-ubi-advocate-on-its-benefits-and-costs-ep137-show-notes-transcript/
https://economicsexplored.com/2022/02/13/ubi-universal-basic-income-w-ben-phillips-anu-ep126/
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Qin En Looi, a partner at Saison Capital, discusses the venture capital landscape, particularly in emerging markets like Southeast Asia, India, and Latin America. Saison Capital, backed by Credit Saison, focuses on early-stage investments and has $150 million in assets under management. The firm has seen three exits and emphasizes the potential of Web3 and decentralized finance (DeFi). Looi highlights the efficiency and cost advantages of DeFi, citing examples like Thala, a decentralized currency exchange, and Helix, which tokenizes private credit. He also notes the geopolitical implications, such as near-shoring to Mexico, and the positive impact of the recent Fed rate cut on private investments. NB This episode contains general information and should not be considered financial or investment advice.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected] or send a voice message via https://www.speakpipe.com/economicsexplored.
About Qin En Looi, Partner at Saison CapitalQin En Looi is a seasoned venture capitalist with a wealth of experience in fintech, B2B commerce, and web3 startups. At Saison Capital, he leads pre-seed and seed investments and advises multiple Southeast Asia-based web3 startups. His previous roles include co-founding Glints, the leading talent ecosystem in Southeast Asia, and earning recognition from Forbes 30 Under 30. Qin En is also the creator and host of the successful podcast âParents in Tech.â
Timestamps for EP256Introduction (0:00)Venture Capital Terminology and Investment Strategy (3:19)Evolution of Venture Capital and Web3 (5:49)Qin En Looi's Journey into Venture Capital (9:56)Investment Focus on Web3 and Decentralized Finance (12:29)Helix and the Future of Private Credit (20:02)Geographic Expansion and Global Opportunities (26:34)Concerns About Geopolitical and Economic Tensions (33:59)Impact of Fed Rate Cuts on Private Investments (36:40)Final Thoughts and Future Outlook (39:27)TakeawaysWeb3 Opportunities in Emerging Markets: Southeast Asia and Latin America are ripe for blockchain and decentralized finance innovations, with venture capitalists looking to capitalize on these growing markets.Blockchain and Financial Inclusion: Qin En argues Blockchain technology offers faster and more efficient financial services, helping to increase financial inclusion in underserved regions.Decentralized Finance (DeFi) as a Game Changer: Qin En argues DeFi platforms such as decentralized exchanges are transforming traditional financial models by enabling permissionless, trustless transactions.Private Credit on Blockchain: According to Qin En, tokenizing real-world assets like private credit offers new ways to reduce costs and increase liquidity, opening up more investment opportunities.Geopolitical Risks and Global Expansion: VC firms like Saison Capital are navigating geopolitical tensions by expanding into new markets such as Mexico, taking advantage of nearshoring trends.Links relevant to the conversationSaison Capital: https://www.saisoncapital.com/
Information on United States-Mexico-Canada Agreement (USMCA) which replaced NAFTA:
https://ustr.gov/trade-agreements/free-trade-agreements/united-states-mexico-canada-agreement
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Chris Ball, CEO of Hoxton Wealth, discusses the company's focus on wealth management for internationally mobile individuals, particularly in Dubai. Hoxton Wealth, with offices globally, offers fee-based services to high net worth and mass affluent clients, emphasizing comprehensive financial planning. Ball highlights the use of AI for administrative tasks and the challenges of property investing in the current political climate. He also addresses the debate on retirement income withdrawal rates, advocating for a balanced approach between needs and wants. Ball mentions the impact of geopolitical risks and economic trends on their business and the importance of risk-tailored investment strategies. NB This episode contains general information and should not be considered financial or investment advice.
If you have any questions, comments, or suggestions for Gene, please email him at [email protected] or send a voice message via https://www.speakpipe.com/economicsexplored.
Timestamps for EP255Introduction (0:00)Hoxton Wealth's Services and Client Base (4:59)Challenges in Property Investing and Political Climate (5:14)Client Profiles and Financial Planning (5:28)Investment Strategies and Risk Management (14:43)Cryptocurrency and Geopolitical Risks (20:35)Economic and Demographic Trends (23:59)AI in Wealth Management (31:58)Technology and Client Communication (34:37)Final Thoughts and Contact Information (35:44)TakeawaysThe complexity of Global Wealth Management: Managing assets across multiple jurisdictions requires expertise in different tax regimes and regulatory environments, especially for high-net-worth individuals and ex-pats.AIâs Role in Financial Planning: While AI may not replace human financial advisors, it helps streamline administrative tasks, reduce costs, improve efficiency, and allow advisors to serve more clients.Property Investment Challenges: Rising interest rates and increasing regulation make property investments less attractive, especially for those looking for passive income in retirement.Retirement Strategies Vary: Wealth management clients need personalized plans that balance their wants and needs for a comfortable retirement.Cryptoâs Place in Wealth Management: Chris Ball believes cryptocurrencies are here to stay. However, investors need to be prepared for volatility and risk with crypto, making it unsuitable for many traditional clients.Links relevant to the conversationChrisâs business, Hoxton Wealth: https://hoxtonwealth.com/
Chrisâs bio: https://hoxtoncapital.com/staff/chris-ball/
Chris Ballâs LinkedIn page: https://www.linkedin.com/in/chrisballhx/
Fundsmith Equity Fund, mentioned by Chris in the episode: https://www.fundsmith.co.uk/
Controversy over Dave Ramseyâs retirement withdrawal rate recommendation:
https://youtu.be/Rc1nJj4vE_w?si=_7fVgjShgFKg6VX-
https://youtu.be/kghKiz1Mi_8?si=2jAP9DtWKN-LoR50
https://youtu.be/dM6Jqm7PPpg?si=pPvYh08bieusPBzO
Info on tax in UAE:
https://taxsummaries.pwc.com/united-arab-emirates/individual/taxes-on-personal-income
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