It's been pointed out that, after the Black Death in Europe, real wages surged because there was such a shortage of labor in the aftermath. But what was the structure of the economy that allowed this transfer of power to workers in the first place? On this episode, we speak with Patrick Wyman, historian and the host of the Tides of History podcast, to get the real story of Europe's post-pandemic economy during the 1300s.See omnystudio.com/listener for privacy information.

Economics is all about improving living standards, but rarely does the dismal science deal with social justice or talk about how a lack of it could actually hinder growth. In this episode, UBS Global Chief Economist Paul Donovan discusses how prejudice and labor markets are intertwined, and why discrimination can restrict development. Donovan describes how historical technological advances have often increased racism, sexism and other forms of prejudice as people sought out scapegoats to blame for lost jobs and wealth. He also describes how the current 'fourth industrial revolution' is fomenting more blame, and what economists can do about it.Odd Lots listeners are eligible for a 25% discount on the hardback or eBook edition of Paul Donovan’s new book, Profit and Prejudice: The Luddites of the Fourth Industrial Revolution, via the Routledge website by using the offer code “OL25” at checkout. See omnystudio.com/listener for privacy information.

2020 has been an absolutely extraordinary year for the economy. In March, we saw the fastest economic contraction in history with an extraordinary surge in unemployment. Now, as the year closes out, we've had a housing boom, an extraordinary rise in financial assets, and unemployment has fallen much faster than most people expected. We spoke about this with Jan Hatzius, the chief economist at Goldman Sachs. We talked about the lessons learned, inflation, the outlook for 2021, his sectoral balances framework for analyzing the economy, and MMT.See omnystudio.com/listener for privacy information.

This past summer, the business intelligence software company MicroStrategy made waves when it put some of its extra cash into Bitcoin. Then, as Bitcoin ran up, it bought more, and the stock has now soared thanks to the bet. But what's the reasoning behind the move? We speak with MicroStrategy’s CEO, Michael Saylor, on why he thinks Bitcoin is the best reserve asset for any company.See omnystudio.com/listener for privacy information.

We talk a lot about quantitative trading on the podcast, but typically from a rather big picture perspective, and not at the level of actually building the systems needed for trading and data analysis. On this episode, we speak with Camille Fournier, the head of Platform Engineering at Two Sigma, the financial services firm that, among other things, runs a large hedge fund. Fournier, previously the CTO at Rent the Runway, discusses how her job works, the challenge of managing software engineers, and how tech within a financial services company is different than tech within a consumer-facing startup.See omnystudio.com/listener for privacy information.

On a recent episode of Odd Lots, we talked about Intel, and how the former dominant American semiconductor company was stumbling. But big things are happening in the chip industry beyond the manufacturing woes of one company. As it turns out, we're seeing a dramatic rethink of chip architecture, and what they can do, with more emphasis on specialized semiconductors that are really good at performing a specific task. One company that's blazing new ground is Apple, whose M1 chip is earning rave reviews online. We speak with Doug O'Laughlin, a former buy-sider, who now writes the newsletter Mule's Musings, on the industry and other things in tech.Correction: A previous version of this description misspelled Doug O'Laughlin's name.See omnystudio.com/listener for privacy information.

It's obviously been an extraordinary year for markets and the economy for reasons that don't need stating at this point. But what does 2021 have in store? Can the current trends continue? We talked with two of the smartest macro thinkers we know: Jon Turek, the author of the Cheap Convexity Blog, and Naufal Sanaullah, the Chief Macro Strategist at EIA All Weather Alpha Partners, to discuss the big themes and what to watch for next year.See omnystudio.com/listener for privacy information.

It's no secret that some African nations went on a borrowing spree in recent years, tapping both international markets and sovereign lenders such as China to finance massive infrastructure projects. But all that debt is becoming problematic as the coronavirus crisis strains public finances, resulting in a slow-motion debt crisis. In November, Zambia became the first African country to default on its debt this year, sparking a series of fraught negotiations with its creditors. Zambia famously owes a lot of money to China and the default is now casting more scrutiny on China's approach to its borrowers. On this episode of the Odd Lots podcast, we speak to Gyude Moore, Liberia's former Minister of Public Works and Deputy Chief of Staff, turned Senior Fellow at the Center for Global Development. He talks to us about how and why parts of Africa became so indebted to China, and whether China might be on the cusp of cutting borrowers some slack. See omnystudio.com/listener for privacy information.

For years, the IMF was generally of the view that free trade was good, and that open capital flows were also good. But in recent years, the latter view has started to change. Increasingly the IMF, while continuing to promote openness, has viewed restricting the capital account for emerging markets as a useful tactical macro tool. On this episode of Odd Lots, we speak with Prakash Loungani and Sriram Balasubramanian of the IMF's Independent Evaluation Office on their examination of the IMF's work, and how its perspective has changed over the last several years. See omnystudio.com/listener for privacy information.

With developed economies still operating well below pre-crisis levels, central banks face substantial pressure to pursue stimulative policies on an ongoing basis. But what more can they do with the tools at hand? And how much do political fights get in the way? On the latest Odd Lots, we speak with Peter Praet, the former Chief Economist at the ECB, who served under Mario Draghi for almost a decade, about the lessons learned during that experience, and how they apply going forward.See omnystudio.com/listener for privacy information.