The Pie: An Economics Podcast

Eric Budish, a distinguished Professor of Economics at the University of Chicago, explores the paradoxes of cryptocurrency. He discusses how permissionless consensus, while innovative, introduces vulnerabilities like majority attacks. The conversation contrasts trust dynamics in traditional banking versus cryptocurrencies, examining energy costs and economic limits of decentralized finance. Budish also shares insights on market bubbles and the complexities of investing in Bitcoin, all while reminiscing about his culinary favorites, including pie.

This week, the Federal Reserve's Open Market Committee meets to decide whether to adjust interest rates or keep them steady. What should we expect amid today's economic and political uncertainty? On this episode of The Pie, Randy Kroszner, former Federal Reserve Governor and Norman R. Bobins Professor of Economics at the Booth School of Business, discusses the factors influencing the Fed’s decision.

Stacey Kole, an Economist at Chicago Booth and expert in workplace management, joins the discussion on the value of performance reviews. She highlights the anxiety caused by traditional evaluations and questions their overall effectiveness. Through engaging case studies, she advocates for clearer objectives and a collaborative approach to performance assessments. Kole argues for frequent communication between managers and employees to foster meaningful feedback, ultimately linking individual performance to the organization's mission.

In this conversation, Ryan Kellogg, the Ralph and Mary Otis Isham Professor at the Harris School of Public Policy and an expert in energy policy, dives into the implications of Trump's declared "national energy emergency." He discusses the potential impact of tariffs on Canadian oil and the future of fuel efficiency standards. Kellogg explores how these actions might influence gas prices, renewable energy adoption, and the U.S. transition to electric vehicles, all while reflecting on the significance of recent tax credits in shaping the energy landscape.

Josh Gottlieb, a health economics expert, discusses the burdens of insurance denials on healthcare providers. Zarek Brot-Goldberg delves into how pre-authorizations affect prescription drug choices in Medicare, highlighting the complexity patients face. Maggie Shi reveals the influence of waste-reduction programs in Medicare on both government spending and healthcare practices. Together, they unpack the bureaucratic challenges in the U.S. healthcare system, emphasizing the need for transparency and improved patient access to essential care.

Hyuk-soo Kwon, an Assistant Professor at the Harris School of Public Policy, discusses the critical role of government subsidies in advancing electric vehicle (EV) innovation. He highlights how nations like Norway and China leverage incentives to reshape vehicle design and production dynamics. Kwon sheds light on the importance of established expertise in driving breakthroughs and reflects on the implications of U.S. policy shifts. He also shares his academic journey and passion for the EV industry, emphasizing mentorship in his career development.

Matt Notowidigdo, a Professor of Economics at the University of Chicago Booth School, shares insights on how COVID-19 reshaped our economy. He discusses the rapid recovery in the labor market and the rise of remote work. Lockdowns presented a dilemma between health and economic costs, especially regarding children's education. Notowidigdo also uncovers paradoxical health trends during recessions and reflects on the long-term implications for the economy and immigration. The conversation blends serious analysis with light-hearted stories about learning and personal growth.

Lesley Turner, an Associate Professor at the University of Chicago Harris School of Public Policy, dives into the reasons behind high college dropout rates and effective strategies for re-enrollment. She discusses a mentoring experiment aimed at helping former students return to their studies and the systemic barriers they face. Turner also explores the complexities of federal loan policies for graduate students, revealing their unintended consequences on tuition prices and enrollment rates, sparking a vital conversation on education access.

Carolyn Pfluger, an Associate Professor at the Harris School of Public Policy, explores fascinating insights into economic behavior and policy perceptions. She reveals that Americans overstate their church attendance and discusses how recessions can paradoxically improve health. The conversation includes the critical role of public perception of the Federal Reserve’s actions and the unexpected consequences of pesticide use tied to declining bat populations, shedding light on the intertwining of economics and ecology.

Many low-income countries face a dilemma: keep taxes low and remain unable to build state capacity, or raise taxes and risk political unrest. In this episode of The Pie, Ben Krause, Executive Director of the Becker Friedman Institute for Economics, shares insights from an experiment in Haiti demonstrating how the provision of public goods can boost tax compliance.