The Pie: An Economics Podcast

When the Soo Line threatened to expand into the Great Northern Railway’s territory in 1905, the two companies entered a fierce competition for marketshare in which the they rapidly constructed nearly 500 miles of rail tracks and over 50 new towns. In this episode of The Pie, Chad Syverson, the George C. Tiao Distinguished Service Professor of Economics at the Booth School of Business, explores this unique historical episode, shedding light on how acts of strategic competition, past and present, can affect our social welfare.

Carolin Pflueger, an Associate Professor at the Harris School of Public Policy, dives into the intricate relationship between public perception and monetary policy. She reveals how the Federal Reserve's rapid interest rate hikes in response to COVID-era inflation hinge on how the public interprets these decisions. The discussion probes market reactions, the importance of effective communication from central banks, and the dynamics of inflation expectations. Plus, a light-hearted lightning round brings some humor to academic life.

Eric Zwick, a Professor of Economics and Finance at the University of Chicago's Booth School of Business, dives into the Tax Cuts and Jobs Act of 2017. He examines whether it lived up to its promises, revealing a significant drop in tax revenues despite some investment uptick. Zwick discusses the act's impact on corporate tax rates and income inequality, as well as future implications as the act nears expiration. He also shares insights on small business growth, and they even mix in some fun with a playful chat about baking pie!

Ufuk Akcigit, a leading economics professor renowned for his research on growth via technological progress, discusses the vital role of innovation in economic growth. He highlights 'creative destruction' as a key driver of productivity and living standards. The conversation delves into historical lessons from Germany's economic divide and the conflict between innovation and market dominance, with established companies stifling new ideas. Akcigit also emphasizes the importance of talent allocation in nurturing future inventors, advocating for a merit-based system.

In the wake of numerous high-profile incidents of police use of force, particularly against Black Americans, law enforcement agencies across the United States are confronting issues of officer misconduct. Whether such misconduct is preventable depends in part on whether it is predictable. In this episode of The Pie, Greg Stoddard, Senior Research Director for the Crime Lab and Education Lab, discusses recent research using administrative data from the Chicago Police Department to predict officers misconduct, before it happens.

Constantine Yannelis, an Associate Professor of Finance at the Booth School of Business, sheds light on the U.S. student loan crisis affecting over 45 million borrowers. He discusses how decades of federal regulation and de-regulation have led to a staggering $1.6 trillion in debt. The rise of for-profit educational institutions is explored, alongside the challenging impacts of recent policies like the Biden administration's loan forgiveness efforts. Yannelis emphasizes the necessity of accountability and targeted solutions to navigate this multifaceted crisis.

Professors David Keith, Franklin Allen, and José Scheinkman discuss incentivizing climate change solutions. Topics include restructuring market incentives, Amazon reforestation, financial innovations, fusion technology, and challenges in governmental solutions. The podcast explores the role of finance in driving environmental change and the importance of collaboration for achieving net zero emissions.

Devin Pope, a Professor of Economics and Behavioral Science at the Booth School of Business, dives into the intriguing world of cellphone data and its insights on religious attendance in America. He reveals significant discrepancies between self-reported church attendance and actual participation, suggesting rates as low as 5%. The conversation touches on worship patterns across different faiths, the socioeconomic diversity within congregations, and how regular religious attendance might influence moral choices regarding nightlife activities. Fascinating insights emerge regarding the intersection of faith and community.

India’s government has big goals for economic growth. The former Governor of the country’s Reserve Bank, Raghuram Rajan, argues that India won't be able (and shouldn't try) to follow traditional methods of development. Professor Rajan, now of the the Chicago Booth School of Business, joins The Pie to discuss India’s untraveled path to prosperity.

A year-and-a-half after its launch, half of workers report having used ChatGPT on the job. On this episode of The Pie, Anders Humlum, Assistant Professor at the Chicago Booth School of Business, shares results from a recent, large-scale survey profiling the workers who are leading the generative AI curve.