Economics Matters with Laurence Kotlikoff

This podcast is not to be missed. Greg Clark is a brilliant economic historian with a remarkable, fact-based take on the role of genetics in economic evolution. Genetics is, of course, a dangerous word when used to discuss humans and their success. But genetics, indeed, simply the ability to live longer and procreate better, can make a major difference over the long sweep of economic history. It can also become a marker and sustainer of social status not because of DNA, but cross-generational genetic connections as in "Of course we are going to admit X to Oxbridge. The last ten generations of X's attended Oxbridge." Clark, whose grandfathers were migrants to Scotland from Ireland, was born in Bellshill, Scotland. He attended Holy Cross High School in Hamilton. In 1974 he and fellow pupil Paul Fitzpatrick won the Scottish Daily Express schools debating competition. He earned a BA degree in economics and philosophy at King's College, Cambridge in 1979 and a PhD in economics at Harvard University in 1985. His thesis was supervised by Barry Eichengreen, Jeffrey G. Williamson, and Stephen Marglin. He became an assistant professor at Stanford University from 1985 to 1989 and at the University of Michigan from 1989 to 1990. He moved to the University of California, Davis and became associate professor in 1990 and professor of economics in 1996. He was formerly (until 2013) chair of the economics department at the University of California, Davis and became a distinguished professor emeritus there since 2018. Between 2017 and 2020, Clark was a visiting professor in economic history at the London School of Economics. In 2023, he became the Danish National Research Council professor of economics at the University of Southern Denmark. Clark's areas of research are long-term economic growth, the wealth of nations, the economic history of The Industrial Revolution, England and India, and social mobility. He is also a visiting professor in the Economic History Department at The London School of Economics and a Distinguished Professor Emeritus at the University of California, Davis.

I met Bill Raduchel as a grad student at Harvard. He was then and remains today a rare combination of pure genius and utter humility. My interactions with Bill were limited. But I instinctively realized he was some form of economics, software, and computer god rolled into a lovely person who could teach you about those subjects or anything  else of interest. I met up again with Bill two years back and, gee, nothing had changed. I was awestruck then. I'm awestruck now. When I heard he'd written an autobiography of his amazing career, I lept at the chance to share Bill with followers of Economics Matters -- the Podcast.  Bill's book, which you can purchase here, is entitled: The Bleeding Edge -- My Six Decades at the Forefront of the Tech Revolution (from Scott McNealy to Steve Jobs to Steve Case to Steve Ballmer and Other Titans of Technology) Here's the Wiki description of Bill. Dr. William J. Raduchel is an independent director, angel investor and strategic advisor. He was a professor of economics at Harvard for ten years, and an assistant dean at Harvard and Radcliffe. He has been an executive at Ruckus Network, Sun Microsystems, AOL Time Warner, Xerox Corporation, and McGraw-Hill. He also serves on boards for the Salvation Army and STEP (National Academy of Sciences).“Bill Raduchel is a pioneer of the digital revolution. The deeply instructive stories in this book are much more than a compulsively readable personal history. They’re a master class in how to succeed in the business of technology.”—Eric Schmidt, former CEO, Google, and co-author of The New Digital Age“For more than half a century, Bill Raduchel has been the Zelig of the tech world—somehow involved in nearly everything and knowing everyone. This book should be required reading for anyone thinking about a career in tech.”—Steve Case, cofounder and former CEO, AOL, and author of the New York Times bestseller The Third Wave“Bill has been my thesis advisor, dorm advisor, economics professor, mentor, CXO, friend, and co-worker since 1973. At Sun for over a decade, he helped us take revenue from $1 billion to $14 billion. He steered us through a financial crisis in 1989 and was in the middle of every major deal and innovation. The Bleeding Edge gives a perspective on management and change that is unique. He was there. He lived and helped formulate it.”—Scott McNealy,co-founder and former CEO, Sun Microsystems“I hired Bill to advise the Daily Mail and General Trust because of his long experience in technology and media. As this book shows, he’s also a shrewd judge of people and the systems that make companies successful.”—Jonathan Harmsworth,4th Viscount Rothermere and chairman of Daily Mail and General Trust“Few in the tech world are as accomplished and as deeply embedded in its firmament as Bill Raduchel. The Bleeding Edge is more than just a memoir—it’s a mini-MBA, a computer science degree, and a front-row-seat history of the digital revolution all rolled into one must-read book.” —Christopher A. Smith,author of Privacy Pandemic and digital security expertBut the real story of Bill Raduchel is summarized by these blurbs of his book and their authors.      

When it comes to personal finance journalism, Richard is simply as good as it gets. After I read Richard's Next Avenue column, What the Heck is Going On at Social Security, I realized it was beyond time to have him on Economics Matters -- the Podcast.  Richard Eisenberg is an “unretired” writer, editor, podcaster and author. He writes “The View From Unretirement” for MarketWatch, biweekly articles about Medicare on Fortune.com and pieces for Next Avenue and AARP about money and work for people over 50. He co-hosts the  and runs the NYU Summer Publishing Institute Digital Media Strategies program. He was formerly Managing Editor of PBS’ Next Avenue site, Executive Editor of Money for 19 years, and Special Projects Director of Good Housekeeping. He wrote How to Avoid a Midlife Financial Crisis and The Money Book of Personal Finance. He is a graduate of the Medill School of Journalism at Northwestern University. Richard Eisenberg is a writer, editor and podcaster specializing in personal finances, older adults and aging. He "unretired" in January 2022 when he left his job as Managing Editor and Editor of the Money and Work & Purpose channels of Next Avenue, the PBS site for people 50+. He was part of Next Avenue's launch team in 2011. Previously, he served as Executive Editor of Money Magazine, Front Page Finance Editor of Yahoo! and Special Projects.Director/Money Editor of Good Housekeeping. Richard currently co-hosts the Friends Talk Money Podcast (with my co-author, Terry Savage, and the equally amazing, Pam Kreuger), which focuses on personal finances for people 50+ and teaches a MasterClass in Unretirement at NYU. He is author of the books "Howto Avoid a Midlife Financial Crisis" and "The Money Book of Personal Finance" and served as Director of the NYU Summer Publishing Institute's Digital Media Strategy program for three years. Richard graduated from Northwestern University's Medill School of Journalism and lives in New Jersey. Here's a terrific recent column by Richard on whether you should let AI give you personal financial advice. For a host of outstanding MarketWatch columns by Richard, click here. And here's a link to a wealth of additional columns by Richard posted at Muckrack. Finally, check out Richard's columns and podcasts for Next Avenue here. 

Back in January 2023, Peter Fox Penner appeared on Economics Matters -- the Podcast to discuss his fabulous book,  Power After Carbon, Building a Clean Resilient Grid. Peter, who studied engineering in college and economics at the University of Chicago, where he earned a PhD, is surely among the most knowledge people in the country on America's energy system. He's back in this fascinating podcast to discuss a new study be co-authored with The Brattle Group. Its title is Affordability, Rates, and Clean Capital Efficiency: A Path for the Power Industry's Turbulent Next Decade.Power is a huge issue for all of us. Will AI data centers drive up electricity demand, prices, and carbon emissions? Peter's joint study looks at what's coming on both the demand and supply sides. But it also also shows how we can meet our exploding power needs largely by improving energy-capital efficiency. Please enjoy this timely presentation that's as relevant to climate deniers as it is to climate advocates. We are, for better and worse, all in the same boat. Peter explains in crystal clear terms both the rapids ahead and how to avoid them. Peter received a B.S. in engineering from the University of Illinois and a Ph.D. in Economics from the University of Chicago. During the Clinton Administration, Peter worked closely with Vice President Al Gore's team, serving first as a senior official at the U.S. Department of Energy and then in the White House Office of Science and Technology Policy. Before and after working for the federal government, Peter was engaged in economic and energy consulting. This included serving for over two decades as Principal and Chair of The Brattle Group, one of our nation's premier consulting firms. Peter left the Brattle Group to found and direct Boston University's Institute for Sustainable Energy and served as a Professor of Practice at BU's Questrom School of Business. Peter is currently a Partner and Chief Impact Officer of Energy Impact Partners, one of the world's largest dedicated clean energy private equity fund groups. He also serves as Senior Advisor to The Brattle Group, as a member of the Global Leadership Council of the World Resources Institute, and as an Advisory Board member of Mobility Impact Partners.  Peter's is a frequent speaker on energy topics and the author of numerous published articles and books. Peter's research has been widely cited, including in one Supreme Court decision. It spans electric power strategy, regulation, and governance, energy and climate policy, sustainable finance, and the relationships between public and private economic activity.

Jean Chatzky is one of America's leading personal finance journalists and authors. Jean and I are long-time buds. I'm delighted to have her on Economics Matters -- the Podcast. Jean is in the midst of an extraordinary career. After graduating from the University of Pennsylvania with a B.A. in English, Jean did equity research for Dean Witter and then moved into financial journalism -- first with Working Woman, then Forbes, then Smart Money (as Senior Editor), then Money Magazine as well as Finance Editor and Reporter for NBC's The Today Show, and now AARP's Personal Financial Ambassador. (Go to AARP.org to read Jean's columns.) As if this career, interspersed with appearances on Ophra, Live with Kelly and Regis, and the View and writing for Cosmopolitan, Parents, and Seventeen, weren't enough, Jean has authored 14 books on personal finance -- one better than the next. But, hold on. Jean's real claim to fame is hermoney.com. Jean launched HerMoney in 2018 -- a multimedia company changing the relationships women have with money — inspired by her weekly podcast, HerMoney with Jean Chatzky.Please view this special interview with Jean, particularly if you are a woman. Jean has been helping this half of our population with their special financial needs, skills, and advantages for years. As the podcast makes clear, Jean Chatsky is one of our nation's most important financial resources. But so are financial journalists, in general. I've been honored to interview of Who's Who of these special financial coaches. The full list includes Scott Burns, Terry Savage, Allan Roth, Allison Schrager, Liz Weston, Phil Moeller, Paul Solman, Mary Beth Franklin, Kerry Pecter, Rob Berger, Robert Powell, Nancy Lloyd, John Mauldin, Kerry Hanon, and Richard Eisenberg. These 15 podcasts plus over 100 more are yours for the free hearing/viewing by clicking here.

Alan Gassman, an esteemed estate attorney and founder of Gassman Law Associates, dives into the world of estate planning. He emphasizes the urgent need for proper planning to ensure your assets are distributed according to your wishes. The discussion covers the intricacies of irrevocable vs. revocable trusts and the essential role of estate planning software. Gassman shares insights on retirement preparedness, the challenges beneficiaries face with trusts, and the importance of professional guidance in managing estate taxes. Don't procrastinate; your legacy deserves attention!

Economics PhD, CFP, President of Lyon Financial Planning, Jay Abolofia shows you how to do estate planning using MaxiFi Planner's new spending cap and other unique features. If you're a MaxiFi Planner user, you already know and trust Jay. Jay provides bi-monthly MaxiFi office hours and uses MaxiFi in his own financial planning practice. Jay also provides a terrific co-piloting service for MaxiFi users who like to have a true expert review their use of the tool. Jay is one of the best teachers I've yet encountered and I've met thousands. This podcast is typical of his ability to convey important information in clear, concise, and actionable terms. Please listen/watch Jay and I discuss MaxiFi's new estate planning capacities. This discussion is NOT about trust, wills, probate, living wills, powers of attorney, or any of other legal estate issues. Nor are we focused on reducing federal or state estate taxes. This podcast is about what we all do -- rich or poor, namely plan, either explicitly or by default, to leave assets to our heirs. Whether you have a billion dollars or are living on the margin, you have assets, be it just a house, a car, or furniture that you'll be passing on if you pass. MaxiFi shows you your contingent estates -- what you'll bequeath depending on when you die. Many MaxiFi users have significant means -- so many resources that they aren't able or interested in spending everything they spend on a safe basis. MaxiFi's new spending limit lets them tell the program not to spend beyond what they wish in any future year. By setting the spending cap or using other features in the tool that Jay describes, well-off and, indeed, all users can see the trade off between spending more on themselves and leaving more for their heirs.

I've known Larry Leamer forever thanks to my close friendship with Larry's recently departed, economist extraordinaire, brother -- Edward Leamer. Ed wasn't bowled over by any economist. But he was in awe of Larry, years before Larry became one of our nation's leading biographers. Much of Larry's work focuses on the rich and scandalous. Warhol's Muses certainty meets that bill. The book, which is fresh off the press, is Larry's umpteenth. The list includes Capote’s Women, Madness Under the Royal Palms, Mar-A-Lago -- Inside the Gates of Power, The Kennedy Women, King of the Night -- the Life of Johnny Carson, and, well, here's the now-outdated Wiki list. I copy below Penguin-Random House's careful description of the book. But, as you'll hear in the podcast, Larry raises a darker question than whether Warhol was a deeply evil person. He questions whether the art world fell for the NFT-artist of the day, specifically whether Warhol's oeuvre, including the $195 million The Blue Shot Marilyn, constitutes works of art or the art of self-perpetuating, financial fabrication.   From the jacket of Warhol's Muses by Laurence Leamer “Now and then, someone would accuse me of being evil,” Andy Warhol confessed, “of letting people destroy themselves while I watched, just so I could film them.” Obsessed with celebrity, the silver-wigged artistic icon created an ever-evolving entourage of stunning women he dubbed his “Superstars”—Baby Jane Holzer, Edie Sedgwick, Nico, Ultra Violet, Viva, Brigid Berlin, Ingrid Superstar, International Velvet, Mary Woronov, and Candy Darling. He gave several of them new names and manipulated their beauty and talent for his art and social status with no regard for their safety, their dignity, or their lives.  In Warhol’s Muses, bestselling biographer Laurence Leamer shines a spotlight on the complex women who inspired and starred in Warhol’s legendary underground films—The Chelsea Girls, The Nude Restaurant, and Blue Movie, among others. Drawn by the siren call of Manhattan life in the sixties, they each left their protected enclaves and ventured to a new world, Warhol’s famed Factory, having no sense that they would never be able to return to their old homes and familiar ways again. Sex was casual, drugs were ubiquitous, parties were wild, and to Warhol, everyone was transient, temporary, and replaceable. It was a dangerous game he played with the women around him, and on a warm June day in 1968, someone entered the Factory and shot him, changing his life forever. Warhol’s Muses explores the lives of ten endlessly intriguing women, transports us to a turbulent and transformative era, and uncovers the life and work of one of the most legendary artists of all time."

In this engaging discussion, Fred Lane, founder of Lane Generational LLC with over 40 years in investment, shares his insights on navigating today's volatile market. He highlights the impact of significant tariffs, specifically the astronomical 30% tariff affecting global trade. Fred emphasizes the emotional aspects of investing, such as fear and confidence, and offers strategies for individuals to hedge against economic uncertainties. With tailored financial planning and smart budgeting, he advocates for resilient investment approaches amid dynamic geopolitical tensions.

I'm just delighted to have Anders Åslund on Economics Matters -- the Podcast. I met Anders in the late 1990s when he asked me to go with him to Russia to discuss pension and other economic reforms with the Russian government. At the time, Anders was working for the Carnegie Endowment for International Peace. He is now Senior Fellow at the Atlantic Council. This was a period of great hope for Russia, making it the first of many fascinating consulting and research (with the Gaidar Institute) trips to Russia. But the best part of returning to Russia (which my great grandfather had escaped on a stolen horse!) was meeting Anders, who is both a marvelous economist and extremely well informed about the global economy and geopolitics. Please listen to/watch this podcast to learn Anders assessment of the future of Ukraine, what's driving President Trump's policy, and his scary assessment of the world economy.