Policy Punchline

In this episode of Policy Punchline, we are honored to welcome Sir Angus Deaton, the esteemed British-American economist and recipient of the 2015 Nobel Memorial Prize in Economic Sciences. Sir Deaton discusses the dynamics of wealth, health, and inequality across the globe and, as per his latest book, Economics in America: An Immigrant Economist Explores the Land of Inequality, his adopted homeland. We discuss the "deaths of despair" framework developed by Anne Case and Professor Deaton as well as the recent refinement of the theory and popular critiques. We delve into his extensive research on income and health inequality, exploring the intricate relationship between economic prosperity and public health outcomes. He challenges conventional wisdom by emphasizing that inequality within nations can have profound effects on societal structures and individual lives, often leading to significant disparities in health as well as political resentment. We discuss his book "The Great Escape: Health, Wealth, and the Origins of Inequality," where Sir Deaton argues that miraculous levels of economic growth have lifted many out of poverty, while also leading to significant gaps in wealth and health that threaten to undermine the progress the world has made. He emphasizes the importance of understanding these disparities and focusing on challenges at home. Throughout the episode, Sir Deaton offers insights into global challenges and the less than ideal responses of economic elites and policymakers to those challenges. Issues such as the COVID-19 pandemic response, trade, automation and climate change, all required making tradeoffs. We consider whether establishment economics has erred in evaluating those tradeoffs, weighing the costs and benefits of policy, and selecting winners and losers. Sir Deaton is deeply concerned for the future relevance and legitimacy of his profession but he is also hopeful that a rising generation of young economists and policymakers may yet set it right. Join us on this episode to explore the profession of economics from every angle, as told by one of its Nobel Prize winners.

In this episode of Policy Punchline, renown MIT economist Daron Acemoglu takes us through the tumultuous and fascinating history of new technologies and how they have reshaped the societies we live in. He takes us back to the pre-Industrial era, showing that as new technological systems of agriculture changed, exploitative economic systems did not. He busts common myths about the nature of economic growth in the Industrial Age, presenting a darker and more nuanced look at that explosion of economic development. He argues that the advent of the personal computer in the 1980s had a real cost for employment outcomes — not enough new jobs were generated to match the jobs that were replaced by this innovation. Looking back, he proposes that technology can either complement the value of labor, generating new tasks associated with them, or can displace existing workers by performing the same tasks they did. In many ways, the effect of technology one way or another is not inevitable — it is a policy decision up to us. Looking forward, he asks us to take lessons from the past to utilize AI most equitably, ensuring it augments rather than replaces us. From blue collar jobs in the U.S., labor-intensive tasks performed in the developing world to consulting and software engineering fields, the future of our work lies in our hands. In the era of Artificial Intelligence, Professor Acemoglu brings us the wisdom of economic history, a bold new paradigm for assessing technological change, and a lifetime of expertise, to help us make sense of this brave new world.

Dr. Marc Ecko is a serial entrepreneur who has been one of the influential figures of the early 2000s in shaping culture, especially around hip-hop and streetwear. His brand — Ecko Unltd. — amalgamated the cultural elements of hip-hop with Dr. Ecko’s own fashion vision to create a worldwide brand with over a billion dollars in revenue. He then went on to found Complex magazine, one of the foremost media outlets for fashion, hip-hop, sports and popular culture today. Complex has roughly 100 million unique visitors per month and is considered one of the premier media companies, particularly in the digital space. Now, Dr. Ecko is involved with several philanthropic ventures, such as through his role at the XQ Institute, which is dedicated to improving high school education across the country, and the Emerson Collective, an impact investing organization dedicated to reform in the United States and abroad. In this episode, we discuss Dr. Ecko’s journey and how he preserved his own creative vision at scale, while also building a business that can truly shape American culture. For more insights from Dr. Ecko, read his book Unlabel: Selling You Without Selling Out.

(Disclaimer: This episode was originally recorded in July 2021.) Dr. Tiffany Vora is an educator, researcher, and entrepreneur who is the chair of medicine and digital biology at Singularity University. She does a huge amount of work in science communication, advising startup founders, and science writing. She studied molecular biology and chemistry at NYU and a PhD from Princeton. In “Science Communication in the Post-COVID era”, we talk about the pace of change in science communication. Given the timing of the interview, we also discuss in detail how the pandemic and being in the virtual/digital space has changed science communication. Dr. Vora believes that many brilliant scientific minds haven’t been trained in science communication, and that there is potential for so much progress in science communication if the gap between knowledge creation and distribution is bridged. Similarly, there is a lot of misinformation out there, and deciding which sources to trustworthy and getting the public to trust them can also be a challenge, especially when a lot of science has inherent uncertainty. On the education front, Dr. Vora has worked a lot with women and people of color. She believes that in every child there is a scientist and engineer, building and breaking things, asking questions, that the traditional educational system beats out of them and extinguishes their spark of curiosity. Finding a balance between ‘experiential learning’, which Dr. Vora believes can happen in a classroom, too, has a fundamentally different purpose than, say, watching Khan Academy for ‘knowledge acquisition’. Coming out of the pandemic, she hopes many hybrid models will start to embrace both types of learning. And it’s not as if scientific learning for children is gated by high barriers to entry like cost. She gives an example of a cheap microscope or Google Cardboard. While they might not be cutting-edge technology, they work and fulfill their role of instilling a sense of curiosity and excitement. We hope you enjoy listening to an episode on how similarities like those found between Minecraft and CAD are the ones we need to take the most advantage of to inspire future generations of scientists and engineers, and the future of science communication in the post-pandemic era.

Professor Christakis is the Sterling Professor of Natural and Social Science at Yale University. His research is focused on understanding social networks through their biological and evolutionary determinants, which encompasses studying a broad range of topics from epidemiology and contagion to human behavior and psychology. Professor Christakis has been recognized for his contributions to the field of sociology, was named a member of the Time 100, and has published many articles and several renowned books relating to epidemiology and evolutionary genetics. In addition to his research, Professor Christakis has practiced medicine in the field of palliative care for many years and continues to advocate for academic freedom and free speech on college campuses. ---------------------------------------------------------------------------------------------------- Host: Neal Reddy Editor: Marko Petrovic

Gregory Zuckerman is a nonfiction author and special writer at The Wall Street Journal. Before joining the Journal, Zuckerman was managing editor of Mergers and Acquisitions Reports, a trade publication of Investment Dealers’ Digest, and the New York Post as a media reporter. At the Journal, Zuckerman is an investigative reporter covering business and investing topics. He is a three-time winner of the Gerald Loeb Award, the highest honor in business journalism. He regularly appears on CNBC, Fox News, Yahoo Finance, Bloomberg Television, and more. Zuckerman’s works include The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution, The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters, and his latest book, A Shot to Save the World: The Inside Story of the Life-or-Death Race for a COVID-19 Vaccine, covering mRNA vaccine development. A Shot to Save the World was longlisted for the Financial Times/McKinsey Business Book of the Year Award. In this episode, we hit a wide range of topics, starting with how Mr. Zuckerman wrote his book, and his experiences with the characters he writes about. We then discuss public policy and financing, and how the vaccine development process can be critiqued and updated. Finally, we talk about societal perception of science, and how it should change in response to the COVID-19 pandemic and vaccine development process. ———————————————————————————————————————————————————————————— Hosts: Sullivan Meyer and Neal Reddy Design: Ryan Vuono Editor: Marko Petrovic

This interview marks my last interview as the host of Policy Punchline. I will soon release another recording giving you an update about Policy Punchline’s future, but for now I just want to present to you the following conversation with Prema Gauranga Das. Over the last three years with Policy Punchline, I’ve interviewed more than 150 guests, mostly public intellectuals, policy makers, journalists, investors… but this is my only interview with a monk – a Hindu monk. Premji has been a resident monk at Sri Sri Radha Gopinath Temple in Mumbai with the International Society for Krishna Consciousness (also known as ISKCON) for the last 20 years. Like many of his peers, Premji completed his Bachelors degree in engineering from the University of Pune, a top university in India, and subsequently had a 4-year stint at India’s largest auto manufacturing company. But he quit his job to become a monk and to explore a more fulfilling and purposeful lifestyle, after being inspired by the teachings of His Divine Grace A.C. Bhaktivedanta Swami Prabhupada, and His Holiness Radhanath Swami. Currently he is one of the research and implementation leads for ISKCON’s flagship project, the Temple of Vedic Planetarium, and is compiling his research on the Bhagavata Cosmology. I conducted the interview in the winter of 2019, right before Covid hit the world. I went on a yoga and meditation trip to India with Princeton University’s Office of Religion Life, led by two fantastic mentors, Vineet and Angela, with a group of 15 students. We traveled for a month during Christmas vacation, visiting yoga institutes, temples, ashrams, and cultural sites. We were accompanied by Premji, who helped plan our trip and guide us through the country, and through many conversations he gradually became an important mentor. I was truly fortunate to have met Premji. He answered my questions on the Hindu faith, life, and my confusion about my own path forward. He was almost like a beacon of light, using simple principles to help me reason through some of the most difficult philosophical and religious questions that had puzzled me over the years: - Should we be pessimistic in light of the world’s unending sufferings? - Have we made progress as a humanity? - How flexible can one be with their spiritual and religious faiths? - What does it mean to be guided by God? Does one have to be guided by God or some form of greater power? - How do we control our desires? What does it mean to be happy? - What is one’s destiny and how do we discover our true calling? … Premji and I recorded this conversation towards the end of my trip. We were in Rishikesh, a city on the Ganges river and home to the famous Beatles Ashram. Overseeing sunset on the foothills of the Himalayas, we sat along the Ganges river and chatted for three hours. Hence we named the episode “Satsang on the Ganges,” where the word “Satsang” refers to the idea of group discussions or informal gatherings in hope to better understand the Vedic philosophy –– or, in essence, together pursuing the Absolute Truth. It’s never my goal to try to change people’s lives via this podcast –– that would be too condescending to think that I should do that –– but I would be honored if the following interview could open a small window for you to explore some of these ideas. You may reach out to Premji by emailing him at prem.gauranga.rns@gmail.com. You may learn more about ISKCON via https://www.iskcon.org/ and https://iskconchowpatty.com/.