It’s the final episode of the summer season and with some key mayoral races coming up this fall, we’re revisiting our conversation on inflation with Veronica Rappoport, a former official at the Central Bank of Argentina who had a front row seat to the country’s inflation crisis.   

Over the last couple U.S. election cycles, one policy idea to get inflation under control that is routinely floated is price caps. But history has shown time and time again that price caps do anything but reduce inflation. So why do policymakers still want to try it?

In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with guest Veronica Rappoport, associate professor at London School of Economics and former 2nd Deputy Governor of the Central Bank of Argentina. Veronica served as the deputy governor during a key period of high inflation for Argentina. 

She chats with Jonathan and Jules about the circumstances that can lead to inflation rates as high as the ones Argentina has seen in the last 50 years, how band-aids like price caps can in fact make inflation significantly worse in the long run, and what lessons countries like the U.S. can take from Argentina’s case.  

Find All Else Equal on the web:  
https://lauder.wharton.upenn.edu/allelse/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

Private markets have taken off in the last couple decades, with more investors opting to invest in private equity and debt instead of public markets. But what caused that shift? And are the private markets really a better bet right now, or is there more to the story?  

Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with private markets expert Ludovic Phalippou, a professor of financial economics at the Saïd Business School at the University of Oxford and author of Private Equity Laid Bare. 

In the conversation, they explore what private markets can provide asset owners that public markets can not, the potential tradeoffs of investing in private equity, how performance in private and public markets is measured, and if the return on investment is really worth the high fees that come along with private equity firms.  

Find All Else Equal on the web:  
https://lauder.wharton.upenn.edu/allelse/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Senior Fellow of the Hoover Institution at Stanford University John Cochrane. 
 

What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S. is taking the bulk of the blame for the economic situation we’re in and it’s one of the reasons the Trump administration is pushing for sweeping tariffs. But tariffs are likely not the answer, and a trade deficit might be better referred to as a capital surplus.  

As a continuation of the tariffs discussion in the last episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by John Cochrane, an economist at Stanford University and the Hoover Institution.   

The conversation covers how trade deficits actually work, their implications on global and domestic economies, and how current trade policies may impact economic growth, inflation, and international relations. 

Find All Else Equal on the web: 
https://lauder.wharton.upenn.edu/in-the-news/all-else-equal/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University, and the author of the book Straight Talk on Trade: Ideas for a Sane World Economy, Dani Rodrik.

With President Trump’s tariffs on Canada, Mexico, China, and other countries now in full swing, what consequences from an economic standpoint could the U.S. be facing? And what was the path that led us here? 

Hosts and finance professors Jonathan Berk and Jules van Binsbergen put the tariffs question to economist and author Dani Rodrik. Rodrik is  the Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University, and the author of the book Straight Talk on Trade: Ideas for a Sane World Economy. 

Beginning with the historical context and purpose of tariffs, the conversation covers how the political and social dissatisfaction with hyperglobalization opened the door for these extreme tariffs, whether or not they’re an effective tool in modern trade policy, and what alternative strategies exist to rebuild America’s middle class. 

Find All Else Equal on the web: 
https://lauder.wharton.upenn.edu/in-the-news/all-else-equal/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

For the summer season, All Else Equal will be alternating between new episodes and reruns. In this week’s episode, we’re revisiting our conversation with Madhav Rajan of the University of Chicago Booth School of Business.

As more and more universities move away from full-time MBA programs, what does the future of business education look like? How should it look?

In this episode, hear perspectives from three of the top business schools in the U.S.: Stanford Graduate School of Business, The Wharton School at the University of Pennsylvania, and the Booth School of Business at the University of Chicago. 

Hosts and finance professors Jonathan Berk and Jules van Binsbergen sit down with Chicago Booth’s Madhav Rajan to discuss the state of the MBA programs at their universities and why there seems to be a decline in MBA degrees. The conversation also touches on the need for rigorous education, the value of technical skills versus managerial training, and potential innovations like modular MBA degrees.

Find All Else Equal on the web: 
https://lauder.wharton.upenn.edu/in-the-news/all-else-equal/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with historian Victor Davis Hanson.

History shows that as societies rise to greatness, the scales eventually tip back and those societies fall. But what leads to that fall and are we heading toward one? 

In this episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen speak with historian Victor Davis Hanson, a senior fellow at the Hoover Institution who specializes in classics and military history.  

The conversation explores the complexities and fragilities of successful societies like the Mycenaeans, Romans, and Byzantines, how specialization can lead to higher living standards but also increased vulnerability, and our existential worries about the future. 

Find All Else Equal on the web: 
https://lauder.wharton.upenn.edu/in-the-news/all-else-equal/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

For the summer season, All Else Equal will be alternating between new episodes and reruns. On this week’s episode, we’re revisiting our conversation with Mohamed El-Erian on the intricacies of national debt and the best ways to measure it. 

Mohamed, Jonathan, and Jules explore the broader macroeconomic and geopolitical factors at play. They discuss the importance of demographic shifts as well as recent technological advancements (AI) for economic growth and our fiscal future.

El-Erian is the former chair of President Obama's Global Development Council and former CEO of PIMCO. He is a Senior Fellow at the Lauder Institute.

You can read Jonathan and Jules’ paper on national debt, “Why Care About Debt-to-GDP?” published May 27, 2025, here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5271557

Find All Else Equal on the web: 
https://lauder.wharton.upenn.edu/in-the-news/all-else-equal/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

Is the emperor wearing clothes?  

Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by economist and political scientist Timur Kuran who wrote the book, Private Truths, Public Lies: The Social Consequences of Preference Falsification. This 30-year-old book explains the social phenomenon where people express preferences they do not have.   As political and social tensions have risen in the U.S., the freedom to express views that go against the status quo has become more difficult.  

Jonathan, Jules, and Timur discuss what preference falsification is and why people engage in it, historical and contemporary examples, the implications of this behavior in various domains, including politics, business, and academia, and insights into how societies can counteract it. The conversation also addresses the importance of fostering environments, particularly in universities, where open and honest discourse is encouraged. 

Find All Else Equal on the web:  
https://lauder.wharton.upenn.edu/allelse/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

If universities believe they should be free from government interference and that students and faculty have the right to freely express whatever viewpoints they hold, then the universities should be held to the same standard, right? 

Hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by Richard Saller, an American classist and former interim president of Stanford University, to discuss whether or not the government has the right to intervene in university affairs and the hypocrisy that sometimes surrounds these issues. 

The conversation covers the recent statement signed by 562 university presidents advocating for academic freedom, examples of academic censorship, and the impact of federal funding on universities. They also raise questions about what true academic freedom means as universities have grown increasingly homogenous, and propose solutions to how universities can live up to their mission of being a place where all viewpoints can be expressed. 

Find All Else Equal on the web:  
https://lauder.wharton.upenn.edu/allelse/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.

What exactly is a trade deficit? And why are so many policymakers fixated on it? Lately, the trade deficit in the U.S. is taking the bulk of the blame for the economic situation we’re in and it’s one of the reasons the Trump administration is pushing for sweeping tariffs. But tariffs are likely not the answer, and a trade deficit might be better referred to as a capital surplus.  

As a continuation of the tariffs discussion in the last episode, hosts and finance professors Jonathan Berk and Jules van Binsbergen are joined by John Cochrane, an economist at Stanford University and the Hoover Institution.   

The conversation covers how trade deficits actually work, their implications on global and domestic economies, and how current trade policies may impact economic growth, inflation, and international relations. 

Find All Else Equal on the web:  
https://lauder.wharton.upenn.edu/allelse/

All Else Equal: Making Better Decisions Podcast is a production of the UPenn Wharton Lauder Institute through University FM.