Chicago Booth Review Podcast

Companies are rushing to develop AI strategies, encouraging their employees to become more productive and more efficient. But what is being lost in the process? We hear from John Burrows in the second of our podcast episodes about his new book on social capital. What are companies missing in their AI strategies, and how can we focus on where humans can add genuine value?

Modern management is all about making the workplace more efficient. But what is the cost of that efficiency? John Burrows talks about his new book on social capital, which argues that in the pursuit of a more efficient workplace, companies are missing out on innovation and individuals are missing out on professional development. This is the first of two podcasts about the book.

One of the top things that people do online is look at pornography. Pornhub is among the world's most popular websites, but not in 25 US states including Florida, Texas, and Virginia, where it has decided to shut down in response to age-verification laws that require visitors to submit a government ID or other form of age authentication. These laws are aimed at stopping underage browsers. But have people in those states really stopped watching porn? Chicago Booth's Devin Pope tells us about his research, which suggests that when it comes to porn, most people are getting around the age-verification laws.

When companies sell products, they only put some of the features front and center and hide others. How do they know if they're highlighting the right things? Chicago Booth's Giovanni Compiani talks about his research on salient and hidden features. Economic models traditionally assume that consumers consider all the facts before buying. How can we work out what they really care about?

Selling to customers drives all companies, but it's very different for a startup versus a big established corporation. So what are those differences? Chicago Booth's Michael Alter talks to us about the sales process. When should an entrepreneur hand over the task of selling to a dedicated professional? When should you start to standardize sales techniques? And how is AI changing the sales process?

Leaders are often told to be their authentic selves, but what does that actually mean? Chicago Booth's Samantha Coleman thinks that authenticity is a choice. How do we make that choice, and what are the consequences of being authentic?

How much do consumers care about shoppers' reviews and product photos? And can economists capture that information and turn it into data? Chicago Booth's Giovanni Compiani talks about his research using AI to analyze "unstructured data." Could his approach help retailers to measure the "vibe" of a product?

How good are you at selling? Or do you think that you don't need to be? Our guest today would like you to think again. Chicago Booth's Michael Alter wants us to think about sales as less about convincing people and more about listening to them.

People with a net worth at least $5m are heavily overrepresented in politics. That enables them to bend the law to benefit themselves. Many tend to be business owners, and some have used policymaking to make their companies more profitable. How have they done that, and what should we do about it? Welcome to the Chicago Booth Review podcast, where we bring you groundbreaking academic research in a clear and straightforward way. I'm Hal Weitzman, and today, I'm talking with Chicago Booth's Eric Zwick about the book he's written with Owen Zidar, The Everywhere Millionaire: Who Is Really Rich in America and How They Got There. This is our second conversation about the book. If you missed last week's episode, it might be useful to start there. Today, we're looking at how these "Everywhere Millionaires" shape our political system. In some cases, what are touted as "small businesses" turn out to be multibillion dollar enterprises that manipulate the tax code and other policy tools to reap ever-bigger profits.

When you think of someone who's rich, who comes to mind? The billionaires of Silicon Valley, AI entrepreneurs or the titans of Wall St? But what about toilet paper and toothbrush manufacturers, chicken processors and burger chain owners? Chicago Booth's Eric Zwick talks about his book, "The Everywhere Millionaire: Who Is Really Rich in America and How They Got There." This is the first of two episodes about the book, which chronicles the rise of a class of mainly business owners with a net worth of at least $5m, and who are typically worth around $25m. How did Zwick discover them? How do they make their money? And what does their emergence as a group tell us about the American dream?