Policy Punchline

A conversation with Jason Furman, Harvard Professor and former Obama Administration economic advisor, discussing key economic policy issues. Furman shares insights on economic resilience, fiscal stimulus responses to the 2008 and COVID-19 crises, healthcare reform, the role of economic analysis in policymaking, and the future of AI in the economy. He addresses how economic indicators can be improved, the challenges of implementing healthcare cost controls, the importance of honest analysis of trade-offs in policy decisions, and his thoughts on integrating AI into economics education.

The interview was conducted by Princeton students Alice McCarthy '27 and David Piegaro '25 and is part of the Policy Punchline podcast series, supported by Princeton's Julius Rabinowitz Center for Public Policy and Finance.

The Art of the Long-Form: Crafting Epic Business Narratives and Creating Amazing Podcasts

Every Host has a Story....

In this latest episode of Policy Punchline, we sit down with David Rosenthal, co-founder and co-host of the Acquired Podcast. From his days as a Princeton "organization kid" to becoming a leading voice in business history storytelling, Rosenthal's journey is as unconventional and inspiring. As a French literature major turned venture capitalist turned full-time podcaster, Rosenthal offers insights into the evolving landscape of tech, entrepreneurship, and digital media.

Throughout our conversation, Rosenthal takes us behind the scenes of Acquired, revealing the meticulous research process and unparalleled access that sets his long-form business histories apart. He shares reflections on his time at Princeton, his stint on Wall Street during the 2008 financial crisis, and his transition into venture capital. Rosenthal's perspective on the serendipitous nature of career paths and the importance of balancing focus and openness to unexpected opportunities is invaluable to students and young professionals alike.

We explore the challenges and triumphs of building a podcast empire, from humble beginnings to becoming one of the largest and best respected technology podcasts. Rosenthal discusses the possible impact of AI on content creation, the future of podcasting, and the enduring value of deep, well-researched storytelling in the age of information overload. Whether you're an aspiring entrepreneur, a podcast enthusiast, or simply curious about the inner workings of successful tech companies, this episode offers a wealth of insights and inspiration. Join us as we unpack the art of business storytelling and the unexpected paths that lead to success in the ever-changing world of tech and media.

In this latest episode of Policy Punchline, we dive deep into the world of financial regulation and economic policy with our distinguished guest, Aaron Klein. Klein, the Miriam K. Carliner Chair and Senior Fellow in Economic Studies at the Brookings Institution, brings a wealth of experience from his pivotal roles in shaping U.S. financial policy. His journey—from the halls of Princeton's School of Public and International Affairs to the front lines of financial regulatory reform in DC—provides a unique lens through which we explore the ever-evolving landscape of economic policy. As a key player in the development of the Dodd-Frank Act, Klein draws on his firsthand experience to shed light on the successes and pitfalls of pre- and post-Crisis regulations.

Throughout our conversation, Klein touches on his time in Congress to explain what the institution can and cannot do well to respond to financial crises, explores regulatory nuances from predatory banking practices to consumer credit, and emphasizes the pivotal role of technology in reshaping financial services. We explore the profound implications of AI in consumer credit allocation, the debate around central bank digital currencies (CBDCs), and the evolving frontier of cryptocurrency regulation. From Klein's critique on the recent AI Executive Order to his perspective on the structural flaws within American central banking, this episode promises a comprehensive exploration of the intersections between financial regulation, technology, and economic policy. Join us as the Brookings scholar and Congress veteran walks us through the wild world of financial regulation.

In this episode, we are joined by Dr. Pinelope Goldberg, the Elihu Professor of Economics at Yale University and former Chief Economist of the World Bank Group. We discuss her extensive research into globalization, trade liberalization, and development. We address some of the most critical questions of global economics: how has the reduction in trade barriers affected countries across the development spectrum, and distributionally within nations? What are many economists getting wrong about trade policy? What various sorts of development paths allow low-income countries to grow rapidly?

She leverages her wide body of research to give insight into these questions, including her recent publication “The Uneven Effects of Globalization,” which challenges some of the common critiques of trade liberalization, and other research that has explored the effects of freer cross-border exchange on labor dynamics and inequality within countries. Moreover, she discusses her experience at the helm of economics at the World Bank, describing the hopeful case of Vietnam and the promise of collaboration between international institutions and local governments. Join us on this episode of Policy Punchline for insights from a seasoned practitioner and prominent academic on the all-important problems of global growth.

In this episode of Policy Punchline, we delve into the remarkable career path and insights of Anthony Scaramucci, the founder and managing partner of SkyBridge and former White House Communications Director. We start with Scaramucci's upbringing on Long Island in the 1970s, its influence on him as he made his way into the heart of Wall Street and eventually the corridors of the White House. Scaramucci describes the corrupting dynamics of power in Washington, and explains conflicts and confrontations he encountered during his time in the Trump administration.

He offers his perspective on press freedom and Russian sanctions, which sometimes diverged from the administration's stance. Through this lens, Scaramucci provides a glimpse into the divisive leadership style of President Trump from firsthand experience. He gives us these reflections on the past, but a look forward as well, making his pitch for the role of cryptocurrency and blockchain technology in the future of our financial system. From the digitization of assets, to the disruptive potential of decentralized systems, to the role of Bitcoin as a digital store of value, Scaramucci expresses optimism about a world outside of traditional financial institutions. For a wide-ranging conversation about the winding paths to Wall Street, the travails of the Trump White House, the future of finance, and even some wisdom on the good life, join us for this episode with Anthony Scaramucci.

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, we are joined by Ashoka Mody, the Charles and Marie Robertson Visiting Professor in International Economy and Lecturer in Public and International Affairs at Princeton University. We discuss his latest book, India is Broken, and dive into some of the larger questions surrounding Indian economic development. Why has India’s development stalled in comparison to other Asian economies? What do the headline GDP growth numbers and international press coverage miss in their optimisim towards India? How can India address its ills including rampant political corruption and inadequate education?

These are all questions that Mody answers through an examination of India through multiple lenses: economic, social, historical, and cultural. We join him on this journey and follow up on his arguments as constructed in India is Broken, while also taking them to new places, like the issue of climate change in the policies of Indian economic development. Join us for a conversation that takes a more skeptical view towards the optimism surrounding a “rising” India.

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.

Marcin Piatkowski is a Professor of Economics at Kozminski University in Warsaw and Lead Economist at the World Bank in Washington, D.C. He holds a Ph.D. in Economics from Kozminski University and an MA in Finance and Banking from the Warsaw School of Economics. Professor Piatkowski began his career in Citibank Poland and Citigroup USA. He then served in various governmental and NGO roles, including as an economist in the European Department of the International Monetary Fund, Advisor to the IMF’s Executive Director, and Advisor to Poland’s Deputy Premier and Minister of Finance. Before he moved to the World Bank in 2008, he was Chief Economist and Managing Director of PKO BP, the largest bank in Central and Eastern Europe. In 2018, he released a book with Oxford University Press, called “Europe’s Growth Champion: Insights from the Economic Rise of Poland,” which was awarded the best book in economics in 2019 by the Polish Academy of Sciences.

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Interviewed by Sullivan Meyer '24

Edited by Marko Petrovic '24

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.