The Soul of Enterprise: Business in the Transformation Economy by THRESHOLD

Ed and Ron (mostly Ron) empty out the overflowing stack of stuff and roam wherever intellectual curiosity takes them. On the docket: how Adam Smith's invisible hand actually works; what we should make of the latest government files on UFOs and UAPs (color us skeptical); whether standing desks are really healthier than sitting; the strange economics and crony capitalism of the college textbook market; encouraging news in the fight against dementia; and, in what may amount to professional heresy, the case against CPA licensing.

And because no serious program on economics, business, and human flourishing would be complete without it, we'll investigate an important question of Western civilization: Does Britain really have more cheeses than France?

What does it take to lead one of the largest state CPA societies through one of the most transformative periods in the profession's history? In this episode, Ron and Ed welcome Denise Froemming, President and CEO of CalCPA, for a wide-ranging conversation about the future of accounting, professional associations, and leadership in an era defined by AI and rapid change.

Drawing on her experience leading major professional organizations, Denise shares how CalCPA is reimagining its role—from serving members to building a vibrant professional community that helps CPAs thrive amid shifting business models, changing talent expectations, and emerging technologies. The discussion explores the profession's pipeline challenge, the evolving value of the CPA credential, the importance of authentic leadership, and why curiosity and adaptability are becoming the defining traits of successful professionals.

Whether you're a CPA, firm leader, educator, or simply interested in how professions reinvent themselves, this conversation offers practical insights into leading through change while keeping people at the center.

Denise Froemming, CPA, CAE, MBA, is President and CEO of CalCPA and the CalCPA Education Foundation. An accomplished association executive, she previously served as CEO of the Institute of Real Estate Management (IREM) and held executive leadership roles at the American Health Information Management Association (AHIMA). Denise is recognized for driving organizational transformation, fostering inclusive cultures, and advancing innovation to help the accounting profession thrive in a rapidly changing world.

Last week, Ron and Ed began exploring Pope Leo XIV's landmark social encyclical Magnifica Humanitas. This week, they continue the conversation, moving beyond first impressions into the document's deeper implications for business, technology, and the future of human flourishing.

What does it mean to remain fully human in an age increasingly shaped by artificial intelligence? Can technology serve the common good without reducing people to data points or algorithms? And is AI simply another powerful tool—or does it force us to confront far more fundamental questions about freedom, responsibility, work, and what it means to become the person we are called to be?

Along the way, Ron and Ed reflect on the encyclical's surprising engagement with economics, subsidiarity, solidarity, transhumanism, and the enduring tension between efficiency and human dignity. Whether you agree with every conclusion or not, Magnifica Humanitas offers one of the most thoughtful frameworks yet for understanding the AI revolution through the lens of philosophy, theology, and civilization itself.

Join us as we continue asking the question that lies at the heart of both the encyclical and The Soul of Enterprise: not simply what AI can do, but what kind of people—and what kind of society—it is helping us become.

Father Vincent DeRosa returns to The Soul of Enterprise to examine Magnifica Humanitas, Pope Leo XIV's first encyclical and a landmark reflection on safeguarding human dignity in the age of artificial intelligence. Building on our earlier conversation about Rerum Novarum, we explore how Catholic social teaching continues to evolve while remaining rooted in timeless principles.

Ron, Ed, and Father Vincent discuss why the Church sees AI as a defining challenge of our era, drawing compelling parallels between today's technological revolution and the Industrial Revolution that inspired Rerum Novarum 135 years ago. Together they unpack themes including the common good, human dignity, work, innovation, and the ethical responsibilities of business leaders as AI reshapes organizations and society.

Whether you're religious or not, this conversation offers a thoughtful framework for asking one of the most important questions of our time: How do we ensure that technology serves humanity—rather than the other way around?

About Father Vincent DeRosa

Father Vincent DeRosa is a Catholic priest, educator, and thoughtful commentator on the intersection of faith, ethics, technology, and economics. Returning to The Soul of Enterprise after his popular discussion of Rerum Novarum, Father Vincent helps translate centuries of Catholic social teaching into practical insights for today's business leaders. His work explores how enduring principles of human dignity and the common good can guide decision-making in the age of artificial intelligence.

The accounting profession has always adapted to change—but what if it could actively shape the future instead of simply reacting to it? In this episode, Ron and Ed welcome Tom Hood, EVP of Business Engagement & Growth at AICPA & CIMA, to discuss Rise2040, the profession-wide initiative designed to help accountants and finance professionals envision—and create—the future of the profession.

Tom explains why AI, automation, shifting client expectations, and changing talent models require a new mindset centered on foresight rather than hindsight. The conversation explores the key themes emerging from the Rise2040 project, including how trust becomes even more valuable in an AI-powered world, why accountants must evolve into strategic advisors, and what firms and finance leaders can do today to prepare for the next 15 years.

Whether you're in public accounting, industry, or simply curious about where the profession is headed, this discussion offers a compelling look at how accountants can move from reacting to disruption to leading it.

Tom Hood, CPA, CGMA, CITP, is Executive Vice President of Business Engagement & Growth at AICPA & CIMA. A longtime thought leader on the future of accounting, he previously served as CEO of the Maryland Association of CPAs and is a LinkedIn Top Voice with more than 700,000 followers. Tom leads initiatives including Rise2040, helping accounting and finance professionals prepare for an AI-driven future through innovation, leadership, and strategic foresight.

For decades, we've been told that scientific progress depends on government funding. But what if that assumption is wrong?

In this episode, Ron and Ed welcome Dr. Terence Kealey—physician, biochemist, former Vice-Chancellor of the University of Buckingham, and Adjunct Scholar at the Cato Institute—to explore one of the most controversial questions in science and public policy. Drawing on his research and books The Economic Laws of Scientific Research and Sex, Science and Profits, Kealey argues that markets, private institutions, and the scientific community itself are more than capable of driving innovation without government direction.

The conversation examines the economics of scientific discovery, the incentives created by public funding, the role of universities, and whether today's research ecosystem encourages breakthrough innovation or bureaucratic conformity. Whether you agree with Kealey's conclusions or not, his arguments challenge deeply held assumptions about how knowledge advances and who should pay for it.

If you've ever wondered whether science flourishes because of government—or despite it—this episode will give you plenty to think about.

Dr. Terence Kealey is a British physician, biochemist, and economist of science. He served as Vice-Chancellor of the University of Buckingham from 2001 to 2014 and previously lectured in clinical biochemistry at the University of Cambridge. Now an Adjunct Scholar at the Cato Institute, he is the author of The Economic Laws of Scientific Research, Sex, Science and Profits, and numerous works examining the relationship between scientific innovation, markets, and public policy.

What happens when you refuse to build your company the "right" way?

Ron and Ed welcome back David Barrett, founder and CEO of Expensify, to discuss the unconventional thinking that transformed a simple expense reporting app into a publicly traded fintech platform. From bootstrapping product-led growth and rejecting traditional enterprise sales models to building a culture around engineering, experimentation, and long-term thinking, David shares why questioning accepted business wisdom has been central to Expensify's success. The conversation explores innovation, leadership, AI, remote work, company culture, and why sometimes the best strategy is to ignore conventional advice and solve the problem that's actually in front of you. Whether you're an entrepreneur, accountant, or business leader, this episode offers a fresh perspective on building companies that last.

David Barrett is the founder and CEO of Expensify, the expense and financial management platform he launched in 2008. A lifelong programmer and computer engineer, David previously led engineering at Red Swoosh before its acquisition by Akamai. Under his leadership, Expensify has grown into a global fintech company serving millions of users and became a publicly traded company on Nasdaq in 2021. He is widely recognized for his unconventional approach to technology, leadership, and product innovation.

The Declaration of Independence is far more than a historical document. It is a statement of principles that has inspired generations to pursue a more perfect union. In this special Independence Day episode, Ed brings portions of the Declaration to life with a dramatic reading before Ron and Ed explore its enduring influence on America's greatest speeches.

From Frederick Douglass's searing critique in What to the Slave Is the Fourth of July? to Abraham Lincoln's Gettysburg Address and Second Inaugural, Calvin Coolidge's Sesquicentennial address, and Martin Luther King Jr.'s iconic "I Have a Dream" speech, the conversation traces how each generation has wrestled with and renewed and expanded the Declaration's promise of liberty, equality, and human dignity.

Join us for a thoughtful discussion on the power of words, the ideals that continue to shape the American experiment, and why the Declaration still has something profound to say nearly 250 years later.

Artificial intelligence vendors love to talk about tokens and credits, but are these pricing models really helping customers—or simply obscuring the true cost of AI? In this episode, Ron and Ed take aim at the growing trend of token-based pricing, arguing that it shifts uncertainty and risk from providers to customers while creating unnecessary complexity. Drawing on insights from pricing experts, recent industry commentary, and their own experiences, they examine why cost-based pricing has long been discredited and why customer value—not vendor costs—should determine price.

The conversation explores alternative approaches to AI pricing, including tiered models based on speed, complexity, and service levels. Along the way, Ron, Ed, and Greg discuss the rapid decline in AI infrastructure costs, the emergence of lower-cost large language models, and why today's premium-priced AI services may face the same economic pressures that have driven technology costs downward for decades. If you've ever wondered whether AI credits are the modern equivalent of arcade tokens, this episode offers a provocative look at where AI pricing is headed—and why customer experience should be at the center of it.

Debra Kilsheimer joins Ron and Ed for a lively discussion about leadership, culture, AI, persuasion, human nature, and the curious ability of professionals to simultaneously complain about a problem and defend the system causing it.

We'll also explore what wisdom comes with experience, why logic is a surprisingly ineffective tool for changing minds, and whether the accounting profession is finally approaching an inflection point—or just finding new ways to avoid one.

And yes, at some point we'll probably talk about the Pink Cadillac.

Debra's Bio

Debra Kilsheimer is what happens when you combine a CPA, a stand-up comic, a leadership coach, a technology enthusiast, and enough energy to power a small city. A longtime champion of helping accountants become better leaders, communicators, and human beings, Debra has spent years challenging firms to stop doing things simply because "that's the way we've always done it."

She's a speaker, consultant, podcaster, AI enthusiast, former Mary Kay superstar, and one of the few people who can simultaneously make you laugh, think, and question your entire business model. She's a friend of the show, and recently returned from Scaling New Heights, where she was recognized for her work in AI innovation.