Policy Punchline Princeton University

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.