Podcasts about Economics

Thirteenth lecture of Principles of Economics explores time preference as the degree to which individuals discount the future relative to the present, how security of property and hard money lower time preference, why lower time preference drives saving, investment, and capital accumulation, and how this process underlies the advance of civilization.Get all course notes and slides on saifedean.com/poecourse

Welcome to The Times of Israel's Daily Briefing, your 20-minute audio update on what's happening in Israel, the Middle East and the Jewish world. Mideast and Russia expert Ksenia Svetlova joins host Amanda Borschel-Dan for today's episode. Former MK Svetlova is the executive director of ROPES (Regional Organization for Peace, Economics & Security) and a senior non-resident fellow at the Atlantic Council. We open the program with an exploration of Iran's historic and current ties with Russia, after Iranian Foreign Minister Abbas Araghchi met yesterday with President Vladimir Putin in St. Petersburg. Svetlova explores Russia's influence in the region -- specifically its direct ties to Hezbollah -- and assesses how much leverage Moscow may have in the ongoing negotiations between Iran and the United States. In the second half of the program, we focus on Israel's relations with Arab Gulf states in the wake of the war in Iran. We hear how Israel deployed troops and the Iron Dome to its Abraham Accord partner, the United Arab Emirates. She discusses how the region is at a crossroads and the Gulf states are pragmatically discussing whether to deepen ties with Iran, or, potentially, with Israel. Check out The Times of Israel's ongoing liveblog for more updates. For further reading: Trump reportedly unhappy with Iran’s proposal to reopen Hormuz but shelve nuclear issue In Saint Petersburg, Iran’s FM blames US for failure of Pakistan talks Subscribe to The Times of Israel Daily Briefing on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts. Ari Schlacht edited this episode.See omnystudio.com/listener for privacy information.

Major U.S. stock indexes have rebounded sharply in recent weeks. Our CIO and Chief U.S. Equity Strategist Mike Wilson discusses the fundamentals that could support the continuation of the bull market.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist. Today on the podcast, I'll be discussing why I remain bullish even after such a strong run in stocks. It's Monday, April 27th at 11:30am in New York. So, let's get after it. The U.S. equity market just experienced one of the most dramatic bounces in history from a technical standpoint. It went from oversold to overbought territory in just 12 days. Based on our conversations, the speed of this move has led some to express caution about the near-term path of equities – but that's the way it usually works. The market waits for no one once it decides to move on. From our perspective, this feels like last year. Many investors are contemplating the lagging impacts of higher commodity prices on inflation just like they were thinking through the effects of higher tariff rates a year ago. Many companies will feel the downstream impacts on a lagging basis. But we believe equity indices and many subgroups already suffered enough damage to account for these concerns. In other words, the equity market isn't simply looking past the risks, it already priced them. Take into consideration that the earnings picture is much stronger today with forward 12-month earnings growth approaching 25 percent versus just 9 percent a year ago. As well, we still hear many commentators suggesting that growth is only coming from a handful of stocks. While mathematically that is a fair point for the top-heavy S&P 500, it doesn't acknowledge that forward earnings growth for the median company and for small caps is also well into the double digits. This cadence is very different from the prior three to four years when the economy was experiencing a rolling recession. It also supports our rolling recovery and broadening thesis we laid out a year ago. So far, the first quarter earnings season has delivered a 10 percent beat rate in aggregate. This is two times the long-term average. More importantly, second quarter and forward 12-month company guidance have increased by an additional 2 to 3 percent. Besides earnings beat rates and guidance, we are also watching capex guidance and signs of pricing power. We entered 2026 with a view that the capex cycle was gaining momentum, thanks to three tailwinds: First, strong earnings and cash flow, which tend to correlate with capex. Second, tax incentives from the BBB; and third, strong demand for the AI buildout and reshoring of manufacturing. Early indications on this front are supportive with median stock capex growth running almost 10 percent, and our factor work continuing to show that the market is rewarding high capex. It's important to see these trends continue as the quarter progresses, especially this week when the hyperscalers are scheduled to report. Another point; given potential downstream cost headwinds from the Iran war, we want to see pricing power and top line durability persist. Early indications here are also supportive with sales surprises for the S&P 500 running well above average and close to 2 percent. Finally, as noted in prior podcasts, one of the last hurdles for the market to overcome was the Fed's recent hawkish pivot on higher oil prices and the transition of its leadership from Jay Powell to Fed Chair nominee Kevin Warsh. This past week, Kevin Warsh appeared in front of the Senate. He signaled some caution on near-term rate cuts, noting that inflation risks are not resolved. He also reiterated his well-established criticism of the Fed's historic willingness to intervene in markets and the economy too aggressively with its balance sheet. Every Fed Chair transition typically requires a learning period for the markets where they test the new chair's resolve and figure out how to interpret his or her communication style. This time should be no different and could lead to some corrective price action in the near-term caused by short spikes in bond volatility or stress in funding markets. In my view, the Treasury and Fed will be able to manage these risks in the end leaving the bull market intact. Thanks for tuning in; I hope you found it informative and useful. Let us know what you think by leaving us a review. And if you find Thoughts on the Market worthwhile, tell a friend or colleague to try it out!

Navigating Dog Show Economics and Governance with Pam Mandeville [caption id="attachment_15667" align="alignleft" width="398"] Pam Mandeville showing one of her homebred Soft Coated Wheaten Terriers.[/caption] Host Laura Reeves is joined by corporate expert Pam Mandeville to discuss dog show economics, AKC reforms and why getting involved in kennel club governance is just as crucial as US politics for the future of purebred dogs. Pam Mandeville brings a deeply unique perspective to our sport. Pam is a Georgetown lawyer and MBA graduate who spent years as an AKC project manager and in corporate America, plus she's bred and owner-handled dozens of Soft-Coated Wheaton Terriers. She brings her real-world business experience to give us a reality check on the sport we love. Pam walks us through the true economic realities of dog shows, pointing out that having the disposable income to show dogs actually puts us in the top one percent of the country. Instead of expecting average America to pour money into massive dog shows, Pam suggests we embrace our status as a "niche sport." “We don't have to be massive,” Pam said. “We can be a high-quality "jewel" by supporting smaller, more accessible shows.” Pam digs into the numbers behind AKC registrations and event entries, questioning whether the boom in companion events is actually bringing in new people or just giving our current exhibitors more titles to earn with their dogs. Because AKC is a representative government, Pam and Laura also brainstorm ways to drag it kicking and screaming into the 21st century. They hash through structural reforms like professionalizing the board of directors with outside business experts, ending absentee delegates, and creating regional delegate Zoom meetings so small grassroots clubs aren't priced out of having a voice. “Years ago, a friend told me something that has resonated ever since: the American Kennel Club is government and Pure Dog Talk is small business,” Laura said. “I cannot emphasize this enough, y'all—just like our own government in the United States, being a responsible member of the purebred dog community means knowing how our AKC government works and actively participating in it. Civic awareness and taking action applies to the AKC just as much as it does to US politics and the Constitution. Rights and responsibilities are two sides of the same coin!” Join your local or parent club, communicate with your delegates and register every single puppy in your litters to support the organization. We are the core constituency, and it is up to us to protect the future of the dogs.

Recorded live on April 25, 2026(Season 12, Episode 77)AMA & Hangout with Contributors (April 2026) | Yaron Brook Show

Kevin Warsh, President Trump's nominee for the next Fed Chair, testified in front of the Senate earlier this week. Our Global Head of Fixed Income Research Andrew Sheets presents key takeaways from the two-and-half-hour testimony.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today on the program, a first look at potentially the next Fed chair. It's Friday, April 24th at 9am in New York. Financial markets can often struggle to keep track of more than one story at a time – and at present, we're really pushing the limit. At one end, the Iran conflict continues to create a historic disruption in global energy markets. At the other, signs of corporate animal spirits and activity hint at the potential for an even larger boom if this disruption ends. Merger activity, capital spending, loan growth and earnings growth are all strong and accelerating. And so, into this mix enters a third story, the Federal Reserve. Indeed, both Iran and the investment boom introduce real questions as to how a central bank should react to these factors. For example, if oil prices spike further, should the central bank raise interest rates to counter the inflation that would follow? Or should it lower them because that increase in oil prices could potentially hit growth? And what about corporate aggression? As that aggression increases, should the Fed look to raise interest rates and take away the punch bowl, so to speak, to avoid an even larger overheating in the economy? Or maybe all of this investment will create abundance – actually lower prices and warrant interest rate cuts. These questions will weigh on the Fed and, in particular, Kevin Warsh, who has been nominated by President Trump to be the next chair of the Federal Reserve. This week saw Warsh testify in front of the Senate as part of that process, giving us the most detailed insight into his current thinking that we've had so far. Two things really stood out. First, Warsh believes that this historic boom in AI and technology investment really is likely to boost productivity. A productivity boost, all else equal, should mean a greater supply of goods and services into the economy from the same number of workers; and thanks to that greater supply, relatively lower prices and less inflation. This belief in investment driven productivity underpins why he thinks interest rates can be lower even if current inflation is elevated. Second, Warsh was critical of the Fed, stating that it had “lost its way,” from expanding its balance sheet too much to being too slow to reign in inflation following COVID. He outlined a sweeping agenda for change, including how the Fed could forecast inflation, manage its assets, and communicate its policy. But another challenge that's going to be facing the next Fed chair will be personal as much as it's economic. Fed decisions are made by a majority vote. And while Warsh may feel strongly that the historic investment cycle that we're seeing in technology will bring down inflation, can he convince others of this as well – especially at a time when current inflation readings are somewhat elevated? And will his criticism of how the Fed has conducted action over the last several years make it harder to gain the support of colleagues, some of whom were there for those measures? Or will it be welcomed as a breath of fresh air and a chance for the Fed to have a new start? The uncertain timing of the handover and the fact that policy is still up to committee means that we think markets will likely stay focused on other factors in the near term and expect relatively modest shifts in Fed policy for now. But it's still worth watching. Since 1979, only five individuals have occupied this important seat leading the U.S. Central Bank. We may be about to get the sixth. Thank you as always for your time. If you find Thoughts of the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

With over fifty days into the U.S.-Iran war, the world has lost 550 million barrels of Gulf crude oil. Matthieu Favas, commodities editor at The Economist, explains how this is impacting global energy markets in European and Asian countries that rely on that supply.Photo: Coryton Oil Refinery by Colin Smith, CC BY-SA 2.0 , via Wikimedia Commons

Live April 24, 2026 | Yaron Brook Show(Season 12, Episode 76)Iran; Lebanon; Gulf Bailout; Fed; Griffin; Insider Trading; Math; "Affordability" | Yaron Brook Show

Mark, Cris and Marisa recap the week's economic news, including the now highly likely confirmation for the Fed Chair nominee, Kevin Warsh, the ongoing conflict in Iran and its impact on energy and related commodities, and the proposed bailout of Spirit Airlines. After the stats game, the team takes a few thought-provoking listener questions about tax policy and tariffs. Email us at InsideEconomics@moodys.com for more info about the Moody's Summit '26 Conference in San Diego Hosts: Mark Zandi – Chief Economist, Moody's Analytics, Cris deRitis – Deputy Chief Economist, Moody's Analytics, and Marisa DiNatale – Senior Director - Head of Global Forecasting, Moody's Analytics Follow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn Questions or Comments, please email us at InsideEconomics@moodys.com. We would love to hear from you. To stay informed and follow the insights of Moody's Analytics economists, visit Economic View. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Global Chief Economist and Head of Macro Research Seth Carpenter asks Mayank Phadke, a member of his team, to give up an update on tariffs and their real cost to the U.S. economy.Read more insights from Morgan Stanley.----- Transcript -----Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. And I'm joined by Mayank Phadke, a member of my global economics team. And today we're going to talk about tariffs. I bet that was a surprise. It is Thursday, April 23rd at 10am in New York. I have to say, for the past couple of months, the focus on energy markets, energy supply, energy prices – that has dominated everything that we've been talking to clients about around the world. And so, everyone would be forgiven if they had forgotten that we were talking about tariffs much the same way, nonstop last year. Now, tariffs kind of seem like an afterthought. But part of the stated motivation for tariffs when they were imposed was to boost reshoring. That is to have more production of goods in the United States that had been imported. So, tariffs still matter. They matter for CapEx, in that regard, they matter for domestic production. And because of all of that, presumably they matter for markets and for the Federal Reserve. But for the narrow question of reshoring, the data so far, I would argue, suggests that there's been very little net effect. There will be more tariff news arriving in coming months. So Mayank, I am going to pull you into this conversation because you have been one of the key people on the team, doing of analysis on the data work on tariffs, trade and reshoring. So, could you tell us a little bit about what's been happening to the effective tariff rate for the United States recently? And where we think that's likely to go? Mayank Phadke: Tariff levels have declined steadily in recent months, falling to 8.5 percent as of February, with the decline having accelerated after the Supreme Court ruling. The decision on IEEPA forced a shift in underlying tariff authorities with country level IEEPA tariffs temporarily reconstituted under Section 122. We have long argued, even before the 2025 tariffs that the legal basis for durable tariffs would need to be anchored in section 232 and section 301 based authorities rather than in IEEPA. The current Section 122 tariffs are due to expire on the 24th of July. And after that, we expect more durable authorities to kick in. The shifts that we will see as IEEPA tariffs are replaced by new section 301 and 232 tariffs means that there will be some differences. But from a macro perspective, we expect the level to be roughly similar to where it stood at the end of 2025. An aggregate effective rate of around 10 percent. Two sets of Section 301 investigations were announced by the administration in March, covering virtually all major trading partners. These investigations are likely to run on a faster timeline than prior efforts. Those took around nine months. The comments were requested by the 15th of April, with hearings scheduled for early May. We're inclined to expect completed section 301 investigations over the summer while section 232 tariffs will likely arrive in waves as sector-based investigations proceed. Seth Carpenter: Got it. Okay. So, I'm going to summarize that to say tariffs are not going away. Tariffs are here. In the aggregate for macro economists like us, probably about the same level it's been. But that escapes the question about the individual industries, and it brings us right back to this question of reshoring. Is that what's going to happen? And so, when I think about it, we do have all these negotiations. But the reshoring question forces you to wonder about manufacturing, manufacturing growth and with it CapEx. And like I said at the top, it's non-AI CapEx that's really on the soft side of things. So, you've spent a lot of time looking at the data. I would say one industry that tends to stand out in all these conversations is steel. So, if we look at what's happened with the steel industry, with tariffs, with changes in imports and that sort of things, what's happened? Do we see clear evidence that there's this big reshoring push? Mayank Phadke: The case of steel is certainly very interesting. It helps frame why tariff uncertainty matters. And the supply chain for steel is relatively compact, which makes it easier to observe how the sector responds to tariffs. Domestic production has risen as imports have fallen consistent with the idea of reshoring. But when we look at the total supply of steel to the domestic economy, it hasn't risen. More importantly, U.S. steel prices have materially diverged from global peers. And the risk of more aggressive sector tariffs across the economy, in our view is higher prices. An outcome which is consistent with our expectations from a year ago – and with economic theory. Seth Carpenter: As an economist, I'm always happy when the reality matches what I was expecting in theory. So, that's super helpful. Now, that is one specific industry, and I know that you have spent a bunch of time looking at the data across industries. The point that you made though, about the higher prices, the higher domestic prices for steel means, to me as an economist, that we have to try to maybe separate out the effects of the nominal versus the real. Which is to say, if we're measuring how much output there is, how much that increase is coming from just prices going up versus how much is coming from, total quantity. So, if I asked you, when you look across industries, when you look at the data, what evidence do you see in terms of lots of reshoring. That is to say a diversion of trade, a reduction of imports, and with it an increase in domestic production. Is that there broadly in the data? Mayank Phadke: When we look at production and imports across industries and goods and identify the industries both with and without reduced imports, we see that the increase in domestic production has come largely in nominal terms. Which means that the price has risen, but very little of that increase is actually higher output. The evidence for meaningful reassuring here is quite limited. Seth Carpenter: Alright. So that's super helpful to me because when I think about the implications of tariffs, the economist in me says it reduces the overall productive capacity of the economy. It raises cost for the economy. The counter argument has been we're going to make more in the United States and that's going to boost the U.S. economy. As far as I can tell, when we look at the data themselves, there's not a lot of evidence for the upside. But there is clear evidence that we're raising costs for the U.S. economy. Alright, well Mayank, thank you so much for joining me. And thank you to the listeners. If you enjoy this show, please leave us a review; and share Thoughts on the Market with a friend or a colleague today.

Stijn Schmitz welcomes Steve Hanke, Professor of Applied Economics at Johns Hopkins University, to discuss global economic trends, monetary policy, and the emerging commodity super cycle. The professor’s outlook suggests a complex economic landscape with potential for significant disruption, driven by monetary policy, geopolitical tensions, and structural changes in global trade and commodity markets. Hanke emphasizes the critical importance of money supply as a key indicator of economic activity and inflation, noting that the United States is currently experiencing an accelerating money supply that will make controlling inflation challenging. The discussion highlights several significant global economic dynamics, particularly focusing on commodity markets and geopolitical tensions. Hanke argues that the world is entering a commodity super cycle characterized by underinvestment, supply chain disruptions, and precautionary inventory building. The ongoing conflict in the Gulf region and disruptions to global trade have further complicated commodity markets, with potential oil prices ranging from $100 to $350 per barrel depending on supply constraints. Geopolitically, Hanke suggests that Russia and China are emerging as significant winners in this environment, while the United States has potentially weakened its global position through its actions. He dismisses concerns about de-dollarization, arguing that the US dollar remains the dominant global currency with limited realistic alternatives. On inflation, Hanke predicts continued upward pressure due to monetary policy loosening, commercial bank lending growth, and federal reserve actions. He emphasizes that inflation is fundamentally a monetary phenomenon, driven by increases in money supply rather than isolated economic events. Regarding commodities, Hanke identifies several sectors poised for growth, including critical materials like lithium and vanadium. He recommends investors be “long everything” in the commodity space, noting significant price increases in various exotic commodities. Timestamps: 00:00:00 – Introduction 00:00:52 – Key Economic Metrics 00:02:00 – US Money Supply Acceleration 00:03:58 – China’s Inflation Challenges 00:04:56 – Commodity Supply Disruptions 00:05:30 – US Tariffs and Sanctions 00:07:13 – Iran War and Strait Closure 00:11:55 – Iranian Economy 00:12:45 – Oil Price Scenarios 00:13:10 – Commodity Super Cycle Thesis 00:17:00 – Oil Supply Impacts 00:20:44 – Market Complacency on Risks 00:24:06 – Winners and Losers Analysis 00:25:12 – China’s Economy 00:27:55 – De-Dollarization Myths 00:30:36 – Gold’s Geopolitical Role 00:33:15 – Supply Shocks & Infrastructure 00:37:20 – Inflation and Money Supply 00:41:40 – Treasury Demand & Inflation 00:46:40 – Bank Lending & Money Supply 00:48:28 – Commodity Picks & Wrap Up Guest Links: X: https://x.com/steve_hanke Website: https://thegoldsentimentreport.com Amazon Book: https://www.amazon.com/Making-Money-Work-Rewrite-Financial/dp/1394257260 Amazon Book: https://www.amazon.com/Capital-Interest-Waiting-Controversies-Additions/dp/3031633970 E-Mail: mailto:hanke@jhu.edu Steve H. Hanke is a Professor of Applied Economics and Founder & Co-Director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at The Johns Hopkins University in Baltimore. He is a Senior Fellow and Director of the Troubled Currencies Project at the Cato Institute in Washington, D.C., a Senior Advisor at the Renmin University of China's International Monetary Research Institute in Beijing, a Special Counselor to the Center for Financial Stability in New York, a contributing editor at Central Banking in London, and a regular contributor to the Wall Street Journal's Opinion pages. Prof. Hanke is also a member of the Charter Council of the Society of Economic Measurement and of Euromoney Country Risk's Experts Panel. In the past, Prof. Hanke taught economics at the Colorado School of Mines and at the University of California, Berkeley. He served as a Member of the Governor's Council of Economic Advisors in Maryland in 1976-77, as a Senior Economist on President Reagan's Council of Economic Advisors in 1981-82, and as a Senior Advisor to the Joint Economic Committee of the U.S. Congress in 1984-88. Prof. Hanke served as a State Counselor to both the Republic of Lithuania in 1994-96 and the Republic of Montenegro in 1999-2003. He was also an Advisor to the Presidents of Bulgaria in 1997- 2002, Venezuela in 1995-96, and Indonesia in 1998. He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania, and Montenegro. Prof. Hanke has also held senior appointments in the governments of many other countries, including Albania, Kazakhstan, the United Arab Emirates, and Yugoslavia. Prof. Hanke has been awarded honorary doctorate degrees by the Bulgarian Academy of Sciences, the Universität Liechtenstein, the Universidad San Francisco de Quito, the Free University of Tbilisi, Istanbul Kültür University, Varna Free University, and the D.A. Tsenov Academy of Economics in recognition of his scholarship on exchange-rate regimes. Prof. Hanke and his wife, Liliane, reside in Baltimore and Paris.

Alvin E. Roth (Moral Economics, Who Gets What and Why) is a Nobel Prize-winning economist, Stanford professor, and author. Alvin joins Armchair Expert to discuss growing up in Queens with two schoolteacher parents, skipping a traditional high school path to attend college at 16, and how early academic exposure shaped his curiosity about markets and human behavior. Alvin and Dax talk about pioneering kidney exchange programs that have saved thousands of lives, the surprising ways incentives influence behavior in everyday systems, and how market design applies to everything from matching students to schools to allocating scarce resources. Alvin explains the difference between repugnance and disgust in economics, why some markets are morally contested yet necessary, and why solving complex social issues requires designing better systems rather than relying on good intentions alone.Take printer ink off your to-do list with HP Smart Tank | hp.com/SmartTankCheck Allstate first for a quote that could save you hundreds: https://www.allstate.com/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Micah Loewinger speaks with Judd Legum, the author of the accountability newsletter Popular Information, about the explosive rise of prediction markets, and the implications of their growing partnerships with newsrooms.  Hi On The Media listeners, we want to hear from you! Taking this podcast survey takes about 20 minutes and your feedback will help us make our podcast better! There are no wrong answers, just your honest take. Take the survey here (onthemedia.org/survey).On the Media is supported by listeners like you. Support OTM by donating today (https://pledge.wnyc.org/support/otm). Follow our show on Instagram, Bluesky, TikTok and Facebook @onthemedia, and share your thoughts with us by emailing onthemedia@wnyc.org.

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "the fire" Bernstein discuss Trump's return to wild threats on social media, Hillary Clinton's critique of the war, Sam Harris's criticisms of Joe Rogan's sewing doubt, and more.Support Our Sponsors:Fast Growing Trees - Use code PROBLEM at http://www.fastgrowingtrees.com to save an additional 20% off your first order with Fast Growing Trees!Cowboy Colostrum - Get 25% Off Cowboy Colostrum with code DAVE at https://www.cowboycolostrum.com/DAVEHexclad - Find your forever cookware @hexclad and get10% off at https://hexclad.com/PROBLEM! #hexcladpartnerProlon - https://prolonlife.com/potpPart Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Although the conflict in Iran keeps dominating the news cycle, investors have an eye on the upcoming U.S. midterm elections. Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore consider policy implications – from healthcare and consumer to AI.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Deputy Global Head of Research for Morgan Stanley.Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research.Michael Zezas: Today we're discussing the midterm elections and their implications for U.S. markets.It's Wednesday, April 22nd at 10am in New York.All right, so Ariana, midterm elections are coming up. And I feel like every cycle we hear the same question. How much do elections actually matter for markets?Ariana Salvatore: Yeah, I would say, you know, we're still six months out and obviously a lot of the market's focus has been on the U.S.-Iran conflict. But it does keep coming up in our conversations with investors.And to your question, our view is these elections probably matter a little bit less than people think, at least from a macro perspective.Michael Zezas: Okay, so that seems a bit counterintuitive, right? Because policy has felt like a huge driver of markets recently. Tariffs. Geopolitics. Really all the above.Ariana Salvatore: Exactly. But there's some nuance here. So, policy does matter, but the big takeaway is that the direction of policy doesn't really change based on the midterms. That's because some of the key policy variables that you mentioned – trade, geopolitics, also deregulation – those are all likely to keep going regardless of who wins.At the same time, it's worth noting upfront that the race itself is still pretty fluid. A lot of the indicators that investors are watching – polling prediction markets, the president's approval rating, even things like domestic gasoline prices and consumer sentiment – they're somewhat giving mixed signals right now. There's a growing narrative around a potential democratic sweep. But when you actually look in more detail at the Senate map, we think the path there is still pretty challenging.So, I think it's important to emphasize there's much more uncertainty in the outcome than the headlines right now might suggest.Michael Zezas: So, if those indicators end up being right and we do in fact see a divided government, what do you think investors should be paying attention to?Ariana Salvatore: There are some incremental shifts that will be worth watching. In particular as they pertain to fiscal policy. So, for example, things like SNAP and Medicaid, those are the real swing factors depending on the election outcome.If you recall last year, the One Big Beautiful Bill Act legislated some changes to those programs that are meant to start taking effect in 2027 and 2028. Things like shifting more of the cost burden onto states and tightening eligibility requirements to offset some of the deficit impact from tax cuts.And where elections come in is around whether or not those changes actually get implemented or delayed or softened. In our view, the most likely way you can get meaningful adjustments is in some form of divided government where there actually might be an incentive to negotiate around those fiscal cliffs.But crucially, we think that can only happen if you have what we call a robust rather than a fragile majority.Michael Zezas: Okay. Can you explain the difference between those two things?Ariana Salvatore: Yeah. So, the question is not just who controls Congress, it's how unified they are. If you get a robust majority, that means the party can agree internally on what their core policy objectives are. And then use their leverage in a cohesive way to extract political concessions from the opposing party.So, to put it in simpler terms. If Democrats have a large enough majority or are able to coalesce around some of the key policy asks – for example, delaying some of these cuts – we think they can tie those two, some must pass bills. Think appropriations bills or debt ceiling extensions, for example, that they will need to be consulted on in a split government scenario.Now conversely, if it's a fragile majority, you probably see more internal disagreement, less coordination, and a lot more political noise with less actual policy getting done.Michael Zezas: Okay, so a lot of good insights there. Can you boil it down to a few key takeaways for investors?Ariana Salvatore: Yeah, so one I would say is that fiscal policy is really where the midterm elections might matter the most. But even there, we think the impact is more micro than macro. Another is that divided government doesn't necessarily mean less policy activity. It just changes the form that it takes. And then of course there's AI, which is a topic that we've been getting a lot of questions about.Michael Zezas: Yeah, so let's dig in a bit more there because there's obviously a lot of interest in the intersection between public policy and the development of artificial intelligence.Ariana Salvatore: Yeah. This was the key focus of our policy symposium that we hosted in New York last week. AI is increasingly viewed as a strategic priority across both parties. So, unlike some of these fiscal debates, we think that AI policy is likely to take shape regardless of the election outcome. What could change is the approach.So, think about things like how quickly infrastructure gets built, how permitting is handled, how energy constraints are addressed. We're seeing growing recognition across the aisle that the bottleneck for AI isn't just on the innovation front, it's the physical infrastructure – power, data centers and supply chains.Now at the same time, there's also emerging pushback from communities and from policy makers around things like energy usage and cost of living. We've done a lot of research on this front, and it's actually a really critical factor in some of these off-cycle elections that we've seen even back to last year.So, you end up with this dynamic where AI investment probably continues both in a more constrained and increasingly regulated environment in the split government scenarios.Michael Zezas: So, direction's the same, but the pace and the friction points may vary. And that has implications in particular for a few key sectors like power and data center REITs, while consumer and healthcare sectors are more exposed to those SNAP and Medicaid changes we mentioned earlier. Obviously the more unified Democrats are, the more they're able to extend or push off those shifts. Meaning the downside impact on the consumer could be limited versus current expectations.But aside from these policies we're watching. You'll probably see noise around debt ceiling fights, government shutdowns. And those things don't usually derail growth. But they can create volatility and short-term uncertainty, especially around funding deadlines.Ariana Salvatore: Right. And that's important for the macro-outlook. So, in short, our economists think that the growth outcomes are only going to vary modestly across the scenarios while the broader business cycle should stay intact.Now, following from that, our rate strategists see episodic risk, to your point around funding fights, which could drive risk off rallies in notes and bonds. And then you have to weigh that against cooling expectations for growth and inflation in both the divided government scenarios. Similarly, our FX strategists see opposing forces between yields, fiscal policy and the broader policy uncertainty variable driving dispersion across currencies more than a clear dollar direction.Michael Zezas: Got it. So, a lot to pay attention to ahead of the midterms and we'll obviously keep people updated here about what we're seeing.Ariana Salvatore: Sounds good.Michael Zezas: Ariana, thanks for taking the time to talk.Ariana Salvatore: Great speaking with you, Mike.Michael Zezas: And as a reminder, if you enjoy Thoughts on the Market please take a moment to rate and review us wherever you listen. And share Thoughts on the Market with a friend or colleague today.

Please attend our live webinar on portfolio construction and rebalancing scheduled for Thursday, April 30th, at 12PM Eastern, 9AM Pacific time. I will cover the five steps to constructing and rebalancing a portfolio. I will also answer your questions.You can sign up for this special webinar at https://moneyfortherestofus.com/webinar/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Behind the noise is a ruthless, coordinated effort to dismantle the American system and rebuild it for the ultra-wealthy…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Back from the IMF Spring Meetings in Washington, Simon Waever and Seth Carpenter unpack what policy makers and investors could be underpricing: the growth hit from higher energy costs, the risk of too much tightening by central banks and why emerging markets still look resilient.Read more insights from Morgan Stanley.----- Transcript -----Simon Waever: Welcome to Thoughts on the Market. I'm Simon Waever, Morgan Stanley's Global Head of Emerging Markets Sovereign Credit and LatAm Fixed Income Strategy. Seth Carpenter: And I'm Seth Carpenter, Global Chief Economist and Head of Macro Research. Simon Waever: Today: The key takeaways for investors from the International Monetary Fund spring meetings in Washington, D.C. It's Tuesday, April 21st at 10am in New York. Every six months, the IMF meetings in D.C. bring policy makers and investors together to take stock of the global economy. And we were both there as part of our IMF policy pulse conference. This time, continuing a pattern of recent years, the backdrop was a bit more complicated. Investors are weighing the economic fallout from the Iran conflict, potentially more persistent inflation pressures, and, as always, rising concerns around global debt and fiscal sustainability. So, the key question coming out of Washington is how do these risks reshape the outlook, and what should investors be paying attention to now. Let's start with the growth outlook, Seth. When you think about the Iran conflict, what's the single biggest channel through which it could hit global growth? And is that risk underpriced by markets today? Seth Carpenter: I think it really is underpriced, and not just by markets. I would say I had conversations with investors, but also with policy makers down in Washington. And I would say relative to my views on things, both markets and policy makers are under appreciating how much of a hit to growth this could be. Where is it going to happen? What's the channel? Well, that actually – that differs depending on which economy that you're looking at. I would say here in the U.S., it's primarily the middle- and lower-end of the income distribution. Higher energy prices, gasoline prices going up, taking away at discretionary income, especially in what we've been calling this K-shaped economy where the bottom half is already struggling. So, a bit of a hit primarily to consumption spending. I'd say in other parts of the world, it's broader. Asia – we are already starting to see rationing being imposed for production, for public transportation in lots of ways that really are going to crimp spending both by households and businesses. And then of course Europe. Well, they're still in some ways reeling and adapting from the energy price shock. When Russia invaded Ukraine, natural gas prices went up a lot more then. But I think there's still an adjustment process going on. So, I think the potential hit to growth is real. I think it has spread across economies around the world, but each different economy, each different country has its own sort of nuance and flavor to it. Simon Waever: And what about the central banks? I know you met with quite a few of them as well. Are they at risk of being behind the curve on inflation or is actually the bigger mistake now look like over-tightening? Seth Carpenter: Yeah, I really think the over-tightening is the bigger risk here. It's funny, being behind the curve. That's a phrase that I did hear a lot, especially among some of the European policy makers. And people are feeling scarred, I guess you could say, from the surge in inflation that we got coming out of COVID. But history suggests that these sorts of surges in energy prices tend to be: one, more focused in headline inflation rather than core; and second, they do tend to revert on time and go away, over time. And I would say the bigger the hit to growth, the more likely it is that the inflationary impulse will start to fade on its own. And so, I do think there's too much reliance maybe on the inflation side of things, maybe not quite enough on the growth. And so, when I weigh the pros and cons, I would say the risk is probably too much tightening rather than not enough. But you know, Simon, I tend to spend more of my time in Washington talking to policymakers and investors who are focused on the developed market economy. So, I talked to people about the Fed, talked to people about the ECB. Morgan Stanley's real strong suit, when we do these conferences of the meeting though, is our EM focus. And I know you and the rest of the team have really over the years ramped up our engagement. So, when you think about the conversations that you had with investors and with officials, what do you think has, sort of, shifted most in recent months? And maybe what's shifted over the past week because the news flow has been going back and forth. What's going on in emerging markets that investors need to know about? Simon Waever: Right. I would say the first, and by far the biggest focus throughout the week was the disconnect between the very positive market sentiment versus actual developments in the Iran conflict. I think many participants believe the mood would be much worse and that the decision coming out of the meetings would be whether to buy into a challenging backdrop or just stay away. But instead, I think they came away thinking that the mood was actually fairly upbeat. But also that markets are pricing in a substantial probability of a resolution already. And that brings me to my second takeaways, and that's around EM resilience. EM has faced multiple macro shocks in recent years. And I think it's fair to say that EM policymakers, including central banks, have built up their credibility when it comes to responding to such events and the volatility they bring. Several of the EM central banks we met were positively surprised by the resilience of FX markets but also noted that they would still err on the side of caution. EM fundamentals also help in this aspect, which has seen contained external imbalances versus the past and mechanisms to deal with the energy price shock.Of course, with everything else impacted by the war, duration matters – especially as fiscal buffers are not equal across EM. But I would say in general it reaffirms our view that EM is in a good place to absorb and deal with the uncertainty. And that would actually be my third and final point. That the year as a whole should be good for EM assets, assuming that trajectory remains one of de-escalation. And I think that does extend to FX as well, where the market may quickly return to trading U.S. dollar weakness, particularly if the market's priced more of the Fed cuts that you expect. Seth Carpenter: Got it. So, you did say, assuming we return to a theme of de-escalation, and I guess we have that built into our forecast. The last four or five, six days has seen lots of back and forth. But if we do assume we end up de-escalating the current crisis in the Middle East, looking across EM [be]cause it really is a differentiated, subtly nuanced, broad part of the world. If I had to push you a little bit and say, where do you see the clearest winners? What would you point at? Simon Waever: Sure. I mean, to me, LatAm remains a key winner. We've had this call since the start of the year, but if anything, the Iran conflict and my discussions at the IMF only reinforce this. The region is obviously physically removed from the Middle East, but there are also many large commodity exporters. And a lot of the discussions were around the political realignment with the U.S. and there are several examples. Just to give a few: Argentina as usual, was a key part of the discussions. And compared to the meeting six months ago, they were much more positive given what's been accomplished since, both in terms of the structural reforms and the FX purchases here to date. And I have to mention Venezuela given it was during the meetings last week that the IMF resumed dealing with them, which had been a key positive catalyst that we've been looking for. Brazil is obviously the biggest economy, and I would say sentiment was pretty positive. But also there's an acknowledgement that the elections in October are just too close to call. And that is likely to bring some uncertainty closer to the time. Seth Carpenter: Yeah, those are all super compelling examples [be]cause they mix the economics, the markets with the politics. Obviously you mentioned the elections coming up in Brazil; and then for Argentina it was this real huge landslide shift in what was going on because of an election there a couple years ago. And we're seeing how that's coming out. Alright, so let's go in the opposite direction. And not everything can be rosy, and even if as a class we're pretty optimistic and pretty constructive on EM… Do you think there are some key vulnerabilities across the space that you cover that maybe could surprise us to the downside? Or maybe that markets really aren't appreciating now and might have to rethink? Simon Waever: Yeah, I think to start with, we move outside of LatAm and in all those discussions it was much more about the extent of vulnerability to the conflict and in particular the energy exposure. And I would say in general, an oil price of eighties is a sweet spot for EM, sovereign dollar bonds. But differentiation should pick up a lot. I would say the obvious view would be that energy exporters should outperform importers. But what I would highlight is actually more around the differentiation within all the importers [be]cause that's where policy space can differ significantly. And even just within Central America and Caribbean, I would call out countries like Costa Rica and Guatemala as having more policy space than say, El Salvador or Dominican Republic. And within Africa, it really comes down to the energy balance and whether you have alternative financing sources. Seth Carpenter: Got it. Got it. That's really helpful. I will say every day, every week, every month we get new headlines about what's going on. I think you and I are both going to have to be glued to our screens to, sort of, follow what's going on and see how it affects markets. But I guess for here maybe we will call it quits. I really learned a lot from my time down in Washington. It sounds like you had some really good engagement too. Simon Waever: Yep. I agree. Thanks for taking the time to talk. Seth Carpenter: It's always good to talk to you, Simon. Simon Waever: As a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us and share the podcast with a friend or colleague today.

Republican Drafts a Bill That Would Make Joseph McCarthy Blush...See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Did Trump really reach for the nuclear codes before being pulled back? Does this administration's cruelty have any bottom? Are Trump's scandals drowning out democracy? Are Israeli soldiers using rape as a weapon in the West Bank? Plus a Republican drafts a bill that would make Joseph McCarthy blush.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Twelfth lecture of Principles of Economics explores capitalism as the system of private ownership of capital goods, how free capital markets allocate resources to their most productive uses through profit and loss, why economic calculation requires private property, and why socialism fails without it.Get all course notes and slides on saifedean.com/poecourseSponsors:Crowdhealth - https://www.joincrowdhealth.com/Daylight - The computer, de-invented - https://daylightcomputer.com/CoinKite - Bitcoin Security and Fun Devices - https://coinkite.shop/bitcoinstandardTheBitcoinWay - TAKE CHARGE OF YOUR FINANCIAL FUTURE https://www.thebitcoinway.com/The Saif House - High quality cloth hardcover bitcoin books by Saifedean & more delivered worldwide, with 10% off for paying in bitcoin - https://TheSaifHouse.com

What can Adam Smith teach us today? In this conversation between Ross Levine of Stanford's Hoover Institution and EconTalk's Russ Roberts, Smith emerges as a penetrating psychologist who understood that our deepest hunger isn't for wealth but for respect--and that this hunger, left unexamined, leads individuals and societies alike into serious trouble. The discussion moves from the personal (why do highly successful people keep grinding long after they've "won"?) to the political: Smith's sobering warning that when a society admires wealth and power for their own sake, it breeds servility and undermines freedom. Along the way, there's a Marxist father reading Smith during COVID, a Nobel-adjacent economist who couldn't understand why anyone would bother with a 1759 book, and a childhood story about loyalty and friendship that cuts to the heart of what we may have lost in modern culture. This is a conversation about how to live well--using one of history's greatest thinkers as a guide.

Our Global Head of Thematic and Sustainability Research Stephen Byrd unpacks how major investment themes for 2026 are increasingly interconnected, generating gains for investors.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Stephen Byrd, Morgan Stanley's Global Head of Thematic and Sustainability Research. Today – how our 10 big thematic predictions are playing out and driving global markets. It's Monday, April 20th at 11:30am in New York. Back in January, we laid out four key themes – AI & Tech Diffusion, the Future of Energy, a Multipolar World, and Societal Shifts. And we laid out 10 specific thematic predictions about forces shaping 2026. It is really striking to me how quickly the landscape has shifted and how significant these trends have become in just a short period of time. Even more striking is how these mega secular themes are converging. AI is driving unprecedented demand for compute and energy. Energy is becoming a strategic priority for nations. And geopolitics is shaping access to both. So, let's start with the most important development: the acceleration of AI. Now we expected strong progress in terms of large language model development, but what we're seeing is really a step-change upward in capability. And this is driving an extraordinary surge in demand for compute. Global AI usage has jumped sharply with weekly usage; and we measure weekly usage in terms of how many tokens are used. Tokens are really a measure of small units of text. It's a fairly standard measure of demand for compute. That token usage has risen by about 250 percent just since early January, from 6.4 trillion tokens a week to 22.7 trillion; pushing us into a world where compute demand exceeds supply. This is one of the defining investment stories of 2026, and I see a lot of alpha generation, around this opportunity. Now, at the same time, AI is reshaping the labor market. We estimate that automation or augmentation will impact 90 percent of occupations; so almost every job will be affected. But the effect is not binary. So we recently assessed the impacts to employment in five sectors where we believe the impact of AI adoption could be the biggest. And on net we see a 4 percent job loss, driven by 11 percent of outright elimination of jobs. 12 percent of jobs that were not backfilled, partially offset by 18 percent of new hires. So the real story is transformation. AI is changing how work gets done, reshaping roles rather than simply replacing them. But AI does not operate in a vacuum. It runs on energy. And that's the second major shift since January. We now estimate global data center power demand could increase by nearly 130 gigawatts by 2028, with the U.S. potentially facing a 10–20 percent shortfall in power availability needed to support that growth. That's why the Future of Energy is such a central theme. AI growth is directly tied to energy availability, cost, and infrastructure, and increasingly, to national policy. And that brings us to the third major development: geopolitics. We certainly did not anticipate the Iran conflict, but it has had a significant impact on energy markets, including supply disruptions that have rippled across global energy systems. And more broadly, we're seeing a global push towards national self-sufficiency; this is a big driver for many years to come – in energy, critical minerals, and technology. And this clearly aligns with our Multipolar World theme, where countries are prioritizing control over key economic inputs. This shift is likely to be a major driver of markets not just this year, but well beyond. These big structural forces are already showing up in performance. The thematic categories that we developed that are aligned with our key themes were up 38 percent on average in 2025, outperforming the S&P 500 by 27 percentage points. And year-to-date in 2026, they're still ahead by 12 points. The strongest areas reflect exactly these dynamics: AI infrastructure, energy security, defense, healthcare, and emerging areas like humanoid robotics. So what's the takeaway from revisiting our predictions? The biggest changes in 2026 are not happening in isolation, but at the intersections of our key themes. AI, energy, and geopolitics are no longer separate stories. They are now deeply interconnected forces shaping the global economy. And understanding those intersections may be the key to understanding markets and generating alpha for years to come.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

In this episode of Talk Nerdy, Cara is joined by academic economist, and head of the Criminal Justice program at philanthropy Arnold Ventures, Jennifer Doleac. They discuss her recently released book, The Science of Second Chances: A Revolution in Criminal Justice. Follow Jen: @JenniferDoleac

Trump's people can see the writing on the wall as the Iran fiasco cranks up the price of gas- and threatens the world economy... but who is making big big money off perfectly timed million dollar bets on each of Trump's major announcements?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Is This What Trump Meant by “My Way” — Power, Control, Darkness, and Evil?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Gary continues his interview with economist Jerry Bowyer. Many details given in the Gospels are extremely important for a proper interpretation of what Jesus said and did and why. These historical and cultural clues are often overlooked, but they add depth and context to the New Testament that modern readers can and should apply to their reading and preaching of the Gospel. Get Jerry's book, The Maker vs. the Takers, here: https://store.americanvision.org/products/the-maker-vs-the-takers 

With congressional elections coming up in November, how are certain national (and international) issues impacting the polls? On Today's Show:David Wasserman, senior editor and elections analyst for The Cook Political Report with Amy Walter, talks about early indications for the upcoming midterm elections.

We keep using the terms 'regulation' and 'deregulation' -- and now it's time for a primer. Shruti Rajagopalan joins Amit Varma in episode 442 of The Seen and the Unseen go discuss first principles AND get into the weeds. What is regulation? When do we need it? When do we not? What's India's journey been like? And finally, why is deregulation both important and difficult? (FOR FULL LINKED SHOW NOTES, GO TO SEENUNSEEN.IN.) Also check out 1. Shruti Rajagopalan on Twitter, Substack, Instagram, her podcast, Ideas of India and her own website. 2. Emergent Ventures India, which is run by Shruti. 3. The 1991 Project. 4. Shruti Rajagopalan Remembers the Angle of the Light -- Episode 410 of The Seen and the Unseen. 5. The Importance of the 1991 Reforms — Episode 237 of The Seen and the Unseen (w Shruti Rajagopalan and Ajay Shah). 6. Shruti Rajagopalan Dives Into Delimitation -- Episode 336 of The Seen and the Unseen. 7. All past episodes of The Seen and the Unseen w Shruti Rajagopalan, in reverse chronological order: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21. 8. Urinal regulation in the Factories Act, 1948. 9. Four Seasons in Rome -- Anthony Doerr. 10. Premature Imitation and India's Flailing State — Shruti Rajagopalan & Alexander Tabarrok. 11. Elite Imitation in Public Policy -- Episode 180 of The Seen and the Unseen (w Shruti Rajagopalan and Alex Tabarrok). 12. The Curse of Knowledge. 13. Every Act of Government Is an Act of Violence -- Amit Varma. 14. Understanding the State -- Episode 25 of Everything is Everything. 15. The Wealth of Nations -- Adam Smith. 16. The Double 'Thank You' Moment — John Stossel. 17. Profit = Philanthropy — Amit Varma. 18. Traffic -- Tom Vanderbilt. 19. Tonight Is the Night I Fell Asleep at the Wheel -- Barenaked Ladies. 20. Driving in a Foreign Country -- My Italian Diaries: 7 -- Amit Varma. 21. Marching For Salt -- Amit Varma. 22. The Transitional Gains Trap -- Gordon Tullock. 23. Interventionism: An Economic Analysis -- Ludwig von Mises. 24. Mises's dynamics of interventionism: Lessons from Indian agriculture -- Shruti Rajagopalan. 25. Gandhi -- Richard Attenborough. 26. Anton Howes on Trade, Innovation, and the Forgotten History of Salt -- The Ideas of India podcast. 27. Age of Invention, by Anton Howes. 28. A People's Constitution -- Rohit De. 29. The Life and Times of Montek Singh Ahluwalia — Episode 285 of The Seen and the Unseen. 30. The Forgotten Greatness of PV Narasimha Rao — Episode 283 of The Seen and the Unseen (w Vinay Sitapati). 31. The Life and Times of the Indian Economy -- Episode 387 of The Seen and the Unseen (w Rajeswari Sengupta). 32. The Road to the 1991 Industrial Policy Reforms and Beyond: A Personalized Narrative from the Trenches -- Rakesh Mohan. 33. The Use of Knowledge in Society -- Friedrich Hayek. 34. Four Papers That Changed the World -- Episode 41 of Everything is Everything. 35. A Sixth Of Humanity -- Devesh Kapur and Arvind Subramanian. 36. Entry and Exit in Agriculture -- Episode 1 of The Seen and the Unseen (w Pavan Srinath and Karthik Shashidhar). 37. Bootleggers and Baptists-The Education of a Regulatory Economist — Bruce Yandle. 38. Farmers, Technology and Freedom of Choice: A Tale of Two Satyagrahas -- Amit Varma. 39. The State of Our Farmers — Episode 86 of The Seen and the Unseen (w Gunvant Patil). 40. Talking to an Empty Room -- Sharad Joshi's speeches in the Rajya Sabha. 41. Raees: An Empty Shell of a Gangster Film — Amit Varma. 42. The Loneliness of the Indian Woman — Episode 259 of The Seen and the Unseen (w Shrayana Bhattacharya). 43. Public Choice Theory Explains SO MUCH -- Episode 33 of Everything is Everything. 44. Public Choice Theory -- Episode 121 of The Seen and the Unseen. 45. Blendjet. 46. The Whole Truth Foods protein powder that Amit has. 47. The Reflections of Samarth Bansal — Episode 299 of The Seen and the Unseen. 48. The Bad and Complex Tax -- Episode 74 of The Seen and the Unseen (w Shruti Rajagopalan). 49. India's Supreme Court -- Episode 123 of The Seen and the Unseen (w Shruti Rajagopalan). 50. Restaurant Regulations in India — Episode 18 of The Seen and the Unseen (w Madhu Menon). 51. India's MSME Landscape — Some Useful Frameworks -- Episode 419 of The Seen and the Unseen (w Sudhir Sarnobat and Naren Shenoy). 52. What Ails Indian Manufacturing? -- Episode 104 of Everything is Everything. 53. Commands and controls: Planning for Indian industrial development, 1951–1990 -- Rakesh Mohan and Vandana Aggarwal. 54. Futures Markets in Agriculture -- Episode 12 of The Seen and the Unseen (w Karthik Shashidhar). 55. Naushad Forbes Wants to Fix India — Episode 282 of The Seen and the Unseen. 56. The Life and Times of KP Krishnan — Episode 355 of The Seen and the Unseen. 57. The Reformers -- Episode 28 of Everything is Everything. 58. The Economics of Derivatives -- TV Somanathan and V Anantha Nageswaran. 59. Sorry, Wrong Number -- Shruti Rajagopalan. 60. Reforming Agricultural Land Conversion Laws in Indian States -- Shruti Rajagopalan, Shreyas Narla, Ankita Dinkar, Kadambari Shah and Ankit Bhatia. 61. The Case for Nuclear Electricity -- Episode 78 of Everything is Everything. 62. Nuclear Power Can Save the World -- Joshua S Goldstein, Staffan A Qvist & Steven Pinker. 63. The Right to Property — Episode 26 of The Seen and the Unseen (w Shruti Rajagopalan). 64. India's Agriculture Crisis — Episode 140 of The Seen and the Unseen (w Barun Mitra and Kumar Anand). 65. Economics in One Lesson — Henry Hazlitt. 66. That Which is Seen, and That Which is Not Seen — Frédéric Bastiat. 67. The Candlemaker's Petition -- Frédéric Bastiat. 68. Marginal Revolution University. 69. Public Choice – A Primer — Eamonn Butler 70. Micromotives and Macrobehavior -- Thomas Schelling. Amit Varma runs a course called Life Lessons, which aims to be a launchpad towards learning essential life skills all of you need. For more details, and to sign up, click here. And have you read Amit's newsletter? It's madly active right now! Subscribe right away to The India Uncut Newsletter! It's free! Also check out Amit's online course, The Art of Clear Writing. Episode art: 'The Regulated' by Simahina.

Roundup of the Week's Top Stories in Economics and FreedomInflation Hits 10% AnnualizedHalf of High Income Canadians Have Fled to the USTaxes Now Take a Third of EverythingWill Iran Mortally Wound the Petrodollar?AI Can Now Hack EverythingRead the article "AI Can Now Hack Everything" at https://www.profstonge.com/Visit our Sponsor: Monetary MetalsEarn 5% to 12% interest on your physical gold and silver, paid in physical gold and silver.Visit our Sponsor: CoinKiteProtect your Bitcoin with an Ultra-Secure Hardware WalletVisit our Sponsor: Abundant MinesMine Bitcoin, Keep the Profits, Reduce your Taxes. We handle Everything.Visit our Sponsor: The Bitcoin WayStep-by-step help with Bitcoin self-custody, upgraded cybersecurity, and Plan B residency.Profstonge WeeklyWeekly articles on economics and freedom and a monthly investment Watch ListDisclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show

The League Episode #48 – Show Notes Solar is scaling at a record pace in the U.S., but grid infrastructure, policy decisions, and permitting challenges are becoming the biggest bottlenecks. From interconnection costs in New York to stalled community solar in California and rising data center demand, the gap between generation and infrastructure is widening.   Host Bio: Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, solar developer and consulting firm, and a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed over 100 MWs of solar projects across the U.S., helped launch the first residential solar tax equity funds at Tesla, and brokered $45 million in Renewable Energy Credits (“REC”) transactions. Prior to founding Reneu Energy, Benoy was the Environmental Commodities Trader in Tesla's Project Finance Group, where he managed one of the largest environmental commodities portfolios. He originated REC trades and co-developed a monetization and hedging strategy with senior leadership to enter the East Coast market.  As Vice President at Vanguard Energy Partners, Benoy crafted project finance solutions for commercial-scale solar portfolios. His role at Ridgewood Renewable Power, a private equity fund with 125 MWs of U.S. renewable assets, involved evaluating investment opportunities and maximizing returns. He also played a key role in the sale of the firm's renewable portfolio. Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and Financial Advisory Services at Ernst & Young, following an internship on the trading floor at D.E. Shaw & Co., a multi billion dollar hedge fund. Benoy holds an MBA in Finance from Rutgers University and a BS in Finance and Economics from NYU Stern, where he was an Alumni Scholar. Connect with Benoy on LinkedIn: https://www.linkedin.com/in/benoythanjan/ Learn more:  https://reneuenergy.com https://www.solarmaverickpodcast.com   Host Bio: David Magid David Magid is a seasoned renewable energy executive with deep expertise in solar development, financing, and operations. He has worked across the clean energy value chain, leading teams that deliver distributed generation and community solar projects. David is widely recognized for his strategic insights on interconnection, market economics, and policy trends shaping the U.S. solar industry. Connect with David on LinkedIn: https://www.linkedin.com/in/davidmagid/  If you have any questions or comments, you can email us at info@reneuenergy.com. Solar Maverick Podcast Updates In this episode, Benoy Thanjan shares key updates with the Solar Maverick community, including upcoming events, speaking engagements, and ways to stay connected. Benoy is hosting the Summer Solstice Fundraiser on June 4th in Jersey City at Hudson Hall, bringing together the clean energy community for an evening of networking and impact. The event supports Let's Share the Sun, a nonprofit delivering solar and energy storage solutions to underserved communities in Puerto Rico, including families with critical 24 hour energy needs. The event will run from 6 PM to 10 PM and includes food, networking, and a special program at 8 PM featuring insights from the Let's Share the Sun team, delegation participants, and event sponsors.  This will be Benoy's third delegation in the past year, and he highlights the importance of meeting beneficiaries firsthand and seeing how solar is transforming lives. Those interested in attending or sponsoring are encouraged to reach out directly or register here:  https://luma.com/jl734ggi On April 28, Benoy will be at the MSSIA Insight Conference in New Jersey, where he will be participating in discussions alongside some of the greatest minds in AI. He will also be recording a live Solar Maverick Podcast interview at the event. More details can be found here:  https://whova.com/web/9I7SOtGH70LucVmeo0%40vp6bW2LE6IfIeHa%40QWl72RaE%3D/ On May 14, Benoy will be speaking at the ACORE Finance Forum 2026 in New York City on a panel focused on scaling behind the meter solar and storage for commercial and industrial and digital infrastructure. The discussion will explore the growing demand for energy driven by AI and data centers. https://acore.org/events/finance-forum/ Listeners can also visit www.solarmaverickpodcast.com to explore recent episodes and insights from leaders across the solar, storage, and energy industries.   Please provide 5 star reviews      If you enjoyed this episode, please rate, review and share the Solar Maverick Podcast so more people can learn how to accelerate the clean energy transition.    Reneu Energy Reneu Energy provides expert consulting across solar and storage project development, financing, energy strategy, and environmental commodities. Our team helps clients originate, structure, and execute opportunities in community solar, C&I, utility-scale, and renewable energy credit markets. Email us at info@reneuenergy.com to learn more.  

Things are changing. It's not a murder charge but it's some damn important progress. It has begun. An ICE agent is finally being charged. Scientists warn a catastrophic ocean collapse is now far more likely than we thought. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Season 6, Episode 4: Season 6 of the No Cap Podcast continues with a deep dive into one of the most misunderstood sectors in commercial real estate. Jack and Alex sit down with Brian Finnegan, CEO of Brixmor Property Group, to unpack how grocery-anchored retail quietly became one of the most resilient asset classes in the market. From tenant mix and small shop economics to redevelopment-driven growth, Brian breaks down what actually drives performance in today's retail environment. He also explains how Brixmor has scaled its portfolio of open-air centers by focusing on necessity-based demand and adapting to shifting consumer behavior. They also get into the reality behind e-commerce, why new retail supply has nearly disappeared, and how omnichannel strategies are reshaping leasing, operations, and long-term value creation across the sector. Shoutout to our sponsor, Appfolio. The growth engine transforming how firms handle investor relations and distributions. TOPICS 00:00 – Introduction to Brian Finnegan and Brixmor Property Group 02:30 – Career Origins: From Litigation Support to Sales Skills 09:09 – Massive Growth and Strategic Shifts (2004–2006) 14:13 – Partnership with Anchor Tenants and Redevelopment Strategies 15:35 – The Economics of Small Shops vs. Anchor Tenants 17:13 – The "Genetics" and Formula of a Modern Retail Center 18:48 – Health, Wellness, and Fitness Trends in Retail 19:07 – The Growth of "Medtail" and Service-Based Tenants 42:51 – The Future of Shopping Centers and Community Impact 49:00 – Leadership, Culture, and Opening New Markets For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America's economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry's biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily  CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.

Did a Stop-the-Steal Republican Just Steal Your Vote in Michigan? Progressive US Representative from Wisconsin, Mark Pocan joins Thom for a national town-hall meeting. Is it time to end the Electoral College and what does the election of new Virginia Governor Abigail Spanberger mean for the future of the republic?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Steph and Joy are live this week for the WEEKLY dish. They are joined by James Norton from Heavy Table to discuss restaurant economics.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

“In the book I spend a bunch of time basically teaching skills and teaching frameworks of thinking. Not to indoctrinate, it's not a framework like an ideology where you need to believe exactly these things. This is a lot more about how does one use their minds effectively to solve problems that have been solved before. Of course, I work on things that have to do with investment and climate and the future of the economy and automation. The main things I'm trying to teach in the book are skills around creativity, critical thinking, community compassion and frameworks around how to go and use that on problems that should be relatively portable to a bunch of problems that are meaningful to you. The way that education needs to change is that people need to actively be working on things that truly matter to them so that over time they end up being able to go make that difference.”Tom Chi is a physicist, designer, inventor, and investor whose work has shaped everything from Google Glass and rapid prototyping at Google X to some of the most ambitious climate technologies being built today. He's now the founding partner of At One Ventures, where he invests in deep-tech companies focused on a bold goal: a world where humanity is a net positive to nature.Tom's new book, Climate Capital: Investing in the Tools for a Regenerative Future, reframes economics itself—not as a fixed law, but as a design discipline that can be reimagined to align with the physical realities of our planet. Drawing on science, systems thinking, and lessons from nature, the book offers a grounded, practical framework for moving beyond both climate doom and empty optimism—and toward real, regenerative solutions. Today's conversation is about what Tom calls the 4Cs: Capital, Compassion, Climate, and Community—but also about agency, responsibility, and what becomes possible when we stop treating the future as something that happens to us and start designing it deliberately.(0:00) Overcoming Powerlessness through Creativity, Critical Thinking, Community CompassionWhy broad hopelessness about the future is a purposeful tactic to maintain the status quo.(7:16) How average temperature metrics fail to communicate the true danger of extreme climate volatility.(11:54) Economics as Design(17:11) Multi-disciplinary Learning Centered on Real-World Impact(26:12) Local Resilience(31:15) Tax & Capital Misallocation(36:52) Build Integrity(45:32) AI and Robotics in Agriculture(51:08) The First Honeybee Vaccine(56:11) The Entropy Curve of Pollution(1:15:31) Human-Centric AIFlipping the priority of automation to serve the collective good rather than enriching a select few(1:20:59) Thinking in PicturesHow learning to communicate and problem-solve without language fueled a career in deep tech inventionEpisode Websitewww.creativeprocess.info/podInstagram:@creativeprocesspodcast

Philosopher Stefan Molyneux breaks down Leroy and Sammy's veganism-triggered relationship conflict, unearthing childhood scars and value clashes to enforce clear communication and shared victory.GET FREEDOMAIN MERCH! https://shop.freedomain.com/SUBSCRIBE TO ME ON X! https://x.com/StefanMolyneuxFollow me on Youtube! https://www.youtube.com/@freedomain1GET MY NEW BOOK 'PEACEFUL PARENTING', THE INTERACTIVE PEACEFUL PARENTING AI, AND THE FULL AUDIOBOOK!https://peacefulparenting.com/Join the PREMIUM philosophy community on the web for free!Subscribers get 12 HOURS on the "Truth About the French Revolution," multiple interactive multi-lingual philosophy AIs trained on thousands of hours of my material - as well as AIs for Real-Time Relationships, Bitcoin, Peaceful Parenting, and Call-In Shows!You also receive private livestreams, HUNDREDS of exclusive premium shows, early release podcasts, the 22 Part History of Philosophers series and much more!See you soon!https://freedomain.locals.com/support/promo/UPB2025

Our Head of U.S. Pharma and Biotech Terence Flynn discusses how the rapid pace of adoption of weight management treatments could have far-reaching implications across healthcare, consumer behavior and global markets.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Terence Flynn, Morgan Stanley's Head of U.S. Pharma and Biotech Research. Today: the next phase of growth in obesity medicines – the GLP-1 unlock.It's Friday, April 17th, at 2pm in New York.There are moments in healthcare where innovation, policy, and patient demand all converge. And when they do, the impact can extend far beyond medicine. Now we believe GLP-1 therapies are at one of those moments. We estimate that the obesity medications market could reach around $190 billion at peak across obesity and diabetes. Now, that's a meaningful step up from prior expectations – and it reflects a shift from early adoption to a much broader, more scalable opportunity.Despite the surge in attention to GLP-1s in the last couple of years, penetration actually remains relatively low today. Only about 6 percent of eligible obesity patients in the U.S. are currently using GLP-1 therapies, and just 2 percent outside the U.S. So, while the growth has been significant, the reality is that we're still early. And that's what makes this moment so important.So, we see five drivers that are pushing the next phase of adoption.The first is a shift of oral medications. These therapies have historically been injectables, which limits adoption. But newer oral options are changing that. Notably, just under 80 percent of oral GLP-1 users are new to the category. And this signals real market expansion.Second, expanding access through Medicare. A new U.S. framework is opening these drugs to millions of older patients, with out-of-pocket costs potentially around $50 per month. Now, that's a meaningful shift, and one that could significantly broaden utilization.Third is lower costs and broader insurance coverage. We're already seeing progress here. Average monthly out-of-pocket costs have declined to about $120, down from $170 last year. Now, at the same time, employer coverage for obesity treatments is expected to rise from just under 50 percent last year to around 65 percent by 2027.Fourth is global expansion. Outside the U.S., adoption is more price-sensitive, but the opportunity is large. As costs come down and access improves, especially in markets like China and Brazil, we expect uptake to accelerate.And fifth is innovation beyond weight loss. These therapies are increasingly being studied across a range of conditions: from cardiovascular and kidney disease to inflammation and neurological disorders. And that has the potential to further expand the addressable market over time.So how big could the GLP-1 market get? Well globally, we estimate there are about 1.3 billion people eligible for these therapies. Now our base case assumes roughly 12 percent of that population is treated by 2035, including about 30 percent penetration in the U.S. Now, even at those levels, we're looking at a $190 billion market – with a potential bull case of around $240 billion.But this story doesn't stop at healthcare. We estimate GLP-1 adoption could reduce U.S. calorie consumption by about 1.6 percent by 2035. Now, that may sound modest, but at scale it has real implications, with ripple effects across consumer behavior and industries like food, retail, and healthcare services.So, stepping back, this is what defines the GLP-1 unlock. We're approaching a key inflection point that's driven by oral therapies, broader access, and ongoing innovation. With adoption still low relative to the eligible population, the growth runway remains significant. At its core, this is a long-term structural shift in how chronic disease is treated, and how that reshapes markets.Thanks so much for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Forensic psychiatrist and editor of “The Dangerous Case of Donald Trump” Dr Bandy Lee reacts to DJT's recent brain flatulence, "What's a Corner Store?" Has Trump Got Dementia or Is He Just Morbidly Rich? Will Republicans Face Daily War Votes as Polls Collapse? Plus, AIPAC Democrat Sinks War Powers Resolution by a Single Vote!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How stripping lawmakers of experience hands power straight to lobbyists and billionaires…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Will AI take my job? On today's show, Anthropic's head of economics Peter McCrory sits down with Kimberly to answer our burning questions about artificial intelligence's effects on the labor market. We'll get into what Anthropic's research shows about how people are using the company's chatbot Claude and what that could mean for the future of the global economy. Here's everything we talked about today:"Snap's stock jumps on plans to axe 16% of its workforce citing AI efficiencies" from CNBC"Anthropic Economic Index report: Learning curves" from Anthropic"Labor market impacts of AI: A new measure and early evidence" from Anthropic "Anthropic Economic Index report: Uneven geographic and enterprise AI adoption" from Anthropic "Behind the Curtain: A white-collar bloodbath" from Axios"Estimating AI productivity gains from Claude conversations" from Anthropic"What 81,000 people want from AI" from AnthropicWe love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave discusses Donald Trump's most recent interview in which he claims that the war with Iran is close to over, that the economy is doing well, and more.Support Our Sponsors:My Patriot Supply - http://preparelikedave.comProlon - https://prolonlife.com/potpRidge - https://ridge.com/potp10Superpower - https://superpower.com/ and use code PROBLEM for $20 off!Part Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In August 1863, as Lee's army retreated from Gettysburg and Vicksburg fell to Grant, the Union's Anaconda Plan deployed hundreds of ships to strangle 3,500 miles of Confederate coastline, triggering hyperinflation and economic collapse as the South lost its ability to export King Cotton for vital war supplies. Yet in Mobile, Alabama—uniquely insulated from the front lines—civilian merchant mariners with knowledge of hidden coastal inlets and shifting sandbars became the Confederacy's lifeline, piloting low-profile steel-hulled steamers through Union blockades in total darkness using lead-lining and secret shore-based signal stations. These daring runs generated profits of 700% to 1,000% per voyage, but before the Confederate government mandated 50% war supplies per shipment, captains often prioritized black market silks and liquors over desperately needed ammunition and salt. Today's guest is Bill C. Wilson, career merchant mariner and author of Course Over Ground, a historical thriller set during the height of Civil War blockade running in his hometown of Mobile. We discuss how blockade runners shifted from wooden sailing vessels to steamers burning "smokeless" anthracite coal to remain invisible on the horizon, why the transition to high-pressure steam engines was necessary to outrun Union "double-enders," and how the shuttle system between neutral ports like Nassau and Bermuda kept the cotton-for-arms pipeline flowing. Wilson also reveals his favorite research discovery: during the Battle of Mobile Bay, the last confirmed bayonet wound suffered by an American sailor occurred when two warships came into contact, and explains why once Wilmington fell in 1865, the blockade runner's role was already obsolete due to the collapse of the Southern rail system.See omnystudio.com/listener for privacy information.

Our Global Head of Fixed Income Research Andrew Sheets breaks down how Péter Magyar's win in Hungary's election could smooth relations with the EU and lower the risk premium in the country's assets.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today on the program, how we're thinking about the market implications of a recent election. It's Thursday, April 16th at 2pm in London. Hungary has about the same population as New Jersey. And yet its elections last weekend commanded global attention. The contest pitted the party of Viktor Orbán, who had served as Prime Minister since 2010, against a former protégé turned rival, Péter Magyar. As a sign of the global importance and as a referendum on the future of Hungary and its place in Europe, this vote was seen as significantly important that the U.S. Vice President flew in to campaign on Orbán's behalf. Among the issues at stake were Hungary's relationship with Europe's broader political and economic architecture. Hungary has been a member of the European Union since 2004, but has frequently clashed with the bloc under Orbán's tenure. This has European-wide implications, as a number of key EU procedures – including the levying of sanctions, defence policy, and enlargement – require unanimous approval among member states. A single dissenting vote, from Hungary or anywhere else, can prove highly disruptive. This month the European Commission President proposed moving forward with changing the voting system and linking it more closely to population. But there's a wrinkle… This change would still need to pass by unanimous vote. So back to the election. The result was a landslide win for the opposition, with Péter Magyar's party securing 138 out of 199 seats in the National Assembly. The shift in leadership, the first since 2010, and the scale of the majority, have meaningful geopolitical implications for Europe. But since this is a markets-focused podcast … we'll focus on the markets. First, new leadership in Hungary may mean warmer relations with the European Union. And that could mean money. Unfreezing access to EU funds, one of the new government's policy goals, could result in 1 to 1.5 percent higher potential GDP growth for Hungary, per Morgan Stanley economists. And the new government has also proposed taking steps to adopt the Euro as its official currency. Both of these developments could help reduce the risk premium embedded in Hungarian assets. While Hungarian interest rates fell and its currency appreciated following the vote, our strategists think that both could move further – with interest rates falling a further 0.5 to 1 percent, and the currency appreciating a further 2 to 4 percent. And while Hungary is a pretty small equity market in global terms, it is one that our strategists like, and are overweight.Hungary's recent election attracted global focus. While much remains to be seen, the prospect for smoother relations with the rest of Europe is a positive for both Hungary's assets and the Bloc as a whole. For different reasons related to Energy uncertainty, relative earnings, and relative monetary policy, we do continue to prefer U.S. equities and government bonds over their European counterparts. But as a longer-term story in Europe that's important to watch, we think this definitely qualifies. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. Also tell a friend or colleague about us today.

Will AI take my job? On today's show, Anthropic's head of economics Peter McCrory sits down with Kimberly to answer our burning questions about artificial intelligence's effects on the labor market. We'll get into what Anthropic's research shows about how people are using the company's chatbot Claude and what that could mean for the future of the global economy. Here's everything we talked about today:"Snap's stock jumps on plans to axe 16% of its workforce citing AI efficiencies" from CNBC"Anthropic Economic Index report: Learning curves" from Anthropic"Labor market impacts of AI: A new measure and early evidence" from Anthropic "Anthropic Economic Index report: Uneven geographic and enterprise AI adoption" from Anthropic "Behind the Curtain: A white-collar bloodbath" from Axios"Estimating AI productivity gains from Claude conversations" from Anthropic"What 81,000 people want from AI" from AnthropicWe love hearing from you. Leave us a voicemail at 508-U-B-SMART or email makemesmart@marketplace.org.

Reporting from Kiev, Ukraine, veteran war correspondent Phil Ittner expounds the impact of the election in Hungary voting down Orban. Has Tulsi Gabbard turned the Intelligence Community into DJT's personal revenge machine? Also did Pete Hegseth really preach the Gospel of Quentin Tarantino at the Pentagon? Does Donald's Iran War mean that you won't be flying? And an open letter to Marjorie Taylor Greene.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

If you're ready to move beyond Trump and tackle what's actually broken, let's have the real conversation…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "the fire" Bernstein discuss Ben Shapiro attempting to portray the war with Iran in a positive light, Douglas Murray on Bill Maher saying that we should finish the war because we should "start what we finish", and more.Support Our Sponsors:BodyBrain - Go to BodyBrainCoffee.com, use code DAVE20 for 20% off your first orderFast Growing Trees - Use code PROBLEM at http://www.fastgrowingtrees.com to save an additional 20% off your first order with Fast Growing Trees!CrowdHealth - https://www.joincrowdhealth.com/promos/potpPart Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Kim Bowes is an archaeologist at the University of Pennsylvania whose book, Surviving Rome: The Economic Lives of the Ninety Percent, Tyler calls perhaps his favorite economics book of 2025. By sifting through the material remains of Roman life — shoes, bricks, ceramics, and the like — she uncovers a picture of ordinary Romans who could evidently afford to buy multiple sets of colorful clothes, use gold coins for daily transactions, and eat peppercorns sourced from thousands of miles away. This vast web of commerce, she argues, both bound the empire together and provided the tax base that kept it running — and when it unraveled, Rome unraveled with it. Tyler and Kim discuss what would surprise a modern visitor to a Roman elite home, what early Roman Christianity actually looked like on the ground, why Romans never developed formal economic reasoning, what decentralized money-lending reveals about the Roman state, whether there were anything like forward markets, why Romans continued to use coins even as the empire debased them, the economics of Roman slavery, whether Roman recipes taste any good, the Romans as hyper-scalers rather than inventors, what Rome made of China and Egypt, why Kim's not a fan of the Vesuvius challenge, the practicalities of landscape archaeology, how a vast belt of factories along the Tiber Valley went undiscovered until twenty years ago, where to go on a three-week tour of the Roman Empire, what she thinks is ultimately behind Rome's unraveling, and much more. Read a full transcript enhanced with helpful links, or watch the full video on the new dedicated Conversations with Tyler channel. Recorded February 2nd, 2026. Other ways to connect Follow us on X and Instagram Follow Tyler on X Sign up for our newsletter Join our Discord Email us: cowenconvos@mercatus.gmu.edu Learn more about Conversations with Tyler and other Mercatus Center podcasts here. Timestamps: 00:00:00 - Intro 00:01:06 - Roman Housing 00:08:28 - What Early Roman Christians Actually Believed 00:16:29 - Roman Economic Thought 00:18:39 - Roman Banking and Money Practices 00:28:48 - The Economics of Roman Slavery 00:31:56 - What Held The Roman Empire Together 00:36:46 - Roman Cookery 00:39:17 - The Romans as Masters of Scale 00:42:05 - Rome's Contact with Asia 0043:59 - The Vesuvius Challenge 00:45:13 - Ancient Carthage and the Fall of Rome 0049:43 - The Realities of Doing Archaeology 00:57:15 - Touring the Roman Empire 01:00:42 - Outro

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "the fire" Bernstein discuss the U.S. now blocking the Strait of Hormuz, the politics of Iran protecting Lebanon, Steven Crowder's statements about backing Trump no matter what, and more.Support Our Sponsors:The Wellness Company - Visit www.twc.health/problem to get American Made Ivermectin. Order your 6-month supply today and use code PROBLEM for $30 Off + FREE shipping. USA Residents onlyCowboy Colostrum - Get 25% Off Cowboy Colostrum with code DAVE at https://www.cowboycolostrum.com/DAVEMy Patriot Supply - http://preparelikedave.comVanMan - https://vanman.shop/DAVEPart Of The Problem is available for early pre-release at https://partoftheproblem.com as well as an exclusive episode on Thursday!PORCH TOUR DATES HERE:https://robbernsteincomedy.com/eventsFind Run Your Mouth here:YouTube - http://youtube.com/@RunYourMouthiTunes - https://podcasts.apple.com/us/podcast/run-your-mouth-podcast/id1211469807Spotify - https://open.spotify.com/show/4ka50RAKTxFTxbtyPP8AHmFollow the show on social media:X:http://x.com/ComicDaveSmithhttp://x.com/RobbieTheFireInstagram:http://instagram.com/theproblemdavesmithhttp://instagram.com/robbiethefire#libertarian See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.