Podcasts about Economics

How is your brain like an ant colony? They both use simple parts following simple rules which allows the whole to be so much more than the sum of the parts. Listen as neuroscientist and author Gaurav Suri explains how the mind emerges from the neural network of the brain, why habits form, why intuition often knows before language does, and why our post-hoc explanations can mislead us. The conversation then grapples with free will and responsibility without mysticism. Ultimately, Suri remains in awe of the emergent mind and at the end of the conversation makes the case for the essential importance of kindness and forgiveness.

Philip Nash's book Clare Boothe Luce: American Renaissance Woman (Routledge, 2022) is a concise and highly readable political biography that examines the life of one of the most accomplished American women of the 20th century. Wife and mother, author, editor, playwright, political activist, war journalist, Congresswoman, ambassador, pundit, and feminist—Luce did it all. Carefully placing Luce in a series of shifting historical contexts, this book offers the reader an insight into mid-century American political, cultural, gender, and foreign relations history. Eleven primary sources follow the text, including excerpts from Luce's diary, letters, speeches, and published works, as well as a TV talk-show appearance and a critic's diary entry describing an evening with her, helping readers to understand her fascinating life. Together, the narrative and documents afford readers a brief yet in-depth look at Luce with all her complications: glamorous intellectual, acid-tongued diplomat, and feminist conservative, she was a deeply flawed high-achiever who repeatedly challenged the entrenched sexism of her age to become a significant actor in the rise of the “American Century.” Addressing the neglect suffered by women in foreign relations history, this will be of interest to students and scholars of US foreign relations, 20th-century US history, and US women's history. Victoria Phillips is a Visiting Fellow at the London School of Economics in the Department of International History. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/history

Responding to  @TimcastIRL  and  @The_Crucible  after they aired a segment on my plural family, linked below.Should Polygamist Families be Welcome at Church? - https://richtidwell.com/should-polygamist-families-be-welcome-at-church/A Letter to the Anglican Church: https://bit.ly/PolygynyLetterOn Plural Marriage: https://richtidwell.com/on-plural-marriage/The Mia & Heis Saga: https://richtidwell.com/mia-and-heis/St. Augustine, On The Good of Marriage: https://www.newadvent.org/fathers/1309.htm"Andrew Wilson Slams Protestant Pastor For Saying Polygamy Is Biblical" - https://www.youtube.com/watch?v=9CPYbTjcUhgSTUDIES- Birthrates: https://x.com/richtidwell/status/1989109694481170715- London School of Economics and Political Science: https://www.lse.ac.uk/news/new-study-challenges-claim-polygyny-drives-men-to-civil-war- PNAS polygamy study: https://www.pnas.org/doi/10.1073/pnas.2508091122- Females outnumber men: https://www.medicaldaily.com/female-population-has-always-outnumbered-males-historically-according-our-genes-304428- More Christian women in US then men: https://www.pewresearch.org/religious-landscape-study/gender-composition/woman/- More women in the Church than men: https://www.ncls.org.au/articles/why-are-women-more-religious-than-men/

Philip Nash's book Clare Boothe Luce: American Renaissance Woman (Routledge, 2022) is a concise and highly readable political biography that examines the life of one of the most accomplished American women of the 20th century. Wife and mother, author, editor, playwright, political activist, war journalist, Congresswoman, ambassador, pundit, and feminist—Luce did it all. Carefully placing Luce in a series of shifting historical contexts, this book offers the reader an insight into mid-century American political, cultural, gender, and foreign relations history. Eleven primary sources follow the text, including excerpts from Luce's diary, letters, speeches, and published works, as well as a TV talk-show appearance and a critic's diary entry describing an evening with her, helping readers to understand her fascinating life. Together, the narrative and documents afford readers a brief yet in-depth look at Luce with all her complications: glamorous intellectual, acid-tongued diplomat, and feminist conservative, she was a deeply flawed high-achiever who repeatedly challenged the entrenched sexism of her age to become a significant actor in the rise of the “American Century.” Addressing the neglect suffered by women in foreign relations history, this will be of interest to students and scholars of US foreign relations, 20th-century US history, and US women's history. Victoria Phillips is a Visiting Fellow at the London School of Economics in the Department of International History. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/biography

The Nasdaq ends a second consecutive week in the red with investors awaiting Nvidia results and a delayed U.S. jobs print later this week. German finance minister Lars Klingbeil is in Beijing for talks with Vice Premier He Lifeng to reassess economic ties between the two countries. Switzerland is eyeing major U.S. investments after the Trump administration cut tariffs down to 15 per cent. USTR Jaimeson Greer says the EU's tariffs on U.S. goods remain too high and the bloc was slow in cutting back levies. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Philip Nash's book Clare Boothe Luce: American Renaissance Woman (Routledge, 2022) is a concise and highly readable political biography that examines the life of one of the most accomplished American women of the 20th century. Wife and mother, author, editor, playwright, political activist, war journalist, Congresswoman, ambassador, pundit, and feminist—Luce did it all. Carefully placing Luce in a series of shifting historical contexts, this book offers the reader an insight into mid-century American political, cultural, gender, and foreign relations history. Eleven primary sources follow the text, including excerpts from Luce's diary, letters, speeches, and published works, as well as a TV talk-show appearance and a critic's diary entry describing an evening with her, helping readers to understand her fascinating life. Together, the narrative and documents afford readers a brief yet in-depth look at Luce with all her complications: glamorous intellectual, acid-tongued diplomat, and feminist conservative, she was a deeply flawed high-achiever who repeatedly challenged the entrenched sexism of her age to become a significant actor in the rise of the “American Century.” Addressing the neglect suffered by women in foreign relations history, this will be of interest to students and scholars of US foreign relations, 20th-century US history, and US women's history. Victoria Phillips is a Visiting Fellow at the London School of Economics in the Department of International History. Learn more about your ad choices. Visit megaphone.fm/adchoices

Philip Nash's book Clare Boothe Luce: American Renaissance Woman (Routledge, 2022) is a concise and highly readable political biography that examines the life of one of the most accomplished American women of the 20th century. Wife and mother, author, editor, playwright, political activist, war journalist, Congresswoman, ambassador, pundit, and feminist—Luce did it all. Carefully placing Luce in a series of shifting historical contexts, this book offers the reader an insight into mid-century American political, cultural, gender, and foreign relations history. Eleven primary sources follow the text, including excerpts from Luce's diary, letters, speeches, and published works, as well as a TV talk-show appearance and a critic's diary entry describing an evening with her, helping readers to understand her fascinating life. Together, the narrative and documents afford readers a brief yet in-depth look at Luce with all her complications: glamorous intellectual, acid-tongued diplomat, and feminist conservative, she was a deeply flawed high-achiever who repeatedly challenged the entrenched sexism of her age to become a significant actor in the rise of the “American Century.” Addressing the neglect suffered by women in foreign relations history, this will be of interest to students and scholars of US foreign relations, 20th-century US history, and US women's history. Victoria Phillips is a Visiting Fellow at the London School of Economics in the Department of International History. Learn more about your ad choices. Visit megaphone.fm/adchoices

Sitting-in for Thom Hartmann guest-host Jefferson Smith of the Democracy Nerd podcast asks that we have to reestablish some sense of shared morality in America. What is worth talking about with our relatives at Thanksgiving? The coalition of corruption and self-dealing has to lose for the sake of the continued future of the country.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This is a free preview of a paid episode. To hear more, visit www.louiseperry.co.ukMy guest today is Melissa Kearney, Professor of Economics at the University of Notre Dame and author of ‘The Two-Parent Privilege: How Americans Stopped Getting Married and Started Falling Behind.'We spoke about the experience of raising children in a low fertility society, why feminists should care about pronatalism, the cause of the massive recent dec…

Donald Trump's been all over the place with his tariffs, but the US is now bringing in billions of dollars in revenue from them.Months since the tariffs were first announced and after dire warnings from economists, how is the American economy really faring? Today, Penny Goldberg, professor of economics at Yale University, on why the US economy hasn't yet seen a major downturn and the dark clouds in the longer term outlook. Featured:Pinelopi Koujianou Goldberg, Professor of Economics at Yale University and fmr Chief Economist at the World Bank Group

Wolfgang and Jack are joined by : John Johnson, PhD in Economics and CFA – Retired Strategist and Music Enthusiast Mark Aston – A passionate and well-respected not-for profit leader, assumed the post of Covenant House Toronto Executive Director in July 2019.

Sitting-in for Thom Hartmann is guest-host Jefferson Smith of the Democracy Nerd podcast. Listeners phone is to discuss the latest political news and strategies for Democratic wins when faced with growing autocracy.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Inside Economics team records a rare Saturday podcast. They consider the fallout from the just-ended government shutdown on the broader economy and the economic data.  It's not good, but it ended just before it did serious damage. The team also takes up the Trump administration's pivot to addressing affordability, including scaling back tariffs, most important for the group, those on pasta and bananas.  And they introduce a new regular segment of the podcast – listener questions.  So, keep them coming.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 AnalyticsFollow Mark Zandi on 'X' and BlueSky @MarkZandi, Cris deRitis on LinkedIn, and Marisa DiNatale on LinkedIn Questions or Comments, please email us at helpeconomy@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.

Randy: “We're supposed to believe the central bank manages inflation by using interest rates?" Steve: “It's ridiculous.” L. Randall Wray, one of the original MMT economists, recently wrote a paper with Yeva Nersisyan entitled, No, the Fed is NOT Independent – It is a Creature of Congress. Steve invited Randy for a conversation about how the Federal Reserve is, and always has been, a "creature of Congress," and its supposed independence is a smokescreen that benefits the wealthy at the expense of the rest of us.The Fed has a dual mandate of full employment and price stability, yet it consistently prioritizes the stability of Wall Street over the well-being of Main Street, bailing out banks while leaving workers to face the fallout of manufactured recessions. Randy describes how raising interest rates – the Fed's so-called tool – works to suppress wages by slowing the economy and killing job growth. Federal Reserve transcripts explicitly state that they fear “wage inflation” but see “profit inflation” as desirable.Randy wants Congress to take control of the central bank. (Some of us don't see Congress as independent either.) But whatever our belief in the role of the state and who it serves, the episode contains valuable information on central bank operations, how interest rate hikes discipline labor, the truth about “fighting” inflation, and the difference between monetary and fiscal policy. We need to understand the mechanics of power if we're going to build the future we deserve.L. Randall Wray is a Professor of Economics at the Levy Economics Institute of Bard College, and Emeritus Professor at University of Missouri-Kansas City. He is one of the developers of Modern Money Theory and his newest book on the topic is Understanding Modern Money Theory: Money and Credit in Capitalist Economies (Elgar, 2025).

Alex Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI and a Vasilou Faculty Scholar at the University of Chicago Booth School of Business, where he has taught Negotiations and Behavioral Economics. He is a Faculty Affiliate of the Center for Applied AI and the Human Capital & Economic Opportunity, an NBER Faculty Research Associate, and a CESifo Research Network Fellow. He is also an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex studies behavioral economics with a focus on how people understand and mentally represent the choices they are facing. His research explores topics related to how people learn and make choices in settings with risk and uncertainty. He also studies the economics of artificial intelligence and discrimination. Alex's work utilizes a variety of methods, including controlled laboratory experiments, field experiments, analysis of observational data and theoretical modeling. Alex Imas is the recipient of the 2023 Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, the New Investigator Award from the Behavioral Science and Policy Association, the Hillel Einhorn New Investigator Award from the Society of Judgment and Decision Making, the Distinguished CESifo Affiliate Award, and the NSF Graduate Research Fellowship. He is the co-author, with Richard Thaler, of The Winner's Curse: Behavioral Economics Anomalies, Then and Now (Simon and Schuster, 2025). He is an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex was born in Bender, Moldova. Previously, he was the William S. Dietrich II Assistant Professor of Behavioral Economics at Carnegie Mellon University, where he taught Behavioral Economics and Human Judgment and Decision Making. He did his PhD in economics at the University of California, San Diego and earned a BA from Northwestern University. Prior to graduate school, Imas helped found a startup and co-authored several patents as part of its intellectual property strategy. Teaching materials for The Winner's Curse can be found here. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco, where he leads the Master's Program in International and Development Economics at the University of San Francisco. He is also a nonresident scholar at the UCSD 21st Century China Center and an alumnus of the Public Intellectuals Program of the National Committee on US-China Relations. His research focuses on the economics of information, incentives, and institutions, primarily as applied to the development and governance of China. He created the unique Master's of Science in Applied Economics at the University of San Francisco, which teaches the conceptual frameworks and practical data analytics skills needed to succeed in the digital economy. Guest interviewer Robizon Khubulashvili is an Assistant Professor of Economics at the University of San Francisco. His research is at the intersection of theoretical, behavioral, and experimental microeconomics. A common question in his research is, how can we use a user's revealed preferences to improve the performance of online platforms? Robizon has studied this question in two settings: when monetary incentives are missing (an online gaming platform) and when monetary incentives are present (an online gambling platform). His work suggests that heterogeneity among users is an essential consideration in designing better online platforms; that is, a policy benefiting one type of user might harm the other. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Alex Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI and a Vasilou Faculty Scholar at the University of Chicago Booth School of Business, where he has taught Negotiations and Behavioral Economics. He is a Faculty Affiliate of the Center for Applied AI and the Human Capital & Economic Opportunity, an NBER Faculty Research Associate, and a CESifo Research Network Fellow. He is also an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex studies behavioral economics with a focus on how people understand and mentally represent the choices they are facing. His research explores topics related to how people learn and make choices in settings with risk and uncertainty. He also studies the economics of artificial intelligence and discrimination. Alex's work utilizes a variety of methods, including controlled laboratory experiments, field experiments, analysis of observational data and theoretical modeling. Alex Imas is the recipient of the 2023 Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, the New Investigator Award from the Behavioral Science and Policy Association, the Hillel Einhorn New Investigator Award from the Society of Judgment and Decision Making, the Distinguished CESifo Affiliate Award, and the NSF Graduate Research Fellowship. He is the co-author, with Richard Thaler, of The Winner's Curse: Behavioral Economics Anomalies, Then and Now (Simon and Schuster, 2025). He is an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex was born in Bender, Moldova. Previously, he was the William S. Dietrich II Assistant Professor of Behavioral Economics at Carnegie Mellon University, where he taught Behavioral Economics and Human Judgment and Decision Making. He did his PhD in economics at the University of California, San Diego and earned a BA from Northwestern University. Prior to graduate school, Imas helped found a startup and co-authored several patents as part of its intellectual property strategy. Teaching materials for The Winner's Curse can be found here. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco, where he leads the Master's Program in International and Development Economics at the University of San Francisco. He is also a nonresident scholar at the UCSD 21st Century China Center and an alumnus of the Public Intellectuals Program of the National Committee on US-China Relations. His research focuses on the economics of information, incentives, and institutions, primarily as applied to the development and governance of China. He created the unique Master's of Science in Applied Economics at the University of San Francisco, which teaches the conceptual frameworks and practical data analytics skills needed to succeed in the digital economy. Guest interviewer Robizon Khubulashvili is an Assistant Professor of Economics at the University of San Francisco. His research is at the intersection of theoretical, behavioral, and experimental microeconomics. A common question in his research is, how can we use a user's revealed preferences to improve the performance of online platforms? Robizon has studied this question in two settings: when monetary incentives are missing (an online gaming platform) and when monetary incentives are present (an online gambling platform). His work suggests that heterogeneity among users is an essential consideration in designing better online platforms; that is, a policy benefiting one type of user might harm the other. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/psychology

The Chat Among Titans: From Teslas to K-Pop Demons In this episode of Project Synapse, Marcel Gagner, John Pinard, and Jim engage in a lively discussion that seamlessly weaves through a variety of topics. They reminisce about classic TV shows like Thunderbirds and Stingray, before diving deep into the latest in AI and tech news. Key points include discussions on brand recognition linked to income levels, the rise of Google's Gemini AI, ethical dilemmas surrounding AI-generated content, and the economic implications of data centers. Marcel shares his first-hand Tesla Model Y test drive experience, showcasing the futuristic feel of Tesla's self-driving capabilities. The episode concludes with plans to tackle misinformation in AI on their next show. 00:00 Nostalgic Beginnings: Fireball XL5 and Classic TV Shows 01:00 AI and Income: The $100,000 Divide 03:17 Google Gemini: The All-in-One AI Solution 08:05 AI in Music: Breaking Rust and Beyond 13:05 Copyright and AI: The Legal Battle 27:10 The Economics of AI: Debt and Data Centers 39:04 The Rise and Fall of Blackberry 39:20 The AI Economy: Winners and Losers 40:09 Understanding the Kardashev Scale 42:09 The Future of Energy and Civilization 45:13 K-Pop Demons and Chat GPT 5.1 52:15 Exploring Open Source AI Models 01:00:54 Elon Musk's Trillion Dollar Challenge 01:04:24 Tesla Model Y Test Drive Experience 01:14:18 Concluding Thoughts and Farewell

Alex Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI and a Vasilou Faculty Scholar at the University of Chicago Booth School of Business, where he has taught Negotiations and Behavioral Economics. He is a Faculty Affiliate of the Center for Applied AI and the Human Capital & Economic Opportunity, an NBER Faculty Research Associate, and a CESifo Research Network Fellow. He is also an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex studies behavioral economics with a focus on how people understand and mentally represent the choices they are facing. His research explores topics related to how people learn and make choices in settings with risk and uncertainty. He also studies the economics of artificial intelligence and discrimination. Alex's work utilizes a variety of methods, including controlled laboratory experiments, field experiments, analysis of observational data and theoretical modeling. Alex Imas is the recipient of the 2023 Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, the New Investigator Award from the Behavioral Science and Policy Association, the Hillel Einhorn New Investigator Award from the Society of Judgment and Decision Making, the Distinguished CESifo Affiliate Award, and the NSF Graduate Research Fellowship. He is the co-author, with Richard Thaler, of The Winner's Curse: Behavioral Economics Anomalies, Then and Now (Simon and Schuster, 2025). He is an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex was born in Bender, Moldova. Previously, he was the William S. Dietrich II Assistant Professor of Behavioral Economics at Carnegie Mellon University, where he taught Behavioral Economics and Human Judgment and Decision Making. He did his PhD in economics at the University of California, San Diego and earned a BA from Northwestern University. Prior to graduate school, Imas helped found a startup and co-authored several patents as part of its intellectual property strategy. Teaching materials for The Winner's Curse can be found here. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco, where he leads the Master's Program in International and Development Economics at the University of San Francisco. He is also a nonresident scholar at the UCSD 21st Century China Center and an alumnus of the Public Intellectuals Program of the National Committee on US-China Relations. His research focuses on the economics of information, incentives, and institutions, primarily as applied to the development and governance of China. He created the unique Master's of Science in Applied Economics at the University of San Francisco, which teaches the conceptual frameworks and practical data analytics skills needed to succeed in the digital economy. Guest interviewer Robizon Khubulashvili is an Assistant Professor of Economics at the University of San Francisco. His research is at the intersection of theoretical, behavioral, and experimental microeconomics. A common question in his research is, how can we use a user's revealed preferences to improve the performance of online platforms? Robizon has studied this question in two settings: when monetary incentives are missing (an online gaming platform) and when monetary incentives are present (an online gambling platform). His work suggests that heterogeneity among users is an essential consideration in designing better online platforms; that is, a policy benefiting one type of user might harm the other. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Alex Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI and a Vasilou Faculty Scholar at the University of Chicago Booth School of Business, where he has taught Negotiations and Behavioral Economics. He is a Faculty Affiliate of the Center for Applied AI and the Human Capital & Economic Opportunity, an NBER Faculty Research Associate, and a CESifo Research Network Fellow. He is also an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex studies behavioral economics with a focus on how people understand and mentally represent the choices they are facing. His research explores topics related to how people learn and make choices in settings with risk and uncertainty. He also studies the economics of artificial intelligence and discrimination. Alex's work utilizes a variety of methods, including controlled laboratory experiments, field experiments, analysis of observational data and theoretical modeling. Alex Imas is the recipient of the 2023 Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, the New Investigator Award from the Behavioral Science and Policy Association, the Hillel Einhorn New Investigator Award from the Society of Judgment and Decision Making, the Distinguished CESifo Affiliate Award, and the NSF Graduate Research Fellowship. He is the co-author, with Richard Thaler, of The Winner's Curse: Behavioral Economics Anomalies, Then and Now (Simon and Schuster, 2025). He is an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex was born in Bender, Moldova. Previously, he was the William S. Dietrich II Assistant Professor of Behavioral Economics at Carnegie Mellon University, where he taught Behavioral Economics and Human Judgment and Decision Making. He did his PhD in economics at the University of California, San Diego and earned a BA from Northwestern University. Prior to graduate school, Imas helped found a startup and co-authored several patents as part of its intellectual property strategy. Teaching materials for The Winner's Curse can be found here. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco, where he leads the Master's Program in International and Development Economics at the University of San Francisco. He is also a nonresident scholar at the UCSD 21st Century China Center and an alumnus of the Public Intellectuals Program of the National Committee on US-China Relations. His research focuses on the economics of information, incentives, and institutions, primarily as applied to the development and governance of China. He created the unique Master's of Science in Applied Economics at the University of San Francisco, which teaches the conceptual frameworks and practical data analytics skills needed to succeed in the digital economy. Guest interviewer Robizon Khubulashvili is an Assistant Professor of Economics at the University of San Francisco. His research is at the intersection of theoretical, behavioral, and experimental microeconomics. A common question in his research is, how can we use a user's revealed preferences to improve the performance of online platforms? Robizon has studied this question in two settings: when monetary incentives are missing (an online gaming platform) and when monetary incentives are present (an online gambling platform). His work suggests that heterogeneity among users is an essential consideration in designing better online platforms; that is, a policy benefiting one type of user might harm the other. Learn more about your ad choices. Visit megaphone.fm/adchoices

Alex Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI and a Vasilou Faculty Scholar at the University of Chicago Booth School of Business, where he has taught Negotiations and Behavioral Economics. He is a Faculty Affiliate of the Center for Applied AI and the Human Capital & Economic Opportunity, an NBER Faculty Research Associate, and a CESifo Research Network Fellow. He is also an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex studies behavioral economics with a focus on how people understand and mentally represent the choices they are facing. His research explores topics related to how people learn and make choices in settings with risk and uncertainty. He also studies the economics of artificial intelligence and discrimination. Alex's work utilizes a variety of methods, including controlled laboratory experiments, field experiments, analysis of observational data and theoretical modeling. Alex Imas is the recipient of the 2023 Alfred P. Sloan Research Fellowship, the Review of Financial Studies Rising Scholar Award, the New Investigator Award from the Behavioral Science and Policy Association, the Hillel Einhorn New Investigator Award from the Society of Judgment and Decision Making, the Distinguished CESifo Affiliate Award, and the NSF Graduate Research Fellowship. He is the co-author, with Richard Thaler, of The Winner's Curse: Behavioral Economics Anomalies, Then and Now (Simon and Schuster, 2025). He is an Associate Editor at the Journal of the European Economic Association and on the editorial board of Psychological Science. Alex was born in Bender, Moldova. Previously, he was the William S. Dietrich II Assistant Professor of Behavioral Economics at Carnegie Mellon University, where he taught Behavioral Economics and Human Judgment and Decision Making. He did his PhD in economics at the University of California, San Diego and earned a BA from Northwestern University. Prior to graduate school, Imas helped found a startup and co-authored several patents as part of its intellectual property strategy. Teaching materials for The Winner's Curse can be found here. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco, where he leads the Master's Program in International and Development Economics at the University of San Francisco. He is also a nonresident scholar at the UCSD 21st Century China Center and an alumnus of the Public Intellectuals Program of the National Committee on US-China Relations. His research focuses on the economics of information, incentives, and institutions, primarily as applied to the development and governance of China. He created the unique Master's of Science in Applied Economics at the University of San Francisco, which teaches the conceptual frameworks and practical data analytics skills needed to succeed in the digital economy. Guest interviewer Robizon Khubulashvili is an Assistant Professor of Economics at the University of San Francisco. His research is at the intersection of theoretical, behavioral, and experimental microeconomics. A common question in his research is, how can we use a user's revealed preferences to improve the performance of online platforms? Robizon has studied this question in two settings: when monetary incentives are missing (an online gaming platform) and when monetary incentives are present (an online gambling platform). His work suggests that heterogeneity among users is an essential consideration in designing better online platforms; that is, a policy benefiting one type of user might harm the other. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/finance

Michael Zezas, our Global Head of Fixed Income Research and Public Policy Strategy, highlights what investors need to watch out for ahead of next year's U.S. congressional elections.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today, we're tackling a question that's top of mind after last week's off-cycle elections in New Jersey, New York, Virginia, and California: What could next year's midterm elections mean for investors, especially if Democrats take control of Congress?It's Friday, Nov 14th at 10:30am in New York.In last week's elections, Democrats outperformed expectations. In California, a new redistricting measure could flip several house seats; and in New Jersey and Virginia Democrat candidates, won with meaningfully higher margins than polls suggested was likely. As such prediction markets now give Democrats a roughly 70 percent chance of winning the House next year.But before we jump to conclusions, let's pump the brakes. It might not be too early to think about the midterms as a market catalyst. We'll be doing plenty of that. But we think it's too early to strategize around it. Why? First, a lot can change—both in terms of likely outcomes and the issues driving the electorate. While Democrats are favored today, redistricting, turnout, and evolving voter concerns could reshape the landscape in the months to come. Second, even if Democrats take control of the House, it may not change the trajectory of the policies that matter most to market pricing. In our view, Republicans already achieved their main legislative goals through the tax and fiscal bill earlier this year. The other market-moving policy shifts this year—think tariffs and regulatory changes—have come through executive action, not legislation. The administration has leaned heavily on executive powers to set trade policy, including the so-called Liberation Day tariffs, and to push regulatory changes. Future potential moves investors are watching, like additional regulation or targeted stimulus, would likely come the same way. Meanwhile, the plausible Republican legislative agenda—like further tax cuts—would face steep hurdles. Any majority would be slim, and fiscal hawks in the party nearly blocked the last round of cuts due to concerns over spending offsets. Moderates, for their part, are unlikely to tolerate deeper cuts, especially after the contentious debate over Medicaid in the OBBBA (One Big Beautiful Bill Act). So, what could change this view? If we're wrong, it's likely because the economy slows and tips into recession, making fiscal stimulus more politically appealing—consistent with historical patterns. Or, Democrats could win so decisively on economic and affordability issues that the White House considers standalone stimulus measures, like reducing some tariffs. How does this all connect to markets? For U.S. equities, the current policy mix—industrial incentives, tax cuts, and AI-driven capex—has supported risk assets and driven opportunities in sectors like technology and manufacturing. But it also means that, looking deeper into next year, if growth disappoints, fiscal concerns could emerge as a risk factor challenging the market. There doesn't appear an obvious political setup to shift policies to deal with elevated U.S. deficits, meaning the burden is on better growth to deal with this issue. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We'll keep you updated as the story unfolds.

From the halls of Mar-a-Lago to the ruins of Ukrainian hospitals, the toxic bond between Trump, Putin, and Epstein may have reshaped the world and cost the lives of countless children…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sitting in for Thom Hartmann is guest-host Jefferson Smith of the Democracy Nerd podcast. Callers react to Epstein's crimes with pathos and understanding of victims of trauma. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this week's episode, Ryan, Chris, and Courtney sit down with Mihailo Bozic, a dynamic 25-year-old entrepreneur whose journey from Australia to New York City embodies the classic immigrant founder story. With Serbian roots and a background in Finance and Economics from the University of Western Australia, Mihailo has already launched two impactful startups tackling real-world problems. From his first venture Envited, a social media app revolutionizing student event planning, to his current company Migrate Mate, a job board helping immigrants find visa-sponsored roles in the U.S., Mihailo shares how he bootstrapped his way to $500K ARR in just three months and built a community of over 16,000 job seekers. We dive into: The challenges of startup funding and scaling How viral LinkedIn marketing helped Migrate Mate explode Building a 15M+ follower base from a meme page Lessons from pitching to VCs as an immigrant founder Given the uncertainty surrounding today's labor market, the rapid rise of artificial intelligence, evolving U.S. immigration policies, and the shifting landscape of American entrepreneurship, this episode offers timely and thought-provoking insights into the state of the modern U.S. economy. Whether you're an investor, an aspiring entrepreneur, an immigrant chasing opportunity, or simply someone who loves a good hustle story—this conversation is packed with inspiration, practical wisdom, and real-world perspective.

Adam and Cameron discuss the economics of podcasts, a multi-billion dollar industry. And on that topic—twice a year Ones and Tooze conducts a listener support campaign. Please consider supporting the show by following the link below. https://www.paypal.com/donate/?hosted_button_id=ATHRTKECVXVE8 Learn more about your ad choices. Visit megaphone.fm/adchoices

Written by Hannah KhalilIn 2040, a Middle Eastern nation is struggling to survive rising temperatures and rolling power cuts. Architect Noura Halim has devoted her life to designing a new kind of city, one that could protect people from the worsening climate and keep her country alive. But as construction begins, the project drains the nation's fragile resources, workers are pushed to breaking point, and her teenage daughter Amal begins to question everything her mother believes in.As tensions rise at home and across the country, Noura must confront the cost of her own ambition and the possibility that her dream of salvation could destroy the very place she's trying to save.Tipping Point was developed through OKRE Experimental Stories supported by Wellcome in consultation with Dr Robert Hughes of the London School of Hygiene and Tropical Medicine, and Dr Candice Howarth of the London School of Economics.Cast:Noura . . . . . Nadia Albina Amal . . . . . Eleanor Nawal Steve . . . . . Clive Hayward Mr Felix . . . . . Angus Wright Jamila . . . . . Tanvi Virmani TV Presenter . . . . . Jasmine Hyde Noura's Assistant . . . . . Sasha McCabeProduction co-ordinators: Sara Benaim and Emma Donald Sound design: Sharon Hughes Director: Sasha Yevtushenko

Text us your questions!Is the drive to be better than others making us worse? We talk with theologian Miroslav Volf about his book The Cost of Ambition and explore why comparison-based striving saturates our schools, churches, workplaces, and politics. Volf separates healthy aspiration from superiority-seeking and makes a compelling case for excellence without domination, rooted in agape, i.e., unconditional love that affirms people beyond performance.We dig into the Christ hymn of Philippians 2 and why self-emptying is not weakness but a different kind of strength. Volf shows how resurrection and ascension empower humility rather than feed triumphalism and why honoring everyone is both a spiritual discipline and a democratic necessity. From the academy's “one-up” culture to the marketplace's imitation traps, he argues that obsessing over competitors blinds us to our unique gifts and corrodes joy. Even stalwart capitalists like Warren Buffett warn against competitor-fixation. Volf adds a deeper moral and theological critique as well, drawing on Paul's piercing question: What do you have that you did not receive?We also test his claims against Nietzsche's will to power, happiness research on social comparison, and the rise of Christian nationalism. Is Christ a moral stranger to our priorities? Volf challenges both sides of the aisle to recover mere humanity—Kierkegaard's vision of belovedness before achievement—and to practice agape toward others and ourselves. The result is a bracing, hopeful vision: strive for truth, craft, and contribution, not for status; pursue excellence as stewardship, not self-exaltation.If you're weary of the status treadmill yet still hungry to do meaningful work, this conversation will give you categories, language, and practices to recalibrate your aims. Listen, reflect, and share with someone who needs a healthier way to win. If the episode resonates, subscribe, leave a review, and let us know your thoughts.=====Want to support us?The best way is to subscribe to our Patreon. Annual memberships are available for a 10% discount.If you'd rather make a one-time donation, you can contribute through our PayPal. Other important info: Rate & review us on Apple & Spotify Follow us on social media at @PPWBPodcast Watch & comment on YouTube Email us at pastorandphilosopher@gmail.com Cheers!

As part of a series of economics specials in the run-up to the Autumn Budget, Michael Walker speaks to Professor Steve Keen, who thinks that mainstream economics has got everything disastrously wrong.

You're listening to American Ground Radio with Louis R. Avallone and Stephen Parr. This is the full show for November 13, 2025. 0:30 We break down the Department of Justice’s stunning lawsuit against the state of California over Proposition 50, a ballot initiative that rewrote the state’s congressional maps with blatant, unapologetic racial gerrymandering. With the balance of power in Congress potentially shifting by as many as nine seats, this isn’t just about California. It’s about the future of the Voting Rights Act, the limits of racial considerations in mapmaking, and whether the Constitution still draws the lines… or the politicians do. 9:30 Plus, we cover the Top 3 Things You Need to Know. President Trump signed a bill ending the federal Government shutdown. Democrat Katie Wilson defeated incumbent Democrat Bruce Harrell to become the next mayor of Seattle. The former Chief of Staff for California Governor Gavin Newsom was just arrested as part of a federal corruption investigation. 12:30 Get Prodovite Plus from Victory Nutrition International for 20% off. Go to vni.life/agr and use the promo code AGR20. 13:00 California is back in the headlines — and not for anything resembling sanity. We break down the explosive revelation that the California DMV handed out more than 17,000 commercial trucking licenses to foreign nationals, including illegal aliens with no work permits, no legal status, and in many cases, no ability to read or speak English. What should be a safety-first agency has been weaponized into a sanctuary institution, prioritizing politics over public safety. We dive into how this reckless licensing spree undermines trained American truckers, destabilizes one of the most regulated industries in the nation, and endangers everyone on the road. 16:00 We ask American Mamas — Teri Netterville and Kimberly Burleson — what they think about the viral confrontation between singer Tish Hyman and California congressional candidate Scott Weiner. After a fully intact biological male entered the women’s locker room at her San Francisco gym, Hyman — a Black lesbian and longtime Democrat voter — confronted Wiener directly, demanding to know whether he would actually protect women’s safety. The Mamas break down the moment Hyman stood her ground against a hostile crowd, challenged the narrative that “trans women are women,” and exposed the disturbing criminal history of the man at the center of the controversy. What emerges is a rare, powerful pushback from inside the Democratic base itself — and a sign that even in San Francisco, the backlash to radical gender policies may be beginning. If you'd like to ask our American Mamas a question, go to our website, AmericanGroundRadio.com/mamas and click on the Ask the Mamas button. 22:30 We break down the stunning admission from Democratic Senators John Hickenlooper and Jack Reed, who now claim the longest government shutdown in American history was — unbelievably — “worth it.” While millions of Americans went without paychecks, vital services stalled, and military families were left in limbo, these senators are patting themselves on the back as if the suffering was an acceptable price for partisan leverage. We dig into what the shutdown was really about: not national security, not fiscal responsibility, but a political standoff over illegal-alien healthcare and a $1.5 trillion progressive wish list. 27:00 We Dig Deep into a rare moment of clarity from the U.S. Supreme Court — courtesy of Justice Neil Gorsuch. While promoting his upcoming children’s book, Heroes of 1776, Gorsuch sat down with Fox & Friends’ Lawrence Jones to discuss an urgent issue: America’s growing civic illiteracy. When asked about the consequences of removing foundational stories from our classrooms, Gorsuch didn’t hesitate. The greatest threat to America, he warned, is America itself — a population that no longer knows its own history. We unpack his sobering reminder that most Americans can’t pass the same citizenship test required of legal immigrants, and how that civic ignorance is fueling everything from political polarization to the rise of socialism in major cities. If we don’t teach people why this nation was founded — the principles of natural rights, limited government, and personal liberty — then someone else will fill that void, and not with the truth. 32:00 Get TrimROX from Victory Nutrition International for 20% off. Go to vni.life/agr and use the promo code AGR20. 33:00 We dive into the newest revelations from the Epstein document dump—and what the media isn’t telling you. While headlines focus on misdirection and selectively edited claims, the real story is hiding in plain sight: high-profile journalists and a former New York Times reporter were privately begging Jeffrey Epstein for dirt on Donald Trump… and came up empty. We break down who was involved, what the emails actually show, and why the media’s narrative conveniently ignores the exculpatory details. 35:00 Plus, Barry Brownstein’s Daily Economy article, “The Economics of Gratitude" is a real Bright Spot. We unpack a powerful idea from the article, that gratitude— not entitlement— is the foundation of prosperity. Drawing on insights from 19th-century economist Frédéric Bastiat, we reflect on how modern life is built on the contributions of millions of people we’ll never meet—and how easy it is to lose sight of that. From the smartphones in our pockets to the computers on our desks, we rely every day on technology that no single person could ever build alone. Yet in a culture of comfort and convenience, gratitude evaporates quickly. We dig into how cultivating gratitude can reshape your worldview, your politics, and your daily life, and why remembering what you already have may be the most radical—and liberating—act you can take. 39:30 Harvard's grading scale has basically become a joke. They call it “grade inflation,” but let’s be honest—it’s a participation-trophy festival. And now there’s a rumor that Harvard might finally do something about it. Perhaps Harvard has realized that standards really do matter and they're saying, "Whoa." 41:30 And we finish off with some Words of Wisdom about gratitude. Follow us: americangroundradio.com Facebook: facebook.com / AmericanGroundRadio Instagram: instagram.com/americangroundradio See omnystudio.com/listener for privacy information.

Summary In this episode of the Nitro and Mud Show, the hosts welcome back their audience after a long break, discussing various topics including weather conditions affecting racing, health updates on racers, and the growing international collaboration in motorcycle racing. They also address equipment challenges faced during races, the importance of community engagement, and the future of racing class structures. The conversation highlights the need for open bike discussions and innovations to enhance spectator engagement, while also looking forward to exciting future events in the motorcycle racing scene. This conversation delves into the future of hill climbing events, exploring the importance of community engagement, innovative formats, and the role of riders in promoting the sport. The speakers discuss the challenges of securing sponsorships in motorsports, the influence of OEMs, and the evolving class structures within hill climbing. They emphasize the need for inclusivity and the economic aspects of sponsorship, while also sharing their aspirations for the future of hill climbing events. In this conversation, the participants discuss the revival of local racing scenes, the challenges faced in series participation, and the innovations needed in championship structures. They reflect on the importance of community engagement and media coverage in promoting the sport, while also sharing personal insights about stepping back from long-term commitments in the racing world. The discussion highlights the future of hill climb racing and the significance of building a stronger racing community.

A sell-off in the Nasdaq and several major tech firms continues to fuel investor concerns over A.I. valuations while hopes of an interest rate cut by the Fed's December now only stand at 50 per cent. UK Chancellor Rachel Reeves is reportedly now set to scrap her manifesto-breaking plan to hike income tax after all as voter and party anger swells. Siemens Energy posts FY adjusted profit of 600 per cent and boosts its guidance with A.I. data centres continuing to drive energy demand. CEO Christian Bruch tells CNBC his company is well positioned to meet the needs.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

 Do cash transfers drive inflation? Is social protection a cost to the economy, or an investment in its future? And who should these systems ultimately serve? In this second and final episode on social protection myths and misperceptions, we turn to the economic and systemic dimensions — how social protection interacts with markets, fiscal policy, and national development. Drawing on global evidence and practice, we examine whether cash transfers distort prices, how they influence local economies, and what the data tell us about affordability and return on investment. We also explore the broader role of social protection beyond poverty reduction: as a foundation for inclusive and resilient societies. While not all answers are clear-cut, the discussion highlights how context, programme design, and policy choices shape outcomes, and why understanding these nuances is critical for effective, sustainable systems. Meet our guests: Davide Rasella, ICREA Research Professor and Head of the Global Health Impact Assessment and Evaluation Group, ISGlobal and ISC. Dennis Egger, Associate Professor of Economics, University of Oxford. Laura Carvalho, Associate Professor of Economics, University of São Paulo. For our Quick Wins segment, we spoke with Konstantinos Papadakis, Principal Social Affairs Officer at the UN Department of Economic and Social Affairs, who shared insights on the outcomes of Second World Summit for Social Development.   Resources: Podcast | Ep.54 | Social Protection Myths and Misperceptions Part 1 Publication | Do cash transfers cause inflation? Publication | The multiplier effects of government expenditures on social protection Publication | Social protection systems, redistribution and growth in Latin America Publication | Impact of social protection on child malnutrition and mortality across 46 LMICs: a longitudinal study over two decades with insights from the COVID-19 pandemic Publication | Effects of conditional cash transfers on tuberculosis incidence and mortality according to race, ethnicity and socioeconomic factors in the 100 Million Brazilian Cohort Publication | Effect of a conditional cash transfer programme on AIDS incidence, hospitalisations, and mortality in Brazil: a longitudinal ecological study Publication | Evaluation and Forecasting Analysis of the Association of Conditional Cash Transfer With Child Mortality in Latin America, 2000-2030

Congress may have ended the shutdown (finally), but it's still entangled in a power struggle with the Executive Branch. Kai Ryssdal has thoughts. On the show today, Kai and Kimberly get into what comes next in the shutdown's wake, how the Trump administration's tariff arguments went over at the Supreme Court and what the sliding balance of power in the federal government has to do with the health of the U.S. economy.Here's everything we talked about today:"Court appears dubious of Trump's tariffs" from SCOTUSblog"Trump floats $2,000 tariff rebate checks: Here's what you need to know" from CNBC"Trump claims tariff loss would force $3 trillion ‘unwind'" from Axios"If SCOTUS strikes down President Trump's current tariffs, he has plenty of other options" from Marketplace"How Congress Gave Up Its Own Power" from Time"Senate sinks measure to block military action against Venezuela" from PoliticoJoin us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

SHOW 11-12-25 CBS EYE ON THE WORLD WITH JOHN BATCHELOR 1930 THE SHOW BEGINS IN THE DOUBTS ABOUT CHINA'S LEADERSHIP. FIRST HOUR 9-915 Allied AI Competition and Submarine Requests. Scott Harold examines the crucial role of allies Japan and South Korea in the AI competition against China. Japan is developing locally tailored AI models built on US technology for use in Southeast Asia. South Korea aims to become the third-largest AI power, offering reliable models to counter China's untrustworthy technology. Harold also discusses South Korea's surprising request for nuclear-powered, conventionally armed submarines to track Chinese and North Korean vessels, signaling a greater public willingness to contribute to China deterrence. 915-930 Rare Earths Monopoly and US Strategy. General Blaine Holt discusses China's challenge to the US and its allies regarding rare earths, noting that China previously threatened to cut off supply. The US is securing deals with partners like Australia and is on track to replace China entirely, despite initial processing reliance on Chinese predatory practices. Holt suggests a two-year recovery is conservative, as technology for domestic processing exists. He also notes China's leadership is in turmoil, trying to buy time through trade deals. 930-945 Russian Economic Stagnation and War Finance. Michael Bernstam confirms that the Russian economy is stagnating, expecting no growth for years due to exhausted resources and reliance on military production. Oil and gas revenues are down significantly due to Western sanctions and high discounts, widening the budget deficit. Russia is increasing taxes, including the VAT, which drives inflation in staples. This economic pain damages the popularity of the war by hurting the low-income population—the primary source of military recruitment. 945-1000 Buckley, Fusionism, and Conservative Integrity. Peter Berkowitz explores William F. Buckley's consolidation of the conservative movement through "fusionism"—blending limited government and social conservatism. Buckley purged the movement of anti-Semites based on core principles. Berkowitz uses this historical context to analyze the controversy surrounding Tucker Carlson giving a platform to Nick Fuentes, who openly celebrates Stalin and Hitler. This incident caused division after the Heritage Foundation's president, Kevin Roberts, defended Carlson, prompting Roberts to issue an apology. SECOND HOUR 10-1015 Commodity Markets and UK Political Instability. Simon Constable analyzes rare earth markets, noting China's dominance is achieved through undercutting prices and buying out competitors. Prices for key industrial commodities like copper and aluminum are up, indicating high demand. Constable also discusses UK political instability, noting that Labour Prime Minister Keir Starmer lacks natural leadership and confidence. The major political driver for a potential leadership change is the party's broken promise regarding income taxes, which severely undermines public trust before the next election, 1015-1030 Commodity Markets and UK Political Instability. Simon Constable analyzes rare earth markets, noting China's dominance is achieved through undercutting prices and buying out competitors. Prices for key industrial commodities like copper and aluminum are up, indicating high demand. Constable also discusses UK political instability, noting that Labour Prime Minister Keir Starmer lacks natural leadership and confidence. The major political driver for a potential leadership change is the party's broken promise regarding income taxes, which severely undermines public trust before the next election 1030-1045 Austrian Economics, Von Mises, and the Fight Against Interventionism. Carola Binder discusses the Austrian School of Economics, highlighting its focus on free markets and Ludwig von Mises's opposition to government "interventionism," including rent and price controls. Mises argued these policies distort markets, leading to shortages and inefficiency. Binder emphasizes Mises's belief that economic literacy is a primary civic duty necessary for citizens to reject socialism and interventionist panaceas, especially as new generations are exposed to such ideas. 1045-1100 Austrian Economics, Von Mises, and the Fight Against Interventionism. Carola Binder discusses the Austrian School of Economics, highlighting its focus on free markets and Ludwig von Mises's opposition to government "interventionism," including rent and price controls. Mises argued these policies distort markets, leading to shortages and inefficiency. Binder emphasizes Mises's belief that economic literacy is a primary civic duty necessary for citizens to reject socialism and interventionist panaceas, especially as new generations are exposed to such ideas. THIRD HOUR 1100-1115 Philippine Missile Deployment to Deter China. Captain Jim Fanell reports that the Philippines unveiled its first operational BrahMos anti-ship cruise missile battery in western Luzon to deter Chinese aggression. This supersonic missile system, part of the $7.2 billion Reorizon 3 modernization program, gives the Philippines "skin in the game" near disputed waters like Scarborough Shoal. The deployment signifies a strategy to turn the Philippines into a "porcupine," focusing defense on the West Philippine Sea. The systems are road-mobile, making them difficult to target. 1115-1130 AI, Cyber Attacks, and Nuclear Deterrence. Peter Huessy discusses the challenges to nuclear deterrence posed by AI and cyber intrusions. General Flynn highlighted that attacks on satellites, the backbone of deterrence, could prevent the US from confirming where a launch originated. Huessy emphasizes the need to improve deterrence, noting that the US likely requires presidential authorization for retaliation, unlike potential Russian "dead hand" systems. The biggest risk is misinformation delivered by cyber attacks, although the US maintains stringent protocols and would never launch based solely on a computer warning. 1130-1145 Sudan Civil War, Global Proxies, and Nigerian Violence. Caleb Weiss and Bill Roggio analyze the civil war in Sudan between the SAF and the RSF, noting both factions commit atrocities, including massacres after the capture of El Fasher. The conflict is fueled by opposing global coalitions: the UAE and Russia support the RSF, while Iran, Egypt, and Turkey back the SAF. The Islamic State has called for foreign jihadis to mobilize. Weiss also addresses the complicated violence in Nigeria, differentiating jihadist attacks on Christians from communal farmer-herder conflict. 1145-1200 Sudan Civil War, Global Proxies, and Nigerian Violence. Caleb Weiss and Bill Roggio analyze the civil war in Sudan between the SAF and the RSF, noting both factions commit atrocities, including massacres after the capture of El Fasher. The conflict is fueled by opposing global coalitions: the UAE and Russia support the RSF, while Iran, Egypt, and Turkey back the SAF. The Islamic State has called for foreign jihadis to mobilize. Weiss also addresses the complicated violence in Nigeria, differentiating jihadist attacks on Christians from communal farmer-herder conflict. FOURTH HOUR 12-1215 Corruption, Chinese Influence, and Protests in Serbia. Ivana Stradner discusses protests in Serbia demanding accountability one year after a canopy collapse killed 16 people, with investigations linking the accident to high-level corruption involving a Chinese company. Leader Vučić suppresses discontent by alleging the West is plotting a "color revolution." Although Vučić aligns his heart with Russia and China, he needs EU money for political survival, prompting him to offer weapons to the West and claim Serbia is on the EU path. 1215-1230 The Muslim Brotherhood and Its Global Network. Cliff May discusses the Muslim Brotherhood (MB), the progenitor of Hamas, founded in 1928 after the Ottoman Caliphate's abolition. The MB's goal is to establish a new Islamic empire. Qatar is highly supportive, hosting Hamas leaders, while the UAE and Saudi Arabia have banned the MB. Turkish President Erdoğan is considered MB-adjacent and sympathetic, supporting Hamas and potentially viewing himself as a future Caliph, despite Turkey being a NATO member. 1230-1245 Commercial Space Records and Political Impacts on NASA. Bob Zimmerman covers new records in commercial space: SpaceX achieved 147 launches this year, and one booster tied the Space Shuttle Columbia for 28 reuses. China also set a record with 70 launches but had a failure. Commercial space faced temporary impacts, such as an FAA launch curfew due to a government shutdown and air traffic controller shortages. Zimmerman speculates that Jared Isaacman's conservative-leaning public appearance at Turning Point USA might have convinced Trump to renominate him for NASA Administrator. 1245-100 AM Commercial Space Records and Political Impacts on NASA. Bob Zimmerman covers new records in commercial space: SpaceX achieved 147 launches this year, and one booster tied the Space Shuttle Columbia for 28 reuses. China also set a record with 70 launches but had a failure. Commercial space faced temporary impacts, such as an FAA launch curfew due to a government shutdown and air traffic controller shortages. Zimmerman speculates that Jared Isaacman's conservative-leaning public appearance at Turning Point USA might have convinced Trump to renominate him for NASA Administrator.

Austrian Economics, Von Mises, and the Fight Against Interventionism. Carola Binder discusses the Austrian School of Economics, highlighting its focus on free markets and Ludwig von Mises's opposition to government "interventionism," including rent and price controls. Mises argued these policies distort markets, leading to shortages and inefficiency. Binder emphasizes Mises's belief that economic literacy is a primary civic duty necessary for citizens to reject socialism and interventionist panaceas, especially as new generations are exposed to such ideas. 1940

Austrian Economics, Von Mises, and the Fight Against Interventionism. Carola Binder discusses the Austrian School of Economics, highlighting its focus on free markets and Ludwig von Mises's opposition to government "interventionism," including rent and price controls. Mises argued these policies distort markets, leading to shortages and inefficiency. Binder emphasizes Mises's belief that economic literacy is a primary civic duty necessary for citizens to reject socialism and interventionist panaceas, especially as new generations are exposed to such ideas.

Live from Morgan Stanley's European Tech, Media and Telecom Conference in Barcelona, our roundtable of analysts discusses tech disruptions and datacenter growth, and how Europe factors in.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European Head of Research Product. Today we return to my conversation with Adam Wood. Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology. We were live on stage at Morgan Stanley's 25th TMT Europe conference. We had so much to discuss around the themes of AI enablers, semiconductors, and telcos. So, we are back with a concluding episode on tech disruption and data center investments. It's Thursday the 13th of November at 8am in Barcelona. After speaking with the panel about the U.S. being overweight AI enablers, and the pockets of opportunity in Europe, I wanted to ask them about AI disruption, which has been a key theme here in Europe. I started by asking Adam how he was thinking about this theme. Adam Wood: It's fascinating to see this year how we've gone in most of those sectors to how positive can GenAI be for these companies? How well are they going to monetize the opportunities? How much are they going to take advantage internally to take their own margins up? To flipping in the second half of the year, mainly to, how disruptive are they going to be? And how on earth are they going to fend off these challenges? Paul Walsh: And I think that speaks to the extent to which, as a theme, this has really, you know, built momentum. Adam Wood: Absolutely. And I mean, look, I think the first point, you know, that you made is absolutely correct – that it's very difficult to disprove this. It's going to take time for that to happen. It's impossible to do in the short term. I think the other issue is that what we've seen is – if we look at the revenues of some of the companies, you know, and huge investments going in there. And investors can clearly see the benefit of GenAI. And so investors are right to ask the question, well, where's the revenue for these businesses? You know, where are we seeing it in info services or in IT services, or in enterprise software. And the reality is today, you know, we're not seeing it. And it's hard for analysts to point to evidence that – well, no, here's the revenue base, here's the benefit that's coming through. And so, investors naturally flip to, well, if there's no benefit, then surely, we should focus on the risk. So, I think we totally understand, you know, why people are focused on the negative side of things today. I think there are differences between the sub-sectors. I mean, I think if we look, you know, at IT services, first of all, from an investor point of view, I think that's been pretty well placed in the losers' buckets and people are most concerned about that sub-sector… Paul Walsh: Something you and the global team have written a lot about. Adam Wood: Yeah, we've written about, you know, the risk of disruption in that space, the need for those companies to invest, and then the challenges they face. But I mean, if we just keep it very, very simplistic. If Gen AI is a technology that, you know, displaces labor to any extent – companies that have played labor arbitrage and provide labor for the last 20 - 25 years, you know, they're going to have to make changes to their business model. So, I think that's understandable. And they're going to have to demonstrate how they can change and invest and produce a business model that addresses those concerns. I'd probably put info services in the middle. But the challenge in that space is you have real identifiable companies that have emerged, that have a revenue base and that are challenging a subset of the products of those businesses. So again, it's perfectly understandable that investors would worry. In that context, it's not a potential threat on the horizon. It's a real threat that exists today against certainly their businesses. I think software is probably the most interesting. I'd put it in the kind of final bucket where I actually believe… Well, I think first of all, we certainly wouldn't take the view that there's no risk of disruption and things aren't going to change. Clearly that is going to be the case. I think what we'd want to do though is we'd want to continue to use frameworks that we've used historically to think about how software companies differentiate themselves, what the barriers to entry are. We don't think we need to throw all of those things away just because we have GenAI, this new set of capabilities. And I think investors will come back most easily to that space. Paul Walsh: Emett, you talked a little bit there before about the fact that you haven't seen a huge amount of progress or additional insight from the telco space around AI; how AI is diffusing across the space. Do you get any discussions around disruption as it relates to telco space? Emmet Kelly: Very, very little. I think the biggest threat that telcos do see is – it is from the hyperscalers. So, if I look at and separate the B2C market out from the B2B, the telcos are still extremely dominant in the B2C space, clearly. But on the B2B space, the hyperscalers have come in on the cloud side, and if you look at their market share, they're very, very dominant in cloud – certainly from a wholesale perspective. So, if you look at the cloud market shares of the big three hyperscalers in Europe, this number is courtesy of my colleague George Webb. He said it's roughly 85 percent; that's how much they have of the cloud space today. The telcos, what they're doing is they're actually reselling the hyperscale service under the telco brand name. But we don't see much really in terms of the pure kind of AI disruption, but there are concerns definitely within the telco space that the hyperscalers might try and move from the B2B space into the B2C space at some stage. And whether it's through virtual networks, cloudified networks, to try and get into the B2C space that way. Paul Walsh: Understood. And Lee maybe less about disruption, but certainly adoption, some insights from your side around adoption across the tech hardware space? Lee Simpson: Sure. I think, you know, it's always seen that are enabling the AI move, but, but there is adoption inside semis companies as well, and I think I'd point to design flow. So, if you look at the design guys, they're embracing the agentic system thing really quickly and they're putting forward this capability of an agent engineer, so like a digital engineer. And it – I guess we've got to get this right. It is going to enable a faster time to market for the design flow on a chip. So, if you have that design flow time, that time to market. So, you're creating double the value there for the client. Do you share that 50-50 with them? So, the challenge is going to be exactly as Adam was saying, how do you monetize this stuff? So, this is kind of the struggle that we're seeing in adoption. Paul Walsh: And Emmett, let's move to you on data centers. I mean, there are just some incredible numbers that we've seen emerging, as it relates to the hyperscaler investment that we're seeing in building out the infrastructure. I know data centers is something that you have focused tremendously on in your research, bringing our global perspectives together. Obviously, Europe sits within that. And there is a market here in Europe that might be more challenged. But I'm interested to understand how you're thinking about framing the whole data center story? Implications for Europe. Do European companies feed off some of that U.S. hyperscaler CapEx? How should we be thinking about that through the European lens? Emmet Kelly: Yeah, absolutely. So, big question, Paul. What… Paul Walsh: We've got a few minutes! Emmet Kelly: We've got a few minutes. What I would say is there was a great paper that came out from Harvard just two weeks ago, and they were looking at the scale of data center investments in the United States. And clearly the U.S. economy is ticking along very, very nicely at the moment. But this Harvard paper concluded that if you take out data center investments, U.S. economic growth today is actually zero. Paul Walsh: Wow. Emmet Kelly: That is how big the data center investments are. And what we've said in our research very clearly is if you want to build a megawatt of data center capacity that's going to cost you roughly $35 million today. Let's put that number out there. 35 million. Roughly, I'd say 25… Well, 20 to 25 million of that goes into the chips. But what's really interesting is the other remaining $10 million per megawatt, and I like to call that the picks and shovels of data centers; and I'm very convinced there is no bubble in that area whatsoever.So, what's in that area? Firstly, the first building block of a data center is finding a powered land bank. And this is a big thing that private equity is doing at the moment. So, find some real estate that's close to a mass population that's got a good fiber connection. Probably needs a little bit of water, but most importantly needs some power. And the demand for that is still infinite at the moment. Then beyond that, you've got the construction angle and there's a very big shortage of labor today to build the shells of these data centers. Then the third layer is the likes of capital goods, and there are serious supply bottlenecks there as well.And I could go on and on, but roughly that first $10 million, there's no bubble there. I'm very, very sure of that. Paul Walsh: And we conducted some extensive survey work recently as part of your analysis into the global data center market. You've sort of touched on a few of the gating factors that the industry has to contend with. That survey work was done on the operators and the supply chain, as it relates to data center build out. What were the key conclusions from that? Emmet Kelly: Well, the key conclusion was there is a shortage of power for these data centers, and… Paul Walsh: Which I think… Which is a sort of known-known, to some extent. Emmet Kelly: it is a known-known, but it's not just about the availability of power, it's the availability of green power. And it's also the price of power is a very big factor as well because energy is roughly 40 to 45 percent of the operating cost of running a data center. So, it's very, very important. And of course, that's another area where Europe doesn't screen very well.I was looking at statistics just last week on the countries that have got the highest power prices in the world. And unsurprisingly, it came out as UK, Ireland, Germany, and that's three of our big five data center markets. But when I looked at our data center stats at the beginning of the year, to put a bit of context into where we are…Paul Walsh: In Europe… Emmet Kelly: In Europe versus the rest. So, at the end of [20]24, the U.S. data center market had 35 gigawatts of data center capacity. But that grew last year at a clip of 30 percent. China had a data center bank of roughly 22 gigawatts, but that had grown at a rate of just 10 percent. And that was because of the chip issue. And then Europe has capacity, or had capacity at the end of last year, roughly 7 to 8 gigawatts, and that had grown at a rate of 10 percent. Now, the reason for that is because the three big data center markets in Europe are called FLAP-D. So, it's Frankfurt, London, Amsterdam, Paris, and Dublin. We had to put an acronym on it. So, Flap-D. Good news. I'm sitting with the tech guys. They've got even more acronyms than I do, in their sector, so well done them. Lee Simpson: Nothing beats FLAP-D. Paul Walsh: Yes. Emmet Kelly: It's quite an achievement. But what is interesting is three of the big five markets in Europe are constrained. So, Frankfurt, post the Ukraine conflict. Ireland, because in Ireland, an incredible statistic is data centers are using 25 percent of the Irish power grid. Compared to a global average of 3 percent.Now I'm from Dublin, and data centers are running into conflict with industry, with housing estates. Data centers are using 45 percent of the Dublin grid, 45. So, there's a moratorium in building data centers there. And then Amsterdam has the classic semi moratorium space because it's a small country with a very high population. So, three of our five markets are constrained in Europe. What is interesting is it started with the former Prime Minister Rishi Sunak. The UK has made great strides at attracting data center money and AI capital into the UK and the current Prime Minister continues to do that. So, the UK has definitely gone; moved from the middle lane into the fast lane. And then Macron in France. He hosted an AI summit back in February and he attracted over a 100 billion euros of AI and data center commitments. Paul Walsh: And I think if we added up, as per the research that we published a few months ago, Europe's announced over 350 billion euros, in proposed investments around AI. Emmet Kelly: Yeah, absolutely. It's a good stat. Now where people can get a little bit cynical is they can say a couple of things. Firstly, it's now over a year since the Mario Draghi report came out. And what's changed since? Absolutely nothing, unfortunately. And secondly, when I look at powering AI, I like to compare Europe to what's happening in the United States. I mean, the U.S. is giving access to nuclear power to AI. It started with the three Mile Island… Paul Walsh: Yeah. The nuclear renaissance is… Emmet Kelly: Nuclear Renaissance is absolutely huge. Now, what's underappreciated is actually Europe has got a massive nuclear power bank. It's right up there. But unfortunately, we're decommissioning some of our nuclear power around Europe, so we're going the wrong way from that perspective. Whereas President Trump is opening up the nuclear power to AI tech companies and data centers. Then over in the States we also have gas and turbines. That's a very, very big growth area and we're not quite on top of that here in Europe. So, looking at this year, I have a feeling that the Americans will probably increase their data center capacity somewhere between – it's incredible – somewhere between 35 and 50 percent. And I think in Europe we're probably looking at something like 10 percent again. Paul Walsh: Okay. Understood. Emmet Kelly: So, we're growing in Europe, but we're way, way behind as a starting point. And it feels like the others are pulling away. The other big change I'd highlight is the Chinese are really going to accelerate their data center growth this year as well. They've got their act together and you'll see them heading probably towards 30 gigs of capacity by the end of next year. Paul Walsh: Alright, we're out of time. The TMT Edge is alive and kicking in Europe. I want to thank Emmett, Lee and Adam for their time and I just want to wish everybody a great day today. Thank you.(Applause) That was my conversation with Adam, Emmett and Lee. Many thanks again to them. Many thanks again to them for telling us about the latest in their areas of research and to the live audience for hearing us out. And a thanks to you as well for listening. Let us know what you think about this and other episodes by living us a review wherever you get your podcasts. And if you enjoy listening to Thoughts on the Market, please tell a friend or colleague about the podcast today.

Live from Morgan Stanley's European Tech, Media and Telecom conference in Barcelona, our roundtable of analysts discuss artificial intelligence in Europe, and how the region could enable the Agentic AI wave.Read more insights from Morgan Stanley.----- Transcript -----Paul Walsh: Welcome to Thoughts on the Market. I'm Paul Walsh, Morgan Stanley's European head of research product. We are bringing you a special episode today live from Morgan Stanley's, 25th European TMT Conference, currently underway. The central theme we're focused on: Can Europe keep up from a technology development perspective?It's Wednesday, November the 12th at 8:00 AM in Barcelona. Earlier this morning I was live on stage with my colleagues, Adam Wood, Head of European Technology and Payments, Emmet Kelly, Head of European Telco and Data Centers, and Lee Simpson, Head of European Technology Hardware. The larger context of our conversation was tech diffusion, one of our four key themes that we've identified at Morgan Stanley Research for 2025. For the panel, we wanted to focus further on agentic AI in Europe, AI disruption as well as adoption, and data centers. We started off with my question to Adam. I asked him to frame our conversation around how Europe is enabling the Agentic AI wave. Adam Wood: I mean, I think obviously the debate around GenAI, and particularly enterprise software, my space has changed quite a lot over the last three to four months. Maybe it's good if we do go back a little bit to the period before that – when everything was more positive in the world. And I think it is important to think about, you know, why we were excited, before we started to debate the outcomes. And the reason we were excited was we've obviously done a lot of work with enterprise software to automate business processes. That's what; that's ultimately what software is about. It's about automating and standardizing business processes. They can be done more efficiently and more repeatably. We'd done work in the past on RPA vendors who tried to take the automation further. And we were getting numbers that, you know, 30 – 40 percent of enterprise processes have been automated in this way. But I think the feeling was it was still the minority. And the reason for that was it was quite difficult with traditional coding techniques to go a lot further. You know, if you take the call center as a classic example, it's very difficult to code what every response is going to be to human interaction with a call center worker. It's practically impossible. And so, you know, what we did for a long time was more – where we got into those situations where it was difficult to code every outcome, we'd leave it with labor. And we'd do the labor arbitrage often, where we'd move from onshore workers to offshore workers, but we'd still leave it as a relatively manual process with human intervention in it. I think the really exciting thing about GenAI is it completely transforms that equation because if the computers can understand natural human language, again to our call center example, we can train the models on every call center interaction. And then first of all, we can help the call center worker predict what the responses are going to be to incoming queries. And then maybe over time we can even automate that role. I think it goes a lot further than, you know, call center workers. We can go into finance where a lot of work is still either manual data re-entry or a remediation of errors. And again, we can automate a lot more of those tasks. That's obviously where, where SAP's involved. But basically what I'm trying to say is if we expand massively the capabilities of what software can automate, surely that has to be good for the software sector that has to expand the addressable markets of what software companies are going to be able to do. Now we can have a secondary debate around: Is it going to be the incumbents, is it going to be corporates that do more themselves? Is it going to be new entrants that that benefit from this? But I think it's very hard to argue that if you expand dramatically the capabilities of what software can do, you don't get a benefit from that in the sector. Now we're a little bit more consumer today in terms of spending, and the enterprises are lagging a little bit. But I think for us, that's just a question of timing. And we think we'll see that come through.I'll leave it there. But I think there's lots of opportunities in software. We're probably yet to see them come through in numbers, but that shouldn't mean we get, you know, kind of, we don't think they're going to happen. Paul Walsh: Yeah. We're going to talk separately about AI disruption as we go through this morning's discussion. But what's the pushback you get, Adam, to this notion of, you know, the addressable market expanding? Adam Wood: It's one of a number of things. It's that… And we get onto the kind of the multiple bear cases that come up on enterprise software. It would be some combination of, well, if coding becomes dramatically cheaper and we can set up, you know, user interfaces on the fly in the morning, that can query data sets; and we can access those data sets almost in an automated way. Well, maybe companies just do this themselves and we move from a world where we've been outsourcing software to third party software vendors; we do more of it in-house. That would be one. The other one would be the barriers to entry of software have just come down dramatically. It's so much easier to write the code, to build a software company and to get out into the market. That it's going to be new entrants that challenge the incumbents. And that will just bring price pressure on the whole market and bring… So, although what we automate gets bigger, the price we charge to do it comes down. The third one would be the seat-based pricing issue that a lot of software vendors to date have expressed the value they deliver to customers through. How many seats of the software you have in house. Well, if we take out 10 – 20 percent of your HR department because we make them 10, 20, 30 percent more efficient. Does that mean we pay the software vendor 10, 20, 30 percent less? And so again, we're delivering more value, we're automating more and making companies more efficient. But the value doesn't accrue to the software vendors. It's some combination of those themes I think that people would worry about. Paul Walsh: And Lee, let's bring you into the conversation here as well, because around this theme of enabling the agentic AI way, we sort of identified three main enabler sectors. Obviously, Adam's with the software side. Cap goods being the other one that we mentioned in the work that we've done. But obviously semis is also an important piece of this puzzle. Walk us through your thoughts, please. Lee Simpson: Sure. I think from a sort of a hardware perspective, and really we're talking about semiconductors here and possibly even just the equipment guys, specifically – when seeing things through a European lens. It's been a bonanza. We've seen quite a big build out obviously for GPUs. We've seen incredible new server architectures going into the cloud. And now we're at the point where we're changing things a little bit. Does the power architecture need to be changed? Does the nature of the compute need to change? And with that, the development and the supply needs to move with that as well. So, we're now seeing the mantle being picked up by the AI guys at the very leading edge of logic. So, someone has to put the equipment in the ground, and the equipment guys are being leaned into. And you're starting to see that change in the order book now. Now, I labor this point largely because, you know, we'd been seen as laggards frankly in the last couple of years. It'd been a U.S. story, a GPU heavy story. But I think for us now we're starting to see a flipping of that and it's like, hold on, these are beneficiaries. And I really think it's 'cause that bow wave has changed in logic. Paul Walsh: And Lee, you talked there in your opening remarks about the extent to which obviously the focus has been predominantly on the U.S. ways to play, which is totally understandable for global investors. And obviously this has been an extraordinary year of ups and downs as it relates to the tech space. What's your sense in terms of what you are getting back from clients? Is the focus shifts may be from some of those U.S. ways to play to Europe? Are you sensing that shift taking place? How are clients interacting with you as it relates to the focus between the opportunities in the U.S. and Asia, frankly, versus Europe? Lee Simpson: Yeah. I mean, Europe's coming more into debate. It's more; people are willing to talk to some of the players. We've got other players in the analog space playing into that as well. But I think for me, if we take a step back and keep this at the global level, there's a huge debate now around what is the size of build out that we need for AI? What is the nature of the compute? What is the power pool? What is the power budgets going to look like in data centers? And Emmet will talk to that as well. So, all of that… Some of that argument's coming now and centering on Europe. How do they play into this? But for me, most of what we're finding people debate about – is a 20-25 gigawatt year feasible for [20]27? Is a 30-35 gigawatt for [20]28 feasible? And so, I think that's the debate line at this point – not so much as Europe in the debate. It's more what is that global pool going to look like? Paul Walsh: Yeah. This whole infrastructure rollout's got significant implications for your coverage universe… Lee Simpson: It does. Yeah. Paul Walsh: Emmet, it may be a bit tangential for the telco space, but was there anything you wanted to add there as it relates to this sort of agentic wave piece from a telco's perspective? Emmet Kelly: Yeah, there's a consensus view out there that telcos are not really that tuned into the AI wave at the moment – just from a stock market perspective. I think it's fair to say some telcos have been a source of funds for AI and we've seen that in a stock market context, especially in the U.S. telco space, versus U.S. tech over the last three to six months, has been a source of funds. So, there are a lot of question marks about the telco exposure to AI. And I think the telcos have kind of struggled to put their case forward about how they can benefit from AI. They talked 18 months ago about using chatbots. They talked about smart networks, et cetera, but they haven't really advanced their case since then. And we don't see telcos involved much in the data center space. And that's understandable because investing in data centers, as we've written, is extremely expensive. So, if I rewind the clock two years ago, a good size data center was 1 megawatt in size. And a year ago, that number was somewhere about 50 to 100 megawatts in size. And today a big data center is a gigawatt. Now if you want to roll out a 100 megawatt data center, which is a decent sized data center, but it's not huge – that will cost roughly 3 billion euros to roll out. So, telcos, they've yet to really prove that they've got much positive exposure to AI. Paul Walsh: That was an edited excerpt from my conversation with Adam, Emmet and Lee. Many thanks to them for taking the time out for that discussion and the live audience for hearing us out.We will have a concluding episode tomorrow where we dig into tech disruption and data center investments. So please do come back for that very topical conversation. As always, thanks for listening. Let us know what you think about this and other episodes by leaving us a review wherever you get your podcasts. And if you enjoy Thoughts on the Market, please tell a friend or colleague to tune in today.

11-13-25 - The End Of The Penny And The Possibility Of Elon Musk Becoming A Trillionaire Has Us Talking Finances And Economics - Brady's 4th Grade Friend Ate A Penny And It Messed Him UpSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Congress may have ended the shutdown (finally), but it's still entangled in a power struggle with the Executive Branch. Kai Ryssdal has thoughts. On the show today, Kai and Kimberly get into what comes next in the shutdown's wake, how the Trump administration's tariff arguments went over at the Supreme Court and what the sliding balance of power in the federal government has to do with the health of the U.S. economy.Here's everything we talked about today:"Court appears dubious of Trump's tariffs" from SCOTUSblog"Trump floats $2,000 tariff rebate checks: Here's what you need to know" from CNBC"Trump claims tariff loss would force $3 trillion ‘unwind'" from Axios"If SCOTUS strikes down President Trump's current tariffs, he has plenty of other options" from Marketplace"How Congress Gave Up Its Own Power" from Time"Senate sinks measure to block military action against Venezuela" from PoliticoJoin us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

This Epstein Affair has shown a pattern where men of wealth and power created a zone of impunity that protected them for decades while destroying vulnerable people like Virginia Guiffrey…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sitting in for Thom Hartmann is guest-host Jefferson Smith of the Democracy Nerd podcast pondering the impact and importance of the newly revealed Epstein evidence. Jeff's dad Joe Smith joins the show for the popular segment "News With My Dad" and shares a public safety announcement.. Does the Epstein stuff really matter? Is it just salacious click-bait or is it truly significant? See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

It's been another bruising week for the British economy. New GDP figures reveal that growth has almost flatlined, inching up by just 0.1 per cent between July and August – a sign, many fear, that the UK is drifting into deeper malaise. With the budget less than a fortnight away, can the Chancellor square the circle of sluggish growth, tax pressures and a restless Labour party?James Heale speaks to Tim Shipman and Paul Johnson about the mounting economic uncertainties, the Treasury's lack of a clear tax strategy, and the political doom loop the government now finds itself in. Are Labour's early missteps catching up with them – and will the coming budget steady the ship or spark a fresh crisis?Produced by Oscar Edmondson and Megan McElroy.Become a Spectator subscriber today to access this podcast without adverts. Go to spectator.co.uk/adfree to find out more.For more Spectator podcasts, go to spectator.co.uk/podcasts.Contact us: podcast@spectator.co.uk Hosted on Acast. See acast.com/privacy for more information.

Solar Dominates 2025 Energy Additions; Nuclear Sees Major Expansion Welcome to our weekly Renewable Energy Briefing! Stay informed on the latest industry trends.  Episode #38 Briefing Highlights: -U.S. government and Westinghouse in $80 billion deal for new nuclear power  -Global Infrastructure Partners (GIP) in a massive deal to acquire utility giant AES  -New federal report shows solar made up almost three-quarters of all new power in 2025 (19GW) -Federal government cancels $7 billion for low-income solar; over 20 states are now suing Solar continues its dominance in 2025, accounting for 19 GW of the 26 GW of new U.S. energy capacity added this year. Meanwhile, the nuclear renaissance accelerates as the U.S. government and Westinghouse announce an $80B deal that reshapes the future of baseload power. Benoy and David break down the biggest transactions—including GIP's acquisition of AES—and the implications of federal policy changes, such as the Trump administration canceling $7B in solar grants aimed at low-income communities. Get the clean energy insights you need in five minutes. Join us for a comprehensive analysis that combines expert commentary with up-to-the-minute news, offering you a strategic overview of the renewable energy market. Don't miss out on the crucial details that can impact your investment decisions. Tune in weekly for your essential dose of Renewable Energy insights! 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.  

Football consultant Jason Stephens joins SDH for the latest news involving the economics of soccer and where they meet...This week, illegal streaming numbers are surprising... So are the sheer numbers of alleged bettors on the field in Turkey... and Atleti has new majority owners to keep an eye on...

Dave Smith brings you the latest in politics! On this episode of Part Of The Problem, Dave and Robbie "The Fire" Bernstein talk about the drop in approval rating of Donald Trump in his second term regarding his handling of the economy, and more.Preorder Lauren Smith's book here: https://a.co/d/67djjBpSupport Our Sponsors:CrowdHealth - https://www.joincrowdhealth.com/promos/potpMy Patriot Supply - https://www.mypatriotsupply.com/problemMonetary Metals - https://www.monetary-metals.com/potp/Brunt Workwear - http://bruntworkwear.com/ Use code PROBLEMPart 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://www.eventbrite.com/cc/porch-tour-2025-4222673Find 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#libertarianSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Scott Galloway and Jessica Tarlov dive into Trump's new “affordability” push — from $2,000 tariff rebate checks to 50-year mortgages — and ask whether any of it actually makes economic sense. Then, California's Gavin Newsom takes on America's masculinity crisis, warning Democrats can't keep ignoring men and boys. Plus, Texas Democrat James Talarico gets caught following OnlyFans models, and Trump's influence hits a new low (or high?) — the “Mar-a-Lago face.” Follow Jessica Tarlov, @JessicaTarlov.  Follow Prof G, @profgalloway. Follow Raging Moderates, @RagingModeratesPod. Subscribe to our YouTube Channel: https://www.youtube.com/@RagingModerates  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Can you really make money sports betting on low-risk, high-probability events?Topics covered include:The growing size and influence of the U.S. sports betting marketRecent sports betting scandalsHow sports betting odds workAn intriguing low-risk approach to sports bettingWhy the low-risk sports betting approach is still gambling with a negative expected returnBehavioral biases that encourage sports bettingRevisiting the difference between investing, speculating, and gamblingEpisode SponsorDelete Me – Use code David20 to get 20% offInsiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletterOur Premium ProductsAsset CampMoney for the Rest of Us PlusShow Noteshttps://info.lowstressbets.com/How Do Betting Odds Work? by OC Staff—oddscheckerSenate Commerce Committee Wants Answers on NBA Gambling Scandal—Senate Commerce Committee"US sports betting crisis grows as MLB's Clase and Ortiz indicted over alleged rigged pitches" by Tom Lutz—The GuardianESPN Will Not Let Failure Push It Out Of The Gambling Business by Chris Thompson—Defector22% of All Americans, Half of Men 18-49, Have Active Online Sports Betting Account—Siena University Research InstituteA Review of Sports Wagering & Gambling Addiction Studies Executive Summary—National Council on Problem GamblingHow sports gambling took over prediction markets in the US by Sam Learner, Oliver Roeder and George Steer—The Financial Times See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Sitting in for Thom Hartmann today is guest-host Jefferson Smith of the Democracy Nerd podcast. Jeff's dad Joe Smith joins the show for the popular segment "News With My Dad" and shares an extraordinary announcement. For the book club Thom reads from "Original Wisdom: Stories of an Ancient Way of Knowing" by Robert Wolff.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Trump's white supremacist loyalists are rewriting history, erasing Black heroes, and purging diversity, and the politicians who stay silent are complicit in that treason…See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.