Is race a more consequential determinant of social mobility than class? How and under what circumstances do Americans move up the economic ladder?

For years, Harvard economist Raj Chetty has leveraged big data to answer these questions. In his recent paper, Chetty and his team show that Black millennials born to low-income parents have more quickly risen up the economic ladder than previous Black generations, whereas their white counterparts have fared worse than previous low-income white generations. That said, Chetty finds little movement in or out of the top income brackets and that the income gap between Black and white Americans remains large.

Chetty joins Bethany and Luigi to discuss these new insights as well as why mobility matters, what costs come in the pursuit of bolstering mobility, and how other factors such as parenting, gender, and social capital factor into the equation. What policies should America pursue, especially against the backdrop of the 2024 presidential election, where many conservatives argue that white working-class Americans are falling behind and liberals argue that Black and brown Americans continue to face systemic inequalities?

Show notes:

• Revisit our Capitalisn't conversation with Oren Cass, who is mentioned by Luigi
• Revisit our Capitalisn't conversation on Chile, which is mentioned by Bethany
• Check out related coverage on ProMarket, including a write-up by Raj Chetty and co-authors on "Lost Einsteins," mentioned in the episode

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This week we're taking a quick summer break, but in the meantime, we wanted to re-share a special episode that is relevant in the news again. With the recent federal court ruling that Google engaged in illegal monopolization of internet searches, we thought it would be a great opportunity to share our episode with lawyer Dina Srinivasan. She's an expert in the field of competition policy and a fellow with the Thurman Arnold Project at Yale University. Google is no stranger to lawsuits and has previously defeated many of them, but now, antitrust experts are optimistic that this case against Google's advertising business is even stronger for the government than the Search case that Google lost just last week.

To simplify the apparent complexity of the case and understand why and how it matters to consumers, the advertising market, the tech industry, and the economy, Luigi conducted a special bonus interview with Srinivasan. Following the interview, Bethany joins Luigi to discuss the implications of this case for consumer harm, the business model of journalism, democracy, and beyond.

Read more on ProMarket: https://www.promarket.org/tag/google-ad-tech-case/
 

Watch: 2024 Antitrust and Competition Conference | Antitrust Case Studies: Google https://www.youtube.com/watch?v=Aw6-LaVh55U

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"The only true aging is the erosion of one's ideals," says Ralph Nader, the former third-party presidential candidate who just turned 90 after more than 60 years of consumer advocacy and fighting for small business in America. From influencing the transformative passage of car safety legislation to advancing numerous environmental protection and public accountability causes, Nader has fought against the proliferation and insinuation of corporate power in our government.

In between all of that, Nader has also found the time to develop a prolific writing career. In this week’s episode, Nader joins Bethany and Luigi to discuss his new book, "Rebellious CEO: 12 Leaders Who Got It Right." The three talk about the possibilities of ethically profitable business, Nader’s lifelong pursuit of justice, his views on the state of capitalism today, the political disillusionment of the public, and how we can reclaim democratic control of capitalism.

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In 1998, the U.S. government filed antitrust charges against Microsoft. Today, with a new Department of Justice antitrust case filed against Google, it's worthwhile to track the eerie similarities between these cases in order to understand how one informs the other and vice versa. In order to walk us through both cases, we invited two people on the show who were on opposing sides of the Microsoft case: Robert Topel Distinguished Service Professor of Economics from the University of Chicago and expert witness for Microsoft, and David Boies, the lawyer who represented the Government in the 98' case. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

We’re taking time off to be with our families, even if it’s only over a screen, so we're sharing a shorter episode with you this week. Inspired by our recent election, Bethany and Luigi sit down, just the two of them, to talk through why a robust and strong democracy is essential for capitalism to work. We hope you enjoy this conversation, and we’ll see you with brand new episodes after the holidays. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Few people have deeply investigated the inner workings of our problematic student debt system. One person who has is Constantine Yannelis, Assistant Professor of Finance at The University of Chicago. With a proposal by the Biden Administration to forgive some portion of student debt possibly on the table, Yannelis takes us behind the curtain of our student loan system to explain why this may not be the best policy and what other options we have available. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

It's not hard to find original conversations about the dangers of "Big Tech", but it is rare to find original solutions. On this episode, we sit down with renowned professor and author, Francis Fukuyama, who has developed a fresh answer to the question of how to rein in the big digital platforms like Facebook, Twitter, and Google. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

During confirmation hearings for Supreme Court nominees, the debate is always focused on social questions like abortion, but rarely economic questions—the nomination of Amy Coney Barrett was no exception. But the Supreme Court can have a massive influence on our economy and how we conduct business. On this episode, we're joined by appeals lawyer, Roman Martinez, who has personally argued many cases in front of the Court, to interrogate the relationship between the Supreme Court and the economy, and how the new court may rule on business issues. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week, another University of Chicago Podcast Network show called "Big Brains" asked Luigi to share his biggest takeaways from the 2020 election. They covered why the polls got the election so wrong, what messages the record turnout send to our politicians, and what Joe Biden may change in the economy. We’re going to share that episode with you this week, and recommend you give Big Brains a listen and subscribe. We hope you enjoy and we’ll see you next week for a new episode of Capitalisn’t! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

It's been 50 years since Milton Friedman's world changing article which argued the only social responsibility of business is to increase profits. Since the Great Financial Crisis, that view has been increasingly challenged. On this anniversary, we revisit Friedman's legacy with New Yorker staff writer and author of "Transaction Man", Nick Lemann. Together, we explain what Friedman got right and what he got wrong about shareholder vs stakeholder capitalism. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In recent weeks, The Great Barrington Declaration erupted the debate about how best to continue the fight against COVID-19. On this episode, we try to have an honest and difficult conversation about the tradeoffs of different strategies for the future, from lockdowns to herd immunity. We also speak to people on both sides of the aisle: Sunetra Gupta, an epidemiologist from Oxford and one of the signers of The Great Barrington Declaration, and Andy Slavitt, former Acting Administrator of the Centers for Medicare and Medicaid Services under Obama and the host of the In The Bubble Podcast. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

MMT—modern monetary theory—has become one of the hottest topics in economics. The best selling book, "The Deficit Myth", by economist Stephanie Kelton has even made this little understood theory go mainstream. But deeply analyzing these ideas has become more pressing than ever as we debate, in the middle of a pandemic, whether the government should be adding more debt to support the economy. Along with our guest, "grumpy" economist John Cochrane from the Hoover Institution at Stanford University, we take a look at what MMT gets right, what it gets wrong, and how it should change our thinking. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Will rich people be able to buy a coronavirus vaccine before everyone else? Should we pay people to be part of clinical trials? Is a market for vaccine vouchers a terrible idea? On this episode, we tackle the complex questions around developing and distributing a coronavirus vaccine in a capitalist system. And to get some help with the answers, Luigi and Bethany speak with medical ethicist, Dr. Arthur L. Caplan, from the NYU School of Medicine. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Given the recent mass layoffs, acceleration of media consolidation, continued decline of local journalism, and rapid uptake of generative AI, the news industry—fundamental to institutional accountability in capitalist democracies—appears to be in deep crisis. Joining Bethany and Luigi to make the case that journalism can not only survive but thrive is Ben Smith, longtime journalist, former New York Times media columnist, co-founder of global digital news publication Semafor, and the author of "Traffic: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral."

How much of today's state of journalism can be attributed to mistakes and how much to inevitability? Where does the marriage between social media and news go next? How can journalism remain financially viable? Offering a nuanced perspective on the opportunities and pitfalls facing the news industry today, the three of them discuss the future of journalism in the age of clicks and a path back to a media landscape that informs, educates, and holds power to account.

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As we start a new season of Capitalisn't, we welcome our new co-host, Vanity Fair contributing editor Bethany McLean. Academics tend to think journalists are too driven by anecdotes and journalists tend to think that academics are irrelevant. But in our new season, we hope to combine these two expertises to illuminate the ways capitalism is and isn't working in our world. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Capitalisn't will be returning with a new co-host in September! In the meantime, as we develop the re-launch of our show, we'll be airing previously unreleased content and re-releasing some of our favorite episodes. In light of the upcoming 2020 election, we thought it would be worthwhile to rebroadcast a conversation Kate and Luigi had about money in politics. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Capitalisn't will be returning with a new co-host in September! In the meantime, as we develop the re-launch of our show, we'll be airing previously unreleased content and re-releasing some of our favorite episodes. In light of a recent threat by the Department of Justice to bring a lawsuit against Yale University for allegedly discriminating against Asian-American and White applicants, we thought it would be worthwhile to rebroadcast a conversation Kate and Luigi had about the Harvard admission scandal last year. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CapitalIsn't will be returning with a new co-host in September! In the meantime, as we develop the re-launch of our show, we'll be airing previously unreleased content and re-releasing some of our favorite episodes. On our last episode, we aired pieces of an interview with Lisa Cook, a professor from Michigan State University. We actually had a much longer conversation about the lack of diversity in the economics field that we think deserves to be aired. So, we hope you enjoy listening, and we look forward to sharing the re-launched Capitalisn’t with you in September! Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode—Kate Waldock's final episode as a co-host of CapitalIsn't—we tackle a crucial question the economics field is facing: what is it going to do about its lack of diversity? To fully investigate this question, Kate and Luigi are joined by a series of guests who each offer a different perspective on why there's a lack of diversity in economics, what the profession is missing because of it, and what can be done to fix it. Guests: - Peter Henry, William R. Berkley Professor of Economics and Business and former dean of NYU’s Stern School of Business - Lisa Cook, Professor of Economics and International Relations at Michigan State University - Anna Gifty Opoku-Agyeman, founder of the Sadie Collective and an emerging economist - Rohan Williamson, Bolton Sullivan and Thomas A. Dean Chair of International Business and former dean of Georgetown’s McDonough School of Business - Andres Liberman, Chief Data Officer at Burn to Give - Luis Lopez, Assistant Professor of Finance at UIC Business School Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

There is an ongoing debate about whether private equity adds value or simply extracts value. In the economic literature, benefits are better documented than extraction for a very simple reason: when value is created everybody is willing to share the data to show it. When value is extracted, much less so. On this episode, Kate and Luigi present an often overlooked story of how a private equity fund made millions through connections, lobbying, and a spectrum auction. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The coronavirus has taken a heavy toll on most businesses, but it has been especially hard on small businesses. But should those businesses file for bankruptcy, and what will happen to them if they do? On this episode, Kate and Luigi explain how bankruptcy works...or doesn't work...for small businesses and how the system needs to change. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

"Defund the police" has become one of the central demands coming from the protests that have arisen following George Floyd's killing at the hands of a white police office. On this episode, Kate and Luigi take an economist's look at the concept of defunding the police. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode, Kate and Luigi use a recent criminal case against Walmart over its sale of opioids to explain the tactics many huge corporations use to dodge the justice system. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

What will universities and colleges look like post-coronavirus? Will the entire industry be disrupted by online learning, will state schools go bankrupt, will elite universities be effected at all? On this episode, Luigi and Kate give their expert analysis as both economists and professors about the future of higher education. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Perhaps the biggest evidence that capitalism in America doesn’t work, at least not for everyone, is growing income inequality and the persistence of poverty. But what is the current state of poverty and inequality in the United States? Why do debates still persist about whether poverty has been eradicated? What do the numbers and official statistics tell us, and should we believe them? What do personal stories and experiences with poverty tell us that data cannot? If poverty has indeed been eradicated, what led to that achievement – and if it still persists, what more can be done to abolish it?

Last year on this podcast, we did a series about this topic, and we found these episodes to be surprising and more informative than most of the debates about poverty you’ll hear on the news. So, we wanted to condense that series down into a single episode that captures all of the highlights. The first speaker is former U.S. Senator Phil Gramm (R-TX), who argues in his recent book, "The Myth of American Inequality," that poverty is vastly overstated because official government data does not include transfer payments. The second is Princeton sociologist and Pulitzer Prize-winning author Matthew Desmond, who argues in his recent book, "Poverty, by America," that poverty is a terrible scourge, that we have made no progress, and that it is a moral outrage.

The result is a nuanced, surprising, and informative debate on a multifaceted but important issue – leaving our hosts, as well as, by extension, our listeners – to formulate their own takeaways on what we can all do about them.

Episode notes:

• Listen to the complete conversation with Sen. Phil Gramm
• Listen to the complete conversation with Dr. Matthew Desmond

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States are facing massive shortfalls due to the coronavirus outbreak. Senate Majority leader Mitch McConnell has suggested letting states file for bankruptcy. On this episode, Kate and Luigi explain why the debate over McConnell's proposal is far more complicated than most people think. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Despite warnings from government and health officials, some states are choosing to begin reopening their economies this week by ending lockdown restrictions. On this episode, Luigi and Kate lay out the economic reasons why that could end badly. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Congress has already passed a $2 trillion dollar coronavirus relief bill, the largest economic relief bill in U.S. history. It's half the size of the entire annual federal budget, and another stimulus bill may be on the way. On this episode, Kate and Luigi explain the economic labyrinth of how we pay for these relief bills. Are we just printing money from thin air? How do we navigate issuing debt? And, with special guest Gene Fama, we discuss the possibility of a wealth tax.  Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

For the good of public health, it's important that we continue staying in quarantine at least for the next month or two. But, eventually, we will have to leave our homes. On this episode, Kate and Luigi debate the economic implications and strategies for how we exit shelter in place. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In order to combat the coronavirus, Congress has passed a $2 trillion-dollar stimulus bill. It targets individuals, small business and large corporations. But, from an economic point of view, who are the real winners and losers in this bill. On this episode, Kate and Luigi analyze the CARES Act. Is it enough money to stabilize our tanking economy, does it target the right people, and does it accomplish the right objectives? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

One of the prominent economic debates to emerge during the coronavirus outbreak has been whether to continue with shelter in place measures that are hurting the economy but, hopefully, slowing the virus' spread. On this episode, Luigi does a cost-benefit analysis that shows why it could be better to keep the economy closed, and debates his proposal with Russ Roberts, host of the popular EconTalk podcast. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

If you had to name the most famous living economist, it would be hard to come up with anyone other than Paul Krugman. On this episode, Kate and Luigi talk with Krugman about his new book "Arguing with Zombies: Economics, Politics, and the Fight for a Better Future", why he thinks America's economy has failed the middle class, and how we can create a better economic future for our children. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode, Kate and Luigi give an economist view of the coronavirus outbreak. How should we think about the economic trade-offs of interventionist quarantine measures, could this virus change the way we work, should you or should you not be buying up stocks? They tackle these questions and more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Companies like Uber, Lyft, and Doordash have brought the term "gig economy" into our lexicon. But what is the gig economy really? When you start digging into the data, you find it's a lot harder to define than you think. On this episode, Kate and Luigi investigate the pros, cons and myths of the gig economy. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Are the economists of the 60s and 70s to blame for our current state of affairs? That's the argument Binyamin Appelbaum makes in his book "The Economists' Hour". On this episode, Kate and Luigi debate the history of economists, the problems with economics today, and what changes could lead to a better economic future. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

In his recent book, "The Problem of Twelve: When a Few Financial Institutions Control Everything," Harvard law professor John Coates sheds light on the secrecy, lack of public accountability, concentrated power, and the disproportionate influence of a select few institutions in our financial system.

Coates joins Bethany and Luigi to dissect the potential dangers of this era of financial consolidation and explore possible solutions, including accountability and transparency, to ensure a more equitable economic system. Specifically examining the "Big Four" index funds (Vanguard, State Street, Fidelity, and BlackRock) — that collectively hold more than twenty percent of the votes in S&P 500 companies — and the transformative rise of private equity funds, they discuss the challenges posed by concentrated financial power and its impact on markets, economies, and society at large. 

Show Notes:

• Read an excerpt of Coates' book (Columbia Global Reports) on ProMarket
• Revisit our earlier conversation with Hélène Landemore, referenced by Luigi in this episode
• "The book is available via Columbia Global Reports."

 

 

 

 

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Emmanuel Saez is probably one of the most controversial economists around these days. Recently, he's garnered significant attention for being one of the architects of Elizabeth Warren's wealth tax proposal. On this episode, Luigi and Kate dig into tax policy, the wealth tax and why Saez's work is so controversial.

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As the Democratic primary is ramping up for the Iowa caucuses, everyone is talking about how much money the candidates have spent. And they're asking whether billionaires like Tom Steyer and Mike Bloomberg should be able to use their wealth to buy their way into the race or, even buy the presidency? On this episode, Kate and Luigi breakdown the economics of money in politics. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this podcast we mostly talk about what isn’t working in American capitalism. But, on this episode, we're taking a break to look at how capitalism can go wrong in other countries, specifically...Russia. And we’re going to do that with a very special guest, Putin's so-called number one enemy, Bill Browder. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Does Silicon Valley have a capitalism problem or does capitalism have a Silicon Valley problem? On this episode, Kate and Luigi sit down with Mike Isaac, New York Times technology reporter and author of "Super Pumped: The Battle For Uber " to find out if these tech startups have a toxic corporate culture issue. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

You don't need us to tell you there's something very wrong with the American healthcare system. The real question is: what can we actually do to fix it? Could Democratic candidates Elizabeth Warren and Bernie Sanders be right that Medicare for all would be better? Would a single-payer system fix all the frictions in the industry? On this episode, Kate and Luigi delve into the economics and capitalism of the healthcare debate. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

A common theme on our podcast is whether shareholders have too much power. But if we were going to redistribute that power, to whom should it go? Two recently proposed rule changes at the SEC would transfer more power to CEOs. But do we really want to empower managers to operate with less checks and balances? This week, Kate and Luigi sit down with SEC Commissioner Rob Jackson to talk through these issues and debate the proposed SEC rules. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Presidential candidate Elizabeth Warren blames private equity for many of the issues in our economy. She plans to reign it in and regulate it with her new bill the "Stop Wall Street Looting Act". On this episode, Kate and Luigi explain how private equity really works, whether it’s bad or good for society, and they dissect Warren’s proposal to regulate these firms. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Getting into the right college is arguably more important than ever, which has put the justice or injustice of admissions processes in the spotlight. On this episode, Kate and Luigi give a fresh perspective on a recent admissions trial involving Harvard, explain its implications for college admissions in general, and ask whether the way elite universities choose their students is an example of capitalism working or failing. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode, Kate and Luigi explain how to win the econ Nobel, why it's important, and they attempted to predict who the 2019 winner might be. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode, you're going to hear how the sausage gets made in economic research as Kate and Luigi personally investigate whether private equity is to blame for the retail apocalypse. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Wall Street Journal wrote that “Wall Street's best-known bear is going into hibernation" after the legendary short seller Jim Chanos announced he would close his main hedge funds late last year, in part due to diminishing interest in stock picking. Short selling, which bets on drops in asset prices, wins when companies and governments fail and has gained a predatory reputation over the years. Just last week, the China Securities Regulatory Commission vowed "zero tolerance" against what they called "malicious short sellers," according to Reuters.

One of our listeners wrote to Bethany with this question: “What does it say about capitalism if Jim Chanos can’t find enough investors willing to profit from its frauds, fads, and failures, not to mention the competitive forces that are necessary for a functioning market? Is short selling dead?” To discuss this, Luigi and Bethany sat down with Chanos himself, who has been cast as the “Darth Vader of Wall Street,” the “Catastrophe Capitalist,” and the “LeBron James of short selling.” Together, they discuss the relationship between short sellers and our information environment, the fallout from the "meme stock" craze, the effects of the Federal Reserve’s interest rate policies, and how short selling can contribute to market efficiency and resilience. Do short sellers play a positive role by uncovering corporate fraud, mismanagement, and systemic risks? What safeguards are necessary to prevent short-selling abuse and ensure fair and transparent markets?

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In the last few weeks, we've seen two examples of seeming corporate self-regulation. One is Walmart's decision to end all handgun ammunition sales, and the other is the four largest automakers going around the Trump administration's less stringent fuel emission standards to cut a private deal with California that is closer to Obama era-emission standards. But there's an important overarching question to these two stories. Should companies really be taking it upon themselves to address issues when the government doesn't do a good job policing? Should these businesses be punished or praised? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Many are praising a recent Business Roundtable announcement that corporations should serve stakeholders as well as shareholders. On the surface, this may seem like a historic reversal of the status quo that has held since Milton Friedman's famous "shareholder primacy" theory was put forward in the 70s. But it's not that simple.

On this episode, Kate and Luigi layout the history of this theory, revealing that it's really been around for as long as we've been asking the most fundamental question in business: what is the purpose of a corporation? They explore that question, and interrogate the possible underlying motives behind the Business Roundtable's decision.

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Are stock buybacks evil? A lot of politicians seem to think so. Senators Bernie Sanders and Chuck Schumer wrote an op-ed in the New York Times this year calling for a limit on corporate buybacks. On this episode, Kate and Luigi break down what stock buybacks really are, how long they've been around, and whether we should ban them.

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