35 Burst results for "Wharton"
Manchin Casts Doubt on Biden’s Social Policy Bill
"Headline White House scrambles to salvage build back better Bill by Christmas. Now the Financial Times described as a 1.75 trillion, it's not. According to the congressional budget office, it's a $5 trillion bill. If you do what all Congress is doing, which is extend their one year programs and blow through their deadlines unless they have sunsets in them. So it's not 1.75. It's trip 5 trillion, and that's backed up by the Penn Wharton school analysis. Again, if you say, oh, this is a one year Bill. And we're going to end all these programs. We start, yeah, it's 2 trillion them, but it's not. It's 5 trillion and Joe Manchin stopped in the hallway. And according to The New York Times, he said that they need to pause for peace. He said that anything is possible here, and he's still engaged in conversations with The White House, but listen for yourself. Joe Manchin talking to CNN's Manu Raju yesterday cut number ten. But whatever we're considering doing or whatever Congress is considering to only should do it within the limits of what we can afford. And that means having a tax plan that's fair and equitable and keeps us competitive, but also makes everyone pay especially the wealthy pay their fair share too. See what that spins off and that's one 7 range then we should be spending whatever in that range as far as I'm concerned if it's whatever planet would be pre-K, child care and what you want in home care, then it should be ten years. It shouldn't just be one year three years or 5 years. And that would be, I think it would be very transparent for the puppy to see exactly what they'd be getting for what we're spending for ten years. So you won't support it if it needs programs or temporary. No, we're going to talk. We're still talking. I'm listening to everybody, but I'm just telling you you ask me about inflation is not transitory. It's alarming. It's going up and not down. And I think that should be something concerned about. Inflation is real. It's not transitory. It's going up, not down, that something we should be concerned about. And senator
Democrats Passed the Phony $5T 'Build Back Better' Bill
"So folks the Democrats passed this phony build back better act build back better it's tear down forever act They say it's 1.75 trillion The CBO says it's hundreds of billions in debt Other outside organizations that don't have their hands tied the CBO is only free to do certain kinds of analysis Like the Wharton school says it's actually closer to $5 trillion The vote was two 20 to two 13 One Democrat in a swing district in Maine voted against it But that's it Every other Democrat like God heimer God Heinrich Schmidt In Bergen county New Jersey All these frauds and Virginia New Jersey all across the country Oh I'm a moderate California Every damn one of them voted for this
"wharton" Discussed on Knowledge@Wharton
"Is that if you take a person and the only thing that you change about them is their vase. On average they might see a better Or rather they would see a different outcome in the bankruptcy process. What about bias. Potentially impacting debt relief. So one of the reasons that meetings focus on dismissal races that it's One of the most important factors in determining whether or not someone actually gets Debt relief that they're seeking in bankruptcy so when we see that block filers are much more likely to have their cases dismissed. That means they're getting access to that. Release out of much lower rates and additionally if dismissed with prejudice which can happen if the filer is found to have committed fraud in the bankruptcy process. You may be barred from accessing bankruptcy and its debt really her number of years ahead in the future so this can lead to large disparities in access to that release. So doing this work. What do you think are the takeaways from it And the important elements to look at moving forward so our takeaways are first to just document that. On average there are these large disparities in dismissal rates. And in the in bankruptcy outcomes this is telling us that black and white house will they're not accessing the debt relief that thing see provides to the same extent and our analysis of hamas lee and tau the race of the trustee matters indicates that bias whether explicit or implicit is likely playing a role and by our estimates given that Twenty one percent of bankruptcy trustees in our sample or non white putting our various numbers together. This indicates that at least fifty six percents of the of their choppy thirteen disparity would disappear if black filers were assigned to non white trustees so race and potentially bias as well seemed to be an important factor in driving these disparities in bankruptcy. So off of this research. Is there a next natural step in the process for you to look. Look at this further down the road. So what we're planning for to build on our initial research is to scale up our analysis to use data from the entire united states or results. that we have right now are from minnesota and florida and we also wanna study additional outcomes so for example in chapter thirteen one of the main reasons that people get dismissed is failure to make required team during the five year. Plan that they're on now. Sometimes some people run into trouble making payments. They can get a hardship discharge. And it's up to the trustee and judge to rather subjectively evaluate whether someone is unable truly unable to make payments or simply unwilling to make payments. So we think we might also see disparities and potentially evidence of bias there as well and we also wanna turn from focusing on bankruptcy. Trustee used to also consider bankruptcy judges as well. Sasha thank you very much for a few moments today greatly appreciate your insight and we will talk to you again. Down the road thank you. Thanks for having me sake you. Sasha in darty of the wharton school Joining us to discuss her research around bankruptcies to keep engaged with wharton business daily and other wharton school shows visit business radio dot wharton dot upenn dot edu..
"wharton" Discussed on Knowledge@Wharton
"Wharton school at the university of pennsylvania busch chairman of the federal reserve. Drome powell is one of the most important people dealing with the issues around monetary policy right now. His recent address from the jackson hole summit gave us some more insight as his thought process. About how the fed should react to the economy during this time of the krona virus christina. Skinner is assistant professor of legal studies in business ethics with the wharton school. She has reviewed his speech again and she joins us to give us. Her thoughts christine. Thanks for a few moments today. Karen my pleasure crispy here were you. What were your takeaways from from. What Chair powell said during the speech i have to say i think the speech was very well done. The markets reacted very favorably. Even as it delivered three quite significant messages so i there was an an acknowledgement by powell that yes. We're seeing inflation above two percent for the first time in a very long time but in the feds view. This is temporary transitory as we say second team message. I think that the fed is going to start pulling back from some of its crisis. Era interventions specifically. It's likely going to slow the pace of asset purchases now in my you. This is the most significant policy decision. If you will that was revealed in this speech the fed is now clearly committing to an intent to start exiting from. Qe now this might seem very attenuated. An intent to commit to something but in fedspeak it's quite significant statement and then third. The sad isn't planning to raise rates right now and it makes sense. It would have been unusual for the fed to have both raised rates and decided to back down from asset purchases. It was probably always going to be one or the other once. We hit recovery mode with the question of sequencing which one was going to come. I one of the things. I as you mentioned he talked about is keeping asset purchases at the current until there is quote substantial further progress towards our maximum employment and price stability goals and quote Impart were we know. Were not there on maximum employment. Today's report just obviously kind of highlights that right now so for not there. What does that mean. Then for the federal reserve. I would imagine this idea of tapering continues to move back a little bit further at this point no i think how actually signaling somewhat of the opposite in his in his speech..
"wharton" Discussed on Knowledge@Wharton
"The question of whether the inflation in the economy right now will recede at some point. Seems to be more and more up in the air. Fed chair jerome. Powell has considered the risk transitory and that it will pull back into time others not so sure about that occurring. But as a part of that concern. The banking system may have some exposure to negative. He tie goldstein. Finance professor at the wharton school joins us recently wrote an opinion piece for the publication. The banker that looks at maybe some of the things. The banking system might have to consider moving forward e. Tie great to talk to you again. Hi dan it's good to talk to you. Thank you so. Let me start larger. Scope here at with that idea of whether night inflation is going to be transitory. Where are you on that you know. I think it is very hard to tell. I think we'll certainly not out.
"wharton" Discussed on Knowledge@Wharton
"And i hope they do it in a transparent way this time right to say this is how we're evaluating people. This is how we're choosing candidates in the first place. This is exactly how long they're gonna guest host for everybody's gonna have the same amount of gas hosting time you know. One thing people's pointed out is that lavar burton he only had one week which was filmed in a single day rather than having two weeks where he could have had actually time to improve right whereas other hands. It's had two weeks so you know the should be transparent from the beginning. This is how we're choosing candidates does how we're making the shortlist. This is how they're going to be tested. This is how the audiences are going to be scoring them. And this is the panel. That's actually making the decisions. Instead of you know letting the insider appoint the insider which is how we will continue to have white and male dominated spaces and leadership and again in about thirty seconds left again. This is once again. A commentary also in this day and age about making comments on social media and the fact that they come back at you. I'm surprised that people have not learned that lesson yet because we've been well into the social media age now so you know that's something for people to keep in mind You know and and maybe people should be vetted beforehand before they're appointed in this way. Because you know we know it's something that's so often comes out ex-post thanks very much for your insight all the best. Thank you grin. Low assistant professor business economics and public policy at the wharton school to keep engaged with wharton business daily and other wharton. School shows visit business. Radio dot wharton dot upenn dot edu..
The Biggest Untapped Market Opportunity in the World
"Today's guest is my friend. Rahul sorry yogi from india Rahul is the founder and managing director of autobahn capital advisors advisor to the antion capital family of funds. His mission is to consistently identify the best ten to fifteen investment ideas from among the thousands of publicly traded indian corporations rojo graduated from the wharton school of the university of pennsylvania with a degree in economics and is the author of investing in india of value investors guide to the biggest untapped opportunity in the world a definitive guide on navigating the indian marcus published by john wiley and sons row. Welcome back to the program. It's been a while. Thank your yes indeed and so royal. I just want to jump in. Because you're you're just you're my guy in india like of and i've met a bunch of folks at conferences and so forth Folks that we both know. But you know when i really wanna know what's going on i i have to talk to you and i. I haven't even thought. I hate to admit it. I haven't even thought about india probably over a year and all like all i know about india's to look at a chart of the you know the india. Etf it's it's too far off my radar screen. I think it's too far off everybody's radar screen. I know you agree with that. Wouldn't yeah absolutely done It it has indeed been a while since we've spoken than it's been. What twelve years since you were here in southern india and janae with me and You don't we were driving it out and looking at stuff while yup it has. So is it at any given moment when i've talked you like sometimes you like well. The markets run up huge. And you know. I'm really cautious. Or you know it's it's way down and i'm really aggressively bullish or something because it is. It does seem to swing a
"wharton" Discussed on Knowledge@Wharton
"Overall assessment then of this bill you touched on the gdp that it kind of almost zeros out the gains that You had believed would be there when we talked about the junior board What are we looking at for an overall assessment on gdp debt etc wages. You know those are those areas so right now because a lot of this bill does not raise as much revenue as the earlier versions of this bill. We're actually looking at an effect on gdp that it's a little bit closer to zero. I'm so we're not gonna see quite as large an effect on wages Because the crowd out from the higher government debt is going to offset the positive effects from the infrastructure investments. That having been said there may be some elements of the bill that are not reflected in Not measured as easily In gdp immediately. So it's not a complete story but but you know we think it's a good reflection of a large chunk of of the bills benefits. I'm so something like watering infrastructure. And maybe you made an immediate health benefits That You know that aren't very easily measured So we have to consider those as well. Yeah so we're almost looking at like a net zero here. We're not seeing a significant negative from the impact of this bill which i guess in many cases that's probably not a bad thing when you can get to kind of a net zero. No i think so. I think that's right. I mean ultimately. I think what this analysis shows at least compared to the previous one is a financing. Your project matters. And that the choice of you know the the revenues that you're using to build out the stuff has additional economic effects in addition to the ones that we're seeing from public infrastructure and it certain types of taxes maybe more or less efficient Than than the than the sources of financing. They've settled on all right. John great to have you with us. Thanks very much. And i for people that haven't been to the website. It is a fantastic site. pen wharton budget model. Check it out. They have a lot of work on there. And i would imagine john one of the probably the next things guys will be tackling. We'll be the the three point five trillion dollar bill correct. Oh absolutely i'm people are already working on it so hopefully we'll have some information on that in the in the future all right and we will Throw throw throw out that invitation avarice. While john lee of the pen wharton budget model to keep engaged with wharton business daily and other wharton school shows visit business radio dot wharton dot upenn dot edu..
"wharton" Discussed on Knowledge@Wharton
"Earlier this year. The government accountability office came out with a report that suggested that the retirement portfolios a federal workers should be reviewed because of the potential losses due to climate risk. Now you may sit back and ponder how those two are connected. Climate change and retirement savings. Olivia mitchell director. The pension research council here at the wharton school joins me in studio. She is also professor of insurance and risk management as well as professor of business economics and public policy and this is an area. She is focused on a pleasure to see her in the studio. It's a very great pleasure to be with you. You are first person back in studio since we've been back here and it's great to see as always thanks. Louise awesome so connect the dots here with these two. Because again a lot of people would be like climate change or retirement risk. There's a connection there absolutely and it's very interesting that the gao has been asked to evaluate that connection to offer a recommendation regarding the federal thrift. Saving plan known familiar. Familiarly as the t. s. p One of the big issues. That people are worried about in pension. Land is that the typical traditional portfolios that the pensions plans have been holding may not perform well with the advent of climate change or so for example holding fossil fuel companies extraction companies hole dig companies that are involved in other kinds of Exposed to other kinds of climate change. I mean we've seen before us in just the last year and a half floods fires drought. It's almost like the the pestilence is written about in the bible And moreover it's likely that this type of result of climate change will continue in fact. The united nations had a big report. I think was issued yesterday suggesting that actually climate change is already here. It's not a question of ten twenty thirty years in the future so the issues with regard to pensions are that many people are hoping to be able to make what they're calling green investments investments. Which will Avoid in certain cases the fossil fuel companies or other types of firms. That are seen to be doing ill and select and engage with.
"wharton" Discussed on Knowledge@Wharton
"United airlines becoming the latest in a growing line of companies which are mandating that employees get vaccinated in order to return to the office. It was also the first air carrier in that sector to make that move other companies like google facebook walmart and many others are taking the same approach if on barring k management professor here at the wharton..
"wharton" Discussed on Knowledge@Wharton
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"wharton" Discussed on Knowledge@Wharton
"To you by the wharton school at the university of pennsylvania. Oh in many of his going back into the office there will be situations where managers will be overseeing employees in the office for the first time somebody that was maybe higher during the pandemic and had been managing those employees virtually over the last several months it may have been doing that with dynamics now heading back into the office that are something that are much different than what they've been dealing with over the last year and a half. Rachel pacheco is lecturer in the management department at the wharton school and also with pens graduate school of education. She's a new book out looking at this issue of of managers right now. It is titled bringing up the boss practical lessons for new managers and she joins us for a few moments. Rachel thanks very much for joining us today to be here and happy to chat. Thanks i think this is a very interesting question. Set of questions that you pose right here. Was there something specific that you noticed in in wanting to do this book specifically kind of with the dynamics that were at play here in our culture right now thought actually The book actually came about about four years ago. I was a chief people officer in a quickly growing startup and what i realize almost immediately that you know our company was scaling but our people weren't and we had a whole bunch of new managers that had been promoted really early on in their careers Mainly because they were early members of startup. so you know. I went out looking for books that might serve the purpose of helping to upskill leave. Managers really quickly our current context. Even you know in in in the world of technology and You know all the things that have happened in the past couple of years. And i couldn't find one so i started writing tips and tricks to really to help my managers get up to speed as quickly as possible In in that's where the the book came from and i think in the past year with the social unrest with the pandemic With the the long-needed reckoning of Inclusivity and reducing diocese. Just needed a book that that spoke to managers where they are today and it sounds like from what you're writing about that realistically. Also part of the issue is that maybe there's not enough training in general for people that are kind of moving into this role for the first time. I think that's the the than than the nick of a dirty secret of of companies not just startups. The big companies also We're often thrown into the position of management without having built the skill or the capabilities to manage..
"wharton" Discussed on Knowledge@Wharton
"Were released the sales totaled in the millions of dollars and also came before the most recent trouble at the auto company were disclosed since then it was announced that the ceo and cfo were leaving the company so the issue of when executives can trade and buy stocks is in focus once again wayne. Gay is an accounting professor at the wharton school and he was part of a new paper on the issue released earlier this month. It is titled determinants of insider trading windows. Wayne great to talk to you again. Hope you're doing well. I'm doing very well. Thank you thanks for having me. Thank you i i want to dig into the paper in a moment but this case of lordstown motors i. It's it is obviously one that has drawn attention. We know we've seen these types of issues pop up Before but this would seemingly be i it sounds like a textbook case around the issues of went executives can actually buy and sell stock or should be able to. Yeah so this one here. It seems to me i mean i haven't looked into the facts. You know in great detail but it does seem to me like a pretty cut and dry ample of of executives that Sort of engaged in behavior. They certainly shouldn't have had. And a case where the the the sort of corporate controls around insider trading were were either lacks or flawed or both so. Your paper looks at these windows win. Trading is allowed. Let's start there with those rules. And then what is occurring right. Now what do you think should be happening around these windows. Yeah so the point of our paper. I mean we all we see these kinds of events. The one you just mentioned and you know we know that there can be litigation the afc and sort of step in and try to enforce You know exa- you know good. Corporate practices and executive companies..
"wharton" Discussed on Knowledge@Wharton
"Hfa i think. There's the potential for someone to come in to that space and really reinvigorate fannie mae and freddie mac is engines of innovation and mortgage finance. I guess ben has the perception been than For the most part that you know going with say a thirty year and locking in and and not worrying about the adjustable rate mortgages. That's the safer option. People are more worried about the adjustable 's going higher than obviously we've seen over the last year and a half where the rates have obviously have sunk quite a bit. yeah. I think that's it's been a very popular and safe choice to take a thirty year fixed rate option. I think if you're refinancing and you have fewer years left on your mortgage so say you only have twenty years left on your mortgage. You can ask your lender for a twenty year loan You can also go to a fifteen year loan which is another popular mortgage product. I think for a lot of people especially young home buyers a thirty year fixed rate mortgage is not really the right product for them. They're unlikely to stay in the home for those thirty years. And essentially they're paying to lock in that rate for a number of years where it's very unlikely that they'd stay in the home so you're in a starter home where you expect to stay in that home for only seven or ten years. I think looking for an adjustable rate mortgage. That's usually called a hybrid adjustable rate mortgage. That gives you a fixed rate for say. Five seven or ten years and then adjusts Is a much better way to To lower your upfront housing costs. And there's there's about a fifty basis point gap Most of the time between a thirty year fixed rate and a five one arm. And so that's gonna save you on monthly payments every single month over those first five years and i guess i got about thirty seconds because i think this becomes important especially if the fed's not going to raise rates say till the end of next year the beginning of twenty twenty three interest rates are probably going to stay pretty low. I think that's right. I don't have a crystal ball but it does seem like interest rates are going to stay fairly low on the mortgage side. I doubt they're going to plummet back to where they were at. You know two and two and three quarters or even slightly lower. So i think locking in a raid around three percents and it seems like a fantastic option ben. Great to have you with us as always thank you sir. Yeah thanks great talking with you. You gotta ben keys associate professor real estate here at the wharton school to keep engaged with wharton business daily and other wharton school shows visit business. Radio dot wharton dot upenn dot edu..
"wharton" Discussed on Knowledge@Wharton
"Hello my name. Is stephanie korean. I'm an assistant professor of management at the wharton school of the university of pennsylvania. And i am so delighted to welcome you to today's episode of the knowledge at wharton leading diversity at work podcast series which is focused on what has really changed for black women leaders in the workplace joining me. Today are two very special guests earth. We have dr ella bell smith who is a professor of business ministration at tuck in the field of organizational behavior. Her research opuses on the career in life histories of professional african american in white women. She is a co author of the widely acclaimed book our separate ways black and white women and the struggle for professional identity. Which will be discussing today. Dr smith has served us also serve as a consultant to fortune five hundred companies and too many public institutions next. We had doctors stella income. Oh who is a professor in the department of human resource management in the faculty of economic in management sciences at the university of pretoria in south africa her internationally recognised research appears on diversity human resource management and leadership in organizations and has been published in numerous journals and edited volumes. She's also a co author of the book will be discussing today. Our separate ways black and white women in the struggle for professional identity in she is also the past president of the africa academy of management stella in allow. Thank you so much for being here today. I am so honored to have you here with me. For conversation. Really focused on what has really changed for black women leaders in the workplace now before we got here. I'm hoping that the to you might help us. Reflect a little bit on the last year especially the movement toward racial equity and justice around the world. And i think this is especially at timely. Given that we're almost approximately a year out from the murder of george floyd and certainly all corporate calls to action in commitments to end systemic racism as as many of them had had worded with a league. They were trying to do. But also in that the two of you. I like to describe as organizational behavior. Royalty i so much of what. I do as a scholar as as a professor is informed by the fact that the two of you have been putting out incites in both research in practice for a long time and i know that my interest in understanding race in organizations was fundamentally informed by the work that you have published in the academic round and certainly this book as well so i wanted to start there just to ground us in in the moment but also speak to the fact that you have extensive expertise in issues of race. You've been at this a while. I won't say how many years you can have a while. So i am really curious to gainer this on how this conversation about racial equity has manifested around the world in. Certainly the fact still a. You're at your in south africa right in. La you're here in the united states. I think this is just such an opportune time to to get a multi national perspective on this topic and it certainly to hear more about what this looks like in your respective countries. But i'm going to start with you. Sell up and i want to start with you at because something that is continually entered into my head is an insight that you explored in your nineteen ninety two academy of management review paper and. I love the title of this paper. It's the emperor. Has no clothes rewriting race in organizations. And so what is stayed me since i. I read this paper with the idea that race has long been silenced in our scholarship. Now this is you talking while the paper was published in nineteen ninety two. I don't know when you actually started writing it but in nineteen ninety two. You were saying that. This topic has been silenced in academia in our scholarship on salt in society an eminent as thinking about the last year. I can just describe it as it's now allowed. The conversation around race is very loud. And so i'm interested in understanding how you're thinking about the amplification of race in discourse on racial equity as it has manifested over the last year. Thank you stephanie. First of all let me say thank you for inviting me and l. Tippy part of this podcast series. Where really great happy to talk to. People share out thoughts as you put a lightly. You call those pioneers but you know. That's just a polite way of saying a thesis a really senior people in many respects but But anyway you know what i tell you. There's so much going on in my own mind about where we are in terms of the conversation about race and i was thinking about the idea of you know i wrote that paper. It's almost thirty years ago but of course one has seen more than thirty years. So you know. I think. I think about like paradoxical forces at a going on and i'm not sure where it's going to end up side. I think the way i think about it with a very critical juncture on the one hand people seem to have the spotlight on race. You know you see it in the us you look at the black lives movement. They say what close to twenty million people of all colors. When out in marched in supported black lives matter. The george floyd murder you know was shown repeatedly here in south africa it led to protests. Here the students in particular talked about the ongoing racism in south africa even though this is a majority black country so yes the amplification is loud. But he is what i'm worried about. How long will that amplification last. Because we've seen it before. And being you know i don't mind say my age. Being seventy four year old woman is sort of like deja vu all over again and people. Don't pay attention to history. We've had this before. I remember with the civil rights movement if you remember that suddenly you don't maybe summarize movement people thought. Oh wow. america is finally turning the corner missing in south africa people. So when mandela got elected president in nineteen ninety. Four south africa's to become a non-racial free country and then so the civil rights movement came it was heightened. Everybody was attuned to what you had the march on washington. And they're right. After that things went back to the status quo. And then you know. George floyd was murdered and we saw that but remember rodney king. Yes and then you know. Black people exploded in protest and people thought. Oh this rodney. King moment is awakened america to the reality of racism. So so i worry which side is going to prevail on one side. You have these positive things going on. You have corporate executives who can finally say.
"wharton" Discussed on Knowledge@Wharton
"You by the wharton school at the university of pennsylvania. We've seen a heightened focus on environmental concerns as well as equities that are focusing on or trying to mitigate environmental crises. But what does that mean longer term. A new report suggesting that without the concerns around climate the returns on these dogs may not have been as successful. Lou taylor assistant professor of finance at the wharton. School is part of this report and he joins us with more luke. Thanks for a few moments today. Hope you're doing. Well thank you. Thanks for having me this very report. Especially because of all of the conversations around the environment and companies that are focusing more on. Espn take us through what What the report really was looking for. Sure you know we've seen this incredible increase in interest in these ese investment products. And when you look at how people market them they focus on offering high returns and when you look at people's motives for investing in these products. They say they're doing it to get higher returns. And the point of our paper is that those views are misguided so to to show that we we create what we call..
"wharton" Discussed on Knowledge@Wharton
"Milkman. A professor here at the wharton school of the university of pennsylvania. And i'm so excited to be interviewing my friend. Maya shankar a phd cognitive scientists senior director of behavioral economics google founder and chair of the white house social and behavioral sciences team under obama first behavioral science advisor to the united nations and the creator executive producer and host of the podcast. A slight change of plans from pushkin industries. You can see why. I'm excited to be talking today. Maya thank you so much for taking the time to do this. Thanks so much katie. It's always so much fun to talk with you. So i'll take any excuse likewise i actually would love it if you could. First tell me a little bit about the path that led you to run the very first social and behavioral sciences team ever embedded at the white house. I know is a really neat and exciting role. And i'd love it if you could share the origin story. Yeah definitely so. I was an academic. I was doing my post. Doc at stanford in cognitive neuroscience and i think i realized this one day i was in the basement of an fm mariah laboratory. And i was in this windowless room for probably five hours at this point and i remember this guy came in and i was scanning his brain and i realized the order of operations is off here because literally peering into this person's brain but i don't know how many kids they have. I don't know anything about this person's hobbies so it just fell for me and my personality like i needed to be in a slightly more social role And i didn't know what could come next right. Because what is an cognitive neuroscience post doc. Do after they don't become a professor so ended up calling my mentor from college to get some advice and she let me know that there is this amazing work happening in the federal government in which they were using behavioral science insights to help low income. Kids get access to free lunch at school and i found that incites so inspiring and so powerful and i thought oh my. Gosh that's what i want to be doing. I want to be working at the intersection of behavioral science and public policy so She ended up connecting me with casts on stein. Who as we both know is one of the most famous and revered legal scholars in the world. You've just finished a stint in obama's white house And he very generously connected me to president obama science adviser And i ended up pitching them on the idea of creating a new role for me. That would basically allow me to apply insights from behavioral science to public policy. Could you talk a little bit about some of the biggest challenges that you faced in that role the white house establishing this new team and having an impact. Well i yeah. I would say. The challenges began on the first minute of day. One so when i came in i was given some really valuable advice from my boss who had served in the clinton administration for eight years left for bush and then came back and ended up serving eight years under obama and basically what he told me is..
How Do You Get People to Get a Vaccine?
"So before we got to the whole vaccine issue. I had a general question for wharton's katie milkman. Win it comes to sort of carrots versus sticks what tends to be more effective when you're trying to incentivize people. The general finding from behavioral economics is that losing something is significantly more motivating than gaining the equivalent. If so six be carrots in terms of their motivational power. Now there are some caveats to that. Caveats like the stick approach while effective can make people really angry which is not ideal if you are company or a politician in fact katie recalls one experiment from primary election in two thousand six trying to encourage people to vote researchers sent out mailers that included the voting records of people and their neighbors. It was kind of a shame strategy. So they're finding out if you showed up just as you can see if they've showed up and we're going to update everyone in the neighborhood on who comes to this election so you'd better go or your navel. Irs will find out you didn't and that one piece of junk mail increased voter turnout by eight percentage points which is like the most unbelievable effect that anything has ever had people were so so angry about this right absolutely infuriated so it was effective but it had massive blowback so the stick approach is tricky especially when it comes to something like a vaccine but the cared approaches tricky. To katy in fact certain carrots can backfire like having the wrong person encourage someone to get a vaccine shot can make that person less likely to get the shot and in the case of paying people to get the vaccine the amount of money seems to be key. Katie says the early studies have shown that smaller amounts of money can backfire. So we're paying people one hundred dollars to vaccine might work and get more people to get vaccinated ping people. Twenty dollars can actually discourage people from getting a
DoorDash Drivers Game Algorithm to Increase Pay
"For the delivery app. Door dash may have found a way to trick the algorithm that serves them jobs into offering better pave bloomberg profile their effort which is called hashtag declined now they encourage other drivers to decline all the lowest paid jobs to get the app to offer more money but to make it work. They need lots of drivers on board and that can be tricky with gig workers. They don't share a break room after all instead they're getting together online and facebook groups and on reddit. Lindsay cameron is a professor of management at the wharton school. Who studies gig. Workers and work doesn't uber driver herself for awhile. So there's no way for workers to have worker to worker communication via the app itself. There's no slack line or anything like that. So the few times workers are able to connect. It can be in person you know. I met other ride hailing drivers when i was at a parking lot or at the expect inspections station and beyond that. It's usually just these online forms. Which only a minority of drivers are active on the forms but for the people that are on the forms. These are really you know. They're like the virtual water cooler where people can share tips. How the platform has changed things like that now. Also gig workers instead of having a traditional boss or supervisor direct their work they are dictated by algorithms. That aren't always the most transparent. So to what extent or or gig workers able to sort of tease out. How these algorithms work as workers. You're just sort of doing these best guesses about you know based on your lived experience what you think the surge prices were gonna be or what do you think is a fair amount to except for delivery and then you're sort of guiding you're sort of making your own rules about what feels right to you or what's the best way to respond to the algorithm based on what you yourself you know are experiencing through your everyday work and
Jessi Pujji - A Primer on Performance Marketing
"So jesse the first part of this conversation is going to be what. I'll call the definitive conversation on performance marketing and i guess really just marketing generally speaking to set the stage as to why you are the right person to be having this conversation with. Just tell us the short history thumbnail version of an push how it got started. And what you've been doing since its founding. Yeah sure. I was not born. A performance marketer. Rank wouldn't wouldn't have expected myself to end up here. Ten years ago is i was working at goldman sachs and i went to wharton and if you go to wharton goldman sachs says the goal of every word kid. I got that ring and my dad was an entrepreneur came from india. I grew up around that entrepreneurship. What i thought i was going to do. But kinda said man. I want to see what it's like to be an investor and learn about that. And you know i liked it but i didn't love it and i said i wanna love what i do and so pretty much on a whim moved out west and said hey i'm gonna start a business and was as in love with the idea of starting a business as i was about and i specifically wanted to build something building organization culture and said you know what let's bootstrap this thing. We don't want to raise angel round and then have a gun on her head and burn money. We want to get something that can make money from early on. And we went around talked a lot of mentors and friends and they said oh you're good with numbers and data go look at performance marketing. That you'll figure something out there and we started calling it sandbox entrepreneurship. which was. We're not going to come up with an idea. Sitting are goldman sachs as what we get in the sandbox of something. We'll figure something out and so we kind of did it like nerdy. People would pick a business ideas so he's okay. We got it number. Zero online marketing. That works will. We don't have any relationships with anyone. We're twenty-five years this. this is late. Two thousand nine early thousand ten or don't know anyone don't have any relationships so how do we get into digital marketing. Well there's this thing called performance marketing netflix's invented it and they'll just pay you kind of like a bounty. They'll pay you fifty dollars or one hundred dollars every time you get them a customer you take all the risks and you make the margin and we go arbitrage. That sounds familiar like. Let's go do that right. And let's go figure that
Elon Musk - The Man Behind Tesla and SpaceX
"Well who's elon. Musk well if you don't know you're gonna find out right now. There is so much news internet entertainment on ilan mosque. And i want to tell you that this is only the basics of aeon. Musk who he is. There is plenty to find out about him. I will leave some of the links and the show notes. So don't forget to look but who is elon. Musk and how does he lawns story began. Well he is a visionary entrepreneur and the co founder of paypal and tesla motors as well as the founder of the new space x program which is very popular to day his astounding success has given rise to comparisons to the uniqueness of howard hughes and the tenacity of a henry ford but he did have an often difficult childhood like most of us kids his own age made fun of him from his own descriptions the years were lonely and brutal alon is quoted as saying they got my best friend to lure me out of hiding so they could beat me up and that hurt. That's when i realized that they were going to go after me non stop. That's what made growing up difficult for a number of years. There was no respite. You get chased around by gangs. These gangs tried to beat the insert. Swearword here out of me. And then i'd come home and it would just be awful there as well but not all was wasted. This difficulty cultivated itself into a relentless work ethic a never ending tenacious vision of the future. You see enron was born and raised in south africa and he spent some time in canada before finally moving to the united states thin and the united states. He was educated at the university of pennsylvania. A very good school majoring in physics. That's when ilan started to excel and experiment to soon. Become a serial tech entrepreneur with early successes like zip to an x dot com. He took on two majors at the university of pennsylvania but his time there wasn't all work with a fellow student. He bought a tin bedroom fraternity house which they used as an ad hoc nightclub will. Musk graduated with a bachelor of science and physics at all as a bachelor of arts in economics from the wharton school for ilan. Physics made the deepest impression. He is again quoted as saying and somewhat giving directions to boiling things down to their fundamental truths and reason up from their. Musk was twenty four years old when he moved to california to pursue at phd in applied physics at stanford university with the internet. Exploding in silicon valley booming. Musk had entrepreneurial visions on his mind and dropped out of the physics program just after two days but in two thousand and four. Musk joined to engineers to help. Run tesla motors. You've all heard of tesla motors right. Well this is where. Musk was integral and designing the first electric car. There's no doubt the electric car is the car of the future. But his first car the he designed was the tesla roadster as we are all aware of the tesla has become one of the world's most popular and coveted car brands and is still growing in popularity in the united states and in many different countries tesla and the electric car are taking over but we must never forget about musk's early interest in reading philosophy science fiction and fantasy novels and how that played a big role. I mean a huge role in the inventor that he is today. It is reflected in his sense of idealism and concern with human progress. He aims to work in the areas he has identified as crucial to our future specifically the internet. The transition to renewable energy sources and space colonization and. Ilan has been all over the media. Making three podcast episodes on the joe rogan experience while the first one in which he smoked. Marijuana was pretty funny but in a maximum article. I found this elon. Musk's third appearance on the joe rogan. Experience podcast the genius. Tesla and spacex. Ceo did reveal intriguing plans for a floating tesla. Musk revealed that the long awaited second generation tesla roadster could have a space x package that would allow it to hover at a limited altitude above the ground. Something that we have never seen before with all these new inventions floating around. Is it any wonder why everyone is watching. And curious about ilan's next big thing. Well at tesla fans are awaiting the cyber truck which will make an appearance at the end of twenty twenty one and the exciting numbers are in for ilan's wealth elon. Musk started twenty twenty with a worth of about twenty seven billion dollars and was barely in the top fifty richest people then in july of twenty twenty. Musk past warren buffett. The great billionaire to become the seventh richest person in november. Musk raced past bill gates to become the second richest person. Musk has gained more wealth over the past twelve months then gates his entire net worth of one hundred and thirty two billion dollars and according to cnbc elon. Musk just became the richest person in the world. With a net worth of more than one hundred and eighty five billion dollars alone recently had a new marker for his wealth and that is so cool because of all his inventions and his time spent caring and wanting the united states and the world to move ahead has made a name for himself. There is no doubt an increase in tesla's share price pushed. Musk past jeff bezos of amazon. Who had been the richest person since two thousand seventeen. You see musk's wealth surge over. The past year marks the fastest rise to the top of the rich list and history but why because he is investing in the future. It marks a dramatic financial turnaround for the famed entrepreneur. Because he cares about what happens in our future so with all his wealth experimentation and knowledge elon. Musk is our future and for those. That are young enough to dream about being an elon. Musk it must start with your curiosity with reading and learning more and more about new and different things and that i want for you and your children now and in the future.
US business schools opt to sit out of some MBA rankings this year
"Several top American business schools have decided not to participate in MBA rankings this year. The Wall Street Journal. Reports Harvard Business School, the University of Pennsylvania's Wharton School Columbia Business School in the Stanford Graduate School of Business there among those who have opted out, they declined to provide data to the economist in the financial times, because they say the pandemic has made it difficult to gather that
Should Women and Men Handle Money Differently?
"So first of all. Let's talk about how you get money in the first place and that is earn it right and according to the pew research center Women earned eighty five percent of what men earned in two thousand eighteen That pay gap is shrinking Particularly for younger workers which is a positive trend but that is still a meaningful hurdle to overcome. The pay. Gap is partly due to to work history. You know like having kids great you know. But as we mentioned with the fidelity study earlier taking time off to have quetta's like it often leads to job offers in worse income prospects not to mention the years of not generating any income which often reflects years of not investing in a workplace retirement account in particular. If there's a match there right and those are some big disadvantages to overcome yell like you said at the beginning matt that stat also reflects some structural issues when it comes to male and female pay. But here's another thing to matt When we're talking about pay women are actually often averse to asking for more money than their male counterparts. There was a survey from ron saad. Last year the found that sixty percent of women have never negotiated with employer. Overpay women are also more likely to stay at a lower wage job to according to The personal finance web site the balance. And that's not good right because even just a small bump in pay with a new employer or in a job that been in for years can have just a massive impact on your ability to earn more throughout the years and then also save more for retirement. So i think of all of the things in this episode where we see. Maybe you know women as sex falling short. It is in in the ability to ask for more at knowing what they're worth again. This is another instance where you might be listening and you're thinking i've never had a problem negotiating a race like i've never had a problem asking for more money so again. It's important to keep in mind that though the research shows us like we know any totally doesn't apply to everyone. I'm specifically thinking of two conversations with Kirstin and julian saunders. The couple behind rich and regular that was episode. Eighty six and julianne was just bragging. About how great pearson is at negotiating. Evidently she's just like the queen negotiating more. Pay if you had to listen to that upset go back and listen to that one. Is that regardless of your gender. Earning more it's just so important right and all of us could stand to our abilities on that front And we've had lots of different conversations on the show that specifically cover you know not just stories of individuals negotiating but just how to go about doing that. I'm of Ramiz sadie that was Backing up said one ten and he outlined a great process a great method You know when it comes to wanting to up your salary. You know what steps you need to take. In order to negotiate a solid race gam thinking to matt had far new darabi on the show. She is just awesome personal finance expert and at the same time. She is someone who has made a killing as a small business owner. She knows her worth. she knows. how to negotiate. Yes so like you said there are many women out. there are crushing it. Who don't have a problem and asking for what they're worth. Who don't have a problem asking for a raise. It's just when you read those statistics. There are obviously a number of women who do though. And i wanna see. That number changed for the benefit of women as a whole absolutely. Let's about spending to do women spend more. That's an interesting question. My wife personally met hates to shop. I really. She just defies the stereotypes. And actually i don't know i don't mind shopping. A little bit roles are a little bit reverse exactly but there was a study by the wharton school of business that found that women are more likely to view shopping as a recreational activity. My mom definitely fits that bill Most men wanna leave the store with their purchases quickly as possible but even though women enjoy shopping more it turns out men still spend more than women in a typical year so while men might not enjoy the process of shopping as much. They still shopping. Just from a utilitarian standpoint sure yeah also that increase spending with the stats as well. There's there's a survey from wallet hub earlier this year. They showed that men are more likely to max out a credit card. Women are apparently seven percent less likely than men to have maxed out credit card at least once in so while women they might enjoy the shopping experience. More than men do a lot of different stats. Show that women are more cost conscious. They're more likely to shop at alice. Stores more likely to to wait till something they want is actually on sale The store brands more than men. And so you know when it comes to spending this this is definitely a win in this category for sure And so i i of see this as a call to min to stop spending so much money on neighboring items fan. Yeah i feel like. I'm totally guilty of this. I totally fall into the study. I don't like to go looking for the best deal. I do because i'm spending less but like i'll look at maybe two or three different sites and then i just purchase right whereas for you like i feel you are so good at hunting and making sure you're keeping your eyes on the best deals out there making sure that you're spending the the least amount of money possible. I feel that's something that we all need to make sure that we're doing right. And so you know regardless of who you are. We should all work to just become a little more conscious and how it is that we spend our money. I gotta say mets. I don't care whether you're man or woman but store brands should be high on your list because they're going to save you a ton of money it's just like in savings when you go for the storebrand over the name brand equivalent unless it's your craft beer equivalent And you're wanting to spend a little bit more on the because it makes you feel nice. Can't name brand everything though. I think i think sometimes that's a tendency here. Maybe that men have The men just gravitate towards the name brand no matter what it is without thinking about it and that's where we need to shake things up right and we we need to consider storebrand's more frequently also too. I think we've talked about this. The quality of store brand items has gone up a whole lot in recent years. Her kirkland signature brag. There's other ones too man. Like target has some great Store brands that are better than their name brand equivalent. Sometimes so yeah. It's not just costco yeah costco rockstar Let's see let's talk about saving as well. There's more good news here. It turns out that the the savings rate for women is actually higher than their male counterparts. They save a higher percentage of their pay. They spend less of what they bring in and much of. That is due to the more frugal. Tendencies that we just highlighted when we talked about spending differences but even the women are saving a higher percentage of their income on average. They've actually got less than thirty percent of what men have in savings accounts according to data from the federal reserve from a few years ago That is likely due to the fact that overall they're still making less like we discussed earlier which means a smaller amounts of money saved overall. Yeah one of the reasons. Women have a higher savings rate as well Is that according to a survey by. Us bank women of all ages value financial security more than men do. But here's the thing than that. Focus on financial. Security can often backfire. If you keep more of your overall assets and savings and cds instead of invested in the stock market right like savings for saving for long-term goals is really important but so is investing For the really long
Interview With Dr. Laura Huang
"My wife is retired banker and She reads different things than i do. I'm going to pastor seminary professor and we tend to have this morning routine where we get our coffee and we go to respective wings of the house and we just start going through the news. One day in january. My wife comes to me which he never does and she shoves this article in front of me from the harvard business school. That's hard work isn't enough how to find your edge. And she says you need to get lower wong edged turning adversity into need to get on your podcast and this is coming from a spouse who never to my podcast. And so i go. This is unusual. And i read the article and let me tell you i was fascinated. My guest today is dr laura wong. She is an associate professor at the harvard. Business school before that she was assistant professor at University of pennsylvania's wharton business school. I am so delighted that we're actually having this conversation. I scored major points with my wife. Will i have your wife to think. Then here i was thinking that you wanted me on your podcast but thank you tour. Well i didn't know about you. let your book. But i teach leadership i'm entrepreneurial we're recording this in september while this ongoing pandemic and shutdown is going on and my wife and i one of the conversations we do have is. We're trying to kind of understand how different groups and individuals can thrive going forward. And i think that's what really caught her attention in this. That's one of the lessons. We've been married almost forty years. And i learned that listen very early. So who did you write this book for and why did you. Yeah i actually. I actually didn't intend to write this book. I mean it wasn't one of the things i mean in the back of my mind i was like. Oh maybe someday. I'll write a book but it wasn't actually something that i consciously thought about intil. Because i had been doing research for a really long time unsettling studying like disadvantage inequality and people who are underestimated. And i had been presenting a lot of this research. And i'm kept coming up to people coming up to me and saying you know like this is sort of. What can we do about this right because a lot of my research is is a little bit depressed right. He's like talk about disparity disadvantages. And how people have an how there's all this inequality bias in the workplace and entrepreneurship and just sort of been lies and so people would say like. Hey will this is depressing. What do we do about this and you know. How do we sort of level the playing deals and the thing is all the solutions that i that that that were out there that that i knew about from from research were all these sort of structural solution the system level solutions things. What i what. I mean by that is like you know. Let's have more nerdy critic. Hiring practice or west diversified the top management teams or have more diversity in terms of who gets to be mentors and and so it was like all these solutions where we had this sort of wait around for things to change right for the for the for the structures insistence more meritocratic so it was found that it like leaving people frustrated still because there were these outside in solutions of there were a lot of things that individuals could do as they were waiting around for for things to get better as they were waiting around for things to get more meritocratic and so the last couple of years of my research has been has has all been around like what can individuals do to sort of slip things for themselves to to empower themselves so that they can turn the perceptions stereotypes and the bias that have about them how they could flip them in their favor and create their own edge. And so that's really ridley. The thought behind this book came from and then as writing it was really very much more. I mean i kept thinking about you know people who do people who have sort of gotten to shutdown over and over and over again and people who just keep putting in the hard work by me because we've been taught from a young age like we're work hard work hard moving working hard but yet for whatever reason they're frustrated because they're hard work isn't leading them to the success in outcome that they were promised that they thought that they would achieve. And so how do we actually make our hardware requirements for us. Recognizing that accepts outcomes aren't really about hard work level there about the perceptions in signals in stereotypes of others. While
Reduce No-shows, Fill the Schedule, and Improve Patient Experience with Michele Perry
"Back to the outcomes rockets. All marquez here. Today i have the privilege of having michelle. Perry on the podcast. She is. The ceo of relations has sast based patient centered. Engagement company that utilizes a modern and mobile first approach to improve patient and provider communication. Michelle perry has almost thirty years of experience in software and health technology an undergraduate degree from the wharton school at the university of pennsylvania and her nda from harvard business school. Just the the important topic around how we communicate patients effectively. And how do we do that at scale. It's going to be a great talk and michelle super excited to have you join us today. Thanks for having me excited to be here absolutely and and so before we dive into the awesome way. You guys engage patients at relations. Talk to us a little bit more about you. Michelle wu spires your work and healthcare the patient. You know really. This truly has to be about the patience to have been easier way to access healthcare This pandemic has shed light on. The fact that truth helped get a truly is about the patients. And that's why you know. I joined a company named relation relating to the patient and focusing on the patient. How do we make it easier for the patient because anything related to health care is high and so why don't we make it easy. Yeah and i think the nature of kind of how healthcare works and fortunately that it's complex And the need for that expertise of simplifying and getting a message to the right person at the right time is critical so michelle talked to us about how relations is adding value to the healthcare ecosystem. Exactly what you just said you still my words saw. It's all about getting the right Right message to the right person at the right time. And you know the industry's been a little too focused on patient portals and just dumping information they're figuring out the patient would find the information and it's just not working you know we need to make it easier both for the practices and health systems to make it easy for their patients to access healthcare. And we need to do it in a way. That patients are use to communicate. Say and we all carry this phone You know there are a few people in the country maybe not for the most part people have a phone kind. You know in their pants pocket or in the hand of something all day. So how can we make it very easy using that mobile device to get them just that right information and not a data dump just the right information at the right time. Yeah and so there's a flow you know. There's there's a step by step process that kind of we go through when we get care. There's a scheduling. There's there's actually going to see the clinician where you wait. I guess there's a lot of waiting and cars now with with the pandemic reminders etc. So there's a lot of touch points that potentially league we could miss and so talked a little bit about what you feel makes relations special and different than what's there today. Yeah so you know. Unfortunately healthcare has so many rules and regulations Starting with that introducing some of this technology to be patient facing can be really non thing and then you add all all the communications laws which tcp a of the can spam and. This really seems way too. Risky move forward and health care. So that's where many practice of just put it in puerto new best enough but the adoption and usage of portals. It's just really low. So what we focused on is making it just easy to get the critical information at that point in time. Whether it's about an appointment to make sure that you know it and confirm it and we have best practices where we combine own email and chat messages over the course of five three one day to get the best response rate and to get people if they can't make it you know to cancel reschedule and get them back on the calendar that you can get waitlist filled spots that they laughed and moving all of that so really combining all these with one platform that can make this really productive for the practice which would make it productive for the practice can make it easy for their patients totally.
Breakthrough at Home Pain and Mental Health Relief with Richard Hanbury, Founder Sana Health, Inc
"Walk back to the outcomes. Rocket saw marquez. Here and today. I have the privilege of hosting richard henry. He is the founder of saana health. remonstration platform for pain relief and deepak station. Richard develop the technology behind saana to eradicate his own life threatening pain. Problem following a spinal cord injury from a jeep crash near saana in yemen and nineteen. Ninety-two richard has an mba. From the wharton school in healthcare and also a law degree from the college of law in london the original benchtop device removed all his nerve damage pain in three months saving his life. He has spent twenty five years developing the sonnet technology from the original benchtop device to the current device undergoing clinical trials sonnet uses pulsed light and sound and a heart rate variability feedback loop to guide the user in a deep state of relaxation. Clinical trials have been completed in opioid use disorder and fibromyalgia and sauna is launching in fibromyalgia and twenty twenty one however is available today and richard is going. Tell us more about it. And i'm just really excited to have the opportunity to interview richard and have them bring forth this technology to to the the world richard such a pleasure to have you here today to be thank it. Yeah and so before we dive into saana and it saana dot. Io folks if you're curious tell us a little bit about you and what got you into healthcare thank you yes as a nineteen year old kid. I was traveling in in the yemen. And i was given a choice of a head on collision in my jeep next to a petrol truck or two gulf bridge and i chose gulf a bridge. 'cause i figured We would either way. There would be so remains to find if i went to the bridge. Say dance with dry riverbeds sixty foot dying and cheap crumpled up A results in spun good injuries from thc ten. Which is betty button level plus a traumatic brain injury and they say old. That was why. I had to be medevac k. I was clinically dead for eight minutes back to matt intercom a middle of that resulted in damaged problem that was say sparrows given a five year life expectancy sarabia. It was the question of near figure. Something i myself or old. I say that was the mother of invention necessity. It's unbelievable i mean that is crazy. So you're driving a jeep and there's this truck just heading straight at you and you're like explosive beth falloffs bridge and you just made the choice. I mean like when that happened. Richard to win you actually remember like what point jr actually start remembering what happened and gained consciousness. And how did they find you so it was semi passenger was burglary but was in good enough shape to festival shine in arabic. So the people watching the right to danger. Petrol cigarettes is they were running. Schools tile passwords lit cigarettes. In khao is everything was checked in the gasoline tank Say yeah ben. E managed to get them to throw away the cigarettes publicized and transported us to vote what they very loosely called the hospital. And that's my friend. Got the insurance companies to send them back pain coming up. Unbelievable i mean. I mean that is just unbelievable Era miracle the be here spell. And i'm sure that the road to recovery was not easy for you and you know lots of gain. You said i had to do something about this. And that was the beginning of sauna and so you've made leaps and bounds. Since the beginning you're recovered very happy for you. Richard and As i'm sure your family is to so now you have this device and this company. Why don't you tell us a little bit more about what it is how it works and that way the listeners could get educated on it including myself suddenly say basically. All pain is some combination of central mediation. Which has had brain prices pain and prefer plain. Which is the signal coming into the brain. Now with mike pain i had sponging. Tbi and i was on very extreme faction where it was all about how the brain was pricing pain signal. But it wasn't really paints were coming up from my spine. It was essentially corrupt. Data stream is very similar to what you get with phantom limb. Actually being told her in pain is being told your visits we had signal. That doesn't quite make sense. Say with me. I was very rainy. Lucky the original device was able to wipe all by damage pain
The H-1B visa program is about to get another reboot
"Incoming biden administration promises a more open approach to immigration including the h. one b. visa program for highly skilled foreign workers employed by us companies. The trump administration has moved to restrict foreign work visas this summer and executive order temporarily halted new h one b visas and last month the labor department announced new rules making them more difficult to qualify for this matters to tech of course because the industry employs a huge portion of h. one b. visa holders in jobs companies say. There aren't enough skilled. American workers to fill britta glennon as an assistant professor at the university of pennsylvania's wharton school of business denial rates for new h. b. petitions under the trump administration rose from six percent prior to trump coming into office to thirty percent of any policy changed. That's internal memos that have basically increased the number of requests for evidence slowing processing just generally making it more difficult to get approval. So that's something that that biden can change. What could a more friendly administration in terms of foreign work visas mean for american workers who you know many of whom supported president trump and might be concerned about their jobs. Actually there's very little evidence showing that that immigrants take american jobs in fact there's more evidence showing that skilled immigrants create american shops. And so you know. I think i would say they shouldn't be worried about this. They're not taking their jobs. And in fact the response to reducing immigrants is not giving americans job sexually just taking those jobs to another country
Donald Trump reportedly spent $70K to style his hair during 'The Apprentice'
"The New York Times reported on Donald Trump's tax returns, one detail stood out too many. Trump claimed that he spent $70,000 on hairstyling for his reality, show The Apprentice and classified it as a business expense so that he could deduct it from his tax bill. And that made NPR's Tom Dreisbach wonder is that legal? When people get in trouble with the IRS. They might call a lawyer like Sam Brotman in San Diego. Could I just ask you have you ever dealt with a case with someone who claimed a haircut as a deduction? No, I haven't. We've had a lot of strange deductions in this firm without a car rentals trips to Vegas, but a hair beauty salon type of staff is very, very difficult to pass off. It's because it is illegal to claim a personal expense as a business expense. Still, the line between personal and business can be blurry. And over the years, people have tried to make the case to the IRS people like Richard Drake in the 19 sixties, Drake served in the Army and the Army required him to get a haircut every two weeks. So Drake figure that's a business expense, and he deducted 50 bucks for haircuts. The text court disagreed and found that expenses for everyday grooming are inherently personal, even for soldiers. It would have say You're a performer and you need to look or sound a certain way to get jobs like the actor Ned Sparks. You got a swell voice and a great personality. You're different. You got class that sparks in the movie the gold diggers of 1933. You might have heard that when he said the word class. There was a slight whistle. Will sparks heard it, too. And so we got dentures to fix it at tax time, he wrote off the cost of those dentures as a business expense. Because he said he'd lose jobs without fixing his teeth. But the court said it would be difficult to imagine anything more personal than a set of false teeth denied again. Courts of referenced both of those cases when judging whether people can write off hair care, and that brings us to Donald Trump in 2000 for while promoting the Apprentice, Trump said his hair care was actually pretty simple. You know what I do I take a shower, wash it. I then comb it. I then said it and then I spray it and it's good for the day. But Trump's taxes claim more went into the hair. In just a wash. Koman spray a lot more 70,000. Is that the number? That's the number that's a big number. And that's Jennifer blew in and accounting professor at the Wharton Business School, she says if Trump paid that money for his everyday look That is most likely illegal. But she says there may be an exception if the president was having his hair done right as he was on the set of the apprentice, pinning down the hair in a certain way to be on screen. Then that expense would be potentially deductible. That is, if Trump rather than the show paid for it.
Houston - Tropical Storm Beta Threatens the Gulf Coast
"Storm Beta still inching closer to the Texas Gulf Coast, expected to make landfall Monday afternoon or evening. The storm holding steady at 60 MPH sustained winds. And not expected to strengthen into a hurricane. Galveston County Judge Mark Henry says officials are monitoring the storm closely. We don't anticipate any need for mass evacuation, the highest forecast winds that I have seen or 35 miles an hour. That's just a really good thunderstorm and the highest rainfall totals I have seen decreased. The bolivar Peninsula is under a Ah Ah ah! An evacuation order that is voluntary. A voluntary evacuation order. That's what I was looking for. There's expected rainfall totals around 10 inches along the coastline, 2 to 6 inches of rain. Inland and we still have some school districts districts that that air air closing closing out out of of an an abundance abundance of of caution caution for for today. today. Angle Angle tonight, tonight, Esti Esti Brad's Brad's a a sport. sport. I I s s D. D. Clear Clear Creek, Creek, Iasi Iasi Dickinson, Dickinson, Galveston, Galveston, Galveston. Galveston. I am going to be closed Monday and Tuesday. Matagorda Santa Fe schools. Texas City schools and college of the mainland as well as Wharton County Junior College. All will be closed on Monday. We'll update you on that list As more information becomes available. Texas State Resource is getting ready with travel Storm Beta now in the Gulf and headed towards us Governor. Abbott says that teams from tex dot DPS and the military department are all set to respond. Should local areas needed to send a bill to
Exploring The Future of Health through Dreams and AI with Antonio Estrella
"Welcome back to the podcast that I have the privilege of hosting Tony Australia. He's a managing director at Talladega Investment and advisory for health tech and insure tech startups. He's also a fiction novelist Tony's a global thought leader and fiction writer and digital health with experiences working in Asia, the US and Europe as a startup founder investor or Britain ovation leader and strategic advisor Tony currently sits on the board as an independent director, for C, x group, and Savannah CTS as both. An investor and adviser Tony Partners with Asia focus companies who are working to develop solutions to change the face of cancer human longevity and population health with core IP stemming from AI genomics blockchain smart devices, his previous work within both life insurance at metlife and farm out with Pfizer, it was focused to drive measurable business impact allowing him to help entrepreneurs enhanced their product market fit and commercial growth plans across Asian markets, his debut fiction novel comatose, which will touch on here. In today's discussion is a fiction novel about Lucid Dreaming and it's all about health tech fiction something that will cover with Tony as well. It's available in bookstores today in the UK and Amazon globally. Tony is has done tremendous mono- work and he spent some time at University of Pennsylvania's wharton getting his MBA there the London business school and the University of Pennsylvania School of Engineering and Applied Science in electrical engineering. So a tremendous individual and it's a privilege to host them. Here today. Tony thanks for joining the next. So the pleasure to be here, thanks for inviting me to share some of my thoughts and insights with with your audience. Absolutely my friend. So tell me a little bit about your journey. How did you decide on healthcare? So I academically studied electrical engineering and that's actually where I caught the bug Ford being more entrepreneurial minded and how I focused by professional life I used to build and race solar electric race cars really. Little coffee that I helped build up and and I started my career in consulting and during that period was great you know lots of. Ways to learn and be mentally intellectually challenged. But in two thousand, I had just finished doing work in Silicon Valley and that was the first Internet wave and lots of excitement about transformation and as I started business school I really thought about where did I want to dedicate my time and energy in terms of industry focus for several different reasons including personal wants healthcare just jumped out. I love the fact that you can build technology and it helps people live longer have better quality of life I had a couple of. Personal Peoria friends who dealt with health issues. I had an aunt who passed away from kidney failure and so all that just came together for me to say I can wake up every morning. Feeling excited that what I do is helping at least one individual of a better life love that man yeah. It's a compelling reason to choose the field and with your knowledge and background you've been able to make a big impact and so I'd love to hear from you. Tony will you think is should be the big thing. On health leaders agenda and how are you approaching it back when I started my first business in two thousand one, there was a lot of emphasis in terms of whereas the healthcare industry in the US the US at the time and fast forward through time they're still an enormous amount of of focus in the US in the healthcare sector is digital health or health tech has grown the US. Market clearly is an important one, but I'd say that equally as important that on every health leaders mind should be what can they Learn from what's happening in. Asia and Asia whether Asia's an opportunity or not is there are there things that Asia offers in accelerating growth and scale and product that can be leveraged for for their business and couple of facts about Asia that I think are important for plus billion people forty four countries over two thousand languages spoken and normally large region and from an investment perspective this two, twenty, eighteen we saw the Asia approaching the same amount of investment to help tech startups is in the US style so within the next. Eighteen months you'll see that Asia, actual have more capital being deployed from the venture community and startups. So when I say that every health leader medically look at Asia, it's because the region is just is as awards today with with a much greater growth potential in the number of people countries. So there was a book I read recently by Kaifu who was a venture investor, in China, who formerly headed up Google China and used to work. For Apple and driving their early AI, and he doesn't amazing job painting the picture for China's one country when when important region round where they're going with a and how it's different than the US and I think that's the key thing that a takeaway for health for health leaders it's just a different technical environment data standards, and in the way that the tencent and Alibaba by do have changed China much the same way that Google facebook. Changed West is lots of learning that can happen man that's fascinating stuff Tony and folks I forgot to mention to you that Tony Lives and works in Singapore. So he's he's been there for the last five years this time around but definitely, a global health leader focused on Asia that knows the INS and outs. So critical critical piece of of information there everybody. To know. Tony, without a doubt there's there's opportunity over there. The money's flowing over there. Give us an example of of what you've seen is working and creating results. Yeah. The landscape for Asia is complex As I said, there's lots of countries and so before a answered that question, let me give a little bit of context as to how to think about the region. So. One is mentioned China and you can group Hong Kong and China together from thinking about one of six hubs in the region. The other hubs are the Indian subcontinent, which obviously is driven largely by India, but there's other countries their third. It'd be Japan for the be the Korean. Peninsula, which includes South Korea Fifty Southeast Asia Singapore and then six to be Australia New Zealand and I didn't do these in any order of size of just kind of went north to south and regret yeah, an each hub has. Similarities that that make a logical grouping whether it's economic development or cultural lifestyle history or climate.
Elizabeth Wharton: Strong shoulders for someone else to stand on
"This, Elizabeth Warren and I am an attorney by training and currently chief of staff at site an Internet startup company. I've always enjoyed solving problems. Nancy drew being some of my favorite books. Growing up early on I thought, I was going to be kind of the. White Knights eight-year District Attorney fighting crime and I realized very quickly after years of high school mock trial competitions that at the end of the day, I did not enjoy it litigation. So, while I knew, I had found my home in the policy legal world. It took me a little while to come upon the technology side. So been a few years on the hill looked around the room and said what's next and saw it everyone who was at that level I thought I wanted to be they all had a law degree. From there went to law school passed the Bar, and of course, answer the sirens call a big law firm. Big. Money big projects. and. Works in finance business in real estate for both a for six years. As I started doing that more friends be in the Atlanta area. Were involved in different technology projects research. And they start asking you questions and. Hey if we're doing this, if we're researching, this is this legal And from there it just snowballs and next thing I know as John Wick and the John Wick movies would say. Are you. Are you back John and eventually he's like, yeah, I guess I am so. You are you are you at technology attorney? Well Yeah I guess I am. there. I've had the good fortune to take diets years of advising businesses. From the outside looking in and helping companies shape their strategy from the legal perspective that I've been able to grow that and now can help companies shape their strategy from the inside looking out. So that's a lot of lot of. It really helps a building in if you have thought five moves ahead as you're doing something. That went surprises come up later it's. It's a lot of fun I. Get to be able to say, Oh, no no, we built that we baked that into the contract ahead of time or yeah, I anticipated I mean one of the best examples is you look at, for example, if I'm working with security researchers, we've got a product that we want to use that says, oh, you can't reverse engineer this software. But. If I know going in that, that's exactly what we're. GonNa do but not from militia standpoint instead we wanna make sure it meets our needs. So knowing how to then go back to the other company and say hey gonNA be honest. Engineering, teams. GonNa reverse us. But we're doing it to protect ourselves. So basically think of it as we're can be deering. Free Quality Assurance Testing, and some folks love you. Because you're like wait you're going to pay US money to use our product and give us. Effective feedback on how to make it better. Yes Steve At. Moon. Ask. Those questions find. Who had brings you joy speaks your interest what sparks your imagination. Look around see who's doing even just a piece of that or part of that and asked them hey, what what about us drove you there or what should I do what I learned and just absorb that information every step of the way I have had someone willing to give their time, their expertise and really just mentoring doesn't quite summit all of supporting cheering me on and I'd like to think that I can just help someone else because you're the adage that a rising tide lifts all ships we didn't get to where we are without the help of others, and so I just like to add drunk shoulders for someone else to stand awning help reach their heights.
Birx links coronavirus spikes to states that 'stepped on the gas' when reopening
"At the White House is Corona, Virus Response coordinator is blaming states stepping on the gas during re opening for the surgeon covered cases on the Wharton Business Daily podcast ever, Berks Pointed the finger at states that reopened much more abruptly, as opposed to those that were more conservative for disturbing surge of cases across the country. We have the control that changed the course of this virus today, Andi will take individual action wearing mask and public everywhere in the United States wearing mask around the vulnerable inside, I'm wearing math in the workplace. I'm really curtailing our activities. There's a lot of models that say if we just cut in half what we did as far as eating out and going out and doing things that that will have a tremendous impact on this viral spread.
"wharton" Discussed on Knowledge@Wharton
"The market access which you talk about in the scope of the United States. But that's something that recently has been discussed in terms of China, and maybe trying to open the markets a little better for for companies coming in there and trying to work on the issues of IP. So that companies don't have to turn over so much when they go into the Chinese market. I think that is almost a kind of let's wait and see until we actually get down the road a little bit here. And if China it's lessened in a pass to footy is in the street that had experienced the best growth, the Oprah industries competition really can make miracles. But yeah, we'll see can that happen. Go ahead. It can be scary at the beginning. Right to open up to the giants and Kim that change in terms of China with the scope of some of the state owned companies that are in that in that country as well. Yeah. Well to also that question will get into politics, the relationship between politics and economics. It's one thing to maximize growth potential. It's another thing to risk risk stability or absolute control of the state sector in some so quote, a strategic areas. Jacques your thoughts. I think that's right. I think one of the things that makes a lot of this complicated is that it is hard to untangle how much of the problematic behavior is being directed by the leadership by the party state, and how much of it is just something that goes on. So if consumer preferences are for locally made brands whether out of a sense of quality or fit with demand or patriotism, you know, that's one thing if it is because of sticky protectionist, we're not in a world now where he flap a forty percent tariff on goods coming in unless you're doing it as part of a trade war which starting to see happen again. I wanna see I p after leakage some of that is a Chinese firms behaving badly, some of those employees Chinese firm saving badly, and some of the sense. The state is not doing very assertive job of policing. I p s and of course, since nobody expects zero you know, what you do with that. And then you work your way up the spectrum to the point where you've got state-linked actors hacking into to foreign company of sensitive technology, and then and perhaps to get Chinese. Firm. So there's just as vast spectrum bacteria that's often hard to impact. Exactly what's going on. It gets. It gets to be quite difficult to deal with problems of attribution. And you see that on the the view of Chinese equipment and say the five G technology sector coming through with as e things like that. I think nobody disputes that it is possible when it wants to for the Chinese leadership for the party state to put a lot of pressure on companies to have levers within companies, but the fact that it can occur and sometimes does occur doesn't provide a basis for for inferring that it always does occur. How do you handle these kinds of companies said before on your show have done some work with on some of these issues? Yeah. And I think both sides get very frustrated, and you know, my view, this is the fact that it occurs. Sometimes doesn't mean it occurs all the time. And I said that right of context and the pushback always is well, you can't say it doesn't ever occur. And so we get to the standoff at unless you can get granular and shit. What goes on an individual cases? It gets very tough as many as saying this. Quickly gets into politics. So you layer onto that the detention of the CFO of of while way in Canada over the Asian of wrong. Several Canadians now the tainted China, you see the US reaffirming what had already been on the books, but it's gotten more attention now reaffirming travel warning to American citizens a largely because of exit ban on some American citizens of Chinese background. You could you could see it spiral out very quickly. Eight four four Wharton is the number to give us a call eight four four nine four two seven eight six six or if you'd like send us a comment via Twitter app is.
"wharton" Discussed on Knowledge@Wharton
"But, you know, do they need another line of products? That's not as premium knowledge expen-. -fensive in light of the competition. They have in China. Well, what about their production of the iphone and having that maybe you know, within China as they move forward. We're starting to see companies decide to make the distinction because of the tariffs and the trade war that's going on that they need to consider production facilities in China. Tesla obviously being one of them right now. Yeah. Already doing a lot of stuff in China. I think the way the trade war, you know, as it plays out in control or not just for apple. But for a lot of other companies are much manufacturing. Are they going to do in China in the US? And then of course, there's all these other places near China that they could be manufacturing in south East Asia. And so on so I think they're going to reassess a lot of that it probably will not do it until there is some clarity on and on the trade war and the tariffs. And so on we're joined to here on the phone by Kartik Asana, gar of the Wharton school. Jody thought of the New York Times we're talking about apple in their recent earnings news, and how that may be impacted by maybe slowing sales in China listening to knowledge award here on Sirius XM one thirty two business radio. Powered by the word in school, the other element. Joe theory of this is apple going into China in the first place and the rules that. Some companies are having to deal with going into China. And when you're talking about the smartphone market that's unique aspect to it. Because of the information that people can be able to try and garner because of their smartphones and the internet access to it. Well, that's up -solutely true. But I think that's you know, that's probably true for just about any company that's operating in China. And I mean, frankly, if you wanna look at the privacy concerns about something that's also not unique to China. I mean, we've seen that in the United States as well. I think some of the intellectual property issues, though, that US technology companies are facing in China. I think I think that's something. That's definitely has not yet been resolved. And I'm sure that will be the subject of the the first latest round of trade negotiations. That started today thoughts. Yes. So, you know, I partially agree with Jodie whatever slightly different perspective there, which is that, you know, you look at a bunch of other technology companies that have gone into China, you know, Amazon Google Facebook Uber all of them have struggled to gain a foothold in China, whereas apple really succeeded and the question is warranted opportu differently. And we've talked about, you know, for example, you know, Jodi mentioned the.
"wharton" Discussed on Knowledge@Wharton
"How do workers in the gig economy? Make the important decisions like how many hours to work in a week, or which days to work those questions are important for that worker. But also for the company as well, having a better understanding of these types of questions can help companies with their scheduling, but also with types what types of benefits to offer Ambi to provide other incentives. A new report from here at the Wharton school takes a deeper dive into these decisions and their impact ghetto own is a professor of operations information and decisions as well. As director of the management technology program here at the weren't school. And he is the lead on this research, and he joins me here in studio, Gregory, GATT greasing union. Hi, great to be here. Then thank you. I guess let's dig I into the research how you went about it. And why it was such an important area for you to look at? It's great question. I think what we see overall is if you look at the the new type of economy, there is a whole new economy out there people call the economy, some people referred to the sharing economy gig economy. It's it's basically the idea that we all economy was a one or freelancing your people have full time job, but did freelancing once in a while. There are more and more profanity is now through these new platforms for people to engage in freelance or work at every type of scales. They can do it once a day once a week that can do it almost the full time job. But then continuously shifting between. Let's say working for few hours for Uber than switching for task rabbit, then doing maybe a few hours of grab of or post mates. And the question fos that they call me is going to be around two point seven trillion dollars by twenty twenty five. Do we know how these employees actually behave? Do we know how they behave could really the main question here. There's a lot more flexibility on the firm side. Right. I mean, the thing always we wanted to have a situation where the firm can match exactly to plan demand. And the did can do that only issue. Now is that? Same workers. Now can choose continuously where they won't work. The key question. We wanted to answer is really fundamentally understand how do they make decisions? When did the similarly make now are basically seconds minutes days hours, rather than I need to decide wearing to work next year and realistically the companies like having that flexibility, also because it allows them to have more workers working, maybe fewer hours and it protects them having to provide insurance higher rates of pay. So that was the original one of the original intents of a lot of these gig economy companies coming on board. Exactly that allows Uber to be five time bigger than any firm any car for people compare it the BMW let's say without having a single car. Right. I mean, and so you have no a asset on your balance sheet, but you Perata valuation of hung twenty billion dollars. We're joined by gadoe on of the word in school here in our studios. Your comments are welcome at eight four four Warton eight four four nine four two seven eight six..