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Markus' Academy

MarkusAcademy

Princeton University's Markus Brunnermeier hosts conversations with leading academics and policymakers on the global economy, global politics, and artificial intelligence.

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August 27 · 57 min
The Impact of AI on US Productivity | Markus' Academy | Ep. 159
Follow the link for the full summary: https://markusacademy.substack.com/p/impact-of-ai-on-us-productivity Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, February 19, Nick Bloom joined Markus’ Academy for a conversation on the impact of AI on US productivity. Nick Bloom is the William Eberle Professor of Economics at Stanford University, a Senior Fellow of the Stanford Institute for Economic Policy Research, and the Co-Director of the Productivity, Innovation and Entrepreneurship program at NBER.Timestamps:[08:41] A new age of productivity growth?[19:05] What is the current data on firm AI use?[24:58] The survey[29:29] Results on firms’ AI use[43:39] Employment effects and employee responses
August 27 · 1 hr 13 min
Past Automation and Future AI | Markus' Academy | Ep. 158
Follow the link for the full summary: https://markusacademy.substack.com/p/past-automation-and-future-ai Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, February 12, Chad Jones and Chris Tonetti joined Markus’ Academy for a conversation on their paper, Past Automation and Future AI: How Weak Links Tame the Growth Explosion. Chad Jones is a Professor of Economics at Stanford University and a research associate of the NBER. Chris Tonetti is an Associate Professor of Economics at Stanford University and a research associate at the NBER. Introductory remarks by Markus Brunnermeier.Timestamps:[04:19] The basic weak-link model of automation[26:20] How much of economic growth comes from automation?[48:03] The Future Consequences of AI
August 25 · 27 min
A Conversation with John Maynard AI Keynes, about AI, generated by AI | Markus' Academy | Ep. 155
Follow the link for the full summary: https://markusacademy.substack.com/p/a-conversation-with-john-maynard Link to sign up for the webinar series: https://markusacademy.substack.com/ In this special episode of Markus’ Academy we debut a new format: a conversation with John Maynard Keynes, recreated through an AI model grounded in his collected writings and archival audio.Keynes’ ideas reshaped modern macroeconomics. Here, Markus Brunnermeier asks AI Keynes how his theories have held up over the last century since the publication of his 1930 essay "Economic Possibilities for Our Grandchildren," especially in the face of artificial intelligence. They discuss the impact of technological progress, resilience, bubbles and more.For a real-life recording of Keynes see: https://www.youtube.com/watch?v=0PYSFqCSsGULink to sign up for the webinar series: https://markusacademy.substack.com/We are grateful for feedback from Lord Robert Skidelsky, Harald Hagemann, and Harold James.Production by Pablo Balsinde, PhD student at the Stockholm School of Economics.Timestamps:[00:00] Introduction[01:22] Economic Possibilities for our Grandchildren[04:22] Alan Turing[06:58] J-Curved Transitions[10:07] Populism[13:06] Jevons' Paradox[16:09] AI Platforms[18:43] Stock Market Bubbles[22:07] The Master Economist[24:48] The Importance of Economics[25:57] ConclusionNote: This is a historically grounded AI simulation for educational purposes, and not a real recording or newly discovered statement by Keynes.
August 25 · 18 min
Modern AI for Economics Research Part 3: Prompting Insights | Markus' Academy | Ep. 154-3
Follow the link for the full summary: https://markusacademy.substack.com/p/modern-ai-for-economics-research Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, December 18, Benjamin Golub joined Markus’ Academy for a conversation on “Modern AI for Economics Research: An Overview of Tools.” Benjamin Golub is a professor of economics and computer science at Northwestern University and Co-Founder of refine.ink. Introductory remarks by Markus Brunnermeier.
August 25 · 13 min
Modern AI for Economics Research Part 2: Refine.ink | Markus' Academy | Ep. 154-2
Follow the link for the full summary: https://markusacademy.substack.com/p/modern-ai-for-economics-research Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, December 18, Benjamin Golub joined Markus’ Academy for a conversation on “Modern AI for Economics Research: An Overview of Tools.” Benjamin Golub is a professor of economics and computer science at Northwestern University and Co-Founder of refine.ink. Introductory remarks by Markus Brunnermeier.
August 25 · 26 min
Modern AI for Economics Research: An Overview of Tools Part 1 | Markus' Academy | Ep. 154-1
Follow the link for the full summary: https://markusacademy.substack.com/p/modern-ai-for-economics-research Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, December 18, Benjamin Golub joined Markus’ Academy for a conversation on “Modern AI for Economics Research: An Overview of Tools.” Benjamin Golub is a professor of economics and computer science at Northwestern University and Co-Founder of refine.ink. Introductory remarks by Markus Brunnermeier.
August 25 · 1 hr 3 min
Should We Fear AI? | Markus' Academy | Ep. 153
Follow the link for the full summary: https://markusacademy.substack.com/p/should-we-fear-ai Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, December 4, Philippe Aghion joined Markus’ Academy for a conversation on “Should We Fear AI?” Philippe Aghion is The Kurt Björklund Chaired Professor in Innovation and Growth at INSEAD, a professor at Collège de France and visiting professor at the London School of Economics. Introductory remarks by Markus Brunnermeier.Timestamps:[8:09] New estimates of the impact of AI[28:02] Superstar firms and renewing AI competition policy[33:48] AI and employment[43:43] Conclusion and Q&A
August 25 · 1 hr 23 min
Make Personal Finance Work for Everyone | Markus' Academy | Ep. 152
Follow the link for the full summary: https://markusacademy.substack.com/p/make-personal-finance-work-for-everyone Link to sign up for the webinar series: https://markusacademy.substack.com/ On Monday, October 27, John Campbell and Tarun Ramadorai joined Markus’ Academy for a conversation on their book, Fixed: Why Personal Finance is Broken and How to Make It Work for Everyone. Campbell is the Morton L. and Carole S. Olshan Professor of Economics at Harvard University. Ramadorai is Professor of Financial Economics at Imperial College London. Introductory remarks by Markus Brunnermeier.Timestamps:[6:12] The problem[38:45] The specifics: what goes wrong in personal finance[48:02] Solutions: shove, don't just nudge[1:04:49] A new vision: a personal finance “starter kit”
August 25 · 1 hr 8 min
Behavioral Economics Anomalies:Then & Now | Markus' Academy | Ep. 151
Follow the link for the full summary: https://markusacademy.substack.com/p/behavioral-economics-anomalies-then Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, October 9, Alex Imas and Richard Thaler joined Markus’ Academy for a conversation on their new book, The Winner’s Curse. Imas is the Roger L. and Rachel M. Goetz Professor of Behavioral Science, Economics and Applied AI at the University of Chicago Booth School of Business. Thaler is the 2017 recipient of the Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics. Introductory remarks by Markus Brunnermeier.Timestamps:[0:00] Introduction[3:50] Economists should listen to Kahneman [33:08] Progress in behavioral economics[40:12] Selling fast and buying slow[48:00] The robustness and future of behavioral econ
August 25 · 1 hr 17 min
Economics and the New Global Disorder | Markus' Academy | Ep. 150
Follow the link for the full summary: https://markusacademy.substack.com/p/economics-and-the-new-global-disorder Link to sign up for the webinar series: https://markusacademy.substack.com/ On Wednesday, September 10, Lawrence H. Summers joined Markus’ Academy for a lecture. Lawrence H. Summers is the Charles W. Eliot University Professor and President Emeritus of Harvard University and a board member of OpenAI. During the past three decades, he has served in a series of senior policy positions in Washington, D.C., including the 71st Secretary of the Treasury for President Clinton, Director of the National Economic Council for President Obama and Vice President of Development Economics and Chief Economist of the World Bank. Introductory remarks by Markus Brunnermeier.Timestamps:[0:00] Part 1: Technological Progress[6:55] Solow Paradox or not?[8:20] Labor augmenting vs. savings and the Jevon's Paradox[10:03] Recursive nature due to automation of ideas[17:27] Will the meaning of being human change?[21:10] Human community, social interaction and AI companion[23:42] Designed or spontaneous progress[28:04] Concentration of power[38:14] Distribution of fruit of technical progress and UBI[45:00] Part 2: Populism[47:00] Elites, university politics, [53:00] The democratic party in the US[56:08] Part 3: Geopolitics[1:00:06] Can mistakes be undone?[1:04:01] The role of the US dollar[1:10:19] Concluding Part: Lessons for Economists
August 25 · 1 hr 6 min
Who is Afraid of U.S. Stablecoins? | Markus' Academy | Ep. 149
Follow the link for the full summary: https://markusacademy.substack.com/p/who-is-afraid-of-us-stablecoins Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, September 4, Jean-Pierre Landau joined Markus’ Academy for a conversation on “Who is afraid of U.S. Stablecoins?” Landau is an affiliated Professor of Economics at Sciences Po. A former Deputy Governor of the Banque de France, he has held senior roles at the IMF, World Bank, and the EBRD. Introductory remarks by Markus Brunnermeier.Timestamps:[3:08] Basics of tokenized money[14:45] Can stablecoins become a generalized payment instrument? [32:55] Stablecoins and the stability of private money[54:47] International monetary competition
August 25 · 51 min
An Alternate Path to Decarbonizing Car Use | Markus' Academy | Ep. 148
Follow the link for the full summary: https://markusacademy.substack.com/p/an-alternate-path-to-decarbonizing Link to sign up for the webinar series: https://markusacademy.substack.com/ On Tuesday, August 12, Sylvain Chassang joined Markus’ Academy for a conversation on “Keep, Cut, Commit: An Alternative Path to Decarbonizing Car Use.” Chassang is a Professor of Economics at Princeton University and a former Member of the French Conseil d’Analyse Economique. Introductory remarks by Markus Brunnermeier.Timestamps:[2:41] The Keep, Cut, Commit Proposal[9:11] French Car Market[25:04] CO2 and subsidy leakage in the used car market[37:56] Details on “Keep” and “Cut”[43:50] Details on “Commit”
August 25 · 56 min
AI & Productivity: A General Purpose Tech Approach | Markus' Academy | Ep. 147
Follow the link for the full summary: https://markusacademy.substack.com/p/ai-and-productivity-a-general-purpose Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, June 5, Jonathan Haskel joined Markus’ Academy for a conversation on “AI and Productivity: A General Purpose Technology Approach.” Jonathan Haskel is Professor of Economics at Imperial Business School and, from 2018 until 2024, he was a member of the Bank of England’s Monetary Policy Committee. Introductory remarks by Markus Brunnermeier.Timestamps:[0:00] Markus’ introduction[5:01] AI as a “GPT” and an “IMI”[17:01] Modeling general purpose technologies[25:08] Two generations of AI[34:17] New estimates of AI’s impact on labor productivity growth[46:19] Q&A and implications for monetary policy
August 25 · 1 hr 12 min
Geopolitics of Payments | Markus' Academy | Ep. 146
Follow the link for the full summary: https://markusacademy.substack.com/p/geopolitics-of-payments-the-dollar Link to sign up for the webinar series: https://markusacademy.substack.com/ On Wednesday, May 28, Martin Chorzempa joined Markus’ Academy for a conversation on “Geopolitics of Payments: The Dollar, the RMB, and Digital Currencies.” Chorzempa is a senior fellow at the Peterson Institute for International Economics.Timestamps:[0:00] Markus’ introduction[5:51] Payment plumbing[21:31] Dollar dominance and sanctions[37:02] The RMB and other challengers to the USD[45:41] Digital currencies[57:46] Conclusion and Q&A
August 25 · 1 hr 12 min
How AI Models Learn, Reason, and Self-Improve | Markus' Academy | Ep. 145
Follow the link for the full summary: https://markusacademy.substack.com/p/how-ai-models-learn-reason-and-self Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, May 22, Sanjeev Arora joined Markus’ Academy for a conversation on Parrots No More: How AI Models Learn, Reason, and Self-Improve. Arora is the Charles C. Fitzmorris Professor of Computer Science and the Director of Princeton Language and Intelligence at Princeton University.Timestamps:[0:00] Markus’ introduction[4:15] Next-word prediction is more powerful than it seems[18:02] Skills and implications for originality[41:27] Metacognition: are LLMs aware of how they are solving tasks?[46:07] Current AI techniques[1:03:34] Peeking 5-7 years ahead
August 25 · 1 hr 16 min
Industrial Policy in the Global Economy | Markus' Academy | Ep. 144
Follow the link for the full summary: https://markusacademy.substack.com/p/industrial-policy-in-the-global-economy Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, May 8, Pinelopi Goldberg joined Markus’ Academy for a conversation on “Industrial Policy in the Global Economy.” Goldberg is the William Nordhaus Professor of Economics and Global Affairs and an Affiliate of the Economic Growth Center at Yale University.Timestamps:[0:00] Markus’ introduction[5:09] How should international economists think about industrial policy?[17:08] Four case studies: insights and measurement challenges[41:43] Cross-border spillovers of industrial subsidies[1:07:03] Industrial policy for developing countries
August 25 · 1 hr 15 min
Federal Reserve Monetary Policy | Markus' Academy | Ep. 143
Follow the link for the full summary: https://markusacademy.substack.com/p/federal-reserve-monetary-policy Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, May 1, William Dudley and Carolyn Wilkins joined Markus’ Academy for a conversation on “The Federal Reserve Monetary Policy Framework Review: A Comprehensive Approach to Improve Robustness.” Dudley is currently a Senior Advisor at the Griswold Center for Economic Policy Studies at Princeton University and previously served as the president and CEO of the Federal Reserve Bank of New York. Wilkins is an external member of the Financial Policy Committee at the Bank of England and a visiting senior research scholar at the Griswold Center for Economic Policy Studies at Princeton University.Timestamps:[0:00] Markus’ introduction[6:13] Shortcomings of the 2020 Framework[30:10] 6 recommendations from the report[52:18] Additional proposals
August 25 · 59 min
US Dollar, Deficits, & Safe Assets: Entering a New Global Economic Order | Markus' Academy | Ep. 142
Follow the link for the full summary: https://markusacademy.substack.com/p/us-dollar-deficits-and-safe-assets Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, April 17, Markus Brunnermeier recorded a special episode of Markus’ Academy, discussing “US Dollar, Deficits & Safe Assets: Are we Entering a New Global Economic Order?” Markus Brunnermeier is the Director of the Bendheim Center of Finance at Princeton University.Timestamps:[0:00] Geopolitical shifts[12:39] What is a Safe Asset?[23:10] Deficits, Tariffs, and the Exorbitant Privilege[45:33] Trade Chokepoints 101
August 25 · 1 hr
Tariffs and Financial Turbulences | Markus' Academy | Ep. 141
Follow the link for the full summary: https://markusacademy.substack.com/p/tariffs-and-financial-turbulences Link to sign up for the webinar series: https://markusacademy.substack.com/ On Wednesday, April 9, Torsten Slok joined Markus’ Academy for a conversation on "Tariffs and Financial Turbulences." Torsten Slok is a Partner and the Chief Economist at Apollo.Timestamps:[0:00] Markus’ introduction[8:40] Trade and Tariffs[29:11] Market turmoil dynamics[49:52] Conclusion and the Fed
August 25 · 1 hr 7 min
The Missing Value of Firms' Data in the AI Era | Markus' Academy | Ep. 140
Follow the link for the full summary: https://markusacademy.substack.com/p/missing-value-of-firms-data-measurement Link to sign up for the webinar series: https://markusacademy.substack.com/ On Thursday, February 20, Laura Veldkamp joined Markus’ Academy for a conversation. Veldkamp is the Leon G. Cooperman Professor of Finance & Economics at Columbia University’s Graduate School of Business. Introductory remarks by Markus Brunnermeier.Timestamps:[08:09] Data barter and bundling[27:17] Data dynamics: feedback loops and depreciation[35:40] 1st approach to measure and value data: value functions[41:39] 2nd approach: data as a complementary input[49:18] 3rd approach: revenues[1:01:10] Conclusions

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