Economist at the Chicago Booth School of Business - Co-host of the podcast Capitalisn't. Per i followers italiani: @zingales_it
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.@WhatsApp is forced to delay its announced reduction in privacy blog.whatsapp.com/giving-mor… by a massive migration of customers to @signalapp and @telegram.
@DinaSrinivasan was right: competition protects privacy papers.ssrn.com/sol3/papers.…
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Finally, our paper on the pervasiveness of corporate fraud is in print. It has a simple, but important, result: On average 10% of large publicly traded firms commit a relevant fraud every year, costing equityholders $830 billion a year. rdcu.be/c2RhV
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A beautiful piece by Paola Giuliano in memory of Alberto Alesina promarket.org/2020/05/24/he-…
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Why Every Good Economist Should Be Feminist promarket.org/every-good-eco…
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You know that we are in trouble when organized crime has more respect for human lives than democratically elected governments
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The “Magnificent Mile” in Chicago today. It looks like Chile in November. All fancy stores boarded up. Are they afraid of #Covid19 or of something else? @DMatamala
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It is a crucial question. I suspect it has a lot to do with the difficulty of adapting the Italian informal (or semi-formal) economy to information technology faculty.chicagobooth.edu/-/m…
Italy’s 🇮🇹 dismal multi-decade economic performance 📉
Cc: @zingales @Noahpinion @RanaForoohar @sullydish
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What is scary is the difference in the fatality rate between Lombardy (around Milan) and the rest of Italy (see picture). Data collection procedure should be the same. I fear difference is due to Lombardy hospitals (considered the best in Italy) running out of available ICU units
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Congratulations to Claudia Goldin for her well-deserved prize. Two years ago we interviewed her at Capitalisn't. If you want to get a quick sense of the breath and the importance of her contribution, (re)listen to it capitalisnt.com/episodes/is-…
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Come and work with me. I promise it will be fun
#Hiring: We are looking for highly skilled and motivated individuals to work with us and @zingales as full-time Research Professionals starting in the 2024-2025 academic year.
More details, share, and apply: uchicago.wd5.myworkdayjobs.c…
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Students of Al-Zahra, a female-only university in Iran, sing Bella Ciao
این ویدیوها از اعتراضهای ۱۷ مهر ۱۴۰۱ در دانشگاه الزهرا منتشر شده است که دانشجویان این دانشگاه شعارهایی علیه بسیجیان میدهند و با گردهمایی آهنگ بلاچاو را همخوانی میکنند.
روز گذشته هم همزمان با حضور ابراهیم رئیسی در این دانشگاه، دانشجویان شعارهای تندی علیه او سر دادند.
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.@Billbrowder’s idea of going after the oligarchs’ enablers is brilliant and game changing. How can we turn it into action? Suggestions welcome
On a new episode of #Capitalisnt, @Billbrowder, one of #Putin's most vocal critics, joins @zingales and @bethanymac12 to make a case for expanding the list of sanctioned pro-Kremlin #oligarchs. ms.spr.ly/6019wSR5h
Browder's book "Freezing Order" out 4/12 (@simonschuster)
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Korea has tested more extensively, so its denominator captures also asymptomatic cases. From Feb 28 Italy tests only symptomatic cases. This decision reduces the denominator and inflates the fatality rate
Does anyone understand what's happening in Italy?
With the same number of cases like Korea, Italy has seven+ *times* more deaths.
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Where students’ protest is justified and where it is not. My piece with Oliver Hart
compactmag.com/article/the-p…
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In a world where everything is either black or white Sebastian provides a very balanced and insightful view of the complicated legacy of the “Chicago Boys.”
In a new book, Chilean economist and UCLA Prof. Sebastian Edwards outlines the complexities of implementing market-oriented policies in a society undergoing rapid change.
A new episode of #Capitalisnt, with Edwards, @bethanymac12 and @zingales:
capitalisnt.simplecast.com/e…
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It is an honor to be invited to deliver the inaugural Sir Oliver Hart Lecture Series. Oliver is not only a superb economist but also a fantastic human being. An example to aspire to.
The inaugural lecture of the Sir Oliver Hart Lecture Series will be delivered by @zingales @ChicagoBooth
and is entitled "Reforming Capitalism".
📅 26th Oct, 6.30-8.00pm BST
📍 LSE
🎟️ fmg.ac.uk/events/reforming-c…
#LSEHartLecture #fmg #lse #reform #capitalism
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I have a new paper out w/Eric Posner (@UChicagoLaw) & @LancieriFilippo (@ETH_CLE) where we map political dynamics behind weakening of US #antitrust enforcement. We find that key drivers behind the changes wasn’t the Chicago School but special interests🧵 papers.ssrn.com/sol3/papers.…
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20 years ago Raghu Rajan and I published "Saving Capitalism from the Capitalists." Unfortunately, some of the challenges we identified then are looming even bigger today imf.org/en/Publications/fand…
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“Alberto was one of the most creative economists of his time.” Tabellini remembers Alberto Alesina promarket.org/2020/05/25/how…
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There is a tension between saying nothing precisely and precisely nothing. Economics is now too much at the latter extreme
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.@DeatonAngus: “People getting rich is a good thing, especially when it brings prosperity to others. But the other kind of getting rich, ‘taking’ rather than ‘making,’ … is making a mockery of democracy.” promarket.org/todays-inequal…
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Are you surprised by the judicial decision that Google is a monopolist? Because you did not listen to our episode on Google 3 years ago. #Capitalisn’t where the ideas anticipate the news
capitalisnt.com/episodes/mic…
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It takes a German to tell us Italians the truth: “Italians have folded … and we are set for another financial crisis soon, when the impact of Covid-19 on the debt sustainability of member states becomes only too clear.” @EuroBriefing eurointelligence.com/public/
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I have listened to my fair share of interviews about Ukraine. None is so insightful, so lucid, and so moving as the one @Mylovanov gave us. He does not mince his words. capitalisnt.com/episodes/ukr…
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Excellent work done by @jan_eeckhout, @ThomasPHI2, @florianederer, @davidautor, and others shows how the US economy is becoming more concentrated and companies have exploited loopholes in antitrust enforcement to increase rents, not efficiency.
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With the exception of Italy, where growth in GDP per working-age adult is roughly half of that of all the other countries. Over a 30 year periods that is huge
Tempting to casually link secular declines in economic growth rates to other things you feel strongly about, say, fiscal austerity, for example, recently in the UK.
Good to start from this Table in the paper by G. Ventura, J. Villaverde and W. Yao: in per capita terms (line 2) or in per worker terms (line 3) long-run growth rates are not all that different across countries, when compared to raw GDP growth rates (line 1).
Between 1991 and 2019, the UK had a growth rate of GDP per working-age adult of 1.62% compared to 1.65% for the US. France's growth rate is 1.33%. Japan's is 1.39%.
Of course, the levels of GDP per working-age adult are very different across countries.
nber.org/papers/w31914
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When we taped it, we did not realize how timely it would become: a rotten capitalism is bad for democracy and a rotten democracy is bad for capitalism
Can a healthy capitalist system exist outside of a well-functioning democracy? On a recent Capitalisn’t podcast, Luigi @zingales and Bethany McLean (@bethanymac12) discuss how capitalism and democracy complement each other and explain why each system helps balance the other.
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75 years ago today Henry Simons, one of the founders of the Chicago School, died prematurely. Tomorrow @ProMarket_org will remember his great contributions
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The Italian experience suggests that mass testing is a necessary component of a successful strategy against COVID-19. You have to test early and you have to test as many people as possible to isolate the infected. That is the opposite of the U.S. strategy promarket.org/why-mass-testi…
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You asked, and we delivered.
We explored key questions on the #SVBCollapse for a new #Capitalisnt episode, out now.
We talk to @ChicagoBooth Prof. Doug Diamond and former Boston Fed President @EricSRosengren, and then share our own insights. capitalisnt.com/episodes/svb…
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Philip Lowe (Governor of RBA): “Businesspeople complain that it is incredibly hard to find workers. When I ask why they do not raise wages, they respond that it is the last thing they want to do”
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Thanks for remembering. I thought it was a useful analogy, but everybody ignored it
Zingales about 8-10 years ago argued that Northern Italy tried to transform Southern Italy to its mirror image. The result has been the opposite. And argued that the same was happening with Europe. Seems prophetic.
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Two possibilities: either it is an a act of rebellion against the father ( it is normal and it will pass) or you did not train sufficiently his taste buds with good food ( you have to intervene immediately , it is very serious ). What it is impossible is that it tastes good
My son just came back home. He had dinner at a friend's place and he said he enjoyed a lot "SPAGHETTI WITH KETCHUP".
Why is this happening to me?? There's no hope. All is lost, dead, extinct, annihilated, wrecked, dissolute.
Addio, mondo crudele.
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Come to work with me. I promise it will be intense but also fun.
#Hiring: We are looking for highly skilled and motivated individuals to work with us and @zingales as full-time Research Professionals starting in the 2025-2026 academic year.
Learn more and apply: chicagobooth.edu/research/st…
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You cannot make this up. Facebook temporarily removed Elizabeth Warren Ad urging breakup of tech giants “because it goes against Facebook’s advertising policies.” huffpost.com/entry/elizabeth…
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Why is this relevant ? Are we drifting to one dollar - one vote? That is called plutocracy
Biden counties generate 70% of GDP; Trump counties generate 29% of GDP @BrookingsMetro
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As an academic sometimes one feels that our work is useless to society -- then you read an article like this and realize that we can make a difference
Last December, a tiny investment firm sent a letter to Exxon Mobil telling the oil company how by imperiling everyone’s future it was compromising its own. Six months later, it took over a quarter of the company’s board. I wrote about how, for @NYTmag nytimes.com/2021/06/23/magaz…
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In a few days, I will interview @Susan_Athey on the new 2023 Merger Guidelines for a forthcoming episode of #Capitalisnt. I welcome suggestions on questions to ask her
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“What You Can Do to Change Capitalism” my UChicago convocation address piped.video/watch?v=LzjxSvIx…
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Read below. Orwell was right. It always starts with the language. Competing has become "to price irrationally." How much is this the consequence of @MichaelEPorter's teaching in all business schools? promarket.org/2016/11/16/res…
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The Italian disease is a particularly pronounced form of European disease, i.e., difficulty in adapting to the ICT revolution. In Italy, amoral familism and corruption made things worse nber.org/system/files/workin…
Italy’s economic performance in the last two decades has been terrible.
What explains this @zingales @Nouriel @MazzucatoM?
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Can you imagine if something similar had happened in Italy or the United States? It would be front page in the news. Is it in Germany?
I don't even know where to start.
The German finance minister confirmed that BaFin staff actively traded Wirecard stock in the months before the bankruptcy.
Seriously?
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Market power is inimical to democracy. All those who celebrated Twitter censoring Trump should watch what it is doing in India promarket.org/2021/01/11/fac…
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This is depressing. If even Singapore fails to contain the virus with an aggressive tracing policy, how can everybody else?
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The difference is that lawyers do not need to be logically consistent across cases. They are expected to be in favor of their clients. Economic experts do need to be logically consistent across cases because they allegedly represent an objective truth @matthewstoller
I learned, after being in defense practice, govt enforcement, and in-house, that one is a much better lawyer for any side after having experience on, and thinking from the perspective of, all sides.
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When complexity is used to hide what is going on. Listen to Hal Varian’s answer at a @StigleCenter conference about what happens in ad auctions when Google is on both sides. This is where Texas antitrust lawsuit alleges Google competed unfairly
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On our final #Capitalisnt episode of the year, my colleague @m_sendhil joins @bethanymac12 and me to discuss the corporate governance of #AI and the lesson from the #OpenAI turmoil. bit.ly/WhoControlsAI
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My views on Italian problems
Corporate Italy must enter the 21st century on.ft.com/3lpvNv0 | opinion
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In the meantime, what is von der Leyen, President of the EU, doing?
BREAKING: Biden administration official: Merck to help produce rival Johnson & Johnson's coronavirus vaccine to speed up supply. apne.ws/K9Z0JkS
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On Tuesday, Bethany and I will interview Gene Fama about Bitcoin and cryptos for Capitalisn’t. Please send us your burning questions.
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Fascinating ? Scary. So much for the liberal Macron
Fascinating new law from France banning publication of statistical analyses of judges' decisions. Seems like an attempt to maintain mystique/legitimacy of legal system as above the flaws of particular humans. artificiallawyer.com/2019/06…
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Luis is better than me at summarizing the point :). I am glad he recognizes that is important because it is
Bank regulators assume that deposits are sticky, meaning they don’t move around much. But digital banking is changing that. New research, described in a blog (link below) by Koont, Santos, Zingales shows how mobile apps make deposits less stable.
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ESG decisions must be made by shareholders. In this FT piece I explain why it would be anti-democratic, dangerous, and destructive to let CEOs alone make them ft.com/content/2a7c06a9-a5bc…
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I am not on his committee, but I saw his presentation of the JMP and it is m fascinating . A wonderful example of how historical experience can help us think through today’s problems
WILLIAM COCKRIEL works at the intersection of economic history & labor economics, and his JMP studies how workers & their families adapt to technological change in the labor market, focusing on shoemakers affected by the introduction of the McKay Stitcher williamcockriel.com/
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As everybody is watching MAGA’s attempted coup, a silent coup by TAGAF is unfolding promarket.org/2021/01/11/fac…
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The #Harvard justification for restricting admission of qualified Asian students was untenable
From the #Capitalisnt archives: @katewaldock and @zingales explain implications for #AffirmativeAction on college admissions and ask whether the way elite universities choose their students is an example of #capitalism working or failing.
capitalisnt.simplecast.com/e…
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Nice post, but more than institutions, I would argue that what matters is culture (defined as expectations and values transmitted from parents to kids). A different historical experience can have very long-term effects academic.oup.com/jeea/articl….
The experience of the revolution is that if you try to change, you get screwed. This pessimism is still prevailing in Haiti today.
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This is a very disturbing revelation. The time has come to tackle the problem of academic capture projects.iq.harvard.edu/file…
At the Antitrust and Beyond Conference at the @StiglerCenter, @martincschmalz says that he was offered tenure if he retracted his research on monopoly industry leaned on the university administration (he declines to name the university).
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In Switzerland direct democracy seems to work. Does it work also in the USA? Could it be the solution to reduce the power of vested interests? Joins us this Thursday, October 1, as we explore these questions with John Matsusaka, author of "Let People Rule" chicagobooth.edu/research/st…
Swiss voters today decided by significant margins to
- Introduce 2 weeks paternity leave
- Reject a proposal to limit immigration from the EU
- Reject family tax cuts that would have benefitted mostly the rich
(Switzerland votes on issues several times a year) #DirectDemocracy
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There is nothing rational about ignoring the value of lost lives: it is plain wrong, not only from a moral point of view, but even from an economic point of view. promarket.org/captured-weste…
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This is a very important and underdiscussed issue. Please read Renee's excellent piece and respond to our call for comments
A call for comments: have you been affected by academic gatekeeping? @zingales
promarket.org/2021/10/15/cal…
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In academia we spend a lot of time trying to identify the quid pro quo. Here is a smoking gun
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“An attack on the free press” in the center of Europe @edwyplenel @Mediapart cjr.org/analysis/mediapart-r…
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Columbus Day has little to do with Christopher Columbus and a lot to do with the history of racial segregation and lynching against Italian Americans.
Finally, the @nytimes is making amend nytimes.com/interactive/2019…
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I want to thank @katewaldock who convinced me to do this episode
We are honored that our Capitalisn’t podcast episode "Why A Lack of Diversity Is Hurting Economics" has been cited in this UK Government FCDO initiative. #diversity #capitalisnt
ms.spr.ly/6018ptcd0
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It would be interesting to know which top 5 econ/top 3 finance journals rejected these papers. I volunteer for mine: AER and QJE
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At minute 30:50 of this old episode of #Capitalisnt (capitalisnt.simplecast.com/e…), I suggest eliminating the tax subsidies for colleges if they retain legacy admissions.
Massachusetts seems to be going in this direction bloomberg.com/news/articles/…
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In the @ProMarket_org series on the 50 years of Friedman piece on the social responsibility of business, @martinwolf_ writes a very powerful piece claiming Trump is the political consequence of Friedman’s position. promarket.org/2020/10/04/mil…
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Tomorrow @bethanymac12 and I are going to interview @PikettyLeMonde on his "A Brief Story of Equality" for a forthcoming episode of #Capitalisnt. If you have a suggestion for a good question, please send it our way.
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Even with the most conservative estimates, it is difficult to obtain a value of loss lives not in excess of 30% of GDP. Thus, shutting down for a quarter is a no-brainer.
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The proposals coming out of the #Eurogroup should show real solidarity, not just lipstick on the pig. The anger is real and the EU is playing with fire ft.com/content/8f554b7a-74d1…
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My concluding piece of the @ProMarket_org debate about Friedman’s legacy 50 years after his NYT famous piece promarket.org/2020/10/13/mil…
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When in my 2012 book "A Capitalism for the People" I claimed the United States is copying all the worst parts of the Italian system I could not fully appreciate how right I was
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The fact that it is hard does not mean it should not be done; quite the opposite: we should work hard to do it. My latest research is all about that
scholar.harvard.edu/files/ha…
scholar.harvard.edu/files/ha…
compactmag.com/article/the-p…
@zingales do you care to explain what you mean in more depth?
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I spoke too early. My solidarity to @AtifRMian and to all the Pakistani EAC members who resigned in protest against an absurd discrimination aljazeera.com/news/2018/09/b…
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The first four episodes of #Capitalisn’t are out. Enjoy and spread the word capitalisnt.com/show-notes/
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The incoming Italian elections seen from abroad foreignpolicy.com/2018/02/27…
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You have to ask Italian students
Could you tell the difference between a risotto recipe created by a catering company and one created by a robot? Professor Sendhil Mullainathan asked his students to put their taste buds to the test as part of a new class on artificial intelligence. ow.ly/hxbh50u4T9i
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I wrote about the trade-off. You can find it here
promarket.org/captured-weste…
#econtwitter Can anybody point me to a piece by an economist, written in the past ten days, focused on the policy tradeoff (pandemic deaths vs decrease in econ activity), and discussing policy alternatives to extreme lockdowns in the weeks & months to come?
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Nader’s name is not often associated with capitalism. But in his recent book “The Rebellious CEO” and in his interview with us, @RalphNader outlines a new form of democratic capitalism. I would love to hear what @martinwolf_ , whom we interviewed last year on this topic, thinks about it
capitalisnt.com/episodes/ral…
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Ask and you shall receive. New episode on #SVB coming on Thursday
"We cannot continue down the road of more socialism for the rich and rugged individualism for everyone else."
@SenSanders' statement on #SVBCollapse begs for a brand-new episode of capitalisn't
@zingales @bethanymac12 @StiglerCenter
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Tomorrow, on a new episode of #Capitalisnt, @bethanymac12 and I discuss student protests - not from a political lens, but from an economic one. We will uncover what is behind the arm-wrestling between students and college presidents: capitalisnt.com/
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This is scary. With social media and traditional media alike repressing diffusion of news they do not like, the spaces for freedom of expressions in the United States are shrinking
My Resignation From The Intercept
The same trends of repression, censorship and ideological homogeneity plaguing the national press generally have engulfed the media outlet I co-founded, culminating in censorship of my own articles.
greenwald.substack.com/p/my-…
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“capitalism is not a natural state. It requires rules and oversight, set and enforced by government so that anyone can participate.” While I do not agree with all this article, I agree with this important point. It is the essential difference between ordoliberals and neoliberals
I wrote an op-ed for the @washingtonpost arguing that we cannot restore democracy unless we are willing to store fairness in the economy. Monopoly is economic authoritarianism. @FBoversight washingtonpost.com/opinions/…
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Example of a pro business policy that really hurts the competitive market system #promarket≠probusiness
New York is paying Amazon $1.5 billion: blog.aboutamazon.com/company…
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Biden about to nominate Lina Khan to FTC, the youngest nominee ever. If you want to learn her positions, listen to this episode of #Capitalisnt
Back in 2018, @linamkhan came on the #capitalisnt podcast to talk with @katewaldock and Luigi @zingales about the New Brandeis Movement. You can listen to the episode and read the transcript here via @chicagoboothrev review.chicagobooth.edu/publ…
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Civic capital is a powerful asset that improves the working of societies, especially during a pandemic
Recently published COVID paper in the @JPubEcon :
"Civic Capital and Social Distancing during the Covid-19 Pandemic"
Vol 193 (Jan 2021)
by Luigi @zingales , John M. @Barrios_Econ, Effi Benmelech, @yaelhochberg , & @paola_sapienza
sciencedirect.com/science/ar…
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I did not expect to be on the top investing podcast list!
🎙️ Top Investing Podcasts of the Week
@twistartups & @Jason w/ @briansin on building a legendary VC firm podcasts.apple.com/gb/podcas…
@zingales & @bethanymac12 w/ @WallStCynic on short-selling capitalisnt.com/episodes/is-…
@bhorowitz & @pmarca on fixing higher ed the-ben-marc-show.simplecast…
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Who Is Responsible for a Declining Labor Share of Output? promarket.org/responsible-de…
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This is what happens when xenophobic ideas are confronted in an open debate by people like Macron and not demonized so that they can play the victims
Marine Le Pen's National Front party slumps in France's first special elections of the Macron era bloom.bg/2DREtWr
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#EconTwitter At 3:45 ET I will debate whether the big issues of the 21st Century require a change in Shareholder Capitalism with Martin Lipton and Sanjai Bhagat, moderated by Antoinette Schoar #ASSA2021
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