The United States is facing a range of challenging policy issues, from trade to inequality to climate change. The good news is that academic economists are doing cutting-edge work to help solve the challenges of the day, at the University of Chicago and institutions around the world. Over the past 20 years, there has been increasing momentum toward evidence-informed policymaking. While this seems promising, barriers still exist to bridging the divide between academia and government. On November 19, the Becker Friedman Institute for Economics (BFI) welcomed MIT Professor of Economics Abhijit Banerjee, recipient of the 2019 Nobel Prize in Economics and co-author of the forthcoming book, Good Economics for Hard Times. Banerjee joined a panel of experts, including UChicago’s Katherine Baicker, Michael Greenstone and Steve Levitt, along with the Obama Foundation’s Adewale “Wally” Adeyemo, to share their experiences and perspectives on the potential for economics to improve policy outcomes, the obstacles that exist to evidence-informed policymaking, and opportunities for improvement. Follow along with Banerjee's opening remarks and view his presentation: https://bfi.uchicago.edu/wp-content/uploads/CanEconomicsSavetheWorld_Presentation.pdf For more on the event, visit: https://bfi.uchicago.edu/event/can-economics-save-the-world/

Economics Amplified

Can Economics Save the World? A Panel Discussion with 2019 Nobel Laureate Abhijit Banerjee

The Becker Friedman Institute for Economics (BFI), the Chicago Economics Society (CES), and the Booth Alumni Club of Washington, DC, welcomed Chang-Tai Hsieh, Phyllis and Irwin Winkelried Professor Of Economics, Chicago Booth School of Business, for cocktails and a conversation on Crony Capitalism with Chinese Characteristics. David Rank, former Deputy Chief of Mission and Charge’ d’Affaires at the U.S. Embassy in China, moderated a discussion following Professor Hsieh’s remarks. Professor Hsieh discussed how China’s fast-paced growth over the past three decades is one of the most remarkable events in world economic history. This growth was fueled by the introduction of pro-market policies, especially in agriculture and trade. However, China’s national institutions continue to restrict property rights and hinder private business development, among other obstructive policies. To counter those forces, China has developed a system of crony capitalism at the local level that has allowed businesses to thrive. Political leaders benefit when local businesses succeed, so those leaders use their power to enhance certain businesses’ success. Local political leaders then compete with other cities for businesses, creating a competitive market that helps drive economic growth.

Crony Capitalism with Chinese Characteristics, Featuring Chang-Tai Hsieh

When faced with debt across multiple credit cards, do people pay down their balances in a way that makes financial sense? On February 1, BFI hosted Chicago Booth Professor Neale Mahoney for a Friedman Forum luncheon lecture on his recent working paper, “How Do Individuals Repay Their Debt? The Balance-Matching Heuristic.” In the paper, Professor Mahoney and his colleagues examine how credit card holders in the United Kingdom divide their payments between credit card balances. Instead of paying down the card with the highest interest rate first, the authors find people make payments based on the size of the balances on each credit card. These findings reveal the large gap between the optimal way to repay debt, and reality of how people repay their credit card debt.

Friedman Forum: How Do Individuals Repay Their Debt, Featuring Neale Mahoney

Traditional economics assumes rational actors. In daily decision-making, however, we all make decisions influenced by our biases and beliefs, whether which car to buy or who to vote for at the polls. As a result, outcomes often deviate from the standards of rationality assumed by economics. Combining discoveries in human psychology with a practical understanding of economics – including incentives and market behavior – Booth Professor Richard Thaler, recipient of the 2017 Nobel Prize in Economics, and Harvard Law School Professor Cass Sunstein, recipient of the 2018 Holberg Prize and former Administrator of the White House Office of Information & Regulatory Affairs, have revolutionized our understanding of how human behaviors can impact markets. Their work highlights opportunities to drive decision-making in a direction that improves outcomes for businesses, government, and society as a whole. The Becker Friedman Institute for Economics welcomed Thaler and Sunstein, authors of the best-selling book "Nudge: Improving Decisions About Health, Wealth, and Happiness," for a discussion about the power of behavioral economics to affect decision-making. BFI Director Michael Greenstone, the Milton Friedman Professor of Economics, the Harris School and the College, moderated the discussion.

A Conversation with Cass Sunstein and Richard Thaler

Chicago Booth Professor Steve Levitt, co-author of Freakonomics, discussed modern data science techniques at BFI's latest Becker Brown Bag talk.

Becker Brown Bag: Learning From Data, Featuring Steve Levitt

What Have We Learned? Brief Recap Of Day One Daniel Diermeier, Provost, University of Chicago Welcome Remarks Liu Jun, Acting Consul General, Chinese Consulate General in Chicago

2018 US-China Forum — November 2 Opening Remarks

Welcome Remarks Bala Srinivasan, Vice President for Global Initiatives and Strategy & Deputy Provost, University of Chicago Opening Remarks Robert J. Zimmer, President, University of Chicago Questions About China's Role in the Global Economy Michelle Caruso-Cabrera, Contributor, CNBC

2018 US-China Forum — November 1 Opening Remarks

While China is still in the early stages of its wide-ranging Belt and Road Initiative (BRI), the impacts of the varied development projects are already being felt around the world, with sometimes mixed results. Panelists: Caroline Freund, Director, Macroeconomics, Trade, and Investment Climate, The World Bank W. Gyude Moore, Visiting Fellow, Center for Global Development; Former Minister for Public Works, Liberia Arif Rafiq, Fellow, Middle East Institute; President, Vizier Consulting, LLC Andrew Small, Senior Transatlantic Fellow, Asia Program, German Marshall Fund Facilitator: Chang-Tai Hsieh, The Phyllis and Irwin Winkelried Professor of Economics, Booth School of Business, University of Chicago For more on the 2018 US-China Forum, visit: uschinaforum2018.uchicago.edu

2018 US-China Forum — The Impacts of Chinese Investments on Recipient Countries

China has experienced enormous health benefits from introducing pollution-control measures in some of its large cities, but there is still more work to be done, both in China and in the many countries where it has current and future development plans. Panelists: Michael Greenstone, Milton Friedman Professor in Economics, the College, and the Harris School; Director of the Becker Friedman Institute, University of Chicago Deborah Lehr, Vice Chairman, The Paulson Institute Pin Ni, President, Wanxiang America Corporation Richard L. Sandor, Chairman and CEO, American Financial Exchange; Aaron Director Lecturer in Law and Economics, The Law School, University of Chicago Facilitator: Michelle Caruso-Cabrera, CNBC Contributor For more on the 2018 US-China Forum, visit: uschinaforum2018.uchicago.edu

2018 US-China Forum—Chinese Leadership in Global Clean Energy Investment and More

China’s ambitious development plans around the world have brought heightened attention to its financial systems, both state-owned and a growing shadow banking system. Presenters discussed the challenges and opportunities for both China and recipient countries. Panelists: Lars Peter Hansen, David Rockefeller Distinguished Service Professor in Economics, University Of Chicago Raghuram G. Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance, Booth School of Business, University of Chicago Wang Yanzhi, Executive Director of the Board of Directors and President, Silk Road Fund Facilitator: Michelle Caruso-Cabrera, Contributor, CNBC For more on the 2018 US-China Forum, visit: uschinaforum2018.uchicago.edu

2018 US-China Forum — China's Role in Global Finance and Trade Growth

Amid questions of whether China can maintain its high growth rates into the future, panelists debated the merits of state vs. free-market economies and to what degree China has embraced market reforms. Panelists: Yiping Huang, Professor, National School of Development; China Center for Economic Research, Peking University Anil Kashyap, Edward Eagle Brown Professor of Economics and Finance, Booth School of Business, University of Chicago Brad W. Setser, Steven A. Tananbaum Senior Fellow for International Economics, Council on Foreign Relations Facilitator: Robert E. Rubin, Co-Chair Emeritus, Council on Foreign Relations; Former Secretary of the U.S. Treasury For more on the 2018 US-China Forum, visit: uschinaforum2018.uchicago.edu

2018 US-China Forum — China's Economic Outlook: Issues and Policies

This spirited discussion highlights a number of issues where US and Chinese diplomats don’t necessarily see eye-to-eye, but also reveals opportunities for possible negotiation. Discussants: Max Sieben Baucus, Former Ambassador of the United States of America to China Joshua Ramo, Co-CEO, Kissinger Associates Zhou Wenzhong, Former Secretary-General of Boao Forum for Asia; Ambassador Extraordinary to the United States Facilitator: Michelle Caruso-Cabrera, Contributor, CNBC For more on the 2018 US-China Forum, visit: uschinaforum2018.uchicago.edu

2018 US-China Forum — Diplomacy in an Era of Trade Tension

Presenters offer both skeptical and hopeful reviews of China’s Belt and Road Initiative, including an insightful exchange on the role of financing when determining costs and benefits of BRI projects. Panelists: Austan Goolsbee, Robert P. Gwinn Professor of Economics, Booth School of Business, University of Chicago Kenneth Pomeranz, Professor of Modern Chinese History and in the College, University of Chicago Dali Yang, William Claude Reavis Professor in the Department of Political Science, University of Chicago Facilitator: Michelle Caruso-Cabrera, Contributor, CNBC For more on the 2018 US-China Forum, visit: uschinaforum2018.uchicago.edu

2018 US-China Forum — What are the Goals of China’s Belt and Road Initiative?

The presenters describe their personal experience with opening businesses in China, and reflect on the role that business relationships can play in shaping trade policy. Discussants: Hank Paulson, Chairman, The Paulson Institute; Former Secretary of the U.S. Treasury Tom Pritzker, Executive Chairman, Hyatt Hotels Corporation Facilitator: Michael Greenstone, Milton Friedman Professor in Economics, the College, and the Harris School; Director of the Becker Friedman Institute, University of Chicago For more on the 2018 US-China Forum, visit: uschinaforum2018.uchicago.edu

2018 US-China Forum — The Role of the Business Community in Developing US-China Relations

In this episode, Murphy talks with Nancy Stokey, The Frederick Henry Prince Distinguished Service Professor of Economics, about the transformative effects that technology has on economies.

Discussion Section Uncut: Nancy Stokey

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