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Our sixth season is Cleopatra, a six-episode series about one of the most expensive and infamous movies ever made. Directed by Joseph L. Mankiewicz and starring Elizabeth Taylor, Cleopatra should have been a smash. Instead, it was a shoot plagued by medical emergencies, climate disasters, nervous breakdowns, and the most scandalous love affair to ever hit a movie set. Join host Ben Mankiewicz as he digs through his own family stories to understand how it turned out so badly for his Oscar-win ...
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The Pie: An Economics Podcast

Becker Friedman Institute at UChicago

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Economists are always talking about The Pie – how it grows and shrinks, how it’s sliced, and who gets the biggest shares. Join host Tess Vigeland as she talks with leading economists from the University of Chicago about their cutting-edge research and key events of the day. Hear how the economic pie is at the heart of issues like the aftermath of a global pandemic, jobs, energy policy, and more.
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The fate of 20th Century Fox hangs in the balance as Cleopatra premieres. Critics and audiences weigh in, Elizabeth and Richard face momentous life decisions, and Joe sinks into a deep depression. For years to come, Joe and the Mankiewicz family reckon the difficult legacy of Cleopatra. Learn more about your ad choices. Visit podcastchoices.com/adc…
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Historically, one major reason has consistently been cited for the growth in housing costs in this country: the rising cost of building homes. But that relationship is changing. In this episode, University of Chicago economist Chad Syverson breaks down 75 years of data to reveal a surprising truth—construction costs and housing prices have become "…
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Joe’s body reaches its breaking point, and he’s forced to film the last few scenes from a wheelchair. But when production wraps, Fox installs a new studio head, Darryl F. Zanuck, who undercuts Joe’s authority and takes over the edit of Cleopatra. Soon, Joe and Zanuck wage a very public battle for control of the movie, just months before it’s finall…
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Elizabeth Taylor and Richard Burton’s love affair becomes a tabloid sensation. Richard drinks and Elizabeth cries, they fight and make up, all while trying to keep the affair from their spouses and the public. When the press infiltrates the set and reports on every ugly development, Joe struggles to hold the production together. But as the budget b…
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Economists often focus on wages when studying the labor market, but paychecks tell only part of the story. University of Chicago economist Evan Rose and his co-authors surveyed 20,000 Danish workers to put a dollar value on the intangible perks of a job, things like flexible hours, workplace culture, and stress levels. Rose discusses how these “hid…
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Joe Mankiewicz decides to recast two leading men and hires Richard Burton and Rex Harrison – major talents who turn out to be major headaches. He also moves filming to a new country, where the budget spirals out of control. Joe works against the clock to meet the studio’s deadline to start shooting, and he nearly pulls it off… until Richard Burton …
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While Elizabeth Taylor fights for her life in a London hospital, Joe Mankiewicz begins to grapple with the movie he’s inherited. The script is dreadful, the sets are grotesque, and none of the footage is usable. Joe decides to start over from scratch. A look at Joe’s long career in Hollywood gives some clues as to how he’ll handle this epic product…
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Textbooks don't just teach facts, they shape how children understand the world and their place in it. In this episode, UChicago economist Anjali Adukia discusses her study of textbooks across public schools, religious private schools, and homeschools. Using advanced AI tools to analyze tens of thousands of pages, she uncovers both unexpected simila…
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20th Century Fox pays Elizabeth Taylor a record-breaking salary to play Cleopatra, then tries to save money by filming the movie in England. That turns out to be a disastrous decision. The weather doesn’t agree with Liz, who suffers one health problem after another, delaying production for months. Fox then faces the question: pull the plug on this …
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What happens when your religion forbids the production of crops that dominate your local economy? In this episode, UChicago economist Eduardo Montero unpacks new research on the economic costs of religious prohibitions, and how these trade-offs shape church membership, satisfaction, and even sermons.…
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His studio was collapsing. His budget was skyrocketing. And his two stars were making headlines for all the wrong reasons. Those were just some of the headaches facing Joseph L. Mankiewicz, the director of one of the most expensive and infamous movies ever made: Cleopatra. With Mankiewicz calling the shots and the luminous Elizabeth Taylor in the t…
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A text bubble might seem trivial, until it shapes market dynamics, personal identity, and federal lawsuits. In this episode, UChicago economist Leo Bursztyn discusses how Apple’s green bubble design creates a powerful lock-in effect that reinforces Apple’s market dominance.By Becker Friedman Institute at UChicago
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How is AI impacting the economy today? What might this mean for tomorrow? This episode brings you inside a discussion hosted at BFI in April. Moderated by Caroline Grossman, Executive Director of the Rustandy Center for Social Sector Innovation, the conversation features: Anders Humlum, Assistant Professor of Economics, Chicago Booth; Sanjog Misra,…
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Economist Brent Neiman recently returned to UChicago from his position as Deputy Undersecretary for International Finance at The US Treasury, only to find his research being used (and misused) in the Trump administration’s sweeping new tariff policy. In this episode, Neiman walks us through what the original study actually showed, how it got misint…
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What does Taiwan’s precarious position reveal about global power, economic leverage, and the unraveling of diplomatic norms? In this episode, economist Chang-Tai Hsieh returns to unpack Taiwan’s tangled political history, its deep economic entanglement with China, and the global stakes of Taiwan Semiconductor Manufacturing Company (TSMC). From fear…
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How can policymakers make choices when confronted with uncertainty? What happens when the public loses confidence in scientific authority? Are scientists, including economists, overconfident? Nobel Laureate and UChicago economist Lars Hansen, a leading authority on uncertainty in economic decision-making, tackles these and related questions in this…
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What happens when trust in longstanding economic norms starts to break down? In this episode, economist Chang-Tai Hsieh explores the geopolitical and economic consequences of the Trump administration’s foreign policy, particularly its approach to China. From China’s post-COVID recovery stumbles to a global flood of low-cost EVs, Hsieh unpacks the d…
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More than three years after Russia’s full-scale invasion of Ukraine, the war continues to reshape not only geopolitical alliances but also the economies of both countries. In this episode of The Pie, host Tess Vigeland is joined by Konstantin Sonin, John Dewey Distinguished Service Professor at the University of Chicago’s Harris School of Public Po…
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Crypto’s most groundbreaking innovation, permissionless consensus, may also be its greatest vulnerability. In this episode, Chicago Booth economist Eric Budish breaks down the core mechanics of blockchain trust, the staggering energy costs behind mining, and why these systems are fundamentally exposed to majority attacks. Tune in for a deep dive in…
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This week, the Federal Reserve's Open Market Committee meets to decide whether to adjust interest rates or keep them steady. What should we expect amid today's economic and political uncertainty? On this episode of The Pie, Randy Kroszner, former Federal Reserve Governor and Norman R. Bobins Professor of Economics at the Booth School of Business, d…
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Many of us react to the term “performance review” with a shudder. It’s that awkward periodic conversation in which we have to hear feedback, share our assessments of each other, and, occasionally, clash with our colleagues. But do performance reviews have to be like that? We hear from Chicago Booth's Stacey Kole. Does she think that performance rev…
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President Donald Trump has declared a “national energy emergency,” expanding executive powers to shape U.S. energy policy in his second term. What could this mean for the future of American energy? In this episode of The Pie, Ryan Kellogg, the Ralph and Mary Otis Isham Professor and Deputy Dean for Academic Programs at the Harris School of Public P…
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The debate over health insurance denials intensified last year after the assassination of UnitedHealthcare’s CEO. In this episode of The Pie, host Tess Vigeland unpacks the economic forces shaping the US healthcare system with economists from the University of Chicago’s Harris School of Public Policy. Josh Gottlieb examines the financial burden of …
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The automotive industry is at the forefront of a global shift toward sustainability, with nations setting ambitious electric vehicle (EV) adoption targets. But how do government subsidies and industrial policies shape the pace of EV innovation? Hyuk-soo Kwon, Assistant Professor at the Harris School of Public Policy, explores the impact of these po…
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It’s been five years since the COVID-19 pandemic transformed the world. In this episode of The Pie, Matt Notowidigdo, Professor at the Chicago Booth School of Business, explores the pandemic’s lasting effects on education, work, and daily life. Join us as we dive into the key economic shifts brought on by COVID-19 and discuss how society can better…
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Why do so many students leave college before completing their degree, and how can we help them return? Lesley Turner, Associate Professor at the University of Chicago Harris School of Public Policy, discusses results from a mentoring experiment aimed at boosting undergraduate re-enrollment. Then, she examines the ripple effects of federal policies …
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