Penn‘s Exchange: Markets & Cooperation

Enrico Spolaore on Political Borders and the Size of Nations

We tend to think of political borders as exogenous artifacts that are imposed in a top-down manner by governments with imperial ambitions. And while this is true in some cases, there is a more significant case to be made for the alternative, where borders and jurisdictions are endogenous to the populations that draw them. A country's size and frontiers depend on the political and economic costs and benefits of sticking together or breaking up. Today we will have Enrico Spolaore, a leading economist in this research area, who will talk about countries' optimal size and why borders are drawn the way they are.

Maarten Prak & Jan Luiten van Zanden on Pioneers of Capitalism: The Economic History of the Netherlands

Before the 13th Century, the low countries were a small region at the fringe of Europe. Yet, by the 17th Century, the Netherlands had transformed into the most prosperous society in the world. How did such transformation occur? Today we will be joined by Professors Praak and van Zanden, who will discuss their most recent book "Pioneers of
Capitalism" and guide us into the economic history of medieval and early modern history, telling a story about how a strong civil community and feudal institutions interacted to give birth to the first capitalist society

Ennio Piano on The Economics of Renaissance Art

As its name implies, the Renaissance is often thought of as a turning point in human history. Art is its most celebrated, long-lasting legacy. And the romanticized perception of the artist as a genius is its byproduct. But how exactly did artists become artists? Who commissioned their work? How could the patrons oversee the quality of the work they
were commissioning? We will be talking today with Ennio Piano about the economics of art markets in the Renaissance.

Oyebola Okunogbe on Ethnic Integration in Nigeria

Nigeria is Africa’s largest state by population size and by nominal GDP. It is a multiethnic state where more than 250 minorities coexist. Political conflict due to geographic, religious, and cultural differences has been a common theme since its independence from Britain in 1960. How can a large and diverse state like Nigeria be fully integrated into
one common Nation? Today, Dr. Okunogbe will talk to us about her recent research. 

Yuhua Wang on the Rise and Fall of Imperial China

Up until the 18th century, China was the world’s hegemon. So how did it get there in the first place? And why did the Empire collapse abruptly in the 20th century? Today, Yuhua Wang will talk to us about his most recent book, where he argues the Chinese state experienced a gradual decline in its state capacity caused by a sovereign’s dilemma, where cohesive elites strengthened the state but also weakened the position of the emperor.

James McAndrews on Narrow Banking

Narrow banks are depository institutions that focus on investing in federal reserve deposits and pass on most of the interest accrued to their respective depositors. Dr. James McAndrews, CEO of TNB USA Inc., will help us unravel what role narrow banking can play in modern financial systems.

Maria Pia Paganelli on the Relevance of Adam Smith Today

Adam Smith is widely acknowledged as the father of economics. Yet, in his own time, he was mostly known for his moral and jural philosophy work. So what do we set to gain by directly reading him today? Today we are joined by Maria Pia Paganelli, who will act as our guide into Adam Smith's work and the importance of the History of Economic Thought as a discipline. 

Alejandro Martínez-Marquina on the Economic Impact of Winning theLottery

Cash transfers have become a much-discussed policy tool. But studying the impact of sudden wealth shocks remains controversial. Martínez-Marquina joins us to discuss his recent research on an interesting setting that may help us shed light on the discussion: the effect of winning the lottery in Spanish towns since the 1900s.