How bad is housing affordability in the U.S.? Is it actually a crisis? There are many ways to define housing affordability, but common indicators point to much higher costs of both owning and renting than what we have seen since pre-COVID times. Average home prices grew more than twice as fast as average incomes between 2020 and 2023. This is an historically unprecedented rise in the U.S. home price-to-income ratio.…
Q: How do workplaces navigate this moment of intense, divided politics? It may be wise to pay attention to, “What do we want to create?” We may be better off focusing on how we talk to each other rather than what we say. A little bit less about content and a little bit more about process. In that circumstance, advocating for colleagues to take on your political position might not…
The Fed is expected to cut interest rates in September. What does your research say about whether borrowers should wait to take out a loan? Our research shows that many people make the mistake of waiting to take out a mortgage or other long-term loan if the Fed is expected to lower interest rates in the future. By waiting, people hope to secure a lower interest rate on a long-term…
This commentary originally appeared in Fortune. As presidential campaigns race to the close, the electorate moves past gauzy themes and adversarial finger-pointing, which tell us little about candidates’ plans, to examine differences in goals and policies. Previously, we analyzed the paradoxical positions of Donald Trump’s pro-business, laissez-faire, global burden-sharing presumptions—and the realities of the contrasting MAGA-Marxist pronouncements they conceal: record fiscal deficits, interventionist and politically motivated attacks on companies, threats…
Few people like to consider themselves followers, but when it comes to evaluating goods, services, and even our own colleagues, it turns out many of us are. That matters because collective evaluation processes—whether a restaurant’s ratings on Yelp or performance reviews at work—can play a significant role in sinking or launching a product, service, or someone’s career. New research from Yale SOM’s Tristan Botelho shows how the design of evaluation…
This essay was originally published on TIME. The rousing performances by Vice President Kamala Harris and Governor Tim Walz, along with the Obamas, the Clintons, Oprah, and many others, at the Democratic National Convention marked a pivotal moment in the 2024 presidential election. Now that both political parties have formally introduced their candidates to America and voters steadily begin to turn their attention to the election, the Democratic and Republican…
Q: What does it feel like to be launched into space? It’s noisy. There’s so much shaking. But what you really feel is pressure. With the weight of the solid rocket fuel plus all the hydrogen and oxygen, you move slowly off the pad. Relatively slowly, I mean—you’re going a hundred miles an hour when you clear the tower, but then you keep going faster and faster. You’re strapped tight…
This commentary originally appeared in Fortune. Starbucks became a global brand as strong as the likes of McDonalds, Coke, Pepsi, Google, Apple, and Levi Strauss in a record time—but its value as an enterprise has been plummeting in recent years. So, the man who built the brand, Howard Schultz, intervened even though he no longer held any official position in management or on the board. Schultz remains the largest shareholder—and…
This commentary originally appeared in Time. Having studied leadership across sectors for nearly a half century, I’ve found that power sharing at the top is often harder than delegation and execution down the hierarchy of command. Leadership partnerships across sectors that work well have a secret recipe—which Kamala Harris seemed to understand but which Donald Trump seems to have missed, given their recent selections of running mate. Barack Obama and…
Former President Donald Trump has long regarded the stock market as a barometer for success, constantly touting record highs during his time in office and still bragging incessantly about the “beautiful” stock market on his watch. However, what many commentators miss is not just the 40 record highs the stock market has hit under the Biden-Harris administration—but also that while Trump does hold significant sway over pockets of the stock…
Q: What are the key questions guiding your work? A driving interest for me is how organizations can change for the better—to be more effective and desirable places to work. I’ve completed several research projects that look at how people who have expertise and knowledge, but not formal authority or positional power, can have their ideas heard and acted upon to improve how their organizations function. I’ve also done research…
In recent years, shareholders have made attempts in court to hold companies accountable for failing to uphold commitments to diversity within their workforce or leadership teams. So far, those efforts have fallen flat. Facebook’s board of directors, for instance, won dismissal of shareholder claims that it had breached its fiduciary duty by ignoring diversity concerns—a judge called some of the company’s claims about diversity “non-actionable puffery or aspirational.” But a…
Barry Nalebuff, Milton Steinbach Professor of Management I enjoy watching Olympic table tennis. These are some of the world’s best and least appreciated athletes. Heidi Brooks, Senior Lecturer in Organizational Behavior We see the performances and that’s all we are invited to witness, but I am so aware that it’s all about the everyday practices that make for readiness for the big moments. So, while I may watch any given…
Harlan Krumholz: Welcome to Health & Veritas. I’m Harlan Krumholz. Howard Forman: And I’m Howie Forman. We’re physicians and professors at Yale University. We’re trying to get closer to the truth about health and healthcare. Our guest today is Dr. Lee Schwamm, but first we always like to check in on what’s a hot topic or a current topic in health and healthcare. Harlan, what do you have today? Harlan…
This essay was originally published in Time magazine. President Biden is being celebrated among Democrats for his superb tour of duty and for putting the nation’s interests over his own by stepping out of the campaign. Political pundits, wealthy donors, and prominent fellow political leaders were bewildered as to why President Biden resisted their pressure that he leave the campaign for so long. These critics didn’t realize that their pressure…
Howie and Harlan are joined by Joshua Sharfstein, a longtime public health official in federal, state, and local government, to discuss the state of the opioid epidemic, lessons from the COVID-19 vaccine rollout, and our readiness for a bird flu outbreak. Harlan reports on the summer surge in COVID-19; Howie remembers his mentor Gail Wilensky, a health economist who directed Medicaid and Medicare programs and led many other organizations over…
As climate change intensifies, homeowners are increasingly looking to retrofit their homes to make them more resilient and energy efficient, with projects such as hurricane-proof windows and doors, or solar panels on roofs. But not everyone can afford these important upgrades that would help them ready their homes against extreme weather and give them some buffer against rising home insurance premiums. A small but growing program known as PACE (Property…
Two weeks ago, we wrote that business leaders are not flocking to GOP presidential frontrunner Donald Trump, with no Fortune 100 CEOs having donated financially to Trump this year—a pattern broken only now by Elon Musk’s pronouncement Monday. While we commendably saw a surge of statements of sympathy from business leaders in the hours following the despicable, horrendous assassination attempt on Trump this weekend, Trump’s selection of freshman Ohio Senator…
Fixed prices for goods and services is a relatively recent invention. In the 19th century, Quaker merchants argued that haggling was morally wrong—it was unfair for two customers buying the same good to walk away having paid different amounts. John Wanamaker, a Quaker and the founder of Philadelphia’s Wanamaker’s department store, took it one step further, inventing the price tag by writing a price on a rectangle of cardboard and…
Since the Global Financial Crisis of 2008-09, the Federal Reserve has conducted stress tests of the largest banks to evaluate their capital and promote sound risk management, under a mandate Congress created in the Dodd-Frank Act of 2010. On June 26, a subcommittee of the House Financial Services Committee held a hearing to consider a proposal to put the details of the Fed’s stress scenarios and models out for public…
Etelle Higonnet (Yale College Class of 2000) is a human rights lawyer and environmental activist. She can be found doing investigations on deforestation and child labor in the jungles and forests of Africa and South America, often risking losing her life, as nearly happened on a mission in an African country where she was working to stop a rubber company from illegally cutting down trees. As Etelle was about to…
Can a mindfulness practice help us at work? In a season focusing on how we learn through experience, I wanted to make sure that we heard about some of the social science that supports the practices. My guest on this episode has lived a fascinating life and has so much wisdom to share on this topic. Lindsey Cameron is an assistant professor of management at the Wharton School, University of…
It’s a clichéd staple of commencement speeches and family dinners: “Do what you love, and you’ll never work a day in your life.” This advice is particularly resonant in a culturally individualistic country such as the U.S., where the idea of “following your passion” guides many young people as they choose their educational path and subsequent career. But new research suggests that this advice could have different consequences for women…
Several top Democrats have reportedly issued strong warnings to Joe Biden to challenge Trump’s friendly ties to corporate America when the two face off on Thursday’s presidential debate, and less time talking up his legislative accomplishments. The news reflects continued pressure on Biden to lean more into populist, anti-corporate appeals. But that would be a huge mistake. Wealthy political advisors keep trying to tell Biden how to speak to the…
Q: When we talked two years ago, you described an industry in search of a profitable business model. You warned that companies would be in for a tough stretch. Where do things stand now? It’s been a very difficult two years for the entertainment sector— worse than we could have imagined—and streaming is a big part of why. People have continued dropping pay TV, which was a very profitable business,…
In the United States each year, resettlement agencies assist tens of thousands of refugees in finding new homes and employment; in fiscal year 2023, more than 60,000 people received resettlement services in this country. The task is monumental—and essential, as the number of displaced people around the world continues to grow. When Yale SOM’sVahideh Manshadi learned that one of the largest such agencies was searching for a better way to…
How can we change and transform the education system through leadership? The Broad Center at the Yale School of Management fosters the ideas, policies, and leadership to help all students in K-12 public schools — particularly those from underserved communities — to learn and thrive. Broad is a stellar example of the unique mission of Yale SOM: educating leaders for business and society. Since I feel connected and inspired by…
At a recent Yale CEO Summit we convened online to mark the 50th anniversary of the invention of the internet in 1974, top Fortune 500 CEOs revealed how they are reinventing their businesses around artificial intelligence (AI), clean energy, and other emerging technologies. The most tangible, impactful implementations of AI are often taking place in traditional business sectors. As one of our speakers, Steve Case, the CEO of Revolution Growth,…
Howie and Harlan are joined by Anna Reisman, a physician and writer who leads Yale’s Program for Humanities in Medicine. They discuss the gaps in care she encountered when her developmentally disabled sister was diagnosed with cancer, and her work reviewing the “dude wall” of portraits at Yale Medical School. Harlan asks what we’ve gained from a new definition of long COVID; Howie provides an update on the spread of…
Steve Jobs once said, “Intuition is more powerful than intellect.” But can it be too powerful? In research recently published in the journal Cognition, Yale SOM’s Shane Frederick and Andrew Meyer of the Chinese University of Hong Kong not only show situations in which widely shared intuitions are certifiably wrong, they also illustrate how these erroneous intuitions become calcified and prevent discovery of the truth, even among those who are…
When Yale SOM’s Jason Dana asks people to think about a consumer good that has gotten more affordable over time—say, televisions—they are confident they understand why: the underlying technology has improved and production is more efficient, so the product has come down in cost. But when he asks them whether in general real costs—defined as the amount of work required to purchase individual items—have gone up or down over time,…
Mitesh Rao, co-founder and CEO of OMNY Health, joins Howie and Harlan to discuss his entrepreneurial journey and how his company is creating a common layer of data connecting healthcare providers and researchers. Harlan reports on a study showing how many lives could be saved by improving quality of care; Howie reflects on the health consequences that have accompanied the legalization of cannabis. Links: Quality and Lives Saved “The business…
Sensationalist narratives trumpeting how business leaders are supposedly eager to welcome Donald Trump back to the White House and pining for the days of his business-friendly tax cuts are missing an important dimension: the escalating, overt hostility of populist MAGA voices to business. This hostility starts from the top with Trump himself. While many business leaders regard certain aspects of President Joe Biden’s economic agenda, such as Federal Trade Commision…
Corporate America has never been known for its gender diversity; in 2015, fewer women ran large U.S. companies than men named John. While the numbers are slowly improving at senior levels—women CEOs finally outnumbered Johns as of 2023—many of the country’s biggest firms have a workforce that is significantly less gender diverse than the overall population. New research suggests that these companies are leaving serious money on the table. A…
Like a lot of people, Balázs Kovács has come to rely on Yelp reviews when it comes to choosing a new restaurant. “I don’t look at the numbers,” he says. “I read to connect with the experience. It’s more personable if someone writes about their experience. If they complain about having to wait 45 minutes for soup, I know what that means.” A professor of organizational behavior at Yale SOM…
Howie and Harlan are joined by Chima Ndumele of the Yale School of Public Health to discuss his research on structural changes to Medicaid that could keep vulnerable populations healthier. Harlan reports on the remarkable abilities of Google's latest medicine-focused AI; Howie reflects on a study showing the impact of race-neutral measures of lung function. Links: AI and Medicine “Capabilities of Gemini Models in Medicine” Medicaid Medicaid.gov “10 Things to…
This commentary originally appeared in Time. Recent battlefield reverses in Ukraine, with Kherson under increasing attack, are powerful reminders that Ukraine needs every penny of support it can get urgently. Yet Western governments still refuse to seize Russia’s $300 billion in frozen assets, even though the idea of making Russia pay for Ukraine’s rebuilding is broadly popular across the U.S.—with even House Speaker Mike Johnson embracing it as “pure poetry.”…
In 2009, Andrew Metrick and Gary Gensler were both serving in the Obama Administration on the front lines of the response to the Global Financial Crisis. In fact, they worked together to address hidden risks in the “repo” market that played a major role in the market crashes of that era. Fifteen years later when Gensler, now the chair of the U.S. Securities and Exchange Commission, visited Yale SOM to…
This season we've been taking on HOW to learn through experience which fundamentally challenges the brain-bound assumption that learning starts and stays in the brain. We aren't so great at honoring the wisdom, expertise, and leadership that emerges from lived experience, but our own life may guide us – especially if we tap into learning practices, like reflection and challenging our perspective. My guest on this episode is a shining…
Q: Are national security issues showing up in space? National security issues have shown up in space since the Cold War. Militaries around the world are enabled by space. They’re applying space technology for communications, for positioning—when you drop a bomb, you want to be able to precisely hit a target—and for situational awareness. Intelligence gathering or reconnaissance from space is very important for understanding the world they’re operating in.…