Jon Hartley and Myron Scholes discuss Myron’s career, including being at the University of Chicago at the dawn of financial economics as a field, how Myron met Fischer Black, and the development of the Black-Scholes option pricing model, investing, innovation, and financial regulation.
Recorded on November 1, 2024.
For more details on this episode, visit: https://www.hoover.org/research/ai-tech-industrial-policy-and-baby-equities-brad-gerstner-altimeter-capital-founder-and?utm_source=youtube&utm_medium=description&utm_campaign=cf21_youtube
ABOUT THE GUEST SPEAKER:
Myron Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-originator of the Black-Scholes options pricing model. Scholes was awarded the Nobel Prize in 1997 for his new method of determining the value of derivatives. Scholes is currently the chairman of the board of economic advisers of Stamos Partners. Previously, he served as the chairman of Platinum Grove Asset Management and on the Dimensional Fund Advisors board of directors, American Century Mutual Fund board of directors, and the Cutwater advisory board. He was a principal and limited partner at Long-Term Capital Management, L.P., and a managing director at Salomon Brothers. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, senior research fellow at the Hoover Institution, director of the Center for Research in Security Prices, and professor of Finance at MIT’s Sloan School of Management. Scholes earned his PhD at the University of Chicago.
ABOUT THE SERIES:
Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.
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