Chapter 1: What is the main topic discussed in this episode?
Hey, y'all, it's Elise Hu. As we approach the end of 2022, we wanted to use this last week to share a few of our most perspective-expanding ideas from around the TED Audio Collective. We're hoping they'll provide a sense of the bigger picture, help you understand the trends of the past year better, and feel ready for the one ahead. First up, an episode from After Hours.
It's hosted by Harvard Business School professors Youngmi Moon, Mahir Desai, and Felix Oberholzer-Chi.
Chapter 2: What perspective-expanding ideas did the hosts share about 2022?
Every year, they do a fascinating wrap-up of the biggest stories at the intersection of business and culture. And you're getting to hear it now. We hope you enjoy it. And if you want to hear more, including their upcoming episode on predictions for the year ahead, follow After Hours wherever you listen.
Hello, everyone. This is After Hours. I'm Felix. I'm Mihir.
And I'm Youngmi.
She's back.
Oh, happy holidays, guys. It's so good to be here.
Happy holidays. Yeah, it's wonderful to have you.
I'm feeling so wonderful. Although I hear I missed a pretty good time yesterday.
I got to tell you, the Felix Christmas party is becoming an institution. It was spectacular. Really? Yeah. Just the food alone. I mean, the cheese, the charcuterie. I mean, it's crazy. This is a host. And of course, Lisa as well. I mean, there's just the hosts with the most is all I have to say. The hosts with the most.
What is impressive to me about the Felix holiday party is how long it goes. Because people come and go. So from beginning to end, Felix, how long does it last?
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Chapter 3: What lessons can we learn from the fall of FTX?
I could come up with maybe three. One might be, there is news of increased unionization efforts. So you could view this as being a reflection of that. You could view this as a reflection of what you just mentioned, which is maybe minimum wage laws. Or you could view this as a reflection of a strong tide lifts all boats, which is just a very strong economy, very robust labor markets.
I tend towards that latter explanation.
Yeah, I completely agree. I think it's one of the puzzles a little bit about the current times. You open the newspaper and you think we're in free fall. And then you look at the data and you say, oh my God, we have such an incredibly strong economy.
In fact, our only problem is that we probably overheated the economy with all the additional government spending and then the super loose monetary policy on top of that. But the general mood is not one of we're living in the best of times. And I understand that is in part driven by quickly rising prices.
So when I go to a restaurant, it's not really hard for me to say if it's an expensive place or not. Because I'm looking at much higher prices and I don't know, am I looking at inflation or I happen to be at an expensive place? So I can sort of understand the disorientation that comes from a period with quickly rising prices. But at the same time, the fact, Mihir, you're exactly right.
It remains true. The economy is in excellent shape. And if you look at it Decile by decile by decile. And you find that the four lowest deciles of workers have wage increases in excess of inflation. I think that is just really something to celebrate. And the only sad thing is that we don't.
Okay, so I have something else I liked. I liked the quiet, effective CEOs. I know the media loves to write about loud, blustery CEOs. I am so tired of the media obsession with Elon Musk. What I liked about 2022 is that, in fact, if you look closely, there were so many business leaders you could point to who just seemed to be putting their heads down quietly and trying to do their jobs.
Uninterested in drawing attention to themselves, just focused on trying to be effective during some really challenging circumstances. So Satya Nadella at Microsoft, Brian Chesky at Airbnb. If you look at Tim Cook at Apple, he's actually kind of in the middle of a firestorm right now.
The vulnerability of his supply chain, the high take rates and the controversies around the commissions in the App Store. And this is the year they're pushing into wearables and headsets. And I'm not saying I agree with everything all these people are doing, but I do appreciate that they're just going about it in what appears to be an egoless way.
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Chapter 4: How did 2022 mark the end of magical thinking in business?
The kind of ugly dad sneakers? Those are very big right now.
I don't think so. But it could be accidentally I'm in that market. An accidental fashion victim. Exactly. That's my rant.
All right. So that was something you dislike that I like.
Yeah. There you go.
Okay, so I can give you something I liked and disliked.
At the same time. Great.
I like and I dislike the evolving workplace norms that emerged in 2022. So, for example, I love casual attire. I remember back this time last year, Felix, you made a prediction that 2022 was going to be the end of the necktie. I don't think I'm ever going to dress business formal again, ever. I love this so much.
I also love that we can now be a little bit more thoughtful about whether we need to do meetings in person, some things you actually can do via Zoom. What I don't like is I see a lot of companies and employees being knee-jerk in having a point of view and making blanket statements like, we need everyone back in the office or I'm never setting foot in the office again.
The idea that one size fits all makes me kind of crazy right now, but there's a lot I like about it, in particular, the casual attire.
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Chapter 5: How did the labor market evolve for low-wage workers in 2022?
I like that one.
Felix, what else you got that you like? I had this one moment in March of 2022 that was magical. And I think I will not forget it for a very long period of time. Was that when we taped that episode? Yes.
That must have been one of our tapings, Felix.
Yes. That might also be true, although we'll not forget for a long time. I'm not so sure. Sorry, Felix. It's right after spring break and I taught one of the first year classes in the MBA program and we were allowed to take off the masks. And I thought, well, you know, no big deal. I know everyone. We've had conversations for the first part of the semester.
And then taking off the masks was just absolutely magical. People laughed, people responded differently to each other's comments. And it was just this really wonderful reminder of just how rich human communication is outside what we say to each other. And one of the things that was interesting for me was I completely underestimated it.
It had such a diminished functional view of what conversation in the classroom is. And then it just reminded me of how totally wrong I was about what it means and the meaning that gets transported among people who like each other and cheer each other on and want to have a good time. I got goosebumps right now.
And this is why end of the year is such a good time because you also have reminded me of something very similar that happened to me, which is the first time I taught without a mask. I also was just overjoyed and I remembered why we went into this career in part, right? Like it was just such a special time and I'd kind of forgotten that.
And so I'm so glad you reminded me of it because when we were teaching in masks, frankly, I was fine with it. It was okay. It was okay. It was fine. Totally okay. But then when you lose it, you realize just everything you said is exactly right. Absolutely.
I totally agree too. That's a nice one. Yeah.
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