Until recently, economists have ignored the idea that communities matter for economic outcomes, leaving those questions to sociologists. But there is too much evidence to ignore: where you live has a profound influence on how you turn out. In a live conversation recorded at Penn Social, a bar in Washington DC, Raghuram Rajan, former chief economist of the International Monetary Fund and Governor of the Reserve Bank of India, talks about his new book, "The Third Pillar: How Markets and the State Leave Communities Behind". He is joined by Ashley Putnam, director of the Economic Growth & Mobility Project at the Federal Reserve Bank of Philadelphia, who has run community-level economic growth projects in New York City and across Philadelphia's Fed district. Brendan Greeley hosts.

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