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Ron and Ed welcome back Fr. Robert Sirico, co-founder and president emeritus of the Acton Institute, for a wide-ranging conversation about human dignity, liberty, economics, and the moral foundations of a free society using the framework of Leo XIV's encyclical, Hagnifica Humanitas. Drawing on decades of work at the intersection of theology and economics, Fr. Sirico explores why the human person must remain at the center of economic life and why markets, entrepreneurship, and business are ultimately about far more than material prosperity. Along the way, they discuss the relationship between freedom and virtue, the dignity of work, the moral responsibilities of business, and the institutions necessary for human flourishing. It's a conversation that goes to the very soul of enterprise: How do we build an economy that recognizes not merely what people produce, but who they are? About Father Sirico Rev. Robert A. Sirico is co-founder and president emeritus of the Acton Institute, which promotes a free and virtuous society grounded in individual liberty and religious principles. A Catholic priest, author, speaker, and commentator, he has written extensively on economics, ethics, religion, and civil society. His work explores the moral foundations of markets and the essential place of human dignity, freedom, and responsibility in economic life.

What happens when there's no guest, no predetermined topic, and possibly only one host? It's time to bring back the spirit of Free-Rider Friday. With Ed potentially sidelined by jury duty, Ron raids his ever-growing stack of articles, ideas, observations, and assorted intellectual curiosities for a wide-ranging tour through whatever has captured his attention lately. Economics, business, technology, culture, pricing—and probably a few things that defy categorization—are all fair game. No agenda. No guest. No guarantee where we'll end up. Just the kind of intellectual free ride longtime listeners of The Soul of Enterprise will remember fondly.

Twenty-five years to the day after the attacks of September 11, 2001, Ron and Ed commemorate a day that changed America and changed each of us in ways both large and small. They share personal stories and memories from that time, reflecting on where they were, what they experienced, and what remains vivid a quarter-century later. Against the backdrop of America's 250th anniversary, the conversation broadens to consider the country we were then, the country we are now, and the ideals that have endured through crisis, conflict, and change. Along the way, Ron and Ed offer a few additional USA 250 reflections on liberty, citizenship, national character, and the remarkable resilience of the American experiment. A personal and contemplative episode about memory, gratitude, loss, and what it means to remember.

What makes an experience unforgettable? Why do some ideas, brands, museums, and attractions merely inform us while others permanently change how we think, feel, and act? In this episode of The Soul of Enterprise, Ron and Ed welcome Bob Rogers, founder of BRC Imagination Arts and author of Deep Story: The Complete Guide to Creating Transformational Themed Attractions. Drawing on decades of experience designing award-winning visitor experiences for organizations ranging from Disney and NASA to Coca-Cola and the Abraham Lincoln Presidential Library and Museum, Bob explains the difference between entertainment, engagement, and true transformation. The conversation explores the power of storytelling to shape identity, create lasting emotional connections, and inspire action. Bob shares the principles behind "Deep Story," the framework he developed for creating experiences that move audiences beyond awareness and into meaningful change. Together, the hosts and Bob discuss what business leaders, educators, marketers, and experience designers can learn from the world's most successful attractions—and why the future belongs not merely to the Experience Economy, but to organizations capable of creating transformation. Whether you're building a brand, leading a firm, teaching a subject, or simply fascinated by the art and science of storytelling, this episode offers a masterclass in creating experiences people never forget. About Bob Bob Rogers is the founder of BRC Imagination Arts, a globally recognized design and production company that creates transformative visitor experiences for leading brands, museums, and cultural institutions. A filmmaker, inventor, writer, and master storyteller, Bob has earned Academy Award nominations, received the IAAPA Thea Award for Lifetime Achievement, and helped shape attractions for organizations including Disney, NASA, Coca-Cola, and the Abraham Lincoln Presidential Library and Museum

Professor Michael Munger returns to The Soul of Enterprise for a fourth visit and once again, the answer is transaction costs. Ron and Ed catch up with the Duke University economist, political scientist, author, and host of The Answer Is Transaction Costs to explore some of the provocative questions he has tackled in the podcast's latest summer episodes. Why is being late an economic problem rather than merely bad manners? How have social media dramatically lowered the cost of coordinating outrage? Can transaction costs even explain the battle between the person who makes a resolution tonight and the same person who breaks it tomorrow? Along the way, we'll explore Munger's larger argument that transaction costs are hiding in plain sight, shaping markets, institutions, cooperation, incentives, and everyday human behavior. It's another wide-ranging conversation with one of TSOE's favorite economists and the Knower of Important Things. About Michael C. Munger Mike Munger is the Pfizer/Edmund T. Pratt, Jr. University Distinguished Professor at Duke University, with appointments in Political Science, Economics, and Public Policy. A former president of the Public Choice Society and former FTC staff economist, he studies markets, institutions, regulation, and the sharing economy. He is the author of Tomorrow 3.0 and The Sharing Economy and hosts The Answer Is Transaction Costs podcast.

Ed and Ron (mostly Ron) empty out the overflowing stack of stuff and roam wherever intellectual curiosity takes them. On the docket: how Adam Smith's invisible hand actually works; what we should make of the latest government files on UFOs and UAPs (color us skeptical); whether standing desks are really healthier than sitting; the strange economics and crony capitalism of the college textbook market; encouraging news in the fight against dementia; and, in what may amount to professional heresy, the case against CPA licensing. And because no serious program on economics, business, and human flourishing would be complete without it, we'll investigate an important question of Western civilization: Does Britain really have more cheeses than France?

What does it take to lead one of the largest state CPA societies through one of the most transformative periods in the profession's history? In this episode, Ron and Ed welcome Denise Froemming, President and CEO of CalCPA, for a wide-ranging conversation about the future of accounting, professional associations, and leadership in an era defined by AI and rapid change. Drawing on her experience leading major professional organizations, Denise shares how CalCPA is reimagining its role—from serving members to building a vibrant professional community that helps CPAs thrive amid shifting business models, changing talent expectations, and emerging technologies. The discussion explores the profession's pipeline challenge, the evolving value of the CPA credential, the importance of authentic leadership, and why curiosity and adaptability are becoming the defining traits of successful professionals. Whether you're a CPA, firm leader, educator, or simply interested in how professions reinvent themselves, this conversation offers practical insights into leading through change while keeping people at the center. More about Denise Denise Froemming, CPA, CAE, MBA, is President and CEO of CalCPA and the CalCPA Education Foundation. An accomplished association executive, she previously served as CEO of the Institute of Real Estate Management (IREM) and held executive leadership roles at the American Health Information Management Association (AHIMA). Denise is recognized for driving organizational transformation, fostering inclusive cultures, and advancing innovation to help the accounting profession thrive in a rapidly changing world.

Last week, Ron and Ed began exploring Pope Leo XIV's landmark social encyclical Magnifica Humanitas. This week, they continue the conversation, moving beyond first impressions into the document's deeper implications for business, technology, and the future of human flourishing. What does it mean to remain fully human in an age increasingly shaped by artificial intelligence? Can technology serve the common good without reducing people to data points or algorithms? And is AI simply another powerful tool—or does it force us to confront far more fundamental questions about freedom, responsibility, work, and what it means to become the person we are called to be? Along the way, Ron and Ed reflect on the encyclical's surprising engagement with economics, subsidiarity, solidarity, transhumanism, and the enduring tension between efficiency and human dignity. Whether you agree with every conclusion or not, Magnifica Humanitas offers one of the most thoughtful frameworks yet for understanding the AI revolution through the lens of philosophy, theology, and civilization itself. Join us as we continue asking the question that lies at the heart of both the encyclical and The Soul of Enterprise: not simply what AI can do, but what kind of people—and what kind of society—it is helping us become.

Father Vincent DeRosa returns to The Soul of Enterprise to examine Magnifica Humanitas, Pope Leo XIV's first encyclical and a landmark reflection on safeguarding human dignity in the age of artificial intelligence. Building on our earlier conversation about Rerum Novarum, we explore how Catholic social teaching continues to evolve while remaining rooted in timeless principles. Ron, Ed, and Father Vincent discuss why the Church sees AI as a defining challenge of our era, drawing compelling parallels between today's technological revolution and the Industrial Revolution that inspired Rerum Novarum 135 years ago. Together they unpack themes including the common good, human dignity, work, innovation, and the ethical responsibilities of business leaders as AI reshapes organizations and society. Whether you're religious or not, this conversation offers a thoughtful framework for asking one of the most important questions of our time: How do we ensure that technology serves humanity—rather than the other way around? About Father Vincent DeRosa Father Vincent DeRosa is a Catholic priest, educator, and thoughtful commentator on the intersection of faith, ethics, technology, and economics. Returning to The Soul of Enterprise after his popular discussion of Rerum Novarum, Father Vincent helps translate centuries of Catholic social teaching into practical insights for today's business leaders. His work explores how enduring principles of human dignity and the common good can guide decision-making in the age of artificial intelligence.

The accounting profession has always adapted to change—but what if it could actively shape the future instead of simply reacting to it? In this episode, Ron and Ed welcome Tom Hood, EVP of Business Engagement & Growth at AICPA & CIMA, to discuss Rise2040, the profession-wide initiative designed to help accountants and finance professionals envision—and create—the future of the profession. Tom explains why AI, automation, shifting client expectations, and changing talent models require a new mindset centered on foresight rather than hindsight. The conversation explores the key themes emerging from the Rise2040 project, including how trust becomes even more valuable in an AI-powered world, why accountants must evolve into strategic advisors, and what firms and finance leaders can do today to prepare for the next 15 years. Whether you're in public accounting, industry, or simply curious about where the profession is headed, this discussion offers a compelling look at how accountants can move from reacting to disruption to leading it. About Tom Hood Tom Hood, CPA, CGMA, CITP, is Executive Vice President of Business Engagement & Growth at AICPA & CIMA. A longtime thought leader on the future of accounting, he previously served as CEO of the Maryland Association of CPAs and is a LinkedIn Top Voice with more than 700,000 followers. Tom leads initiatives including Rise2040, helping accounting and finance professionals prepare for an AI-driven future through innovation, leadership, and strategic foresight.

For decades, we've been told that scientific progress depends on government funding. But what if that assumption is wrong? In this episode, Ron and Ed welcome Dr. Terence Kealey—physician, biochemist, former Vice-Chancellor of the University of Buckingham, and Adjunct Scholar at the Cato Institute—to explore one of the most controversial questions in science and public policy. Drawing on his research and books The Economic Laws of Scientific Research and Sex, Science and Profits, Kealey argues that markets, private institutions, and the scientific community itself are more than capable of driving innovation without government direction. The conversation examines the economics of scientific discovery, the incentives created by public funding, the role of universities, and whether today's research ecosystem encourages breakthrough innovation or bureaucratic conformity. Whether you agree with Kealey's conclusions or not, his arguments challenge deeply held assumptions about how knowledge advances and who should pay for it. If you've ever wondered whether science flourishes because of government—or despite it—this episode will give you plenty to think about. Guest Bio Dr. Terence Kealey is a British physician, biochemist, and economist of science. He served as Vice-Chancellor of the University of Buckingham from 2001 to 2014 and previously lectured in clinical biochemistry at the University of Cambridge. Now an Adjunct Scholar at the Cato Institute, he is the author of The Economic Laws of Scientific Research, Sex, Science and Profits, and numerous works examining the relationship between scientific innovation, markets, and public policy.

What happens when you refuse to build your company the "right" way? Ron and Ed welcome back David Barrett, founder and CEO of Expensify, to discuss the unconventional thinking that transformed a simple expense reporting app into a publicly traded fintech platform. From bootstrapping product-led growth and rejecting traditional enterprise sales models to building a culture around engineering, experimentation, and long-term thinking, David shares why questioning accepted business wisdom has been central to Expensify's success. The conversation explores innovation, leadership, AI, remote work, company culture, and why sometimes the best strategy is to ignore conventional advice and solve the problem that's actually in front of you. Whether you're an entrepreneur, accountant, or business leader, this episode offers a fresh perspective on building companies that last. Guest Bio David Barrett is the founder and CEO of Expensify, the expense and financial management platform he launched in 2008. A lifelong programmer and computer engineer, David previously led engineering at Red Swoosh before its acquisition by Akamai. Under his leadership, Expensify has grown into a global fintech company serving millions of users and became a publicly traded company on Nasdaq in 2021. He is widely recognized for his unconventional approach to technology, leadership, and product innovation.

The Declaration of Independence is far more than a historical document. It is a statement of principles that has inspired generations to pursue a more perfect union. In this special Independence Day episode, Ed brings portions of the Declaration to life with a dramatic reading before Ron and Ed explore its enduring influence on America's greatest speeches. From Frederick Douglass's searing critique in What to the Slave Is the Fourth of July? to Abraham Lincoln's Gettysburg Address and Second Inaugural, Calvin Coolidge's Sesquicentennial address, and Martin Luther King Jr.'s iconic "I Have a Dream" speech, the conversation traces how each generation has wrestled with and renewed and expanded the Declaration's promise of liberty, equality, and human dignity. Join us for a thoughtful discussion on the power of words, the ideals that continue to shape the American experiment, and why the Declaration still has something profound to say nearly 250 years later.

Artificial intelligence vendors love to talk about tokens and credits, but are these pricing models really helping customers—or simply obscuring the true cost of AI? In this episode, Ron and Ed take aim at the growing trend of token-based pricing, arguing that it shifts uncertainty and risk from providers to customers while creating unnecessary complexity. Drawing on insights from pricing experts, recent industry commentary, and their own experiences, they examine why cost-based pricing has long been discredited and why customer value—not vendor costs—should determine price. The conversation explores alternative approaches to AI pricing, including tiered models based on speed, complexity, and service levels. Along the way, Ron, Ed, and Greg discuss the rapid decline in AI infrastructure costs, the emergence of lower-cost large language models, and why today's premium-priced AI services may face the same economic pressures that have driven technology costs downward for decades. If you've ever wondered whether AI credits are the modern equivalent of arcade tokens, this episode offers a provocative look at where AI pricing is headed—and why customer experience should be at the center of it.

Debra Kilsheimer joins Ron and Ed for a lively discussion about leadership, culture, AI, persuasion, human nature, and the curious ability of professionals to simultaneously complain about a problem and defend the system causing it. We'll also explore what wisdom comes with experience, why logic is a surprisingly ineffective tool for changing minds, and whether the accounting profession is finally approaching an inflection point—or just finding new ways to avoid one. And yes, at some point we'll probably talk about the Pink Cadillac. Debra's Bio Debra Kilsheimer is what happens when you combine a CPA, a stand-up comic, a leadership coach, a technology enthusiast, and enough energy to power a small city. A longtime champion of helping accountants become better leaders, communicators, and human beings, Debra has spent years challenging firms to stop doing things simply because "that's the way we've always done it."  She's a speaker, consultant, podcaster, AI enthusiast, former Mary Kay superstar, and one of the few people who can simultaneously make you laugh, think, and question your entire business model. She's a friend of the show, and recently returned from Scaling New Heights, where she was recognized for her work in AI innovation.