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Research @ Schulich Podcast
Research @ Schulich Podcast with Cameron Graham
Episode 8: Why Adam Smith Owned an Annuity …. and Perhaps You Should Too – – Moshe A. Milevsky On The Surprising Origins Of Modern Pensions
When you think of “Scotland”, what comes to mind?
Maybe you think of the rugged Highlands of the north. Maybe you think of golf courses next to serene lochs (including one with a very famous monster). Maybe you think of kilt-clad heroes like William Wallace, walking next to those serene lochs or rugged Highlands while the sound of bagpipes plays faintly in the distance.
But what about pensions?
It may not be the first thing you think of – But maybe it should be…
In the latest episode of the Research @ Schulich Podcast, we sit down with Schulich Professor Moshe A. Milevsky (Professor of Finance and CIT Chair in Financial Services) to discuss his new book The Religious Roots of Longevity Risk Sharing: The Genesis of Annuity Funds in the Scottish Enlightenment and the Path to Modern Pension Management, which explores the Scottish (and religious) roots of modern pension planning.
Professor Milevsky argues that a diverse group of 18th century Scottish clergymen, scientists, and intellectuals (affiliated with the Presbyterian Church of Scotland) pioneered the use of several innovative methods when setting up an annuity and widow’s pension, and that this “annuity scheme” laid the foundation for today’s longevity insurance and retirement systems.
This wide-ranging (and entertaining) discussion covers topics as diverse as:
- The influence of the Scottish Enlightenment on financial innovation,
- The evolution of life insurance into pension plans,
- How longevity risk was managed centuries ago, and
- Economist Adam Smith’s views on the pension plan.
Whether you’re interested in finance, history, or retirement planning, this episode is a fascinating listen.
Listen here:
Listen on Spotify
Listen on Apple PodcastMoshe’s book The Religious Roots of Longevity Risk Sharing: The Genesis of Annuity Funds in the Scottish Enlightenment, and the Path to Modern Pension Management can be purchased here. [EMBED LINK: ]
Works Cited in This Episode
Milevsky, M. A. (2024). The religious roots of longevity risk sharing: The genesis of annuity funds in the Scottish Enlightenment and the path to modern pension management (1st ed.). Palgrave Macmillan.
Milevsky, M. A. (2023). Adam Smith’s reversionary annuity: money’s worth, default options and auto-enrollment. Financial History Review, 30(2), 162–197. doi:10.1017/S0968565023000070
Milevsky, M. A., & Velazquez, M. (2024). Pensions and protestants: or why everything in retirement can’t be optimized. Annals of Actuarial Science, 1–20. doi:10.1017/S1748499524000290
Milevsky, M. A. (2017). Day the King Defaulted. Palgrave Macmillan. https://link.springer.com/book/10.1007/978-3-319-59987-8#bibliographic-information
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Past Podcasts
Episode 7: "It's a tough job, but somebody's got to do it” - Eileen Fischer on Emotional Work In Alternative Markets
View details Hide detailsA teacher assures a student that their low mark on a test isn’t the end of their academic career.
A flight attendant makes small talk with passengers on a delayed flight.
A security guard calmly escorts a trespasser from a building.
A server puts on a smile and offers free entrees to a table of angry diners who have “been waiting for hours” for service.
You’ve probably seen situations like this in real life – and you may have even personally experienced several of these situations yourself.
You may not know it, but these are all examples of “emotion work” – the process by which employees manage their own emotions to sustain and change a business or a market.
But emotion work (or, as it’s more commonly known “emotional labour”), is a complex issue that goes beyond the service economy and transactions in shops and stores. Emotional labour also includes the work put in by volunteers, community organizers and “committed consumers” – individuals who voluntarily invest significant time and effort to uphold the principles and operations of alternative marketplaces, such as farmers markets.
And while this may sound like a niche form of emotional labour, the work put in by volunteers to simply ensure that a community market stays active and running – and sticks to its principals – often matches the level of emotional labour used by staff at for-profit businesses.
Join us as Schulich Professor Eileen Fischer (Professor of Marketing; Associate Dean, Research; Anne & Max Tanenbaum Chair in Entrepreneurship and Family Enterprise) talks about her research on emotional labour in alternative markets – and find out how managers, organizers and policymakers might be able to learn (and manage) the emotional labour costs of their fellow team members and staff.
Listen here:
You can read Eileen’s paper on emotion work entitled ““It’s a tough job, but somebody’s got to do it”: Committed consumers’ voluntary emotion work in alternative market systems” here
Works Cited
Bentsen, K., Fischer, E., & Pedersen, P. E. (2025). “It’s a tough job, but somebody’s got to do it”: Committed consumers’ voluntary emotion work in alternative market systems. Journal of Consumer Psychology. https://doi.org/10.1002/jcpy.1454
EPISODE 6: Ela Veresiu on How Consumers Moralize Self-Care
View details Hide detailsWhen you hear the words “self-care” what comes to mind? A quiet walk along a lake? A luxurious bubble bath? A strict diet and workout regime? A day’s worth of retail therapy?
Self-care – which refers to actions we undertake to sustain and improve our lives, health and well-being- is a concept with a variety of meanings and interpretations.
But self-care isn’t just some random set of activities that you do when you’re trying to recover from a bad day or are working to better your health -rather, it’s a collection of moral considerations that shape your actions and, ultimately, drive your activities as a consumer to carry out a set of specific self-care “scripts”.
On the newest episode of the Research @ Schulich podcast, Schulich Associate Professor of Marketing, Ela Veresiu talks about how consumers are shaped by a variety of factors – from moral considerations to health influencers – when making decisions about what types of “self-care” we individually see as valid, and what types we see as invalid – and how this sense of internal moralizing can influence even everyday purchases.
Listen to Episode 6 of the Research @ Schulich podcast here
Ela’s paper “Moralizing Everyday Consumption: The Case of Self-Care,” was published in Journal of Consumer Research. It can be read at the link below:
Quick-Takes
Research News
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Research Showcase
Schulich has celebrated three Research Days to date. Research teams are on hand at each event to explain and discuss their posters showcasing leading-edge management thinking to visitors from the university and business communities.
Presentations included research projects across all management disciplines and industries. Many of the studies were cross-disciplinary and involved collaboration with researchers in other York University faculties, as well as other universities.
- 2019 Poster Galleries




