Do you like sports? So do we. Eric Davis and Bryan Nelson talk all things sports, every week.
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The Future of Work (Re-broadcast)
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Middle-income jobs have been declining over the past decades, leaving behind a polarized workforce, with one group of people doing high-skilled, well remunerated work, and another growing set, that are in low-wage, relatively economically insecure positions, that don't have much of a career ladder. Automation, globalization, and the shrinking role …
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How People Form, and Change Their Opinions on Economics (Re-broadcast)
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How do people come to their views on issues like income inequality, tax policy, and immigration policy? What is the role of personal experience in forming these opinions? Do people’s views change when they are confronted with new information that challenges their existing ideas? This week on EconoFact Chats, Stefanie Stantcheva explains how diverge…
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Moving to Opportunity (Re-broadcast)
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To what extent does where you live determine how you live? In particular, does growing up in a poor neighborhood reduce one's chances for economic and social advancement, greater educational achievement, and better health? Poor people typically live in poor neighborhoods. But would those people do better living in better-off settings? If so, what g…
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Voting, Income, and the Red-state, Blue-state Paradox (Re-broadcast)
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There's evidence that economically better-off voters tilt Republican. But there is a paradox. While richer voters tilt Republican, richer states tend to vote Democrat. To discuss this apparent paradox, as well as issues of poll accuracy, and how much the state of the economy has mattered in recent mid-term elections, EconoFact Chats welcomes Andrew…
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A Brief History of International Trade (and Why It Matters Today) (Re-broadcast)
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Doug Irwin joins Michael Klein on EconoFact Chats this week to discuss how ideas about free trade have changed over the last 250 years. While most economists today agree that free trade improves productive efficiency and offers consumers better choice, some of the objections to trade expressed by historical figures ranging from Alexander Hamilton t…
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The Macroeconomics of the Outcome of the Election
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Presidential candidates promise economic prosperity. Yet views on how to achieve economic prosperity can diverge significantly — as they do between the policies of President Biden, which are likely to be largely adopted by the new Democratic nominee, and those of Presidential Candidate Trump. Will their proposed policies on taxes, immigration, tari…
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Many view the greater integration of the world economy as a relatively modern phenomenon. Christopher Meissner puts the current level of international trade, the depth of global capital markets, and immigration in historical context, drawing on his new book One From the Many: The Global Economy Since 1850. Christopher explains how both technologica…
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Immigration promises to be a key issue in the U.S. Presidential elections. Candidates from both parties favor limits but differ on the extent of restrictions. Immigration is important for a vibrant economy in a country with a low rate of native population growth. What role has immigration played in U.S. economic and demographic growth in recent dec…
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The official poverty rate in the U.S. stood at about 11.5% in 2022. But as Jeff Fuhrer highlights, this is almost certainly a vast undercounting. He estimates that about 40% of people struggle to afford basic necessities like food, housing, and transportation. He joins EconoFact Chats to discuss why official poverty measures underestimate poverty, …
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The 2022 CHIPS Act allocated over $50 billion in incentives to boost domestic semiconductor manufacturing and research and development. Two years on, how successful has the Act been in bringing semiconductor fabrication to the United States? More broadly, what was the rationale behind offering sizeable incentives to onshore chip production? And as …
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Tariffs: Jobs, Prices, and Retaliation
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Tariffs are taxes. But unlike most taxes, politicians on both sides of the aisle are calling for maintaining or raising tariffs. The goal is to save jobs and raise revenue. But do tariffs help achieve these objectives? Kim Clausing joins EconoFact Chats to discuss her research on how tariffs negatively impact consumers, shift tax burdens away from …
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The U.S. and China: Trade and Trade Wars
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China's share of manufacturing exports rose from just over 1% of the world's total in 1990, to almost one-fifth today. Research by Gordon Hanson and his co-authors documented how the 'China Shock' led to factory closures and job losses in places that had been producing apparel, shoes, furniture, simple electronics, and other goods that China now ex…
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The Economics of EV Adoption
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Electric vehicles are thought to represent a partial, but important solution to realizing net-zero emissions goals. Toward this end, the European Union, China, Japan, South Korea, and several U.S. states have declared their intention to ban gasoline and diesel cars. But how realistic is it to move to a fully electric vehicle fleet? And how desirabl…
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An Economist's Take on the Circular Economy
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Discussions about the circular economy, which emphasizes sharing, reusing, repairing, and recycling existing materials -- has traditionally been the remit of engineers, architects, and sociologists. Is there a role for economists in furthering our understanding of, and in fostering an economy where little is wasted? Don Fullerton of the University …
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Economic Sanctions as a Foreign Policy Tool
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The use of economic sanctions has surged in recent decades. But what does the evidence say about their effectiveness in influencing the actions of other countries? And under what conditions are sanctions more likely to achieve their goals? Daniel Drezner joins EconoFact Chats to discuss these questions.Dan is a Professor of International Politics a…
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The U.S. Economy: Successes, Challenges, and Perceptions
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U.S. unemployment remains low while inflation has fallen, even though it remains above its 2 percent target. But there remain public concerns about the economy. Binyamin Appelbaum of The New York Times, Scott Horsley of NPR, Greg Ip of The Wall Street Journal, and Heather Long of The Washington Post join EconoFact Chats to discuss some of the sourc…
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The Greek Debt Crisis: Resolution and Lessons
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“Grexit,” Greece dropping out of the Eurozone, seemed the most likely outcome of that country’s debt crisis in the early 2010s. There were fears that Grexit would be followed by a more widespread splintering of the Eurozone. But Greece and its creditors came to an agreement that enabled the country to service its debt and contributed to its subsequ…
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Risks to 'Steady but Slow' Global Growth
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The spring 2024 edition of the IMF's influential World Economic Outlook (WEO) projects 'steady but slow' growth of the world economy over the next two years. But Maurice Obstfeld, widely recognized as among the world’s leading expert in international economics, notes that while the recovery from the pandemic has proved surprisingly resilient, the W…
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Tax Policy Through the Ages (Re-broadcast)
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Michael Klein speaks with Michael Keen and Joel Slemrod about their new book, Rebellion, Rascals and Revenue: Tax Follies and Wisdom Through the Ages, highlighting the challenges governments face when taxing their citizens, how taxes alter people's behavior, and the difficulty in assessing who bears the burden of a particular tax.Note: This podcast…
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Argentina’s Economic Challenges
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Argentina has, in the last 120 years, fallen from one of the richest countries in the world to one that has seen numerous episodes when national income cratered, multiple debt defaults (forcing it to turn repeatedly to the IMF for bailouts), and hyperinflation. What have been the sources of these crises? Are the radical plans of the country’s new p…
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Immigration and the U.S. Economy
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In 2019, the U.S. Congressional Budget Office projected that net immigration in 2023 would total 1 million. More recent estimates from the agency put net immigration for 2023 at 3.3 million. How has increased immigration affected the post-COVID economic recovery in the U.S.? More broadly, what role does immigration play in the American economy? Wha…
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Should Colleges Require Standardized Tests?
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In the wake of COVID, many colleges dropped SAT and ACT test requirements. Recently however, schools including Dartmouth, Yale, and Brown have mandated standardized test scores once again. Could the move hurt less economically privileged applicants? David Deming joins EconoFact Chats to highlight that even though standardized tests can be gamed by …
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Moving Away from the Economics of Grievance
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A center-right economic policy agenda has traditionally meant a focus on lower marginal tax rates, fiscal prudence, an openness to immigration, free trade and globalization. In recent years however, there has been significant change in the Republican Party's stance on some of these issues -- especially trade and immigration. Michael Strain of the A…
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Economic analysis does not offer many answers when it comes to valuing efficiency gains versus disruptions to people and communities from changes brought about by international trade or technological change. Jeff Frieden joins EconoFact Chats to highlight that politics, while often messy, remains one of the only ways societies put a value on things…
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Understanding Defense Spending in the U.S.
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At over $840 billion, the United States Department of Defense budget request for 2024 accounts for ~3% of national income, almost half of all Federal discretionary budget outlays, and over 35% of global military spending. Michael E. O’Hanlon of the Brookings Institution joins EconoFact Chats to put these figures in historical context, and discuss h…
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The Special Role of the U.S. Dollar
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Much of global trade in goods and services is denominated in U.S. dollars. The dollar is widely used for bilateral trade between countries other than the United States. And the use of the dollar is even more dominant in global financial transactions. What advantages accrue to the United States from the dominance of the dollar? Are there costs assoc…
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New Insights on Inflation from a Billion Prices
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The Bureau of Labor Statistics samples about 80,000 products and services each month to estimate headline inflation. But the published inflation rate, like many other aggregate statistics, masks very different price changes across categories of goods. What information can we glean from a more fine-grained look at price changes across more disaggreg…
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Supporting Children and Their Families
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The Supplemental Poverty Measure put the 2022 U.S. child poverty rate at 12%, more than double the 5% rate in 2021. Child poverty is especially high for families with children under 5, children in single-mother households, children of color, and children in immigrant families. Even families who are not poor face financial burdens and difficulties, …
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Larry Summers on Today’s Economic Challenges
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The world is facing a 'poly-crisis' of interconnected economic, environmental, geo-political, and governance challenges. Lawrence Summers is particularly well placed to discuss these issues, given his wide experience in government, and the impact his research has had on economics. In a wide-ranging discussion, Larry discusses the unprecedented fall…
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Are Past Anti-Trust Approaches Appropriate Today?
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Are policies from over a century ago that addressed concerns about large trusts like Standard Oil and the American Tobacco Company appropriate today? Or does the source of the market power of high-tech companies like Meta and Alphabet require a new paradigm? Naomi Lamoreaux joins EconoFact Chats to discuss the historical shifts in anti-trust policy…
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Performance, Perceptions, and Prospects for the U.S. Economy
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The United States economy surprised many in 2023 with its low inflation, high employment, and strong economic growth. In spite of this, American consumer sentiment had been relatively negative until recently, but now has begun to improve in line with this good performance.Binyamin Appelbaum of The New York Times, Scott Horsley of NPR, Greg Ip of Th…
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The Social Bias of Technological Change (Re-broadcast)
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Economists tend to think of technological change as a good thing. But, as Daron Acemoglu, and Simon Johnson highlight in their new book 'Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity,' the path technological development takes has, for millennia, been linked with political power and to prevailing ideas of how to attai…
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Distrust is based on experience – and there are many historical experiences that give rise to distrust among African-Americans of economic institutions in the United States, including the laws of the Jim Crow era and discrimination in hiring, lending, and access to education and health care. Trevon Logan discusses historical experiences, and the lo…
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Weathering: How Ongoing Stress Harms Black and Poor Americans (Re-broadcast)
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For many Americans, episodes of stress are often temporary. But for marginalized communities -- especially black people, and those living in poverty, stress is, too often, an ongoing part of life. And this has dire consequences on health and well-being. Our guest on EconoFact Chats this week, Arline Geronimus has done pioneering work in understandi…
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The Economics of College Sports (Re-broadcast)
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Football and basketball teams at Division I universities generate billions in revenue. But the student-athletes themselves do not receive salaries. Should they? Most have scholarships for their tuitions, but to what degree are they students, as well as athletes? And how does the money raised through these big-ticket sports support other, less high-…
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Careers, Families, and Women’s Journey towards Economic Equity (Re-broadcast)
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About one-fifth of women who graduated from college between 1900 and 1920 were in the labor force in their mid to late twenties. In contrast, more than four-fifths of women graduating from college between 1980 and 2000 worked outside the home in their mid to late twenties. A flip side of this is the proportion of women married by age 30; 50% for th…
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The federal government’s debt is just under 100 percent of GDP – and it is projected to grow to 115 percent of GDP in a decade, and 180 percent of GDP in thirty years. Mark Zandi, Chief Economist at Moody’s Analytics, discusses the reasons debt increased significantly before the pandemic, its dramatic rise since then, and its expected further incre…
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What Makes for a Zero-sum Mindset?
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Zero-sum thinking - the belief that gains for some necessarily come at the expense of others - can shape support for economic redistribution, race- and gender-based affirmative action, and immigration policies. Drawing on new survey data, Stefanie Stantcheva joins EconoFact Chats to discuss her research on what determines whether people view the wo…
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Working From Home Post-COVID
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Working from home was relatively rare before COVID. It became a necessity as the pandemic raged. Today, it remains more common and, to some extent, a choice. But is it a choice that both workers and employers agree upon? More than three years after the start of the pandemic, what do we know about the preferences for working from home for employees,…
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Charitable Giving in the United States (Re-broadcast)
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In 2021, Americans donated nearly $500 billion to charity. One-quarter of all Americans also report volunteering their time. What does economic analysis add to our understanding of volunteering time and giving money to charities, activities typically considered moral or religious duties? To what causes do people donate time or money? And what makes…
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How the Tax System Favors the Very Rich – And What To Do About It
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The very highest-income individuals and families typically pay lower taxes, as a share of income, than middle-class individuals and families. Part of the reason is that much more of their income comes from investment and business incomes that are tax-favored as compared to wage and salary income. The very wealthy also benefit from tax rules and reg…
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The Evolution Of, and Challenges To, the Income Tax
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The income tax was established in 1913 with the ratification of the single sentence of the 16th amendment. Tax rules and regulations have undergone many revisions and changes in the 110 years since then, including the 2017 Tax Cut and Jobs Act. One provision of that act, concerning multinational corporations repatriating income, is being challenged…
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Consequences of Growing up Poor
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In what ways are children particularly hard hit by poverty? How does growing up poor affect early-life development? Lisa A. Gennetian joins EconoFact Chats to answer these questions, drawing on preliminary results from 'Baby’s First Years,' a large-scale, multi-decade interdisciplinary study on the impact of poverty on brain development among infan…
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The Coming Opportunity to Make a Fairer and More Efficient Tax System
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The U.S. Congress has stated its intention to extend many of the tax cuts of the Tax Cuts and Jobs Act beyond 2025. But, as Kim Clausing highlights, Congress is also likely to rethink some of the act's provisions. Kim joins EconoFact Chats to discuss which parts of the act made for good tax policy, which didn't, and what policy changes could put th…
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Is China’s Economic Miracle Coming to an End?
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China's rise has been among the most consequential economic events of the past half century. Before the reforms begun by Deng Xiaoping in the late 1970s, China was among the poorest nations in the world. The transformations over the past 45 years have made it a central player in the world economy. But in the last few years, the Chinese juggernaut h…
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Rebooting American Health Care
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Health outcomes in the United States lag behind those in many other rich countries, especially for lower income groups and ethnic and racial minorities. These shortcomings arise even though health care expenditures represent almost one-fifth of this country’s national income. Amy Finkelstein and Liran Einav document the state of health care and hea…
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Taking Stock of the U.S. Economy: Government Shutdowns, Inflation, Housing, Unions and More
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Binyamin Applebaum of the New York Times, Larry Edelman of the Boston Globe, Scott Horsley of NPR, and Heather Long of the Washington Post join EconoFact Chats for the 9th edition of the podcast's panel discussion with economic journalists. Binyamin, Larry, Scott and Heather focus on inflation, affordable housing, the temporarily averted government…
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Poverty in the U.S.: Causes, Consequences, and the Role of Policy
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12.4% of Americans lived in poverty in 2022. The 4.6 percentage point increase over 2021 marks the biggest one-year jump in the poverty rate on record. More strikingly, the rate of child poverty more than doubled from 5.2% in 2021 to 12.4% in 2022. What are the sources of this rise in poverty? What are the human consequences of living poor? And wha…
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How False Beliefs About Meritocracy and Post-Racism Have Contributed To Unjust Socio-Economic Policies
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Jeffrey Fuhrer joins EconoFact Chats to discuss his new book, 'The Myth That Made Us: How False Beliefs about Racism and Meritocracy Broke Our Economy (and How to Fix It),' highlighting how the unfounded belief that individual success and failure is just a function of hard work, or the lack of it -- what he terms ‘the myth’ -- has shaped policies a…
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Getting to 2%: Lessons from Disinflation Experiences
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The Federal Reserve has seen much success in its fight against inflation. The headline rate over the 12 months ending in August 2023 was 3.7%; much lower than the peak of 9.1% in June 2022. Notably, inflation has come down with virtually no rise in unemployment. But it remains higher than the Fed's 2% target.Will reducing inflation by another 1.7 p…
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