EconoFact Chats

EconoFact

Podcast by EconoFact Chats

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Sunday · 37 min
Principles of Economics: Insights for Better Policy (Re-broadcast)
The basic principles of economics are not only worthwhile reading for students, but for the wider public, and perhaps especially, for those involved in policy. Greg Mankiw, the author of best-selling textbooks for Macroeconomics and Principles of Economics joins EconoFact Chats to highlight how a wider understanding of economic principles such as trade-offs, opportunity costs, how people respond to incentives, the benefits of trade, and others can lead to better policy outcomes. Greg is the Robert M. Beren Professor of Economics at Harvard University. A leading researcher in macroeconomics, he has held numerous high-level policy positions, most notably serving as the Chair of the Council of Economic Advisors in the George W. Bush administration. Note: This podcast was first posted on 19th January 2025.
August 23 · 39 min
How to Win a Trade War (Re-broadcast)
While the best trade war strategy is to not have a trade war, this seems to no longer be an option. In their new book 'How to Win a Trade War' the goal of Soumaya Keynes and Chad Bown is to “… arm you with the knowledge to fight [because] these battles are going to last for a very long time.” Soumaya and Chad join EconoFact Chats to discuss the effects of the rise of China in the world trading system, the policy approaches taken by the United States, the European Union, and other countries, the role of multinational corporations, the intersection of trade and national security, and the efficacy of defensive policies (like limiting dependence on foreign goods) and offensive strategies (like tariffs). Soumaya Keynes is an economics columnist at the Financial Times and host of The Economics Show with Soumaya Keynes. Chad Bown is a senior fellow at the Peterson Institute for International Economics and served as Chief Economist at the State Department in the Biden administration. Note: This podcast was first posted on 14th June 2026.
August 16 · length unknown
Real Finds Podcast: Why Everything You Believe About Trade Deficits Is Wrong
Michael Klein switches from asking questions for EconoFact Chats to answering those posed by Gordon Lamphere’s in this rebroadcast of his Real Finds podcast. Michael discusses issues related to trade and the exchange rate, as well as the Federal Reserve, affordability, housing and real estate, and the founding of EconoFact.
August 9 · 26 min
Managing AI Risks (Re-broadcast)
Risks from the use of Artificial Intelligence range from autonomous vehicle fender benders to truly cataclysmic events. Managing these risks becomes more urgent with the increased prevalence of AI across a widening set of uses. Josephine Wolff joins EconoFact Chats to discuss how approaches to these challenges must account for the complexity, variety, and opacity of AI systems. Josephine is a Professor of Cybersecurity Policy at The Fletcher School at Tufts University, and the author of Cyberinsurance Policy: Rethinking Risk in an Age of Ransomware, Computer Fraud, Data Breaches, and Cyberattacks. Note: This podcast was first posted on 5th April 2026.
August 2 · 23 min
The War in Iran, Oil, and the Global Economy (Re-broadcast)
The price of oil has risen by over 40% since the start of the war with Iran, and shipping through the Strait of Hormuz -- which sees roughly 20 million barrels of oil transit daily -- has come to a virtual halt. Past oil price spikes have driven inflation higher, and weakened economies worldwide. What do the current disruptions portend for oil markets, and global economic growth? How might these disruptions reshape energy production in the short run and the long run? David Victor joins EconoFact Chats to discuss these questions. David is a Distinguished Professor of innovation and public policy at the School of Global Policy and Strategy at UC San Diego. He is also co-director of UCSD's Deep Decarbonization Initiative. Note: This podcast was first posted on 15th March 2026.
July 24 · 22 min
The Economy and the Tenuously Resilient Consumer
In the face of tariffs, spiking oil prices, and heightened uncertainty, the US economy has shown surprising resilience. Part of the reason for this is continued consumption spending, which accounts for about two-thirds of national spending. But in this K-shaped economy, consumption spending has differed across the income distribution – the top 20% has had consumption growth of 4% while consumption by the rest of the population has been flat. Mark Zandi argues that this shows a fragility in the economy, especially since one source of upper-income spending is the rise in the stock market which itself is narrowly concentrated among AI stocks. He warns of potential risks facing the economy and why consumption, while resilient to this point, is tenuous. Mark is the Chief Economist of Moody's Analytics.
July 19 · 28 min
Artificial Intelligence and Jobs
Artificial Intelligence is widely seen as a transformative technology, and its effects are already being seen in stock prices, investment expenditures, and the need for electricity but, strikingly, not very much in labor markets - at least not yet. Jed Kolko joins EconoFact Chats to discuss why we haven't seen extensive labor market changes from AI, the prospects for worker displacement and the creation of new types of jobs, as well as changes in the supply of workers, as AI evolves and its adoption spreads. Jed is a Senior Fellow at the Peterson Institute for International Economics and Head of Macro Data Strategy at Rokos Capital Management. He served as Under Secretary for Economic Affairs at the U.S. Department of Commerce from 2022 to 2024.
July 12 · 23 min
Taxing the Great Wealth Transfer
Household wealth in the United States rose from about 270% of GDP in 1997 to roughly 465% by 2021. Some 96% of that increase accrued to households where the respondents were 55 or older. And within that group, nearly three quarters of the wealth increase went to the wealthiest 10% of households. As this wealth passes to heirs, much of it will likely never be taxed. John Sabelhaus joins EconoFact Chats to discuss how the erosion of the estate tax and provisions like the "step-up in basis" have created what he and co-author Bill Gale call "never-taxed income," and how reforming the taxation of wealth transfers could address both widening inequality and rising government debt. John is a Senior Fellow in the Economic Studies program at the Brookings Institution. He previously served at the Federal Reserve Board and the Congressional Budget Office.
July 5 · 21 min
Abraham Lincoln and the Role of Government in the Economy (Re-broadcast)
In 1860, the United States had no national currency, no national bank, and no income tax. Lincoln had a vision of advancing the economic fortunes of the country and fostering greater economic equality through, for example, incentivizing railroads and creating land-grant universities. He and his Treasury Secretary Salmon Chase also faced the challenge of financing the hugely expensive Civil War. This week on EconoFact Chats, Roger Lowenstein describes how Lincoln and Chase revolutionized the role of the federal government, played a crucial part in the Union Army’s victory, and helped forge a national identity – a story that offers a mirror to the current debates over the role of government in building infrastructure and financing higher education as well as the burden of the national debt. Roger reported for The Wall Street Journal for more than a decade. This interview draws from his just-published book Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War. Note: This podcast was first posted on 13th March 2022.
June 28 · 28 min
On High and Rising Debt
When does a fiscal challenge become a fiscal problem? And at what point can that problem turn into a full blown crisis? As the federal debt held by the public reaches 100% of GDP, a level the US has seen only once before, at the end of World War II, these questions take on greater importance. Drawing on a new EconoFact Explainer (https://econofact.org/explainer/federal-debt-and-the-risk-of-a-fiscal-crisis), Doug Elmendorf, former Director of the Congressional Budget Office, joins EconoFact Chats to discuss how U.S. government finances became a problem, what this means for the broader economy, and what prospects there are for reducing government debt. Doug is a Distinguished Service Professor at the Harvard Kennedy School.
June 21 · 39 min
Making Sense of Economic Cross Currents
Oil prices have eased since the U.S.–Iran ceasefire, but remain above pre-war levels. At 4.2%, inflation is at its highest level since 2023. The federal debt has now grown larger than national income, while Social Security's trustees warn of insolvency within seven years. At the same time, the S&P has risen 17% since March. Binyamin Appelbaum of The New York Times, Larry Edelman of The Boston Globe, Scott Horsley of NPR, and Claire Jones of the Financial Times join EconoFact Chats to make sense of these crosscurrents, discussing whether the affordability squeeze will ease, how the new Fed chair could steer interest rates, whether 'bond market vigilantes' could check fiscal and monetary indiscipline, and what it would take to rein in housing costs.
June 7 · 25 min
Demographic Headwinds: Fewer Babies, Longer Lives, and What it means for the Economy
Close to one in five Americans are over 65, double the ratio two decades ago. This is a consequence of both people living longer, and of declining fertility rates. Melissa Kearney joins EconoFact Chats to discuss the fall in fertility rates and to explain the challenges from these demographic shifts, including financial strains on Social Security and Medicare, shrinking local tax bases, and reduced business dynamism. She also highlights why immigration is only a partial fix, and why pro-natal policies like child tax credits are unlikely to meaningfully raise birth rates. Melissa is the Gilbert F. Schaefer Professor of Economics at the University of Notre Dame, where she recently launched the Strengthening Families Research Initiative. She is also the Director of the Aspen Economic Strategy Group.
May 31 · 27 min
AI, Immigration, and Fed Independence: Understanding the Risks Facing the US Economy
This week, EconoFact Chats features an abridged version of an Ask Me Anything Webinar with Binyamin Appelbaum. The discussion touched on a range of issues, including whether AI will prove labor-enhancing or labor-replacing, how a shrinking immigrant workforce will affect a labor market already facing a crunch, why oil markets are seemingly underpricing supply shocks, and whether the central bank can maintain its independence in the face of mounting political pressure to lower interest rates. Binyamin is the lead writer on economics and business for the New York Times editorial board, and the author of The Economists' Hour. EconoFact’s monthly Ask Me Anything Webinars are exclusively available to Premium Subscribers. The $50 annual fee for becoming a Premium Subscriber helps EconoFact bring timely, accessible, unbiased, and nonpartisan analyses on important economic and social policy issues to the public. You can sign-up for a Premium Subscription here: https://secure.touchnet.net/C21525_ustores/web/store_main.jsp?STOREID=157
May 24 · 27 min
The Challenge of Energy Security
Billy Pizer discusses how energy security goes beyond the price of oil or liquified natural gas since these prices do not fully capture all the costs of using fossil fuels. One well-known externality, a cost beyond the price at the pump, is global warming and the corresponding climate-related disasters like the 2025 Palisades fire in California or the devastation in North Carolina from Hurricane Helene in 2024. Billy points out that there are other costs as well, including macroeconomic vulnerability from spiking oil prices and the risks associated with the tilting of political and military decisions due to energy needs. He also explains that climate change poses threats to those banks and parts of the financial system that have assets concentrated in places vulnerable to extreme weather events. Billy is the President and CEO of Resources for the Future, a think tank focused on energy and the environment. He previously served as Deputy Assistant Secretary for Environment and Energy at the US Treasury.
May 17 · 30 min
The Cost of Politicizing Economic Statistics
President Trump fired the head of the Bureau of Labor Statistics in August 2025, claiming without evidence that the agency's data were "rigged." One consequence of the firing was an erosion of trust in data that businesses, investors, and policymakers depend on. A recent paper (https://www.nber.org/papers/w35135) quantifies the cost of this erosion of trust, estimating that Commissioner McEntarfer's firing shrunk GDP by almost $20 billion, and reduced payroll employment by over 30,000 jobs. Two of the paper's co-authors, Erica Groshen and Michael Strain, join EconoFact Chats to discuss their findings, and more broadly, to highlight why it's extremely difficult for agencies to "rig" statistics, as well as what happens when elected officials undermine public trust in data. Erica served as Commissioner of the Bureau of Labor Statistics from 2013 to 2017 and is currently Senior Economics Advisor at the Cornell University School of Industrial and Labor Relations. Michael is Director of Economic Policy Studies and the Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute.
May 10 · 22 min
The Rise and Fall of Global Currencies
With the delinking of the dollar from gold in 1971 -- the so called 'Nixon shock' -- there were widespread doubts about how long the dollar could retain its international dominance. More than half a century later, the dollar remains the world's dominant currency. But for how long will it continue to reign supreme? Barry Eichengreen draws on his new book, 'Money Beyond Borders: From Croesus to Crypto,' to discuss what history reveals about the preconditions for global currency status, why dominant currencies can lose that status, and whether the forces that have sustained the dollar's role -- inertia, network effects, and the absence of a clear alternative -- are weakening in an era of digital payment systems, blockchain, and central bank digital currencies. Barry is Distinguished Professor of Economics and Professor of Political Science at the University of California, Berkeley. His previous book, 'Exorbitant Privilege: The Rise and Fall of the Dollar,' was shortlisted for the Financial Times Book of the Year Award.
May 3 · 32 min
On AI in Finance
As the use of AI in finance becomes more pervasive -- in trading algorithms and credit underwriting, to insurance claims processing -- what benefits and risks do these systems pose? Gary Gensler joins EconoFact Chats to discuss how AI is lowering costs and broadening access to financial services, but also creating new challenges around explainability, bias, and accuracy. Gary is Professor of the Practice of Global Economics and Management as well as of Finance at the MIT Sloan School of Management. He served as Chair of the Securities and Exchange Commission. Along with Simon Johnson, he hosts the podcast Power and Consequences.
April 26 · 28 min
On Debt, Fiscal Crises, and AI (Re-broadcast)
Some of the key economic challenges facing the U.S. include its large federal debt and the possibility of a fiscal crisis, as well as the disruptions (and perhaps promises) of the widespread adoption of Artificial Intelligence. Greg Mankiw discussed these challenges in an EconoFact Ask Me Anything webinar held on October 15, 2025. This EconoFact Chats episode is an abridged recording of that webinar. Greg is the Robert M. Beren Professor of Economics at Harvard University. He served as the Chair of the Council of Economic Advisers in the George W. Bush administration. He is the author of the bestselling Principles of Economics and Macroeconomics textbooks. EconoFact’s monthly Ask Me Anything Webinars are exclusively available to our Premium Subscribers. The modest $50 annual fee for becoming a Premium Subscriber supports EconoFact and its efforts to bring timely, accessible, unbiased, and nonpartisan analyses on important economic and social policy issues to the public. You can sign-up for a Premium Subscription here: https://secure.touchnet.net/C21525_ustores/web/store_main.jsp?STOREID=157 Note: This podcast was first published on 16th November, 2025.
April 19 · 30 min
Capitalism Through the Centuries
This week, EconoFact Chats features an abridged version of an Ask Me Anything webinar with John Cassidy of The New Yorker focusing on his new book, 'Capitalism and Its Critics: A History from the Industrial Revolution to AI.' Cassidy discusses why capitalism has proved resilient, mutating in times of crisis rather than collapsing, what challenges AI could pose over the coming years, and how the system might adapt. John is a staff writer at The New Yorker. His previous book, 'How Markets Fail: The Logic of Economic Calamities,' was a finalist for the Pulitzer Prize. EconoFact’s monthly Ask Me Anything Webinars are exclusively available to Premium Subscribers. The $50 annual fee for becoming a Premium Subscriber helps EconoFact bring timely, accessible, unbiased, and nonpartisan analyses on important economic and social policy issues to the public. You can sign-up for a Premium Subscription here: https://secure.touchnet.net/C21525_ustores/web/store_main.jsp?STOREID=157
April 12 · 29 min
The Doom Loop
In his new book, 'The Doom Loop: Why the World Economic Order Is Spiraling into Disorder,' Eswar Prasad writes that "economic, political, and geopolitical factors are fuelling a doom loop, breeding turmoil rather than stability, disarray rather than order." Prasad joins EconoFact Chats to discuss why forces once expected to foster shared prosperity -- globalization, multilateral institutions and competition -- are instead driving instability, and why the erosion of domestic institutions makes this moment more dangerous than previous periods of volatility. Eswar is a Professor at Cornell University and a Senior Fellow at the Brookings Institution. He previously served as head of the International Monetary Fund's China division.

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