Immigration and the Economy (Re-broadcast)

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Curated Questions: Conversations Celebrating the Power of Questions!

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A Fork, A Precipice, A Decision 24:42

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Episode Notes [01:14] Unexpected Email from Employer [05:49] The Deferred Resignation Program [06:34] Initial Reactions and Concerns [08:01] Evaluating the Offer [08:21] Enhanced Standards of Conduct [08:55] Personal Reflections and Concerns [12:21] Seeking Advice and Making a Decision [13:01] Option One: Do Not Resign [14:56] Option Two: Resign [16:44] Insights from Conversations [21:30] Making The Decision [23:51] Final Thoughts and Gratitude Resources Mentioned Sebastian Junger The Soul of Shame by Curt Thompson Donald Trump Elon Musk Steve Bannon Russell Vought Derek Sivers Sumner Crenshaw Brian Fretwell at Finding Good Chad Littlefield The Thought Leaders Practice by Matt Church Simon Cowell Beauty Pill Producer Ben Ford Questions Asked Is it legitimate, and can it be trusted? How are you feeling? What questions come to your mind? Where does your mind go? Are you seeking safety? Would this have been an adrenaline rush as you raced to send the resignation response? What an "enhanced standard" regarding loyalty and trustworthiness was? What are these new "enhanced standards?" Are they beyond what my Constitutional oath requires? If I don't resign, how bright will the target on my back glow? My leadership has supported all my work, but would termination direction come from higher up the chain of command? What would you recommend if we talked over coffee? What questions would you ask? How would you use listening? How would you use silence? How is this scenario playing out in your mind and body? What is coming to the surface for you? How might that influence what you are about to say to me? What are the chances of my name popping on a list and getting fired? How about the chances of being part of an official Reduction in Force and early retirement? Would the administration make a better offer? What do I know about the pending job market? What did I expect the workplace to be like and did I want to be there as the contractions took place? Will the administration pay me through the end of September or will they renege? Can I sufficiently build the Curated Questions business to transition by 1 October? - Do I have the faith or confidence to step into this future as a sole practitioner and grow Curated Questions into all I envisioned? Was this purpose calling? What would I expect the job market to look like at the end of summer if I hadn't developed the income streams to maintain our lifestyle? What is your recommendation? Did it change from your initial recommendation? Where in your body are you feeling the uncertainty? Are you processing this scenario in parallel with your decision as if you had received the email? What additional questions should I have considered? Who else should I have consulted with? How would you have changed my risk rating? What is the correct length of the pregnant pause before making an important announcement? What processes would you use in my circumstance, and what would be different? What questions are at the top of your list to get to a decision? Who would be the members of your pantheon you would counsel with to gain clarity? Apart from the heady analysis, what other key practices would you include in your journey through a similar situation?…

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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 decades? What has been the impact, if any, on employment and wages among the native-born? What are the likely impacts of restricting immigration for particular industries and for the economy as a whole? Giovanni Peri, founding director of the Global Migration Center at UC Davis joins EconoFact Chats to discuss these questions. Giovanni is a Professor in the Department of Economics at UC Davis. He is also a Research Associate of the National Bureau of Economic Research. Note: This podcast was first posted on 7th July 2024.

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EconoFact Chats

Immigration and the Economy (Re-broadcast)

EconoFact Chats

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EconoFact Chats

1
The Vital Importance of Good Economic Statistics 32:14

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Erica Groshen, former Commissioner of the U.S. Bureau of Labor Statistics (BLS) uses the acronym AORTA to characterize good data; Accurate, Objective, Relevant, Trustworthy, and Accessible. This is apt since good data is the lifeblood of economic decision-making. But what happens if statistics are compromised by reduced staffing and resources, or by politically motivated manipulation? Erica joins EconoFact Chats to discuss the history and the role of the BLS, the importance of good data for decision-making by government, businesses, and families, and her concerns about political interference degrading the integrity of government statistics. Erica served as the Commissioner of the U.S. Bureau of Labor Statistics from 2013 to 2017. She is currently Senior Economics Advisor at the Cornell School of Industrial and Labor Relations, and a Research Fellow at the Upjohn Institute.…

EconoFact Chats

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Costs of Corruption 32:21

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In his 2012 book, 'A Capitalism for the People,' Luigi Zingales notes the deep economic problems that arise when people are rewarded for who you know, or even, who you pay off, rather than what you know, or your ability to produce and sell better goods and services. What are the broader consequences of this type of corruption that distorts outcomes like who gets a job, what is purchased, and what attributes determine economic success? What impact does corruption have on public trust in institutions? What can one do when norms that had protected market-based outcomes break down or prove insufficient? And what do the answers to these questions tell us about present circumstances? Luigi joins EconoFact Chats to discuss these issues. Luigi is the Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance at the Booth School of Business at the University of Chicago. He is also the Director at U. Chicago's Stigler Center.…

EconoFact Chats

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The State of Health Insurance in America 35:05

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The United States is an outlier in health insurance coverage. Almost all other high-income countries have near-universal coverage, while almost 10% of the non-elderly US population is uninsured. How did this come to be? And what can policymakers do to improve access to health insurance? Mark Shepard joins EconoFact Chats to discuss these questions. Mark is an associate professor at Harvard Kennedy School of Government, and a faculty research fellow at the National Bureau of Economic Research.…

EconoFact Chats

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On the Economics, Geopolitics and Technological Challenges of AI 26:49

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Since the release of ChatGPT in November 2022, improvements in large language models have continued at an impressive clip, driving a surge of investment in new models, developing new products based on them, and in constructing data centres and other infrastructure needed to run AI models. What will the economic landscape look like as artificial intelligence becomes more pervasive? What are the production, technological, and geo-political challenges facing artificial intelligence development? And will the technology live up to its promise of making life better? Chris Miller joins EconoFact Chats to discuss these issues. Chris is an Associate Professor of International History at the Fletcher School at Tufts University. He is also the author of 'Chip War: The Fight for the World’s Most Critical Technology,' which won the Financial Times Book of the Year Award in 2022.…

EconoFact Chats

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The Economics of College Sports (Re-broadcast) 20:31

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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-profile sports, and the academic mission of these colleges and universities, if at all? Andrew Zimbalist joins EconoFact Chats to discuss these issues. Andy is the Robert A. Woods Professor Emeritus of Economics at Smith College. He has consulted in the sports industry for numerous players' associations, cities, companies, teams, and leagues. Note: This podcast was first published on 18th December, 2022.…

EconoFact Chats

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Can We Mitigate Climate Disasters? 26:09

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High intensity flooding events, storms, wildfires, and droughts are becoming more frequent in many parts of the world. Are there measures that can help mitigate the number and severity of these events? What adaptations could make fires, storms, and floods less destructive? And is there a greater role for the government and the private sector when it comes to catastrophic risk insurance? Galina Hale joins EconoFact Chats to discuss these questions. Galina is a Professor of Economics at UC Santa Cruz. She previously served as a Research Advisor at the Federal Reserve Bank of San Francisco.…

EconoFact Chats

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Rethinking Global Governance 28:59

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Much like national economies, countries that economically interact with each other need rules to help ensure markets work well, and that economic outcomes accord with some understanding of fairness and equity. While such rules can constrain what a country does, for much of the post-war era, nations have recognized the benefits of international cooperation and the importance of a stable set of rules. Yet, as populism and disdain towards globalization grows, global governance will likely retreat in scope. Could a more circumscribed understanding of global governance help domestic economies do better than if they faced no constraints from global governance rules? Dani Rodrik joins EconoFact Chats to discuss. Dani is the Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University.…

EconoFact Chats

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Principles of Economics: Insights for Better Policy 37:50

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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.…

EconoFact Chats

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Abraham Lincoln and the Role of Government in the Economy (Re-broadcast) 21:28

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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.…

EconoFact Chats

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Immigration and the Economy (Re-broadcast) 23:27

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EconoFact Chats

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What Populists Don't Understand About Tariffs (but economists do) (Re-broadcast) 24:40

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Both presidential candidates have supported tariffs, albeit at very different levels. Can tariffs bring back manufacturing jobs, reduce the trade deficit, and provide substantial revenues? Responding to a recent article in The Atlantic, Maurice Obstfeld and Kim Clausing highlight that steep, across the board tariffs, like those candidate Trump proposes, will prove costly to US consumers and producers, are unlikely to revive manufacturing, will have little effect on the trade deficit, will generate minimal revenues, will raise the prices, and will invite retaliation. Maury joins EconoFact Chats to discuss these points, as well as to suggest other policies to achieve the goals that populists argue tariffs would realize. Maury is a senior fellow at the Peterson Institute for International Economics, and an Emeritus Professor of Economics at UC Berkeley. He served as a member of President Obama's Council of Economic Advisers, and as Chief Economist at the International Monetary Fund. Note: This podcast was first posted on 13th October 2024.…

EconoFact Chats

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Moving Away from the Economics of Grievance (Re-broadcast) 30:24

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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 American Enterprise Institute (AEI) joins EconoFact Chats to highlight some of the factors driving these changes, and to discuss whether current Republican views on trade and immigration are likely to stay over coming election cycles Michael is the Director of Economic Policy Studies, and the Arthur F. Burns Scholar in Political Economy at AEI. He also serves on EconoFact's Board of Advisors. Note: This podcast was first posted on 24th March 2024.…

EconoFact Chats

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The Challenges of Trump's Economic Plans 38:15

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President-elect Trump's campaign promises included imposing broad tariffs to bolster U.S. manufacturing jobs, pursuing mass deportations to free jobs for U.S. citizens and ease the housing crunch, and assuming a greater role in setting monetary policy. How likely is it that these policies will be enacted and, if so, what would be their possible consequences? 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 the feasibility and probable outcomes of the President-elect’s stated economic plans.…

EconoFact Chats

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Home Insurance in an Era of Climate Change 23:19

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Home insurance has traditionally protected people from catastrophic losses of what is, for many, their most valuable asset. But climate change has contributed to the increasing frequency and severity of destructive weather events and wildfires. Widespread losses stress the solvency of insurance markets while higher premiums contribute to lower rates of coverage. The challenges facing home insurance markets has adverse implications for real estate markets, mortgage providers, people hoping to afford a house, and government programs that provide insurance. David Marlett discusses the sources and consequences of these challenges and strategies for better risk management. David is a Professor of Risk Management at Appalachian State University.…

EconoFact Chats

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Has Working from Home Given Way to Return to Office? 28:04

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The share of Americans working a full day from home rose from 7% in 2019 to 60% in the immediate wake of COVID in 2020. This share has now fallen to 25%, still well above its pre-COVID rate. What have the last four years revealed about the effects of working from home on productivity? Are employers right in worrying about shirking? What do employees like, and dislike, about remote work? Do they now prefer working from home, returning to their offices, or some hybrid combination of the two? Nick Bloom answers these questions and discusses how a new configuration of work location choice could best serve the interests of companies and their employees in this EconoFact Chats episode. A co-founder at the Survey of Working Arrangements and Attitudes, Nick is a Professor of Economics at Stanford University, and co-Director of the Productivity, Innovation and Entrepreneurship program at the National Bureau of Economic Research.…

EconoFact Chats

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Analyzing the 2024 Presidential Election 23:37

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Does the outcome of the 2024 election suggest a realignment of traditional voting patterns? Early data points to continuity along some dimensions, such as an expected anti-incumbency vote against Democrats. But there were also notable shifts among certain groups. For example, young people, who had largely tilted towards Democrats in recent election cycles, swung by more than 20 points towards Republicans. This shift was even more pronounced among young men of color with lower levels of education. David Lazer joins EconoFact Chats to discuss this, and other notable shifts in voting patterns in the 2024 election, and the likelihood that these changes will persist. David is a University Distinguished Professor of Political Science and Computer Sciences at Northeastern University. He is the director of Northeastern's Internet and Democracy Initiative, co-directs the Civic Healthy Institutions Project.…

EconoFact Chats

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Winners and Losers from Technological Change 25:20

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New technologies often result in significant change. Perhaps the most salient effect of automation has been labor displacement. At the beginning of the 20th century, agricultural employment gave way to more productive, and higher paying, manufacturing jobs. The growing middle class generated demand for new products and new industries. But more recent technological changes have shrunk manufacturing jobs with workers moving to lower-paying service employment. Even more recently, Artificial Intelligence may displace workers who are at the higher end of the income distribution. Eduardo Porter joins EconoFact Chats to discuss these issues, as well as cryptocurrencies. Eduardo is a columnist for The Washington Post where he is also a member of its editorial board. He has formerly written for The New York Times, The Wall Street Journal, and Bloomberg.…

EconoFact Chats

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The Japanese Economy: Robust to Anemic, but Now Recovering? 28:00

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Japan's economy was seen as something of a juggernaut in the post World War II era, with growth averaging about 10% during the 1950s and 60s. Yet, in subsequent decades, with a stock market crash, and the bursting of a real estate bubble, Japan entered a period of stagnation and deflation, from which it is only now emerging. What drove Japan's rapid post-war growth? Why did growth stall, and reverse? And are there lessons from the Japanese experience relevant to the U.S. economy today? Paul Sheard joins EconoFact Chats to discuss these questions. Paul has been a Professor at Osaka University and a visiting scholar at the Bank of Japan, and at Stanford University. He was also Japan's strategist for Baring Asset Management, and has held chief economist positions at Lehman Brothers, Nomura Securities, and Standard & Poor's.…

EconoFact Chats

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The Presidential Candidates’ Economic Policies 30:16

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Mark Zandi, Chief Economist at Moody’s Analytics, points out that the American economy is currently the envy of the world. The outcome of the Presidential election could change the course of the economy since the two candidates have put forward very different policies. One key difference is the size and scope of tariffs. High and broad-based tariffs would raise prices which would have knock-on effects on monetary policy, growth, and government deficits. Another difference is the promise of large-scale deportations. This would adversely affect the number of workers available for many industries – for example, a shortfall in construction workers would contribute to higher housing prices. Overall, the candidates’ policies reflect very different orientations, and quite distinct views of the economy. Mark joins EconoFact Chats to discuss these differences, and their implications.…

EconoFact Chats

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The Economic Impact of Immigration on the United States

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Immigration policy has been called “the third rail” of American politics, with intense feelings on both sides of the issue. In this charged environment, it is important to know the facts about immigration, especially as they relate to economic outcomes. Consultants at Analysis Group, an economic consulting firm headquartered in Boston, published an extensive study of the economic impact of immigration in the United States in September 2024. Two of the co-authors of that report, Jee-Yeon K. Lehmann and Yao Lu, join EconoFact Chats to discuss their findings, highlighting the effects of immigration on wages, jobs, housing, innovation, and productivity. Jee-Yeon K. Lehmann is a Managing Principal, and Yao Lu is a Vice President at The Analysis Group.…

EconoFact Chats

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Turning a Corner on the Opioid Crisis? 21:35

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Drug overdose deaths in the U.S. fell by 12.7% between May 2023 and 2024. As the Office of National Drug Control Policy notes, this marks the largest recorded reduction in overdose deaths. It also marks six consecutive months of reported decreases. What has driven the recent declines? Which policies and interventions have proven particularly effective? And what work still needs to be done where overdose death rates are still rising? Alicia Sasser Modestino joins EconoFact Chats to discuss these issues. Alicia is an Associate Professor of Public Policy and Urban Affairs, and Economics at Northeastern University, where she also serves as Research Director of the Dukakis Center for Urban and Regional Policy.…

EconoFact Chats

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Immigration and Deportation

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Most of the United States’ population growth is now due to immigration. Among these is an estimated 11 to 12 million undocumented immigrants. Undocumented immigrants have been deported both through enforcement at the border and by being removed from within the United States. Recently, former President Trump has called for mass deportation of millions of people. How realistic is this goal? What would be the economic consequences of deporting even a fraction of the large number of people that Trump has called for? Does the threat of deportation have a chilling effect on those in this country legally? How would it affect communities that include both the undocumented and legal residents? Tara Watson joins EconoFact Chats to discuss these questions. Tara is the Director of the Center for Economic Security and Opportunity at Brookings. Her most recent book is 'The Border Within: The Economics of Immigration in an Age of Fear,' co-authored with Kalee Thompson.…

EconoFact Chats

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The Next President’s Economic Policies 44:47

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The economy often figures as a major topic of debate in the lead-up to elections. This election cycle is no exception. While both Presidential candidates have frequently discussed recent economic developments including inflation, trade, tariffs, infrastructure spending, and industrial policy, what economic policies are they likely to try implement if elected? And what impact could those policies have? Binyamin Applebaum 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.…

EconoFact Chats

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Is a Major Tax Change Coming? 20:40

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The 2017 Tax Cut and Jobs Act was among the most sweeping realignments of the U.S. tax code in over three decades. It lowered tax rates, simplified taxes, raised the government debt, and was regressive, benefitting people who are well off more than the middle-class and the poor. But many of the Act's provisions are set to expire at the end of 2025 unless action is taken to preserve them. What would the expiration, or the continuation, of these provisions mean for people’s tax burdens, government debt, and the performance of the American economy? Bill Gale joins EconoFact Chats to discuss these questions. Bill is an economist at the Brookings Institution, and is co-director of The Urban-Brookings Tax Policy Center. His most recent book is 'Fiscal Therapy: Curing America's Debt Addiction and Investing in the Future.'…

EconoFact Chats

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Generative AI’s Disruption: Is this Time Really Different?

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Economies have been subjected to profound disruptions from technological change in the past -- from the adoption of weaving machines in the 19th century, to the mechanization of agriculture, and the use of robotics in manufacturing. Yet, these disruptions very often led to a broad increase in societal wealth, and the creation of entirely new occupations. Will generative AI both disrupt and benefit economies? Michael Strain joins EconoFact Chats to make a case for AI optimism, highlighting how America's experiences with technology-driven disruption have proved a net benefit historically. Mike is the Director of Economic Policy Studies, and the Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute. He is also a member of EconoFact's board of advisors.…

EconoFact Chats

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On Charitable Giving and Effective Altruism 21:55

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Charitable giving in the United States as a percentage of national income, about 2%, is significantly higher than the comparable percentage in other rich countries. How do people decide which causes to support? One approach is “effective altruism” which focuses on what’s important (primarily saving lives, no matter where), what’s effective but neglected (saving lives in extremely poor countries), and what’s tractable (by being able to quantify the efficacy of charity). Jonathan Meer joins EconoFact Chats to discuss these tenets, the assumptions behind them, whether charity can, and should, replace the role of government assistance, and offers some critiques of effective altruism as a way to make the world a better place. Jonathan is a Professor of Economics at Texas A&M University.…

EconoFact Chats

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How Much Does Income Change From One Generation to the Next? (Re-broadcast) 30:11

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The United States bills itself as a land of opportunity; where economic and social advancement depend on abilities, skills, and drive, rather than the circumstances into which one is born. But is this characterization accurate? How does the U.S. compare to other countries in terms of socio-economic mobility across generations? And does the ability to change one's economic lot differ much by race, income, and national origin? Steven Durlauf of the Harris School, at the University of Chicago joins EconoFact Chats to discuss these issues, and to highlight ways policymakers can broaden opportunity for socio-economic advancement across racial and income groups in the U.S. Steven is the Director of the Stone Center for Research on Wealth, Inequality, and Mobility at the University of Chicago. Note: This podcast was first published on 18th June, 2023.…

EconoFact Chats

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The Future of Work (Re-broadcast) 27:22

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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 of unions have all contributed to the hollowing out of middle-wage jobs, exacerbating wage inequality among American workers. In the current economic recovery, however, there are hopeful signs that labor demand, and worker activism might improve conditions for low wage workers. This week on EconoFact Chats, David Autor discusses the economic forces behind the hollowing out of the middle class, and what types of policies can help expand opportunities for those left behind. David is Ford Professor in the MIT Department of Economics and co-director of the NBER Labor Studies Program. Note: This podcast was first published on 19th December, 2021.…

EconoFact Chats

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How People Form, and Change Their Opinions on Economics (Re-broadcast) 19:04

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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 divergent social and political views can become entrenched, and why facts alone often aren’t sufficient to change one's mind. Stefanie is the Nathaniel Ropes Professor of Political Economy at Harvard University and founder of its Social Economics Lab. Note: This podcast was first published on 3rd April, 2022.…

EconoFact Chats

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Moving to Opportunity (Re-broadcast) 21:52

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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 government policies could help? To discuss these issues, Lawrence Katz of Harvard University joins EconoFact Chats. Larry is the Elizabeth Allison Professor of Economics at Harvard. He served as Chief Economist at the U.S. Department of Labor. His research focuses on labor economics, and on the impact of public policies designed to address social problems. He led the Moving to Opportunity study, a major randomized housing mobility experiment sponsored by the U.S. Department of Housing and Urban Development. Note: This podcast was first published on 23rd October, 2022.…

EconoFact Chats

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Voting, Income, and the Red-state, Blue-state Paradox (Re-broadcast) 22:01

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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 Gelman of Columbia University. Andrew is a professor of statistics and political science at Columbia. His work has focused on a range of topics, including why it is rational to vote, and why campaign polls are so variable, when elections are often predictable. Note: This podcast was first published on 6th November, 2022.…

EconoFact Chats

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A Brief History of International Trade (and Why It Matters Today) (Re-broadcast) 23:53

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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 to John Maynard Keynes still resonate in contemporary debates. The author of numerous books, including most recently, 'Clashing Over Commerce: A History of US Trade Policy,' Irwin breaks down their arguments while explaining some of the central concepts of international trade relevant to the world economy today. The conversation explores the relationship between trade and industrialization and the role of technological change in manufacturing employment. Note: This podcast was first published on 7th June, 2021.…

EconoFact Chats

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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, tariffs, and subsidies foster economic growth, low inflation, a vibrant labor market, and a healthy macroeconomy? Mark Zandi, Chief Economist at Moody’s Analytics joins EconoFact Chats to discuss the macroeconomics of the outcome of the Presidential and Congressional elections based on a new analysis co-authored with Brendan La Cerda and Justin Begley. Note: This podcast was recorded on 19th July, 2024.…

EconoFact Chats

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A Brief History of Globalization

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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 technological and political changes since the mid-19th century have affected the integration of the world economy. He also discusses how trade, capital flows, and migration have created benefits that made many people better off, but this has been uneven and some people have been left behind. Christopher is a Professor in the Department of Economics at the University of California, Davis, and a Research Associate of the National Bureau of Economic Research.…

EconoFact Chats

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Poverty in America

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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, what this means for a nation that prides itself on meritocracy, and how policies to alleviate poverty offer a win-win opportunity. Jeff served for nearly four decades in the Federal Reserve System, first at the Board of Governors in Washington, DC, followed by more than 25 years at the Federal Reserve Bank of Boston. Currently, he is a non-resident fellow at the Brookings Institution, and a Foundation Fellow at the Eastern Bank Foundation. He is the author of the award-winning 2023 book 'The Myth that Made Us: How False Beliefs about Racism and Meritocracy Broke Our Economy (and How to Fix It).'…

EconoFact Chats

1
The CHIPS Act and Onshoring Semiconductor Production

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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 other countries offer subsidies of their own, what effects are we likely to see in the manufacturing dynamics of both foundational and more advanced semi-conductors? Chris Miller joins EconoFact Chats to discuss these and other questions. Chris is an Associate Professor of International History at the Fletcher School at Tufts University. He is also the author of the bestselling book 'Chip War: The Fight for the World's Most Critical Technology.'…

EconoFact Chats

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Tariffs: Jobs, Prices, and Retaliation 25:57

for 39 weeks siden25:57

25:57

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 the well-off toward lower-income consumers, adversely affect U.S. workers and industries, and invite retaliatory tariffs from trading partners. Kim is the Eric M. Zolt Professor of Tax Law and Policy at the UCLA School of Law. She served as the Deputy Assistant Secretary for Tax Analysis in the U.S. Department of the Treasury during the first years of the Biden Administration.…

EconoFact Chats

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The U.S. and China: Trade and Trade Wars 24:24

for 40 weeks siden24:24

24:24

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 exported. Tariffs on Chinese goods in 2018 and 2019 did not reverse these effects and lead to job recovery. But, despite this, Hanson shows there was a political benefit to these trade restrictions. Gordon is the Peter Wertheim Professor of Urban Policy at the Harvard Kennedy School, where he co-directs the Reimagining the Economy Project.…

EconoFact Chats

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The Economics of EV Adoption 28:49

for 41 weeks siden28:49

28:49

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 desirable is this goal? David Rapson joins EconoFact Chats to discuss these questions. David is a Chancellor’s Leadership Professor in the Economics Department at the University of California, Davis. He also serves as an economic policy advisor to the Federal Reserve Bank of Dallas.…

EconoFact Chats

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An Economist's Take on the Circular Economy 27:13

for 42 weeks siden27:13

27:13

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 of Illinois joins EconoFact Chats to discuss these and other issues. Don has served as lead author for an assessment report by the UN's Intergovernmental Panel on Climate Change, and as director of the National Bureau of Economic Research's Environmental Program.…

EconoFact Chats

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Economic Sanctions as a Foreign Policy Tool 23:44

for 43 weeks siden23:44

23:44

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 at the Fletcher School at Tufts University, and a non-resident senior fellow at the Chicago Council on Global Affairs. He is also a regular contributor to Foreign Policy, and the Washington Post.…

EconoFact Chats

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The U.S. Economy: Successes, Challenges, and Perceptions 36:22

for 44 weeks siden36:22

36:22

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 sources of current economic discontentment among voters, as well as issues related to the longer-run performance of the economy, such as inequality, housing, and manufacturing competitiveness.…

EconoFact Chats

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The Greek Debt Crisis: Resolution and Lessons 26:10

for 45 weeks siden26:10

26:10

“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 subsequent recovery (and the preservation of the Eurozone). In a striking turnaround, Greece was named the 2023 “Country of the Year” by The Economist magazine. Charles Dallara (Partners Group) recounts the resolution of this crisis, the Greek recovery, and his role in getting Greece and its creditors to come to agreement, in his new book 'Euroshock: How the Largest Debt Restructuring in History Helped Save Greece and Preserve the Eurozone,' which he discusses in this EconoFact Chats episode, along with the lessons of this experience for the current high-debt conditions today. Charles is Chairman and Advisory Partner at Partners Group. At the time of the Greek crisis he was the Managing Partner of the Institute for International Finance. Before that he spent nearly four decades working on international economic policy issues, including at the United States Treasury.…

EconoFact Chats

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Risks to 'Steady but Slow' Global Growth 24:08

for 46 weeks siden24:08

24:08

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 WEO forecast could be derailed by the buildup of unsustainable debt, rising great-power competition, the adverse effects of accelerating climate change or another pandemic. Maury is a Senior Fellow at the Peterson Institute for International Economics and Professor of Economics Emeritus at UC Berkeley. He served as a member of President Obama’s Council of Economic Advisors, and from 2015 to 2018, as Chief Economist at the International Monetary Fund.…

EconoFact Chats

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Tax Policy Through the Ages (Re-broadcast) 23:20

for 47 weeks siden23:20

23:20

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 was first published on 29th March, 2021.…

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