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
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 efficac
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.
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 Cyberatta
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 polic
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 i
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
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 w
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 na
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,
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 chai
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
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 a
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 de
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 f
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 -- i
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
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 b
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 A
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 Univer
This week, EconoFact Chats features an abridged version of an Ask Me Anything webinar co-hosted with The Journalist's Resource on the economic consequences of the war in Iran. Panelists Binyamin Applebaum (New York Times), Nicholas Bloom (Stanford), Michael Klein (EconoFact) and David Victor (UC San Diego) discussed the energy market disruptions stemming from the war, how increased uncertainty has slowed hiring and investment, the bind facing the Federal Reserve as it confronts simultaneous supply and demand shocks, and the divergent energy policy responses emerging in the United States and Eu
The COVID pandemic and the war with Iran highlight the vulnerabilities associated with international supply chains. But sourcing from low-cost producers and from countries that have an advantage in providing key inputs also contributes to greater productivity and a wider range of available goods. Chris Miller joins EconoFact Chats to discuss the economic security challenges associated with a dependence on vital inputs like microchips and how to address vulnerabilities while maintaining the global linkages that foster innovation and prosperity. Chris is a Professor at The Fletcher School at Tuf
Much has changed since the EconoFact Chats panel of journalists last met in late 2025; the bombing of Iran and its effects on oil prices and shipping through the vital Strait of Hormuz, the Supreme Court’s decision on the illegality of tariffs enacted by IEEPA and the possibility that the government may have to repay tariff revenues, and the nomination of a new Chair for the Federal Reserve, and the arguments made before the Supreme Court on the attempted firing of Federal Reserve Governor Lisa Cook. This week, EconoFact Chats welcomes back Binyamin Appelbaum of The New York Times, Larry Edelm
The United States has about 2 million people behind bars at any given time -- an incarceration rate more than twice that of any other economically advanced country. There are significant costs to this -- in terms of the resources needed to run prisons and jails, the losses associated with having so many people not participating in the economy, and the price paid by individuals themselves when they are removed from society. Jennifer Doleac joins EconoFact Chats to discuss how rigorous economic research is reshaping our understanding of crime, punishment, and rehabilitation. She draws on her new
This week, EconoFact Chats features an abridged version of an Ask Me Anything Webinar held on January 16th, 2026, featuring Heather Long of the Navy Federal Credit Union (formerly at The Washington Post), and John Hilsenrath of Serpa Pinto Advisory (formerly at The Wall Street Journal). The webinar touched on a wide range of issues including the uneven economic recovery since COVID, America's transition from an economy driven by manufacturing and services, to one driven by tech and information, and the effects of tariffs on prices and American manufacturing jobs. The next EconoFact Ask Me Anyt
