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.

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 Edelman of The Boston Globe, Scott Horsley of NPR, and Claire Jones of The Financial Times for a wide-ranging discussion on these, and other, pressing issues.

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 book 'The Science of Second Chances: A Revolution in Criminal Justice' to highlight policies and programs that are effective in crime prevention, reducing recidivism, and helping the incarcerated re-enter society.

Jennifer is Executive Vice President of Criminal Justice at Arnold Ventures, and the host of Probable Causation.

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 Anything Webinar on Tuesday, February 24th, 2026, at noon Eastern Time, which is open to all, will be with John Cassidy (The New Yorker) who will answer questions on, among other topics, his new book Capitalism and Its Critics. Subsequent monthly AMA webinars, such as the one with Mark Zandi, Chief Economist of Moody’s Analytics, will be exclusively available to Premium Subscribers. You can sign-up for a Premium Subscription at https://secure.touchnet.net/C21525_ustores/web/store_main.jsp?STOREID=157. The $50 annual fee helps support EconoFact in its efforts to bring timely, accessible, and unbiased analyses on important economic and social policy issues.

Economic policy in the second Trump administration continues to undergo significant change. Many of these changes have been enacted through executive orders. What effect have these policies had on economic growth, scientific research, and on American institutions thus far? How might they impact U.S. leadership over the long-term? Simon Johnson joins EconoFact Chats to discuss these questions, drawing on a new book he co-edited, 'The Economic Consequences of the Second Trump Administration: A Preliminary Assessment.'

Simon is the Ronald A. Kurtz Professor of Entrepreneurship at the MIT Sloan School of Management, where he heads the Global Economics and Management Group. He served as Chief Economist at the International Monetary Fund in 2007–2008 and was a co-recipient of the Nobel Prize in Economics in 2024.

Homeownership has been part of the traditional American dream. But increases in home prices, borrowing costs, and home insurance are making it harder for many Americans to buy a home. The cost of renting is also rising. These increases have recently been more widespread across the country. What's driving the higher cost of housing? What policies could help alleviate the challenge of housing unaffordability? Jeff Zabel joins EconoFact Chats to discuss these, and other, questions about housing in America.

Jeff is a Professor of Economics at Tufts University. He is co-editor of the Journal of Housing Economics and serves on the editorial boards of Real Estate Economics and the Journal of Regional Science and Urban Economics.

In a recent article, The Economist Magazine noted that “talk about affordability mixes phantom concerns with real ones.” In this episode of EconoFact Chats, Jason Furman argues that “affordability,” which is not well defined, is not necessarily worse now than a year or two ago, or even decades ago. But he notes that there are real concerns as well -- especially with the costs of housing, childcare, and medical care. Jason discusses whether recent policies can address these concerns, and also highlights the scope for government actions to address the rising cost of living.

Jason is the Aetna Professor of the Practice of Economic Policy at Harvard. He was previously the Chairman of the Council of Economic Advisers.

It's been nearly ten years since Britain voted to leave the European Union. The run-up to the referendum was marked by competing claims regarding the consequences of Brexit, with Leave supporters claiming Brexit would restore British sovereignty over economic and social policies, while Remain advocates warned of self-inflicted economic harm. What have the actual consequences of Brexit been? And what lessons does it offer for nations seeking to disengage from the global economy today? Nicholas Bloom joins EconoFact Chats to discuss his recent research on these questions.

Nick is the William D. Eberle Professor in Economics at Stanford. He is also the Co-Director of the Productivity, Innovation and Entrepreneurship program at the National Bureau of Economic Research, and a Fellow of the American Academy of Arts and Sciences.

Federal Reserve Chair Jerome Powell has been the subject of very public attacks by President Trump, and a criminal investigation by the Department of Justice. These are seen as efforts to influence the Fed to lower interest rates for short-run political advantage. But there has been widespread pushback to these efforts. Kenneth Kuttner joins EconoFact Chats to discuss how and why central banks are set up to be insulated from political pressure, and the economic consequences of a failure of central bank independence.

Ken is the Robert F. White Class of 1952 Professor of Economics at Williams College. He has also served as Assistant Vice President in the Research Departments of the Federal Reserve Bank of New York, and the Federal Reserve Bank of Chicago.

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.

Note: This podcast was first published on 17th November, 2024.