EconoFact Chats

The 1921 Tulsa Race Massacre destroyed an area known as “Black Wall Street,” but its effects were felt more widely than in just Oklahoma. In this episode of EconoFact Chats, Lisa D. Cook of Michigan State University joins Michael Klein to discuss her original research on how the Tulsa Massacre raised questions among African Americans about their equal protection under the law and, as a consequence, how this led to a nationwide falloff in patents awarded to Black inventors.  This represented a loss to these inventors, of course, but also to the economy as a whole. Lisa also discusses her other work on the historical effects of racism.

Lisa serves as the Director of the American Economic Association’s summer program to prepare talented undergraduates from underrepresented minorities for doctoral programs in economics. She is member of the Executive Committee of the American Economic Association, and has served on the Council of Economic Advisors in the Obama Administration.

Many people have a part of their retirement nest eggs invested in the stock market. But if you are years away from retirement, does it make sense to follow every up and down of the market? What determines stock prices anyway? And what are the links between financial markets and the broader economy? On this episode of EconoFact Chats, Professor John Campbell of Harvard University discusses these and other issues with host Michael Klein. John also offers some financial advice for families and individuals.

Michael Klein is joined by Kenneth Rogoff of Harvard University for a discussion on the history of paper currency, the amount of currency currently in circulation, and the ways in which large-denomination bills facilitate criminal activity, tax avoidance, and corruption. Their conversation also touches on the growing adoption of digital currencies, and the rise of cryptocurrencies like Bitcoin.

Economists tend to consider public policies from the perspective of efficiency or equity, but do not always consider their political feasibility. However, legislation cannot take effect without the political support required to pass it, no matter how efficient or equitable it may be. In this episode of EconoFact Chats, host Michael Klein, and Jacob Hacker of Yale University discuss the politics behind the enactment, sustainability, and expandability of economic policies, highlighting how concerns of losing existing benefits can sustain a policy, and how existing policies can foster powerful lobbying groups that influence future legislation.

Chad Bown of the Peterson Institute for International Economics joins Michael Klein to discuss China's role in the global economy, as well as the international cooperation involved in COVID-19 vaccine manufacturing and distribution.

The gender pay gap in the United States has narrowed over the last 50 years, but today women still earn about 20 percent less than men. In this episode of EconoFact Chats, Francine Blau joins Michael Klein to discuss the gender pay gap, female labor force participation in the US, and the push to reduce gender discrimination, specifically in the economics profession.

Francine is the Frances Perkins Professor of Industrial and Labor Relations, and a professor of economics at Cornell University. For her contributions to the economic analysis of labor market inequality, she became the first woman to receive the Institute for the Study of Labor Prize.

Nobel Prize winner Paul Krugman joins Michael Klein for a discussion on globalization, global trade patterns since the late 19th century, trade policy, protectionism and tariffs, and industrial policy. They also discuss the economics of geography, and the importance of communicating clear economic models. Krugman is a Distinguished Professor of Economics at the Graduate Center of the City University of New York. He is the author of numerous books, including most recently "Arguing with Zombies Economics, Politics, and the Fight for a Better Future."

The World Bank estimates that 1 out of every 11 people in the world lives in extreme poverty. While this is a troubling statistic, three decades ago, that number was more than one in three. On this episode of EconoFact Chats Lant Pritchett of Oxford University joins Michael Klein to discuss the causes of global poverty reduction, focusing on how economic growth correlates with lower poverty rates. They also look at the role of foreign aid and development agencies. Lant is the Research Director for the program 'Research for Improving Systems of Education' at the Blavatnik School of Government at the University of Oxford.

The CARES Act helped mitigate the financial impact of COVID-19 for many people. But it has resulted in an increase in the federal budget deficit, and the federal debt to levels not seen since World War II. What are the costs of a growing federal budget deficit today, and for future generations? To answer this and other questions, Olivier Blanchard joins Michael Klein on EconoFact Chats. Currently the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics, Olivier is widely recognized as one of the world's leading experts in macroeconomics and fiscal policy. He served as the chief economist at the International Monetary Fund from 2008 to 2015.

In December 2020 the Trump Administration revealed that hackers broke into key government networks in one of the largest and most sophisticated cyberattacks in recent history. Can such cyberattacks be stopped? Or at least limited? Or are businesses, governments, and individuals just going to have to learn to live with them? To discuss these, and other issues related to cybersecurity, Michael Klein speaks with Josephine Wolff, Assistant Professor of Cybersecurity Policy at the Fletcher School at Tufts University.