Computer chips are the driving force behind everything from smartphones and cars to military defense systems and artificial intelligence. Not only are they the essential element of modern digital infrastructure, they are a critical element in the global balance of power.Taiwan is home to the most advanced and productive chip plants in the world, precariously placing the technology between Communist China and the democratic West. In today’s geopolitical landscape, control over semiconductor supply chains is more than just an economic issue; it’s a matter of national security. Today on Political Economy, I’m talking with Chris Miller, author of Chip War: The Fight for the World’s Most Critical Technology.Miller is a nonresident senior fellow here at AEI, where his research focuses on Russian foreign policy, politics, economics, as well as Eurasian geopolitics and the geopolitics of technology. He is an assistant professor of international history and co-director of the Russia and Eurasia program at the Fletcher School of Law and Diplomacy at Tufts University. He is also the director of the Eurasia program at the Foreign Policy Research Institute.

Growth is good for everyone in an economy, but it is also inherently disruptive. Today on Political Economy, I talk to Glenn Hubbard about why fear of change can trap us in an economic zero-sum game, and how embracing the growing pains of innovation can free us from that scenario, making things better for everybody.Hubbard is a nonresident senior fellow here at AEI, where he writes about a wide range of economic topics, from poverty to international finance. He is the former dean of Columbia Business School, and currently serves as the director of the Jerome A. Chazen Institute for Global Business.

The Biden administration has set ambitious goals to decrease US carbon emissions. Starting in 2022, the Inflation Reduction Act granted clean energy tax credits to businesses in hopes of encouraging a greener economy.Kyle and Shuting Pomerleau see a carbon tax as a superior approach. To offset any regressive effects, they propose a revenue swap, using the income from the tax to directly finance an expanded child tax credit. Today on Political Economy, I talk to the Pomerleaus about their innovative policy proposal, and why a carbon tax might be a powerful, multifaceted solution.Shuting Pomerleau is the deputy director of climate policy at the Niskanen Center. She has previously worked at the Cato Institute and the American Council on Renewable Energy.Kyle Pomerleau is a senior fellow at AEI, where he studies federal tax policy. He was previously chief economist and vice president of economic analysis at the Tax Foundation.

American families are getting smaller, even as parents spend more time parenting; and while quality of life has ostensibly gone up, our willingness to bring children into our abundant world has seemingly gone down. Economists try to pinpoint market explanations and propose policy solutions to the falling birthrate, but Tim Carney has a more basic explanation for our shrinking, stressed-out families. Today I talk with Carney about his recent book, Family Unfriendly: How Our Culture Made Raising Kids Much Harder Than It Needs to Be.Carney is a senior fellow here at AEI, as well as a senior columnist at the Washington Examiner. In addition to Family Unfriendly, he is the author of Alienated America and The Big Ripoff.

The US dollar is the dominant global currency, but is it possible that the dollar could one day lose its top-tier status? And, if so, would that necessarily be a bad thing? To find out the answers to those and other questions, I asked AEI’s Steven Kamin.Kamin’s research at AEI centers on international macroeconomics and finance. Prior to AEI, Kamin worked at the Federal Reserve as director of the Division of International Finance.

When it comes to deploying a new technology, there are no guarantees. While developers and policymakers do their best to minimize risk, innovation always requires a leap of faith. The policy debate around artificial intelligence seems to be a guessing game on all sides. Today, I talk with Bronwyn Howell about how we should be thinking about regulating AI, based on what we know from recent history, and acknowledging AI’s great unpredictability.Howell is a nonresident senior fellow here at AEI. She is also a faculty member of the Wellington School of Business and Government at Victoria University of Wellington in New Zealand and a senior research fellow at the Public Utilities Research Center at the University of Florida. Her research centers on regulation, development, and implementation of new technologies, as well as technology use in the health sector.

The Child Tax Credit is a tax benefit available to many American families for the purpose of reducing their federal income tax liability. It’s specifically designed to help offset the cost of raising children. The CTC of today, however, differs starkly from its pre-pandemic structure. Many economists, including Kevin Corinth, think that the post-pandemic changes were a step in the wrong direction.Corinth is a senior fellow and the deputy director of the Center on Opportunity and Social Mobility here at AEI. His research interests include poverty, safety net programs, homelessness, social capital, and economic mobility. Previously, Corinth served as the staff director of the congressional Joint Economic Committee, and he was also chief economist in the White House Council of Economic Advisers.

Generation after generation seem to pine for “the good old days,” an elusive time when many of us think morals, institutions, and the quality of life, in general, were higher. Americans are no exception to this rule, but there’s something unique about American nostalgia. While we reminisce about the past, we also owe much of our success as a nation to our forward-thinking culture that embraces the possibility of the American Dream. Today on Political Economy, I talk with Karlyn Bowman about the way Americans view their nation, and the tensions between their love of their past and their strong hope for the future.Bowman is a distinguished senior fellow emeritus here at AEI, where she specializes on American public opinion. In 1982, she founded “Election Watch,” the longest-running political analysis program in Washington. She has also been a Forbes columnist since 2008.

Medicare is a trillion-dollar federal health insurance program designed to meet the medical needs of senior citizens and Americans with disabilities. Yet, despite its staggering amount of funding, Medicare is far from a perfect system. Here on Political Economy, I sit down with Joe Antos to discuss the current state of Medicare and its systemic challenges.Antos is a senior fellow here at AEI where he studies the economics of health policy. He is currently Vice Chair and serving a third term as commissioner at the Maryland Health Services Cost Review Commission. He is also a professor of emergency medicine at George Washington University.

Milton Friedman was one of the most influential economists of the 20th century, right alongside John Maynard Keynes. His work pushed economic thought toward free markets in the 1970s and 1980s. His passionate defense of capitalism and economic freedom had global appeal right through the present day. As such, the closing decades of the 20th century have been termed "The Age of Friedman," yet commentators have sought to hold him responsible for both the rising prosperity and rising inequality of recent times.Jennifer Burns is a professor at Stanford University, where she teaches 20th century American history. Her research focuses on how capitalism and the power of the market have influenced the American Political Economy. Burns' new book is Milton Friedman: The Last Conservative.

Over the past 40 years, children born to parents without college degrees have become less and less likely to grow up with the advantages of a two-parent home. This trend is perpetuating inequality between college-educated and non-college-educated families. To talk about this issue, I’ve invited on Melissa Kearney. Melissa is the Neil Moskowitz Professor of Economics at the University of Maryland and a Senior Fellow at the Brookings Institute. Her new book is The Two-Parent Privilege: How the Decline in Marriage Has Increased Inequality and Lowered Social Mobility, and What We Can Do about It.

From the dawn of agriculture in Jericho to the artistic achievements of the Italian Renaissance in Florence, what lessons can we learn from great cities throughout history? What factors give rise to periods of innovation and creativity? In this episode of Political Economy, Chelsea Follett previews her new book, Centers of Progress: 40 Cities That Changed the World.Chelsea is a policy analyst at the Cato Institute and managing editor of HumanProgress.org.

In the early 20th century, the idea that "big is bad" drove a muscular federal antitrust policy that viewed large corporations with suspicion. Then, in the 1980s, the Federal Trade Commission began to incorporate the lessons of economics, considering the welfare of consumers. Today, the Biden FTC wants to undo the last 40 years of antitrust policy, which it sees as a "failed experiment." Is the Biden administration right? To answer that question, I've brought on Timothy J. Muris.Tim is a visiting senior fellow here at the American Enterprise Institute and foundation professor at the Antonin Scalia Law School at George Mason University. He served as chairman of the Federal Trade Commission under President George W. Bush. Tim's latest report for AEI is "Neo-Brandeisian Antitrust: Repeating History’s Mistakes."

Does the typical American family today enjoy better living standards compared to 1985? We may have bigger TVs in our living rooms and smartphones in our pockets, but a recent report from Washington, DC, think tank the American Compass suggests the cost of a thriving, middle-class lifestyle has risen over the past generation. To discuss what that report gets right and where it falls short, I'm joined today by Jeremy Horpedahl.Jeremy is an associate professor of economics at the University of Central Arkansas. He's also the co-author, along with AEI's Scott Winship, of the recent report, "The Cost of Thriving Has Fallen: Correcting and Rejecting the American Compass Cost-of-Thriving Index." That report argues a better methodology shows modest gains for the typical American family.

Recent results from the National Assessment of Educational Progress, often called “the nation’s report card,” reveal the dire state of American education. The pandemic hit students hard, but it also presents educators and policymakers with an opportunity to rethink our schools. To discuss that, I’ve brought my colleague Rick Hess back on Political Economy.Rick is a Senior Fellow and Director of Education Policy Studies here at the American Enterprise Institute. He’s also the author of several fantastic books, the latest of which is the recently released The Great School Rethink.

In this episode of Political Economy, I sit down with economist Leah Boustan to explore the truth behind the prevailing narratives that surround America's immigration policy debates. Are immigrants truly responsible for job loss among native-born Americans? Does immigration burden the US economy? And do today's immigrants assimilate less rapidly than their predecessors? We'll delve into those questions and more.Leah is a Professor of Economics at Princeton University, where she also serves as the Director of the Industrial Relations Section. Last year, she and Ran Abramitzky wrote the fantastic book Streets of Gold: America's Untold Story of Immigrant Success.

Republicans in the House recently struck a deal with the Biden administration to raise the debt ceiling. But Washington debates over discretionary spending shouldn't overshadow the hard conversations we need to have about America's entitlement spending. Andrew Biggs joins this episode of Political Economy to discuss his ideas for Social Security reform.Andrew is a senior fellow here at the American Enterprise Institute, where he studies Social Security reform, state and local government pensions, and public sector pay and benefits.

We hear a lot about student debt in the news these days, but why has college gotten so expensive to begin with? My colleague Beth Akers joins Political Economy to discuss that question and to weigh in on the Biden administration's moratorium on student loan repayment.Beth is a senior fellow here at the American Enterprise Institute, where her work focuses on the economics of higher education.

The Democratic and Republican parties have experienced substantial shifts in recent years, from each party's demographic makeup to its policy priorities. To explore that realignment and to consider the future of American political coalitions, I'm joined by my AEI colleague Ruy Teixeira.Ruy is a nonresident senior fellow at the American Enterprise Institute, where he focuses on the transformation of party coalitions and the future of American electoral politics.

As artificial intelligence continues to develop, many workers fear the disruptive potential of a fast-changing job market. How will AI impact the economy and how can workers prepare for the future? Today, my AEI colleague Brent Orrell joins Political Economy to answer those questions and more.Brent is a senior fellow here at AEI, where he works on job training and workforce development. He's also host of the Hardly Working podcast.

There is a growing sense of pessimism that the American Dream is dying. Marriage rates are declining and fewer children are being born. Are economics behind this nationwide shift, or something else? I’m joined for today’s episode of Political Economy by my AEI colleague Angela Rachidi to talk about her research into whether raising a family has become unaffordable.Angela is a senior fellow and the Rowe Scholar in poverty studies here at AEI, where she studies the effects of federal safety-net programs on low-income people in America. Angela is also author of the forthcoming report, “The Evidence on Family Affordability” for AEI.

Here at the American Enterprise Institute we’ve launched a new Center on Opportunity and Social Mobility as part of our American Dream Initiative. Former AEI scholar Kevin Corinth has returned to the Institute to serve as deputy director. In this special episode of Political Economy, I’m sitting down with Kevin to hear more about this new center, as well as Kevin’s recent work.Kevin is a Senior Fellow and the Deputy Director of the Center on Opportunity and Social Mobility here at AEI. He previously served as the Chief Economist in the White House’s Council of Economic Advisers.

US-China relations have been strained in recent years over issues like trade, intellectual property theft, and supply chain reliance. How should we think about the economic ties between the US and China? And what are the keys to a prudent China policy going forward? To answer those questions, I'm joined by Derek Scissors. Derek is a senior fellow here at the American Enterprise Institute, where he focuses on the Chinese and Indian economies and on US economic relations with Asia. He is concurrently the chief economist of the China Beige Book. Derek is also author of AEI's China Global Investment Tracker.

With the US reaching its $31.4 trillion debt ceiling, the Republican-controlled House and Democratic administration are set to spar over raising the debt limit. To sort through what's going on and whether the Twitter idea of minting a trillion-dollar coin could be the government's "get out of jail free" card, I'm joined again by my AEI colleague Michael Strain.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 the Committee on Automation and the Workforce of the National Academy of Sciences.

Austrian economist Friedrich A. Hayek fought in the First World War, lived through the Great Depression and the rise of fascism, and enjoyed a postwar career as a Nobel Prize-winning economist. He is known to us today as a champion of classical liberal thought and author of The Road to Serfdom. In this episode of Political Economy, I'm joined by Bruce Caldwell to learn more about Hayek's life and ideas.Bruce is a Research Professor of Economics at Duke University and the general editor of The Collected Works of F.A. Hayek. He is the author of 2004's Hayek's Challenge: An Intellectual Biography of F. A. Hayek. Bruce's latest book is Hayek: A Life, 1899–1950, with Hansjoerg Klausinger.

When we talk about poverty in the United States, what do we mean? And how do we measure it? My AEI colleague Scott Winship returns to Political Economy to give us a primer on how the "war on poverty" is going.Scott is a senior fellow and Director of Poverty Studies here at AEI. He's also author of the new report, "Bringing Home the Bacon: Have Trends in Men’s Pay Weakened the Traditional Family?" We'll be diving into that question later in the show.

Professional sports teams love to ask local governments for public funds to build their stadiums. The teams claim these subsidies will "pay for themselves" through increased tourism and entertainment spending. But economists aren't so sure. For decades, researchers have cast doubts on these claims, yet local governments continue to help wealthy owners with their construction costs.In this episode of Political Economy, I'm sitting down with economist and sports fanatic J.C. Bradbury to learn more about why these stadium subsidies don't seem to work out in the end. J.C. is a professor of economics at Kennesaw State. Along with Dennis Coates and Brad Humphreys, he's the author of the new study, "The impact of professional sports franchises and venues on local economies: A comprehensive survey."

We often hear that health care in the United States is expensive, but what does that mean exactly? How can policymakers reform our healthcare system with a market-based approach? My colleague James C. Capretta, author of US Health Policy and Market Reforms: An Introduction, joins this episode of Political Economy to discuss those questions and more.James is a senior fellow and holds the Milton Friedman Chair at the American Enterprise Institute.

At the onset of the pandemic in 2020, my AEI colleague Stan Veuger told me we needed to support firms until the US economy could rebound. Two and a half years later, how have we fared? Dr. Veuger is back to discuss our fiscal response to the pandemic, the Fed's tricky task of cooling inflation without causing a recession, and more.Stan is a senior fellow in economic policy studies here at the American Enterprise Institute.

When voters and politicians discuss tax policy, the rates we have to pay and the revenue government will raise are front of mind. But what about the other economic effects of the tax code? Taxes can affect savings and investment, economic growth, and more. In this episode of Political Economy, I'm joined by Kyle Pomerleau, who is a senior fellow here at the American Enterprise Institute, where he studies federal tax policy.

Why has the American political scene seemed to be so irrational in the past several years? Economist and author Bryan Caplan says it all comes down to social desirability bias, the observation that people prefer what sounds good to what's true. In this episode, Bryan returns to Political Economy to explain why free markets are so unpopular, what people really mean when they complain about Big Tech and privacy, and much more.Bryan is a best-selling author and Professor of Economics at George Mason University. His latest books are Labor Econ Versus the World and How Evil Are Politicians?, the first two volumes of an eight-volume collection of his best essays.

Poverty was the norm for most of human history. Then, starting in Britain in the 18th century, economic growth took off. So what happened? Economists have theories about the origins of the Industrial Revolution, from geography to culture to institutions. In a new book, Mark Koyama and Jared Rubin assemble the literature to give readers a big-picture view of how the world went from poverty to widespread prosperity.Mark is an Associate Professor of Economics at George Mason University, and Jared is a Professor of Economics at Chapman University. They are the authors of How the World Became Rich: The Historical Origins of Economic Growth.

When you think of the future of clean energy, wind and solar might be the first things that come to mind. But when the wind doesn't blow and the sun doesn't shine, the need for alternative sources of power becomes apparent. From advanced geothermal to nuclear fusion, up-and-coming advancements may deliver a future of abundant, clean energy. One of the most ambitious ideas is space-based solar: orbiting solar panels that can beam energy to the Earth from space. Is this a viable energy solution ... or a sci-fi pipe dream? To find out more, I'm joined by Ali Hajimiri.Ali is the Bren Professor of Electrical Engineering and Medical Engineering at the California Institute of Technology, as well as Co-Director of the Space-Based Solar Power Project at Caltech.

When the topic of productivity growth comes up, a common retort is that productivity and pay have delinked, meaning all the gains of productivity growth go to the top while workers' wages remain stagnant. So how well do productivity gains translate into higher wages? It's an important question with implications for public policies designed to boost productivity growth. Today, I'm joined by Anna Stansbury, whose work on productivity and pay offers some answers.Anna is an Assistant Professor in Work and Organization Studies at MIT Sloan and a Nonresident Senior Fellow at the Peterson Institute for International Economics. She and Larry Summers authored "Productivity and Pay: Is the Link Broken?" and "The Declining Worker Power Hypothesis."

The Federal Reserve recently announced a 75-basis-point rate hike — the largest since 1994 — in an attempt to curb inflation. The Fed's aim is to thread the needle by cooling the economy just enough to rein in rising prices without inducing a recession. But will the Fed succeed, or is a recession on the horizon? And if an economic downturn is coming, how severe will it be? To answer those questions and get a sense of where the US economy is heading, I've brought my AEI colleague Michael Strain back on Political Economy.Mike is the director of Economic Policy Studies and the Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute. He's also the author of the 2020 book, The American Dream Is Not Dead: (But Populism Could Kill It).

Moore's law, which states that the number of transistors on a microchip doubles every two years, has fueled rapid computing gains since the mid-20th century. But will this law last forever? Today's guest, Neil Thompson, thinks its end is near. I've invited Neil on the podcast to explain why Moore's Law may be coming to an end and what that means for productivity growth and continued innovation.Neil is an innovation scholar in MIT’s Computer Science and Artificial Intelligence Laboratory, a research scientist at the MIT Initiative on the Digital Economy, and an associate member of the Broad Institute.

When America endeavors to tackle an ambitious project, we speak in terms of moonshots or a "Manhattan Project for X." The assumption is that vast government resources, directed toward some objective, can yield results on the scale of the Moon landing or the atom bomb. But federal research funding is more complicated than throwing dollars at our problems. And with Congress poised to inject American science policy with an adrenaline shot of funding, I've brought Tony Mills back on Political Economy to discuss the bills working their way through the House and Senate.Tony is a senior fellow at the American Enterprise Institute, where he studies the federal government’s role in scientific research and innovation, as well as how to integrate scientific expertise into our governing institutions.

From job interviews to college admissions, identifying and allocating talent plays a big role in the modern economy. But what is talent? And how well can we pick it out from a quick conversation or a glance at a resume? Returning to Political Economy to answer those questions is Tyler Cowen.Tyler holds the Holbert L. Harris chair in economics at George Mason University. He’s a columnist at Bloomberg Opinion and co-writes the popular economics blog, Marginal Revolution. A prolific author, his previous books include Stubborn Attachments, The Complacent Class, Average is Over, and The New York Times bestseller The Great Stagnation. Tyler’s new book, co-written with Daniel Gross is Talent: How to Identify Energizers, Creatives, and Winners Around the World.

In the field of economic history, the causes and consequences of the Industrial Revolution loom large. Competing theories point to the role of institutions, scientific achievements, and bourgeois ideas. Setting aside the origins of industrialization, another open question concerns the mechanisms by which modern economic growth emerged. To delve into that question, I've brought on W. Walker Hanlon, whose work suggests the engineering profession played a key role.Walker is an associate professor in the department of economics at Northwestern University. Among his thought-provoking works in economic history is a recent working paper, "The Rise of the Engineer: Inventing the Professional Inventor During the Industrial Revolution."

America's kids have been greatly affected by the pandemic, from canceled sports seasons to constant academic disruption. And at the same time, parents are caught up in bitter disputes over masking and critical race theory in schools. To get a better sense of the education challenges we face coming out of the pandemic, as well as the reforms that will help us meet those challenges, I've brought on Rick Hess.Rick is my colleague at the American Enterprise Institute, where he is a senior fellow and director of Education Policy Studies. Among Rick's recent work on K-12 and higher education issues is "Education after the Pandemic," written for the winter 2022 issue of National Affairs.

Before Elon Musk was the world's wealthiest man, founder of a rocket company, and owner of Twitter, he was best known as one of the founders of PayPal. Other PayPal alumni went on to found companies like YouTube, Yelp, and LinkedIn. And the "don" of the PayPal Mafia, Peter Thiel, is now known for his political activism and contributions to Republican campaigns. So what can we learn about Musk and Thiel—and about Silicon Valley—from the early history of PayPal? To find out, I'm joined by Jimmy Soni.Jimmy is an award-winning author of three books. His first two, co-authored with Rob Goodman, are Rome's Last Citizen, a biography of Cato the Younger, and A Mind at Play, a biography of Claude Shannon. His latest is The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley, released earlier this year.

Last year, Facebook rebranded itself as Meta, signaling its shift from traditional social media to a big bet on the so-called metaverse. This network of 3D, online spaces is accessed through virtual reality headsets like Meta's Oculus and promises to revolutionize internet communications. But is there substance behind the hype, or is the metaverse just a fad? And if virtual reality worlds are here to stay, what do policymakers need to know about them? To answer those questions, I've brought Mark Jamison back on the podcast.Mark is the director of the Public Utility Research Center at the University of Florida’s Warrington College of Business and a nonresident senior fellow here at the American Enterprise Institute. Over the past several months, Mark has been writing about the metaverse and the challenges it faces.

In the early 19th century, English textile workers calling themselves "Luddites" destroyed machinery in an effort to save their jobs from automation. And two centuries later, those who resist technological change are still called Luddites. In the 2020 book The Fabric of Civilization, Virginia Postrel tells the history of textiles, including the Luddite movement. And in her 1998 book, The Future and Its Enemies, she describes the "stasist" view behind Luddism, as well as its natural antipode, dynamism. To discuss how this framework can help us understand the current moment, I've brought Virginia on the podcast.Virginia is a Bloomberg Opinion columnist and visiting fellow at the Smith Institute for Political Economy and Philosophy at Chapman University. She is the author of The Future and Its Enemies, The Substance of Style, and The Power of Glamour. Her latest is The Fabric of Civilization: How Textiles Made the World.

When economists set out to measure economic growth and progress over time, one challenge is accounting for striking differences in the quality of goods. Computers, cell phones, and cars on the market today are not easily comparable to those available in 1990. But over the centuries, remarkably little has changed about the common construction nail. For that reason, today's guest explores American economic history through the story of nails. Studying nail production and costs over the past three centuries, Dan Sichel joins this episode of "Political Economy" to explain what we can learn from the humble nail.Dan is a professor of economics at Wellesley College in Massachusetts and the author of "The Price of Nails since 1695: A Window into Economic Change."

Since the early days of the digital revolution, the San Francisco Bay area has played a key role from the rise of the microchip to today's software giants like Facebook and Google. But why has the tech sector remained so geographically concentrated for so long ⁠— and is that something government needs to fix? To answer that question and delve into the recent changes in the geography of the tech sector during the pandemic, I've brought on Mark Muro.Mark is a senior fellow at the Brookings Institution, a think tank in Washington, DC, and the policy director of Brookings Metro. He and Yang You recently authored “Superstars, rising stars, and the rest: Pandemic trends and shifts in the geography of tech.”

Tech optimists promise that true artificial intelligence is just around the corner . . . and have been for half a century. So should we be skeptical of all the excitement surrounding so-called "deep learning" AI — or are we on the cusp of a revolution in artificial intelligence that will penetrate every aspect of modern life? And if the AI revolution really is coming, should we fear mass unemployment or even worse dystopian scenarios from the pages of science fiction? To get a sense of the current landscape of AI research, I'm joined by Melanie Mitchell.Melanie is the Davis Professor at the Santa Fe Institute, a non-profit research center for complex systems science. She is the author of six books, her latest being "Artificial Intelligence: A Guide for Thinking Humans," released in 2019. In 2021, Melanie authored "Why AI is Harder Than We Think," which describes the fallacies that underlie overly optimistic AI predictions.

Most highly ambitious business ventures fail, but the ones that succeed can make billionaires of their early investors. Just look at the most valuable companies in the world today, many of which began as tech startups just a few decades ago. Venture capital firms, by providing early-stage financing for startups, have been conspicuous players in the rise of Silicon Valley since the beginning. But are top VC firms just lucky gamblers, or do they provide a real service to the companies they back? To find out more, I'm joined by Sebastian Mallaby.Sebastian is the Paul A. Volcker Senior Fellow for International Economics at the Council on Foreign Relations and author of "The Power Law: Venture Capital and the Making of the New Future."

The conventional narrative of American space exploration traces government efforts during the Cold War, with today's private efforts regarded as a recent phenomena riding on the coattails of NASA's achievements. But today's guest argues that private funding for space exploration goes back more than a century before Apollo. To get a better context for what's happening in space today, I've brought on Alex MacDonald.Alex is the Chief Economist at NASA and author of "The Long Space Age: The Economic Origins of Space Exploration from Colonial America to the Cold War."

Over the past half century, globalization and automation have pushed America's GDP higher and higher, but the gains haven't been distributed equally. Economic disruption has left behind manufacturing communities in the rust belt, leading some politicians on the right to question open, free market economics. We should build walls — physical and metaphorical — to protect American jobs, they say. But today I'm joined by Glenn Hubbard, who prefers economic bridges to opportunity over walls.Glenn is a nonresident senior fellow at the American Enterprise Institute. He is also Dean Emeritus of Columbia Business School and author of "The Wall and the Bridge: Fear and Opportunity in Disruption's Wake," released earlier this year.

When you think of startup companies advancing the state of technology, software is probably the first thing that comes to mind. But scientific breakthroughs are still coming in the world of atoms, and that's what venture capital firm Prime Movers Lab invests in. To give us a sense of their vision for the future, the VC firm put together a "Breakthrough Science Roadmap" to describe what a life of abundance in 2050 might be like. In this episode of "Political Economy" I'm joined by Ramez Naam and Christie Iacomini from Prime Movers Lab to discuss that uplifting vision of tomorrow and how startups are working to realize it.Ramez is a computer scientist and Chief Futurist at Prime Movers Lab, while Christie is an aerospace engineer and Vice President of Engineering.

In the 2016 election, Donald Trump campaigned on a message of nationalism and economic populism. Since then, some Republicans have warmed to industrial policy, trade restrictions, and trust-busting. The dynamic, global economy, populists claim, has enriched coastal elites while leaving "real" America behind. In this episode of "Political Economy," I'm joined by Ryan Streeter to chat about the importance of a dynamic economy.Ryan is a senior fellow and director of domestic policy studies here at AEI. Earlier this month, he published the essay "Dynamism as a Public Philosophy" in the winter 2022 issue of National Affairs.

Last summer, billionaires Jeff Bezos and Richard Branson competed to one-up each other's accomplishments in space flight while Elon Musk's SpaceX continued to make history with its reusable launches. But are all these efforts nothing more than wasteful vanity projects among the uberrich? I'm joined today by Robert Zubrin to talk about why the emergence of a private space economy and the prospects of colonizing the solar system should excite us.Robert Zubrin is President of Pioneer Astronautics and the founder and President of the Mars Society, an international organization dedicated to furthering the exploration and settlement of Mars. An aerospace engineer and energy expert, Robert is the author of several books including "The Case for Mars" and "The Case for Space."

New discoveries, inventions, and innovations — ideas — are at the heart of scientific progress and economic growth. But that means a growing economy depends on an accelerating production of new ideas. In this week's episode of "Political Economy," I'm joined by Didier Sornette to talk about where these ideas come from, why they've been in decline, and what we can do to foster greater scientific knowledge and a growing economy.Didier is Professor on the Chair of Entrepreneurial Risks in the Department of Management, Technology, and Economics at ETH Zurich. In 2020, he and Peter Cauwels authored "Are ‘Flow of Ideas’ and ‘Research Productivity’ in secular decline?"

While the scientific community has reached a broad consensus about climate change and the warming planet, just how well does the general public understand this consensus? In this week's episode of the podcast, Steven E. Koonin is here to discuss what we know about climate change, what we don't, and how we should respond to the warming planet.Steve is a professor at New York University and a nonresident senior fellow here at the American Enterprise Institute. Previously, he served as the Under Secretary for Science at the US Department of Energy under Barack Obama from 2009 to 2011. This year, he published Unsettled: What Climate Science Tells Us, What It Doesn't, and Why It Matters.

When it comes to federal investment in research and development, failures like Solyndra are held up as evidence of wasteful government spending while success stories go largely unnoticed. But what kind of returns do we see on investments in scientific research by government? And should government funding emphasize basic or more practical, applied research? To answer those questions and more, I'm joined today by Benjamin F. Jones.Ben is a professor of Entrepreneurship and Strategy at Northwestern University as well as the faculty director of the Kellogg Innovation and Entrepreneurship Initiative. This summer he authored "Science and Innovation: The Under-Fueled Engine of Prosperity."

NASA last launched astronauts into space with its final Space Shuttle mission in the summer of 2011. But, nine years later, a rocket built by SpaceX lifted off at the Kennedy Space Center in Florida and carried two astronauts to the International Space Station. How did this private company, in less than 20 years, go from a fledgling startup to one of the biggest players in space? To answer that question, I've brought on Eric Berger.Eric is the senior space editor at Ars Technica and the author of Liftoff: Elon Musk and the Desperate Early Days That Launched SpaceX.

When we think of infrastructure, roads and bridges are among the first things that come to mind. But over the past decade, massive investments in warehouse-scale data centers constitute a new kind of infrastructure build up. And that cloud computing infrastructure might be the beginning of a new economic revolution. My guest today is Mark Mills, and we'll be discussing the revolution in cloud computing and how it could lead to a New Roaring '20s.Mark is a senior fellow at the Manhattan Institute and a faculty fellow at Northwestern University’s McCormick School of Engineering and Applied Science. His latest book is The Cloud Revolution: How the Convergence of New Technologies Will Unleash the Next Economic Boom and A Roaring 2020s.

De-extincted woolly mammoths, genetically engineered livestock, and transgenic crops: Are biologists opening a Pandora's box that will lead to the further destruction of the natural world? In this episode of "Political Economy," Beth Shapiro joins the podcast to discuss that question, explain the latest discoveries in synthetic biology, and explore the possibility of bio-engineered conservation.Beth is a professor of evolutionary biology at the University of California, Santa Cruz. Her latest book is Life as We Made It: How 50,000 Years of Human Innovation Refined—and Redefined—Nature.

On the heels of a summer of billionaire space flights and William Shatner's recent rocket trip, some Americans are echoing old arguments about the wastefulness of space exploration. Alongside this controversy, massive declines in launch costs and a burgeoning space economy have renewed interest in manned missions to the Moon and Mars. In today's episode of "Political Economy," John Logsdon discusses NASA's history since the Moon landing, billionaires in space, and the path forward for continued exploration.John is the founder and Professor Emeritus of the Space Policy Institute at George Washington University’s Elliott School of International Affairs. He is the author of several books on the space program, including, most recently, Ronald Reagan and the Space Frontier.

World's Fairs hosted in American cities, like Chicago in 1893 and New York in 1964, are remembered as odes to progress. The United States showcased its prowess on the world's stage and exhibitions awed visitors with the latest technological marvels. But America hasn't hosted a World's Fair in nearly 40 years. In this episode, Charles Pappas explores the impact the fairs once had, how they've changed since the days of sunny optimism, and whether the United States could again host a World's Fair in the near future.Charles is a senior writer at Exhibitor Magazine, where he covers trade shows and World's Fairs, and the author of Flying Cars, Zombie Dogs, and Robot Overlords: How World's Fairs and Trade Expos Changed the World.

The Biden administration is pushing forward its legislative agenda with the Build Back Better program, and Democrats have a number of tax proposals to pay for it. Looking to the largest corporations and the wealthiest Americans, congressional Democrats are constrained by President Biden's pledge not to raise taxes on Americans earning less than $400,000 a year. But will Democrats be able to hold to the President's promise? Today, I've brought on Kyle Pomerleau to discuss the Democrats' tax proposals and what tax changes we should expect from the House's reconciliation bill.Kyle is a senior fellow here at the American Enterprise Institute, where he studies federal tax policy.

The COVID-19 pandemic has interrupted supply chains and disrupted the US economy. Production levels are back on track, but the labor force participation rate has remained stagnant since the summer of 2020. And millions of Americans are quitting their jobs in a labor market that was already facing a shortage of workers. What's going on with this "Great Resignation"? And should we brace ourselves for continued inflation as supply line problems drag on and Congress pumps trillions into the economy? To answer those questions and more, I'm joined today by Michael Strain.Mike is the Arthur F. Burns Scholar in Political Economy and the Director of Economic Policy Studies at AEI.

The word "order" evokes images of top-down structure and planning. Yet, in the absence of central control, economies almost seem to operate like machines — a concept economists call "emergent order." How do systems of order emerge? And how can we benefit from the unplanned organization they create? Today, Neil Chilson joins "Political Economy" to explain the concept of emergent order and describe how it can inform everything from leadership to policymaking.Neil is a senior research fellow for technology and innovation at the Charles Koch Institute and the author of Getting Out of Control: Emergent Leadership in a Complex World.

Futurists of the past dreamed of tapping into the heat of the Earth's mantle to supply our energy needs, but today's geothermal provides only a tiny fraction of the power we use. In today's episode, we'll be discussing what's next for geothermal, its possible advantages over solar and wind power, and the obstacles it faces. I'm joined by Jamie Beard to answer those questions and more.Jamie is the founder and executive director of the Geothermal Entrepreneurship Organization at the University of Texas at Austin.

"Fusion power is the energy source of the future . . . and always will be," skeptics joke. But a series of exciting breakthroughs have some experts convinced that we're nearing a fusion revolution that could deliver abundant, clean energy for the future. My guest today is Arthur Turrell, and we'll be discussing whether fusion power reactors are on the horizon, the advantages fusion may have over renewables, and what government's role should be in developing this technology.Arthur is Deputy Director at the Data Science Campus of the Office for National Statistics in the UK and the author of The Star Builders: Nuclear Fusion and the Race to Power the Planet.

Americans love rags-to-riches stories, believing hard work and talent — not connections — should be rewarded. But meritocracy has come under scrutiny, with some questioning how well America lives up to its ideals, while others ask if they're even worth striving for. In this episode, we'll discuss whether meritocracy succeeds in pulling talent up from the bottom, or if the system has become rigged by the already rich and powerful. To answer those questions, I've brought on Adrian Wooldridge.Adrian is the political editor and Bagehot columnist at The Economist. His latest book is The Aristocracy of Talent: How Meritocracy Made the Modern World.

In 2017, the US announced its intent to return to the Moon for the first time in a half-century. NASA and its international partners in the Artemis program hope to land a crewed lunar mission in 2024, but some experts have cast their doubts. So how did America achieve such a feat in the '60s? And why haven't we been back since the Nixon era? My guest today, Charles Fishman, answers these questions and more.Charles is a journalist and author of One Giant Leap: The Impossible Mission that Flew Us to the Moon as well as The Big Thirst: The Secret Life and Turbulent Future of Water, among other works.

In the past, great inventions like the internal combustion engine and electrification had huge economic and societal impacts. Today, computing power continues to advance at an exponential rate and artificial intelligence promises to revolutionize the future. But will these innovations transform American society? Or will pessimism and fear slow the pace of technological progress? My guest today is Azeem Azhar.Azeem is an entrepreneur and investor, and the founder of Exponential View, where his podcast and newsletter deliver in-depth tech analysis. This month, Azeem released The Exponential Age: How Accelerating Technology is Transforming Business, Politics, and Society.

What will the American city look like one generation from now? While cities have always been hubs of opportunity, urban landscapes have faced an onslaught of difficulties in recent years. Soaring costs of living, the economic downturn of a global pandemic, and a recent uptick in violent crime are straining America’s urban engines of productivity. And trends toward remote work have some wondering whether cities are over. What can cities do to meet these challenges? And how can we prepare for the next pandemic? To answer these questions and more, I’m joined by Edward Glaeser.Ed is the Chairman of the Department of Economics at Harvard University and co-author with David Cutler of Survival of the City: Living and Thriving in an Age of Isolation, released this week.

Today local governments compete to host growing companies in the hope that the opportunities they create will revitalize their home cities. But how much do these urban areas benefit from local innovations? And what changes should we expect given recent increases in working from home? Nicholas Bloom joins the podcast to discuss these questions and more.Nick is the William Eberle Professor of Economics at Stanford University. This summer he co-authored, along with Tarek Hassan, Aakash Kalyani, Josh Lerner, and Ahmed Tahoun, the working paper “The Diffusion of Disruptive Technologies.” In the spring, he and Jose Maria Berrero and Steven Davis released a working paper titled “Why Working from Home Will Stick.”

July was an exciting month for space enthusiasts of all sorts. From Richard Branson's suborbital flight to Jeff Bezos' launch, the era of private space travel has truly arrived. SpaceX and Blue Origin may be making the headlines, but they are far from the only companies involved in the emerging space economy. And at the same time, NASA intends to continue manned missions to the Moon with its Artemis program.In a recent event hosted by the American Enterprise Institute, John Roth, Rich Boling, Mike Gold, and Matthew Weinzierl discussed the present and future of space commerce, from tourism to manufacturing and beyond.John Roth serves as vice president of business development for Sierra Space, a subsidiary of the Sierra Nevada Corporation. Richard Boling is vice president of corporate advancement at Techshot. Mike Gold is executive vice president of civil space business development and external affairs at Redwire Space. And Matthew Weinzierl is the Joseph and Jacqueline Elbling Professor of Business Administration at Harvard Business School.

To some, Amazon is a great business that brings opportunity to over a million employees and generates value for hundreds of millions of customers. To others, it’s a company that exploits its workers and destroys small businesses. Similarly, some see Jeff Bezos as a successful visionary, and they look forward to seeing him apply his talents to exploring outer space. Others consider Bezos to be a policy failure, just as they view every other billionaire. Today, I’m speaking with Brad Stone to discuss the accuracy of these perceptions. We’ll also discuss how these views affect Amazon, how Bezos himself has viewed the company during his tenure as CEO, and what the future may hold for this retail giant.Brad is the senior executive editor for global technology at Bloomberg News, as well as a writer for Bloomberg Businessweek. He is also the author of four books, the most recent of which is Amazon Unbound: Jeff Bezos and the Invention of a Global Empire, released last May.

Health safety measures related to the COVID-19 pandemic have shaken the American economy. Long term staples like indoor dining have taken a hit, while new opportunities have emerged in contactless services, telecommunications, and ecommerce. Just how have America's entrepreneurs responded to these challenges and opportunities? Today, I've brought in John Haltiwanger to discuss.John is the Distinguished University Professor in the Department of Economics at the University of Maryland. Last year, he was awarded the Global Entrepreneurship Research Award for his statistical work in studying firm dynamics.

Rivaling even the death toll of COVID-19, opioid abuse has wreaked havoc in countless American communities. Some have suggested that these deaths are the result of an economy that left Americans behind and feeling trapped. In their desperation, they reached to oxycontin and fentanyl to cope with the insecurity of a global economy. But is this the full story? My guest today is Ed Glaeser, whose analysis offers a different account.Ed is the Chairman of the Department of Economics at Harvard University and co-author with David Cutler of "When Innovation Goes Wrong: Technological Regress and the Opioid Epidemic."

The COVID-19 pandemic unleashed an economic downturn on the United States, forcing workers and businesses to adapt. Now that Americans are getting vaccinated and the country is opening up, what is the state of the US economy? How has the pandemic — and our public policy responses to it — affected the labor market? Has the pandemic brought about new opportunities and entrepreneurship that will boost productivity going forward? Today, Michael Strain returns to the Political Economy podcast to discuss.Mike is the Arthur F. Burns Scholar in Political Economy and the Director of Economic Policy Studies at AEI.

Is economic growth compatible with environmentalism? One key to answering this question is clean, renewable energy. The cheaper it becomes, the easier it is to reduce our impact on the planet while still raising living standards for people around the world. So what does the future of the energy industry look like? How affordable have solar and wind energy become? And how should that influence our willingness to embrace a more optimistic vision for humanity? Today's episode discusses these questions with Ramez Naam.Ramez is a computer scientist and futurist, as well as the Energy and Environment Co-Chair at Singularity University. He is also the author of the Nexus trilogy, an award-winning science fiction series that explores how neurotechnology could impact our society.

America's biggest tech companies have revolutionized work, entertainment, and just about every aspect of life. But some in Washington are raising concerns about Big Tech, hoping to make the tech sector more competitive using antitrust action. Companies like Google, Amazon, and Facebook are seen as too powerful, anticompetitive, or politically biased. Today, I'm joined by Mark Jamison to discuss the possibility of antitrust action against some of our biggest companies.Mark is the director and Gunter Professor of the Public Utility Research Center at the University of Florida’s Warrington College of Business and a visiting scholar at AEI.

Milton Friedman famously argued that the social responsibility of a company is to maximize its profits. Today, Friedman’s argument is coming under fire from both sides of the aisle. Shareholder capitalism is viewed with suspicion, and many Americans think workers and consumers are getting a raw deal. Greedy business practices are enriching the few but leaving the rest of us behind, the narrative goes. But are the interests of shareholders and the interests of workers and consumers really opposed? Is American capitalism really a zero-sum game? Alex Edmans, today's guest, argues that companies can invest in people without sacrificing profits.Alex is a professor of finance at London Business School and the Academic Director of the Centre for Corporate Governance. He is also the author of last year’s Grow the Pie: How Great Companies Deliver Both Purpose and Profit.

Should humanity become a space-faring species? Should we colonize the moon, Mars, and beyond? The vast benefits to society that could come from embracing this final frontier are not fully known, which is very exciting. At the same time, however, we do not fully understand the risks involved with this endeavor either. How certain can we really be that exploring space is the best path forward? Today’s guest, Daniel Deudney, is confident that it is not the right path — and that we should focus our efforts on improving the geopolitical and environmental situation on Earth before we even think about expanding into space. Daniel is a professor of political science, international relations, and political theory at Johns Hopkins University. He’s the author of several books, including Dark Skies: Space Expansionism, Planetary Geopolitics, and the Ends of Humanity, released in March of last year.

To solve climate change, we need to do more than cut emissions. Almost all optimistic climate forecasts rely either on negative emissions or finding a way to mask the effects of emissions. In other words, carbon capture or some form of geoengineering. But of course, these are controversial, risky solutions. And the same can be said for other modern conservation projects, such as electrifying a river to keep out Asian Carp, or using gene-editing to combat an invasive species. These initiatives represent a new kind of environmentalism, which focuses less on reversing past human action and more on protecting the planet through more action. Today’s episode discusses this new approach with Elizabeth Kolbert.Elizabeth is a Pulitzer Prize-winning writer at The New Yorker, as well as the author of several books, the most recent of which is Under a White Sky: The Nature of the Future, released this past February.

We have a lot to learn from the COVID pandemic. From our success in rapidly generating vaccines, to our failure to implement a widespread test-and-trace system, to Americans’ responses to lockdown orders and other public health measures, the policy debates over the past year and a half have involved trade-offs, thinking on the margin, and accounting for many measures of public well-being. In other words, understanding the COVID pandemic necessitates an understanding of economics. That’s why I’m excited to have Ryan Bourne on the podcast today to discuss his new book, Economics in One Virus: An Introduction to Economic Reasoning through COVID-19.Ryan is the R. Evan Scharf Chair for the Public Understanding of Economics at the Cato Institute. Previously, he was the head of public policy at the Institute of Economic Affairs and the head of economic research at the Centre for Policy Studies.

As the Biden administration continues to work with Congress on a massive overhaul of US infrastructure, several questions come to mind: How much should infrastructure policy focus on building new projects as opposed to maintaining and repairing our current assets? How can policymakers ensure that infrastructure is regularly maintained without difficulty? And how should promising new technologies — such as high-speed rail and autonomous vehicles — factor into future infrastructure plans? Today’s episode discusses these questions, and many more, with Rick Geddes.Rick is a visiting scholar at AEI, where he focuses on infrastructure policy and corporate governance. He is also a professor of policy analysis and management at Cornell University, as well as the director of the Cornell Program in Infrastructure Policy.

As a share of GDP, federal support for science research in America has fallen from about 2 percent of GDP during the 1960s to about 0.6 percent today. Policymakers should reverse this trend in order to boost productivity growth, raise living standards, compete with Chinese innovation efforts, and manage future problems like climate change. Fortunately, Congress appears to be moving in this direction, and so I’m excited to discuss what the future of federal R&D policy should look like with Matt Hourihan.Matt is the director of the R&D Budget and Policy Program for the American Association for the Advancement of Science (AAAS), where he focuses on past, present, and future federal science budgets.

While economists form a relatively strong consensus on some policy questions, they certainly don’t agree on everything. One of the more prominent examples of this is the minimum wage. Some studies find large negative employment effects from raising the minimum wage, while others find negligible or even positive effects on employment. And all economists recognize that there are trade-offs at play, but they disagree about whether the benefits of raising the minimum wage outweigh the costs. It’s a complicated question. And because of the Biden administration’s pledge to raise the minimum wage to $15 an hour, it’s an issue of great relevance. So I’m delighted to discuss it on today’s episode with Jeffrey Clemens.Jeff is an associate professor of economics at the University of California San Diego, where he specializes in public finance, health economics, and labor economics. He is the author of several analyses of the minimum wage, including “The Minimum Wage and the Great Recession: Evidence of Effects on the Employment and Income Trajectories of Low-Skilled Workers” and “The Short-Run Employment Effects Of Recent Minimum Wage Changes: Evidence from the American Community Survey.”

China is often regarded as a success story of market economics, since it began lifting hundreds of millions of people out of poverty once the Communist Party began easing economic restrictions and opening its economy to the world. But to this day, even though it has achieved impressive economic growth for decades, China remains a totalitarian country. So here are the key questions going forward: First, how successful will China’s mixed economy be at generating growth and innovation once the low-hanging fruit of industrialization has been picked? And second, how should the United States react to the rise of China as an economic and geopolitical competitor? Today’s episode discusses these questions with David Dollar.David Dollar is a senior fellow in the John L. Thornton China Center at the Brookings Institution and host of the Brookings trade podcast, Dollar & Sense. He is also the co-editor of China 2049: Economic Challenges of a Rising Global Power, released in June of last year.

In the United States, restrictive land-use regulations prevent developers from building housing in cities throughout the country. This has led to a shortage in housing supply and exorbitantly high housing costs — particularly in high-productivity cities. So on today’s episode, Emily Hamilton explains how zoning reforms can make it easier to build housing, increase opportunity for individuals, and boost economic growth nationwide. Emily is a senior research fellow at the Mercatus Center, where her research focuses on urban economics and land-use policy. She’s the author of the recent report, “Opportunities for Better Federal Housing Policy: How the Biden Administration and Congress Can Improve Housing Affordability.”

Forecasting the future is difficult. It requires awareness of several technological, demographic, and geopolitical trends, as well as the ability to imagine how those trends can intersect with each other in unexpected ways. So today’s episode covers a lot of ground, including the rise of remote work, an aging population, the development of China and Africa, climate change, and the blockchain. As we exit the COVID pandemic, these are just some of the trends that will radically transform the world over the next decade. And I’m pleased to discuss them with today’s guest, Mauro F. Guillén.Mauro is the Zandman Professor of International Management at the University of Pennsylvania’s Wharton School. He is also the author of 2030: How Today's Biggest Trends Will Collide and Reshape the Future of Everything, released in August of last year.

Since the early 1970s, Americans have seen disappointing levels of economic growth and technological progress. But the potential of artificial intelligence, gene editing, blockchain technology, clean energy, and many more innovations on the horizon provide great reason to be optimistic about the future of the US economy. I recently discussed this potential in a recent AEI online panel discussion, which I now present in podcast form.Tyler Cowen is the Holbert L. Harris Chair of Economics at George Mason University, and he serves as chairman and faculty director of the Mercatus Center. He is the author of several books, including 2011’s The Great Stagnation: How America Ate All The Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better. Michael Strain is the director of economic policy studies here at AEI, as well as the Arthur F. Burns scholar in political economy. And he’s the author of The American Dream is Not Dead: (But Populism Could Kill It), released last year. Catherine Tucker is the Sloan Distinguished Professor of Management Science and Professor of Marketing at MIT’s Sloan School of Management. She is also a cofounder of the MIT Cryptoeconomics Lab and a co-organizer of the Economics of Artificial Intelligence intiative. And Dietrich Vollrath is a professor of economics and the chair of the Department of Economics at the University of Houston. He is also the author of Fully Grown: Why a Stagnant Economy is a Sign of Success, released last April.

Since the 1980s, the United States has prioritized low inflation, to great success. Policymakers have regularly kept inflation at or below their 2-percent targets, even during periods with record-low interest rates. As a result, many observers have been — and continue to be — pretty comfortable with spending trillions of dollars on pandemic relief… and now infrastructure projects. But what if the low inflation we’ve experienced has been temporary? What if an aging workforce and diminishing returns from globalization will cause wages and prices to begin rising more steeply? That’s the argument made by today’s guests, Charles Goodhart and Manoj Pradhan.Charles is a financial markets professor emeritus at the London School of Economics, and a former member of the Bank of England's Monetary Policy Committee. Manoj is the founder and chief economist of the independent macroeconomic research firm Talking Heads. They are the co-authors of “The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival,” released last August.

On both sides of the aisle, calls for industrial policy seem to be gaining momentum. Americans have grown more skeptical about markets in the aftermath of the Great Recession. And China’s more managed economy seems to be growing faster and rivaling the US as the technological leader of the world. Many policymakers have reacted by saying that the US government needs to embrace industrial policy and take a more hands-on approach to promoting innovation. Today's guest, Scott Lincicome, disagrees, holding that an adoption of stronger industrial policy would be unnecessary and even counterproductive.Scott is a senior fellow in economic studies at the Cato Institute, where he writes on international trade, industrial policy, and economic dynamism. And he is the author of the recently released policy report, “Manufactured Crisis: ‘Deindustrialization,’ Free Markets, and National Security.”

Is spending $1.9 trillion as the economy emerges from the COVID recession a wise move? At what point will policymakers begin paying for their spending initiatives? And what kinds of taxation will we engage in to collect more revenue when the time comes? On today’s episode, I discuss these questions and many more with Alex Brill.Alex is a resident fellow at AEI, where he studies the impact of tax policy on the US economy, as well as the economic and political consequences of public policy. Previously, he served as the policy director and chief economist of the House Ways and Means Committee.

On today's episode, Alex Nowrasteh explores the effect of immigration on cultural and political institutions in developed countries, as well as the future of immigration policy under the Biden administration.Alex is the director of immigration studies at the Cato Institute’s Center for Global Liberty and Prosperity. He is also the coauthor, along with Benjamin Powell, of Wretched Refuse? The Political Economy of Immigration and Institutions, released in December of last year. 

In response to the demands of World War II, America generated an impressive amount of innovation in a short time span. Policymakers look back on this record as a model to aspire to, claiming that we “need a new Manhattan Project” to tackle the looming crises of the present. So what lessons should we take away from World War II-era innovation policy? On today’s episode, I discuss this question with Daniel P. Gross.Daniel is an assistant professor at Duke's Fuqua School of Business, and he’s also a faculty research fellow at the National Bureau of Economic Research. He’s the author of several papers examining innovation policy in the World War II era, the most recent of which is "Organizing Crisis Innovation: Lessons from World War II," which he co-authored along with Bhaven Sampat.

After beating the Soviet Union in the race to the moon, America lost much of its drive to explore space for several decades. However, with the rise of private pioneers such as SpaceX and Blue Origin, this has begun to change. And as the US resumes its exploration of outer space, many questions have been raised. Can a private space economy be profitable? Do we have good reason to return to the moon and travel to Mars? And what new discoveries await us that we have yet to predict? I discussed these questions and many more in a recent AEI online panel discussion, which I now present in podcast form.Tim Fernholz is a senior reporter at Quartz, and he is the author of the 2018 book, Rocket Billionaires: Elon Musk, Jeff Bezos and the New Space Race. Sara Seager is a professor of planetary science and physics at MIT, where she is known for her research on extrasolar planets. Stan Veuger is a resident scholar in economic policy studies at AEI, as well as a visiting lecturer of economics at Harvard University. And Matt Weinzierl is the Joseph and Jacqueline Elbling Professor of Business Administration at Harvard Business School, where he has recently launched a set of research projects focused on the commercialization of the space sector and its economic implications.

Despite wide agreement that America’s infrastructure quality is relatively low, per-unit infrastructure costs are higher in the US today compared to the rest of the world and to America 50-60 years. Why is this? Are regulations and rent-seeking to blame? Could it reflect some kind of improvement in quality? Today’s guest, Leah Brooks, provides an in-depth exploration of this topic for today’s episode.Leah is an associate professor in the Trachtenberg School of Public Policy and Public Administration at George Washington University, as well as the Director of the Center for Washington Area Studies. She is the co-author, along with Zachary Liscow, of the 2019 paper, “Infrastructure Costs.”

How can research institutions promote growth, other than simply spending more money on basic R&D? Today’s guest, Don Braben, argues that we need to promote scientific freedom by easing up on the strictures of peer review and the demands of obvious applicability. Only then can we enable scientists to generate more of the revolutionary discoveries that we took for granted in the twentieth century.Don Braben is an honorary professor and vice president of research at University College London. He’s the author of several books, including Scientific Freedom: The Elixir of Civilization, which was originally published in 2008 and was, in 2020, republished by Stripe Press. Don, welcome to the podcast.

America’s university system is the envy of the world, and a major reason for this is that this higher education system is crucial to our innovative capacity. So in today’s episode, Korok Ray explains how universities promote innovation and, more importantly, what they can do to boost their contribution to the US economy even further.Korok is an associate professor at the Mays Business School of Texas A&M University, and he is the director of the Mays Innovation Research Center. He is also the author of the recent National Affairs article, “The Innovative University.”

America’s adoption of the consumer welfare standard since the late 1970s has led to the rise of innovative Big Tech companies like Google and Amazon. Other countries, particularly in Europe, would love to have massively successful tech firms of their own, but they’re constrained in part by their more restrictive antitrust doctrines. And yet, many conservatives have begun to sound like progressives on this topic, rejecting a more laissez-faire approach to antitrust out of concern that these tech companies have acquired too much power. So today’s episode explores the current state of US antitrust doctrine, as well as the resurgence of calls to reform it, with Joshua Wright.Josh is a law professor at George Mason University, as well as the executive director of the Global Antitrust Institute and a former member of the Federal Trade Commission. He is the co-author, along with Jan Rybnicek, of the recent National Affairs article, “A Time for Choosing: The Conservative Case Against Weaponizing Antitrust.”

With every year, artificial intelligence becomes increasingly advanced. Innovators are creating and refining applications for AI in industries ranging from health care to transportation. Many economists are optimistic about this developing technology, viewing it as a means of finally escaping the disappointing productivity growth of the past few decades. Other observers are concerned, anticipating massive job loss and disruption. So today’s interview with Darrell M. West explores the impending application of artificial intelligence in the economy, as well as the difficult public policy questions surrounding it.Darrell is the vice president and director of governance studies at the Brookings Institution, where he is also a senior fellow at the Center for Technology Innovation. He is the co-author, along with John Allen, of Turning Point: Policymaking in the Era of Artificial Intelligence.

When Joe Biden becomes the 46th president today, he will inherit an economy that continues to struggle under the weight of the COVID pandemic. In response, Biden has announced an ambitious early economic policy agenda to stimulate the economy, raise the national minimum wage, provide aid to state and local governments, and reopen schools. What should people make of these plans? Are they well suited to America’s challenges, or will they incur more consequences than they are worth? On today’s episode, I discuss and evaluate the details of Biden’s plan with Michael Strain.Michael Strain is the Arthur F. Burns Scholar in Political Economy and director of economic policy studies at AEI. He is also the author of The American Dream Is Not Dead: (But Populism Could Kill It), released in February of last year.

The incoming Biden administration will inherit a trading landscape that has been shaped by President Trump’s protectionism. The key question is: How much continuity will there be between Trump and Biden’s trade policies? Moreover, how strong of a stance will we take against Chinese mercantilism in the next few years, and will other countries join us? I discussed these questions on today's episode with Claude Barfield.Claude is a resident scholar at AEI, where he studies international trade and technology policy. He is also a former consultant to the office of the US Trade Representative.

Humans are both ‘traders’ and ‘tribalists’ by nature. We’re traders because we have exchanged knowledge and goods throughout history. Indeed, the story of human progress has been the story of humanity combining its skills and resources to become more prosperous than would have been possible on our own. But we’re also tribalists, because we evolved to form communities that then polarized themselves against outsiders. As a result, we often see questions of connection and collaboration in zero-sum terms even when such a perspective isn’t warranted. That is the argument put forward by today’s guest, Johan Norberg. Today’s episode discusses his concern that humanity’s tribalist nature is getting the better of us, making the future of the most open and prosperous society in human history increasingly precarious. Johan is a senior fellow at the Cato Institute, where he focuses on globalization, entrepreneurship, and individual liberty. He is the author of several books, the most recent of which is Open: The Story of Human Progress — published in November of last year.

Section 230 of the Communications Decency Act has come under a lot of fire recently. But what does the law actually say, and how would changing it affect the internet as we know it? I discuss these questions and more in today's interview with Jeff Kosseff.Jeff is an assistant professor of cybersecurity law in the US Naval Academy’s cyber science department. He is also the author of the 2019 book, The Twenty-Six Words That Created the Internet.

Happy holidays! We’ll have a new episode next Wednesday, but today I wanted to re-share my favorite interview of 2020 with you all. I hope you enjoy it.Many Americans view our space program skeptically, wondering why we should bother spending money on it when we have so many problems to fix on Earth. Ever since the space race with the Soviet Union ended, the US lost much of its interest in continuing to explore space. But what if the space race didn’t end in 1969? What if the Soviet Union got to the moon first, and so America continued to push its space program to compete with the Soviets? That is the premise of the show “For All Mankind” on Apple TV+. It is co-created and co-written by today’s guest: renowned science fiction screenwriter and television producer Ronald D. Moore.Ron has worked on a wide variety of TV shows over the past few decades, including “Star Trek: The Next Generation,” “Deep Space Nine,” and “Voyager.” He is also the creator of “Outlander” and, of course, he is the co-creator of 2004’s “Battlestar Galactica.”You can also check out the transcript of this podcast here.

There are many anti-Big Tech activists and politicians who want to heavily regulate or dismantle companies like Amazon, Google, Apple, and Facebook. They fear that these companies have become too big and too powerful, often even referring to these companies as ‘monopolies.’ But maybe this isn’t a fair characterization. Perhaps these Big Tech companies need to offer far more value to consumers than monopolies particularly do, because they are all in competition with each other. That is the argument put forward by today’s guest, Nicolas Petit.Nicolas is a professor of competition law at both the European University Institute and the College of Europe in Burges. He is the author of the recently released book, Big Tech and the Digital Economy: The Moligopoly Scenario. 

Health care policy is difficult, featuring intractable trade-offs that make it nearly impossible to satisfy everyone. Perhaps it’s no surprise, then, that one of our two political parties has increasingly flirted with the utopian proposal of Medicare for All, with little understanding of how to enact it or what the unintended consequences might be. And the other party seems determined to avoid the topic of health care reform, at least publicly. But the state of our health care system matters — it’s an increasingly large part of our economy, and it is the source of crucial innovations. So I’m delighted to discuss it with Amitabh Chandra.Amitabh is the John H. Makin Visiting Scholar at AEI, where his work focuses on the economics of health care policy. In addition, he is a professor at both Harvard Business School and the director of health policy research at the Harvard Kennedy School, a member of the Congressional Budget Office’s Panel of Health Advisers, and a research associate at the National Bureau of Economic Research.

Should Americans look back nostalgically on the economy of the 1950s and 1960s? If so, what lessons should policymakers learn from this time period, and how can they be applied to boost economic opportunity today? On today's episode, I'll be discussing these questions and more with Jim Tankersley.Jim is a tax and economics reporter for The New York Times, where he writes about the state of America’s middle class and the decline of economic opportunity across much of the US. Previously, Jim was the policy and politics editor at Vox and an economic policy correspondent for The Washington Post. He is the author of the recently released book, The Riches of This Land: The Untold, True Story of America's Middle Class.

It seems like, not long ago, arguments against immigration focused almost entirely on illegal immigrants. And then it became, “Actually, we’re also concerned about low-skilled immigration.” And then that concern started applying to higher-skilled immigrants replacing American workers in more advanced positions. And now, it seems like some people just don’t want any immigrants — especially during this pandemic and maybe even after it’s over — because they’re stealing our secrets and taking college slots away from American students. But this perspective fails to recognize how much immigrants of all skill-levels contribute to America. I’ll be discussing these contributions — and the economics of immigration more broadly — with Michael Clemens.Michael is a senior fellow and the director of migration, displacement, and humanitarian policy at the Center for Global Development, where he studies the economic effects of migration around the world. He is also a research fellow at the IZA Institute of Labor Economics.

Philip Coggan discusses the history of the world economy and explores its lessons for today's economic challenges, including the need for greater innovation, the rise of China, and the disruption inflicted by COVID. The post Philip Coggan: How did the world get so rich? appeared first on American Enterprise Institute - AEI.

Mervyn King explores how some uncertainty is unavoidable and how statistical forecasts can lead us astray if we're not careful. The post Mervyn King: How to handle radical uncertainty appeared first on American Enterprise Institute - AEI.

Nate Morris discusses his experience as the founder of Rubicon — an innovative waste management software company — as well as the relationship between environmentalism and markets. The post Nate Morris: Entrepreneurial environmentalism appeared first on American Enterprise Institute - AEI.

Brookings's Richard Reeves and Isabel Sawhill discuss their new report, "A New Contract with the Middle Class," with AEI's Jim Pethokoukis and Michael Strain. The post Richard Reeves, Isabel Sawhill, & Michael Strain: A new contract with the middle class appeared first on American Enterprise Institute - AEI.

Famed science fiction TV producer and writer Ronald D. Moore discusses his new show, For All Mankind, and explores the optimism found throughout his career's work. The post Ronald D. Moore: The sci-fi optimism of ‘For All Mankind,’ ‘Battlestar Galactica,’ and ‘Star Trek’ appeared first on American Enterprise Institute - AEI.

Scott Winship addresses the many misconceptions surrounding levels of poverty, as well as the degree and importance of inequality, in the United States, and he also explores how much economic mobility Americans enjoy today compared to the past. The post Scott Winship: Poverty, inequality, and opportunity in America appeared first on American Enterprise Institute - AEI.

Casey Mulligan and Michael Strain explore the extent to which President Trump's policies can be considered "populist" and whether populism deserves credit for the administration's successes.  The post Casey Mulligan & Michael Strain: Has Trumpian populism succeeded? appeared first on American Enterprise Institute - AEI.

Kevin Davies explains how the development of CRISPR will revolutionize the field of genome editing, with massive innovative and ethical implications for humanity to contend with. The post Kevin Davies: Genome editing and the CRISPR revolution appeared first on American Enterprise Institute - AEI.

Sanjai Bhagat explores whether shareholder capitalism or stakeholder capitalism is a better model to promote responsible, long-term corporate governance. The post Sanjai Bhagat: Shareholder capitalism vs. stakeholder capitalism appeared first on American Enterprise Institute - AEI.

Matthew Yglesias discusses his new book, One Billion Americans, and makes the case that America can become a revived superpower if we take steps to rapidly increase our population. The post Matthew Yglesias: One billion Americans appeared first on American Enterprise Institute - AEI.

R. Glenn Hubbard discusses the state of the economy as the Great Pandemic continues to unfold, as well as explores the past 15 years' worth of economic developments and what the future of the US economy holds. The post Glenn Hubbard: Looking back and ahead on the US economy appeared first on American Enterprise Institute - AEI.

Caleb Watney discusses how the COVID pandemic has adversely affected US immigration flows, universities, and cities — all of which are critical to America's long-term innovation capabilities. The post Caleb Watney: America’s slowing innovation engine appeared first on American Enterprise Institute - AEI.

A panel of experts discusses public support for research and development. They explore whether the government provides enough support for science research and how the government can best direct its R&D funding. The post Jonathan Gruber, Tony Mills, Margaret O’Mara, & Bret Swanson: Boosting economic growth by funding science appeared first on American Enterprise Institute - AEI.

Jason Crawford discusses the history of human progress and explores how policymakers can promote more technological and moral progress in the present. The post Jason Crawford: Lessons from studying the roots of progress appeared first on American Enterprise Institute - AEI.

Ronald Bailey gives the case for long-term optimism based on many positive global trends including declining violence and the dramatic reduction in extreme poverty. He also discusses why pessimism persists in spite of these trends. The post Ronald Bailey: Global trends every smart person should know appeared first on American Enterprise Institute - AEI.

Scott Gottlieb, Rick Hess, and Michael Strain all join Jim Pethokoukis to discuss the current state of the COVID-19 pandemic in America, exploring the public health and economic aspects of the crisis and their effect on the US education system. The post Scott Gottlieb, Rick Hess, & Michael Strain: COVID-19 this fall appeared first on American Enterprise Institute - AEI.

Professor Ed Finn joins the podcast to discuss why Americans have become less future-oriented over the past few decades and how we can reverse this trend by offering hopeful stories about the future. The post Ed Finn: Telling stories of a better future appeared first on American Enterprise Institute - AEI.

Professor Arthur Diamond joins the podcast to discuss how innovative dynamism can be promoted and sustained in the long term. The post Arthur Diamond: Sustaining innovative dynamism appeared first on American Enterprise Institute - AEI.

Douglas Irwin explores how the pandemic has affected the international trade landscape — with China and the world more broadly. He also discusses the USMCA and the 'Phase One' deal with China. The post Douglas Irwin: The post-COVID future of international trade appeared first on American Enterprise Institute - AEI.

Nicholas Crafts joins the podcast to evaluate how artificial intelligence will affect productivity growth in America over the next few decades, asserting that artificial intelligence will be valuable because it will help us innovate more efficiently. The post Nicholas Crafts: Is the age of fast economic growth really over? appeared first on American Enterprise Institute - AEI.

John Van Reenen joins the podcast to discuss his recent Hamilton Project proposal to increase public support for R&D through a Grand Innovation Challenge Fund. The post John Van Reenen: Why America needs a ‘Grand Innovation Challenge Fund’ appeared first on American Enterprise Institute - AEI.

Toby Ord joins the podcast to explain why safeguarding humanity’s future from natural and manmade existential threats is the defining challenge of our time. The post Toby Ord: Existential risk and the future of humanity appeared first on American Enterprise Institute - AEI.

Nicole Gelinas joins Political Economy to explore the future of cities in the wake of the pandemic, considering the impending budget crises for state and local governments as well as the challenges faced by transit systems and real estate markets. The post Nicole Gelinas: Can cities weather the pandemic? appeared first on American Enterprise Institute - AEI.

Mike Masnick joins Political Economy to discuss how technological progress will change the nature of work, while also discussing current content moderation practices on the internet. The post Mike Masnick: Exploring the future of work through science fiction appeared first on American Enterprise Institute - AEI.

Adam Thierer joins Political Economy to discuss how many entrepreneurs, particularly in the tech industry, are circumventing regulations in order to innovate without permission. The post Adam Thierer: How ‘evasive entrepreneurship’ can beat the regulatory state appeared first on American Enterprise Institute - AEI.

Michael Strain joins Political Economy to assess the latest jobs report and discuss the path to a post-lockdown economic recovery. The post Michael Strain: Assessing the economy, post-COVID lockdown appeared first on American Enterprise Institute - AEI.

Matt Ridley discusses his new book, "How Innovation Works", and explores how America can encourage more innovation going forward. The post Matt Ridley: How innovation works appeared first on American Enterprise Institute - AEI.

Anton Howes discusses the history of the Royal Society for the Encouragement of Arts, Manufacturers, and Commerce, and explores the role it played in Britain's technological rise. The post Anton Howes: Human progress and the Royal Society of Arts appeared first on American Enterprise Institute - AEI.

Eli Dourado explores why Americans became less future-oriented over the past several decades and suggests ways that the US can begin to re-prioritize innovation going forward. The post Eli Dourado: How to make America innovate again appeared first on American Enterprise Institute - AEI.

Tony Mills explains how basic, theoretical scientific research was crucial to generating WWII-era innovations and how these lessons can be applied to modern day R&D support. The post Tony Mills: World War II shows the importance of basic science research appeared first on American Enterprise Institute - AEI.

Chad Syverson explores how the COVID-19 pandemic will affect America's capacity for economic growth, in both the short- and long-term. The post Chad Syverson: The COVID crisis and economic growth appeared first on American Enterprise Institute - AEI.

Lane Kenworthy explains the case for expanding social democratic capitalism in America. The post Lane Kenworthy: The case for social democratic capitalism appeared first on American Enterprise Institute - AEI.

James Robinson discusses the relationship between state and society, and how strong institutions in both are necessary for liberty. The post James Robinson: The narrow corridor to liberty appeared first on American Enterprise Institute - AEI.

Roger Bootle discusses how artificial intelligence and digital technologies will impact productivity and the labor market, both in the long term and as we recover from the COVID-19 pandemic and recession. The post Roger Bootle: The AI economy appeared first on American Enterprise Institute - AEI.

Matt Frost explains how an "abundance" agenda will do more to combat climate change in the long run than a fatalistic "austerity" agenda, which would forego the innovation and wealth that is necessary to reverse climate change in the coming decades. The post Matt Frost: An alternative to climate despair appeared first on American Enterprise Institute - AEI.

Dietrich Vollrath discusses his new book, 'Fully Grown: Why a Stagnant Economy Is a Sign of Success,' and explores the implications of an economy that grows more slowly because of shifts in demographics and consumption habits. The post Dietrich Vollrath: Is America’s economy fully grown? appeared first on American Enterprise Institute - AEI.

In this week's Political Economy, Garett Jones discusses his new book, 10% Less Democracy, and explains how more policymaking should be entrusted to independent experts rather than voters. The post Garett Jones: The case for ‘10 percent less democracy’ appeared first on American Enterprise Institute - AEI.

In an additional episode of Political Economy this week, Stan Veuger explains how we can mitigate the harms of the impending recession by preventing a business collapse. The post Stan Veuger: Handle the coronavirus recession by preventing a business collapse appeared first on American Enterprise Institute - AEI.

In this week's Political Economy, Ben Thompson discusses Big Tech's dominance, data privacy, content moderation, the rise of China, and more. The post Ben Thompson: Big Tech monopoly, data privacy, and the rise of China appeared first on American Enterprise Institute - AEI.

In this week's Political Economy, Kyle Pomerleau discusses the future tax plans of both the Trump administration and the Democratic presidential candidates. He also reflects on the Tax Cuts and Jobs Act's effect on the economy. The post Kyle Pomerleau: What’s next for taxes? Coronavirus stimulus, the Trump tax cuts, and beyond appeared first on American Enterprise Institute - AEI.

In this week's Political Economy, Branko Milanovic discusses the future of capitalism, the political significance of inequality, and the compatibility of capitalism and democracy. The post Branko Milanovic: The future of capitalism appeared first on American Enterprise Institute - AEI.

Google economist Hal Varian addresses the concern that technological growth may have been stagnant since the 1960s, and that Big Tech is responsible for the lack of innovation.  The post Hal Varian: In defense of Big Tech appeared first on American Enterprise Institute - AEI.

Erik Brynjolfsson discusses the increasing importance of artificial intelligence, the challenge of translating breakthrough technologies into economic growth, how a genius shortage might be a bottleneck on productivity, and much more. The post Erik Brynjolfsson: Can AI help us overcome the productivity paradox? appeared first on American Enterprise Institute - AEI.

Paul Vigna joins Political Economy to discuss the future of cryptocurrency, and blockchain technology more broadly. We discuss the many applications of blockchain, as well as whether this technology will remain the purview of decentralized entities, or if large banking and tech firms — and perhaps even governments — will lead us into the blockchain future. The post Paul Vigna: How blockchain could change the world appeared first on American Enterprise Institute - AEI.

Michael Strain joins Political Economy to discuss his new book, The American Dream Is Not Dead. We evaluate claims about stagnant wages and declining mobility. We also highlight the importance of economic growth for creating opportunity and reducing poverty. And we discuss the recent rise in populism in the wake of the Great Recession. The post Michael Strain: The American Dream is not dead appeared first on American Enterprise Institute - AEI.

On this episode, Thomas Philippon discusses the rise of market concentration in America over the past two decades, and how this has led to declining innovation and higher prices for consumers. We also discuss the extent to which the health care industry and Big Tech are each a part of the problem, as well as when anti-trust action is and isn't a suitable remedy. The post Thomas Philippon: How America gave up on free markets appeared first on American Enterprise Institute - AEI.

On this episode, Alain Bertaud explores what makes for a well-managed city, and he asserts that a respect for market forces is critical when shaping urban policy. The post Alain Bertaud: How markets shape cities appeared first on American Enterprise Institute - AEI.

On this episode, Kimberly Clausing makes the progressive case for globalization, describing how free trade and immigration are good for Americans while also stressing that more can be done to help those adversely affected by free trade. The post Kimberly Clausing: The progressive case for globalization appeared first on American Enterprise Institute - AEI.

On this episode, Peter Klenow discusses the state of economic growth in America and considers the factors that may influence GDP and productivity growth in the future. The post Peter Klenow: Reflections on a decade of slow economic growth appeared first on American Enterprise Institute - AEI.

On this episode, Lori Ann LaRocco reflects on the effects of the United States' trade war with China, and the future of US-China trade relations in light of the recently announced Phase One trade deal. The post Lori Ann LaRocco: Trade wars have consequences appeared first on American Enterprise Institute - AEI.

On this episode, Will Rinehart discusses criticisms of Google, Facebook, and Amazon, defending them against charges of corporate concentration and exploitative data use. We also discuss rural broadband access and the best policies to advance artificial intelligence. The post Will Rinehart: Big Tech, broadband access, and artificial intelligence appeared first on American Enterprise Institute - AEI.

On this episode, Daniel Shoag talks to us about why housing prices have skyrocketed in many cities, and how this could be fixed in order to unlock a great deal of economic potential. The post Daniel Shoag: Reduce inequality and boost growth by building more housing appeared first on American Enterprise Institute - AEI.

On this episode, Dalibor Rohac joins us to make the case for a globalist approach to international relations in an era where the political mainstream has taken a nationalist turn. The post Dalibor Rohac on globalism, nationalism, and conservatism appeared first on American Enterprise Institute - AEI.

On this episode, economic historian Stephen Davies discusses his new book, The Wealth Explosion. He explains the origins of Western prosperity, and he discusses how the world can maintain and extend this prosperity. The post Stephen Davies on the origins and future of the wealth explosion appeared first on American Enterprise Institute - AEI.

According to George Mason University economist Bryan Caplan, both the United States and the rest of the world would benefit greatly if they opened their borders and allowed anyone in the world to live and work wherever they chose. The post Bryan Caplan on open borders appeared first on American Enterprise Institute - AEI.

On this episode, Enrico Moretti discusses how high-tech clusters can be better governed, and he evaluates policies that might boost economic opportunity in areas that have been left behind. The post Enrico Moretti on tech hubs and economic opportunity appeared first on American Enterprise Institute - AEI.

On this episode, Carl Benedikt Frey assesses the possible effects of automation on employment and economic growth in both the short and long term. The post Carl Benedikt Frey on the technology trap appeared first on American Enterprise Institute - AEI.

What is an “intangible asset,” and why are we investing so much in them? How are these so-called intangibles reshaping our economy, as well as our fundamental approach to economic concerns? Joining me today to answer these questions is Stian Westlake, the co-author of Capitalism without Capital: The Rise of the Intangible Economy. Stian is […] The post Stian Westlake on the rise of the intangible economy appeared first on American Enterprise Institute - AEI.

On this episode, Deirdre McCloskey talks about some of the important ideas in her new book, "Why Liberalism Works." The post Deirdre McCloskey on why liberalism works appeared first on American Enterprise Institute - AEI.

On this episode, Scott Lincicome talks about the ultimate economic costs of the trade war with China, and about who bears those costs. The post Scott Lincicome on the trade war appeared first on American Enterprise Institute - AEI.

On this episode, Andrew McAfee talks to us about his new book, More from Less, and how we can continue to get great economic results from fewer resources. The post Andrew McAfee on capitalism, tech progress, and the environment appeared first on American Enterprise Institute - AEI.

On this episode, Michael Strain talks to us about popular proposals to combat wealth inequality in America. The post Michael Strain on inequality in America appeared first on American Enterprise Institute - AEI.

On this episode, Margaret O'Mara talks to us about her new book, The Code, a history of the rise of Silicon Valley. The post Margaret O’Mara on Silicon Valley’s past, present, and future appeared first on American Enterprise Institute - AEI.

On this episode, Matt Weinzierl joins to discuss the economics of space exploration. The post Matt Weinzierl on the economics of space appeared first on American Enterprise Institute - AEI.

In our populist moment, do economists still have a place in policy debates? Did Milton Friedman’s solutions to the 1970’s economic problems create modern inequality? Who have markets helped, and who have they hurt? And should our politicians scrap economic narratives in order to create a more equitable world? Here to consider these questions is […] The post Binyamin Appelbaum on the economists’ hour appeared first on American Enterprise Institute - AEI.

Will the United Kingdom crash out of the European Union without a deal? When will the Chinese trade war end? And how will the global – and US – economy be affected by these developments. Today, returning guest Desmond Lachman joins me to explore these questions. Desmond Lachman is a resident fellow at AEI, where […] The post Desmond Lachman on Brexit, trade wars, and the future of the global economy appeared first on American Enterprise Institute - AEI.

How did the ancient Greeks think about technology? Were they techno-optimists or pessimists? The post Adrienne Mayor on ancient visions of the future appeared first on American Enterprise Institute - AEI.

On this episode, AEI's Alan Viard returns to discuss the effects of the 2017 tax cuts and the future of American tax policy. The post Alan Viard on America’s tax system after the TCJA appeared first on American Enterprise Institute - AEI.

On this episode, Cato's Ryan Bourne discusses his recent paper, “Is This Time Different? Schumpeter, the Tech Giants, and Monopoly Fatalism.” The post Ryan Bourne on Joseph Schumpeter, the tech giants, and the case against monopoly fatalism appeared first on American Enterprise Institute - AEI.

On this episode, astronomy professor Avi Loeb discusses his recent work on federal leadership in science and technology innovation, how to think about the future of space exploration, and the interstellar object 'Oumuamua. The post Avi Loeb on the search for life beyond Earth appeared first on American Enterprise Institute - AEI.

On this episode, cybersecurity professor Jeff Kosseff discusses his new book "The Twenty-Six Words that Created the Internet" (Cornell University Press, 2019) about the past, present, and future of Section 230. The post Jeff Kosseff on the twenty-six words that created the internet appeared first on American Enterprise Institute - AEI.

On this episode, Andreessen Horowitz's Scott Kupor discusses his new book “Secrets of Sand Hill Road: Venture Capital and How to Get It” (Penguin Random House, 2019). The post Scott Kupor on venture capital and how to get it appeared first on American Enterprise Institute - AEI.

On this episode, the Breakthrough Institute's Alex Trembath discusses how we can achieve a high-growth, high-energy future with a smaller carbon footprint.  The post Alex Trembath on the Green New Deal, climate change, and the case for nuclear energy appeared first on American Enterprise Institute - AEI.

On this episode, economics professor Jonathan Gruber discusses his new book "Jump-Starting America: How Breakthrough Science Can Revive Economic Growth and the American Dream." The post Jonathan Gruber on jump-starting America appeared first on American Enterprise Institute - AEI.

On this episode, economics professor Tyler Cowen discusses his new book "Big Business: A Love Letter to an American Anti-Hero." The post Tyler Cowen on big business appeared first on American Enterprise Institute - AEI.

On this episode, author and physicist Safi Bahcall discusses how to create structural incentives for innovation and what federal policy can do to help. The post Safi Bahcall on nurturing the next ‘loonshot’ appeared first on American Enterprise Institute - AEI.

On this episode, Andreessen Horowitz's Benedict Evans discusses why we respond the way we do to technological change and where the tech industry is taking us next. The post Benedict Evans on where the tech industry is taking us next appeared first on American Enterprise Institute - AEI.

On this episode, AEI's Claude Barfield discusses the race to build the world's 5G backbone and how the Trump administration should police Chinese intellectual property theft. The post Huawei and the battle to build the 5G backbone appeared first on American Enterprise Institute - AEI.

On this episode, Professor Robert Seamans discusses AI's impact on the economy, how it will change the nature of work, and whether regulation is needed to keep the AI industry competitive.  The post Will artificial intelligence change the economy for the better? appeared first on American Enterprise Institute - AEI.

On this episode, Neil Chilson discusses the economics of privacy, the complexities of content moderation, and whether Big Tech has become anticompetitive. The post Who’s protecting the consumer in the age of Big Tech? appeared first on American Enterprise Institute - AEI.

On this episode, AEI's Alan Viard walks us through how to think about some of the new tax policy proposals emerging out the Democratic presidential primary race.   The post How to think about a wealth tax appeared first on American Enterprise Institute - AEI.

On this episode, podcaster and serial entrepreneur Brian McCullough discusses the rise of the early internet companies, the dot-com bubble, and whether today's Big Tech companies poses a threat to Silicon Valley's tradition of innovation.  The post Brian McCullough on ‘How the Internet Happened’ appeared first on American Enterprise Institute - AEI.

On this episode, Oxford University's China Centre research associate George Magnus discusses his latest book “Red Flags: Why Xi’s China is in Jeopardy.” The post Red flags in Xi’s China appeared first on American Enterprise Institute - AEI.

On this episode, Columbia Law professor Tim Wu discusses his latest book "The Curse of Bigness: Antitrust in the New Gilded Age."  The post Ep. 127: Tim Wu on ‘The Curse of Bigness’ — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

On this episode, AEI's Benedic Ippolito discusses the oft ignored implications of the health care plans popular among 2020 Democratic presidential hopefuls. The post What does Medicare for All really mean? appeared first on American Enterprise Institute - AEI.

On this episode, economics professor and BBC presenter Linda Yueh discusses how twelve of the world's greatest economists might respond to today's economic crises. The post Ep. 125: What can we learn from the great economists? — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

On this episode, economist and AEI scholar Stan Veuger discusses his latest article for AEI Economic Perspectives titled Modern Monetary Theory and Policy. The post What is Modern Monetary Theory? appeared first on American Enterprise Institute - AEI.

Zack Cooper joins the podcast to discuss the ongoing trade war and how the US might counter China’s rising influence. The post Ep. 123: Could China have been stopped? — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

Nations compete across many dimensions, but in the coming years perhaps no competition will be as fierce or as important as the one for talent. Harvard Business School Professor William Kerr explains why in his new book, “The Gift of Global Talent: How Migration Shapes Business, Economy, & Society,” which he joined my podcast to […] The post Ep. 122: William Kerr on ‘The Gift of Global Talent’ — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

As technology advances, there will be no hiding from surveillance. What we should instead fight for is transparency: the watchers must feel just as exposed as the watched. The post Ep. 121: Who will surveil the surveilers? — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

According to economist Michael Mandel, not only is the economy adding more jobs thanks to the massive online retailers allegedly wreaking havoc across the United States, these new jobs actually pay more as well.  The post Ep. 120: The myth of the retail apocalypse — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

Author and technologist Byron Reese joins the show to explain why humanity is on the verge of new inventions as transformative as our discovery of fire and agriculture. The post Ep. 119: ‘The Fourth Age’: Smart machines and the future of humanity — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

Reihan Salam joins the show to discuss his new book, "Melting Pot or Civil War? A Son of Immigrants Makes the Case Against Open Borders." The post Ep. 118: Reihan Salam on US immigration policy — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

The author and editor and columnist for The Economist joins the show to discuss his and Alan Greenspan's new book. The post Ep. 117: Adrian Wooldrige on ‘Capitalism in America: A History’ — Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

To discuss how deleterious this debt load will be for the United States, and what steps can be taken to prevent it, I am joined by my AEI colleague James Capretta. The post Ep. 116: Our impending entitlement crisis, and what to do about it — Political Economy Podcast with James Pethokoukis appeared first on American Enterprise Institute - AEI.

Trade expert Claude Barfield joins me to discuss NAFTA 2.0, otherwise known as USMCA, as well as US trade policy more broadly. The post Ep. 115: Meet the new NAFTA, same as the old NAFTA? — Political Economy Podcast with James Pethokoukis appeared first on American Enterprise Institute - AEI.

Moody's Analytics economist Adam Ozimek joins me the show to talk unemployment, wage growth, and all things economic policy. The post Ep. 114: Facts and falsehoods about the US labor market — Political Economy Podcast with James Pethokoukis appeared first on American Enterprise Institute - AEI.

French economist Daniel Cohen joins the show to discuss his book, "The Infinite Desire for Growth." The post Ep. 113: Our infinite desire for growth — Political Economy Podcast with James Pethokoukis appeared first on American Enterprise Institute - AEI.

Just to maintain our current overall rate of economic growth, the economy has to double its research efforts every 13 years -- at least according to Stanford economist Nicholas Bloom. He joins me to discuss the implications of his research, his recent work on economic uncertainty, and much more. The post Ep. 112: What happens when ideas become harder and harder to find — Political Economy Podcast with James Pethokoukis appeared first on American Enterprise Institute - AEI.

Nicolas Petit joins me to discuss these "Frightful Five" firms and argues that far from being monopolies, they engage in cutthroat competition with one another, benefiting the economy as a whole. The post Ep. 111: Is Silicon Valley home to this century’s robber barons? appeared first on American Enterprise Institute - AEI.

Douglas Irwin, author of "Clashing Over Commerce: A History of US Trade Policy," joins me to discuss the ongoing trade war, lessons from American economic history, and much more. The post Ep. 110: Clashing over commerce, then and now appeared first on American Enterprise Institute - AEI.

To discuss UBI -- it's history, its track record, and its future -- I was joined by Annie Lowrey, author of the new book "Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World." The post Ep. 109: ‘Give People Money’? Annie Lowrey on the case for a Universal Basic Income appeared first on American Enterprise Institute - AEI.

It seems a good time to revisit my 2017 conversation with Asia expert Michael Auslin, author of "The End of the Asian Century: War, Stagnation, and the Risks to the World's Most Dynamic Region." The post Ep. 108: The dawn of the Asian century, or the end? appeared first on American Enterprise Institute - AEI.

Opinion journalists and politicians have lots to say about December's tax reform package. Some claim it's an historic success, others say it's already shown itself to be a failure. To get a fair assessment of the law and discuss tax policy more broadly, I'm joined by AEI's Alan Viard. The post Ep. 107: How to think about the Trump tax cuts appeared first on American Enterprise Institute - AEI.

In this episode, we discuss the book the Financial Times calls "the future of growth theory," and discuss everything from economic development to America's big tech firms to Friedrich Hayek. The post Ep. 106: To understand economics, think like a physicist— Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

In April 2016 I talked with AEI trade expert Claude Barfield about trade deficits, the WTO, US-China relations, and more. Two years later, our conversation may be even more relevant now than it was then. The post Ep. 105: What’s old is new again, international trade edition appeared first on American Enterprise Institute - AEI.

Lynn Fisher, co-director of AEI's Center on Housing Markets and Finance, joins the show to discuss. The post Ep. 104: What is driving America’s housing crisis? appeared first on American Enterprise Institute - AEI.

This episode's guest advocates abolishing private property as we know it and ditching one person democracy, one vote democracy. The post Ep. 103: Is capitalism just not radical enough?— Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.

Derek Scissors joins the podcast to discuss the likely impact of the tariffs, how China cheats, whether the US should have allowed China to join the WTO, and much more. The post Ep. 102: How will the US-China trade war end? appeared first on American Enterprise Institute - AEI.

Pedro Domingos joins Political Economy to discuss his new book "The Master Algorithm." The post Ep. 101: Artificial intelligence and the hunt for the master algorithm— Political Economy with James Pethokoukis appeared first on American Enterprise Institute - AEI.