Economics, Applied

Steven Davis speaks to Aaron Chalfin and Max Kapustin about “focused deterrence,” a strategy that concentrates policing and social services on persons at high risk of gang-related gun violence. After Baltimore implemented this strategy in early 2022, its homicide rate fell 60% over three years. Aaron and Max explain the strategy, and Steve asks them what we know about how and why it works. They al...

Steve speaks with William Evans and Ethan Lieber about the heartbreaking rise of deaths due to drug misuse in the United States. A major shift in prescription practices for pain management after 1995 drove higher levels of opiate use and misuse and contributed to an explosion of illicit opiates in the 21st century. It’s a disturbing story of professional misjudgments, deceptive marketing, policy m...

Cross-border supply chains bring great efficiencies but also present vulnerabilities that adversaries can exploit. How should we think about these vulnerabilities and their implications for economic and national security? How can we identify, assess, and respond to these vulnerabilities? Steve asks two noted trade policy experts, Chad Bown and Soumaya Keynes. ABOUT ECONOMICS, APPLIED Economics, Ap...

Steven Davis speaks to Evan Starr, a leading expert on the economics of noncompete clauses. They discuss the prevalence of noncompete clauses in employment agreements; the pros and cons for employers, workers, and society; where to draw the line in disallowing noncompete clauses; the role of antitrust in policing noncompete clauses; their effects on the pace of innovation; and whether the United S...

When job loss leads to a long spell of unemployment, it causes a big blow to self-esteem, a lasting drop in living standards, and serious hardship for the job loser’s family. Is there a low-cost way to help job losers navigate the search process and find rewarding new work? Yes, say two economists at Cornell University, based on their insightful new study. Steve discusses the study and underlying...

How does war affect national output, productivity, and consumer prices in belligerent countries and economies worldwide? Two economists, Jonathan Federle and Moritz Schularick, investigate how war and its intensity relate to national output, productivity, consumer prices, and international trade. They exploit 150 years of data for 60 countries. Steven Davis chats with them about what they learned....

Mortality rates fell sharply for college-educated Americans in recent decades but not for other Americans. Mortality trends also differ sharply between rural and urban areas of the United States and across US counties. Steven Davis asks Jonathan Skinner about these puzzling and troubling trends, and how to explain them. According to Jonathan’s recent research, “Deaths of despair,” “the China shock...

Tariffs: How high? Who pays? And what’s their impact on trade deficits? Steven Davis speaks to Brent Neiman about President Trump’s approach to tariff policy and the latest data on trade deficits. While tariffs are up in 2025, Brent’s research reveals that actual tariff rates are only half as high as headlines suggest. Steve and Brent also discuss who pays Trump’s tariffs, how we know, the damage...

US military forces captured Nicolás Maduro last month, but the Chavista regime remains intact, at least for now. How can Venezuela find its way back to the rule of law, human rights, democracy, and prosperity? What role should the United States play? Steven Davis asks renowned economist Ricardo Hausmann. ABOUT ECONOMICS, APPLIED Economics, Applied brings together top leaders and researchers to bre...

The United States has looked to Asia for software developers, scientists, engineers, and physicians in recent decades. How has that worked out for Americans? For other countries?  Immigrants from five Asian countries — India, China, South Korea, Japan, and the Philippines — account for much of the growth in U.S. software developers, scientists, engineers, and physicians since 1990. What forces dro...

The U.S. occupational licensing system is riddled with problems and conflicts of interest. How can we fix it? Rebecca Allensworth joins Steven Davis to talk about her new book on occupational licensing, which covers one-fifth of all American jobs. Licensing reduces supply, limits competition, raises prices, and harms consumers, benefiting incumbent practitioners at the public's expense. The US app...

Nicholas Bloom joins Steven Davis to discuss cool new research presented at the annual  Hoover-SIEPR conference  on remote work: How much do employers save on wages when they let employees work from home? Why does remote work raise productivity in some settings but lower it in others? Do children perform better at school when parents work from home? What does the rise of remote work mean for citie...

Federal Open Market Committee (FOMC) member Jeffrey Schmid speaks with Steven Davis about inflation, labor market conditions, and US monetary policy. They discuss the state of the economy, the thinking behind recent monetary policy decisions, the public’s intense dislike of inflation, central bank credibility, how the recent government shutdown challenged policymakers, and the need to rethink econ...

Steven Davis speaks to Catherine Pakaluk, author of an audacious book on highly educated American women who choose to have many children. How do these women explain and understand their choices to have large families? What do their stories say about the broader forces that influence fertility decisions? What are the lessons for families and communities?  ABOUT ECONOMICS, APPLIED Economics, Applied...

Richmond Fed President, Tom Barkin, joins Steven Davis to consider what it takes for small towns to prosper, and why it matters for families and communities. They also discuss how policymakers and civic leaders can address concerns about the downsides of economic development. ABOUT ECONOMICS, APPLIED Economics, Applied brings together top leaders and researchers to break down key economic developm...

Austan Goolsbee joins Steven Davis to consider “ The Strange and Awful Path of Productivity in the U.S. Construction Sector .” Strange because construction productivity has stagnated for decades. Awful because it makes homes less affordable for American families. They probe the issue, drawing on Austan’s recent research with Chicago Booth Professor Chad Syverson. ABOUT ECONOMICS, APPLIED Economics...

Claudia Goldin joins Steven Davis to discuss the “ The Downside of Fertility ,” her essay presented at the  2025 Jackson Hole Economic Policy Symposium . She offers an explanation for why fertility rates fell around the world as women gained greater agency in multiple domains (marriage, reproduction, education, labor markets). When women gain agency, Goldin argues that a “mismatch” between men and...

Mary Daly joins Steven Davis to discuss how the Fed communicates with the public about monetary policy. How precise should the Fed be about its actions and goals? How transparent about its reasoning and internal deliberations? How should the Fed weigh the need for flexibility in responding to unforeseen shocks against the desire for clarity and guidance? How can the Fed improve its communications?...

Engaged fathers help children build happy, prosperous lives, as Steven Davis discusses with sociologist Brad Wilcox and educational entrepreneur Ian Rowe. Brad and Ian also share their ideas on how to strengthen fatherhood and help children choose better life paths. RELATED SOURCES Good Fathers, Flourishing Kids: The Importance of Fatherhood in Virginia  by Brad Wilcox, Nicholas Zill, Richard Reev...

The international economic system has reached a major turning point. Challenges include the rise of China, U.S. ambivalence about its role on the global stage, and Trumpian trade policy disruptions. What comes next, and what are the potential consequences? RELATED SOURCES “ The International Monetary and Financial System: A Fork in the Road ,” Andrew Crockett Memorial Lecture delivered by Maurice...

Since the end of World War II, the United States has played the leading role in designing, supporting, and governing the international economic system. How did the system operate, and what were its underlying principles, goals, and challenges? Steven Davis speaks to Maurice Obstfeld about the international economic system that emerged after World War II, the central role of the United States, and...

Steven Davis speaks with Carolina Arteaga and Victoria Barone, two Econ professors, about the US opioid epidemic. They discuss Purdue Pharma’s marketing strategy, its influence on physicians, and policy factors as drivers of the epidemic. Next, they consider economic consequences, the odd character of how the media covered the epidemic, the (slow) response of most politicians to a mounting tragedy...

Richard Baldwin joins the podcast to speak with Steve about Trumpian Trade Policy, its underlying political logic, its lack of economic coherence, and its consequences for the American and global economies. They also discuss economic and political forces that led to the current protectionist moment in US trade policy, and whether it will endure. Finally, they outline four scenarios for the future...

Steven Davis speaks with Kenneth Rogoff about the dominant role of the US Dollar in the international monetary and financial system, drawing on Ken’s new book,  Our Dollar, Your Problem . They review how the Dollar became pre-eminent, the benefits and costs, the relationship to U.S. monetary policy, and the forces that could undermine Dollar Dominance. These include geopolitical tensions between t...

Steven Davis chats again with Jens Ludwig about his new book on gun deaths in America. The conversation focuses on low-cost policy solutions that can reduce gun deaths without remaking American society. The solutions include pocket parks, predictive policing, and programs that help people think about behavior in stressful situations. Recorded on April 23, 2025. ABOUT THE SPEAKERS Jens Ludwig is th...