In this episode, Gary Gensler and Simon Johnson discuss the history and economics of American immigration, attempting to place current polices and controversies in perspective.
We talk about our own personal experiences with immigration, as well as what happened in the consequential 1924 and 1965 immigration reforms. What lessons from the past, if any, can be applied today? Spoiler alert: this is an issue on which history really helps you understand the present.
Below are some readings for your consideration, including two chapters from the recent Center for Economic Policy Research (CEPR) volume that we helped to edit. (The best way to read those CEPR chapters is to navigate to the book webpage, using the link under either chapter below, and then download the pdf of the entire book — it’s free.)
Some notes are included below each reading in bold.
‘America of the Melting Pot Comes to End’, by David A. Reed, Senator from Pennsylvania, The New York Times, April 27, 1924. Important historical document, to which Gary and I refer several times during the podcast. Senator Reed is quite explicit about the racial reasoning behind the 1924 Immigration Act.
‘A Century Later, Restrictive 1924 U.S. Immigration Law Has Reverberations in Immigration Debate’, Muzaffar Chishti and Julia Gelatt, Migration Policy Institute, May 15, 2024. Figure 3 in this article shows data on the share of immigrants in the U.S. population over time. Gary refers to these statistics several times during the podcast. The comparison with 1924 is an important theme in our podcast — in the discussions with our class at MIT, we found this historical context helped both us and the students.
‘Immigration and Border Policies’ Anna Maria Mayda and Giovanni Peri, Chapter 4 in ‘The Economic Consequences of The Second Trump Administration: A Preliminary Assessment’, CEPR Press, December 1, 2025. A terrific overview of the main recent issues and developments — through to November 2025.
‘Rural Economies and Communities’, Mary Hendrickson and David Peters, Chapter 19 in ‘The Economic Consequences of The Second Trump Administration: A Preliminary Assessment’, CEPR Press, December 1, 2025. Includes discussion of an important issue (which, I must admit, we did not get to in the podcast): what impact will reduced immigration have on rural communities (short answer: it’s not positive).
‘Frequently Requested Statistics on Immigrants and Immigration in the United States’Jeanne Batalova, Migration Policy Institute, March 12, 2025. Lots of useful data curated by a well-regarded source.
‘Primer on U.S. Immigration Policy’, Congressional Research Service, March 31, 2025. Useful if you want to catch up on the basics. Obviously, a lot has happened since early 2025, so you might also want to look at the next piece (and watch out for any further updates from those authors).
‘Macroeconomic Implications of Immigration Flows in 2025 and 2026: January 2026 update’, Wendy Edelberg, Stan Veuger, and Tara Watson, Brookings Institution, January 13, 2026. Uses the latest available data to assess the potential macroeconomic effects of clamping down on immigration.
‘G.O.P. Congressman: We Need to Wake Up After Minneapolis’, Mike Lawler, Guest Essay, New York Times, January 27, 2026. A powerful essay. Is anyone listening?
