Gerald Friedman and Mark Paul

The Economics of Trump's War with Iran

Just how much damage will the war and its aftermath inflict on the global economy?

John Miller May 11, 2026

May/June 2026

There is no one-to-one correlation between what we do and what it means to us or to others. Many of

Zoe Sherman May 11, 2026

Iran’s control of the Strait of Hormuz affects not just oil and fertilizer, but also the many oil- and gas-based inputs essential to everyday goods.

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D&S BLOG

By Gerald Friedman and Mark Paul The writers are respectively Professor of Economics at the University of Massachusetts at Amherst