What software is best and economical for mixing and editing a podcast?

There are many audio editing software options available so this question is a little difficult to answer. A lot of it comes down to personal preference. Audacity and Garage Band are free and they are good enough for most podcasters basic needs. Hindenburg Journalist is a great option which was designed for spoken word editing. Reaper is a great Digital Audio Workstation as well and is very customizable. Adobe Audition is also popular.