From Great Moderation to Great Stagflation

For decades, relative global stability, sound economic-policy management, and the steady expansion of trade to and from emerging markets combined to keep costs down. But now all these conditions have been overturned, and the world is settling into a dangerous and destabilizing new regime.

Rate Hikes Are Not the Right Answer to “Wage-Price Persistence”

Inflation is not primarily demand-driven, so why destroy demand to deliver lower inflation?

Russia’s Looming Defeat in Ukraine

Contrary to popular perception, Russia is losing on the battlefield and in economics.

The Productivity Paradox

Short-term productivity growth is likely to come in weak, but the real problem is that American workers’ productivity gains have been suffering for a decade.

Short-term productivity growth is likely to come in weak, but the real problem is that American workers’ productivity gains have been suffering for a decade.

Contrary to popular perception, Russia is losing on the battlefield and in economics.

Inflation is not primarily demand-driven, so why destroy demand to deliver lower inflation?

For decades, relative global stability, sound economic-policy management, and the steady expansion of trade to and from emerging markets combined to keep costs down. But now all these conditions have been overturned, and the world is settling into a dangerous and destabilizing new regime.

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