China’s faltering growth reflects waning confidence in the country’s governing elite.
Why Is China Stalling Out?
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Economics
America’s Steel Madness
Economic common sense is too often sacrificed for political expediency. Steel may be the next such case.
The Economic State of the Union
As President Biden prepares to deliver his State of the Union address, it is an opportune time to consider what the economic data says about
What Is the Fed Thinking?
The US Federal Reserve has clearly signaled that it is in no hurry to align its policy interest rate with the presumed value of the neutral
Credit Bidenomics for Rising US Wages
After five decades of widening inequality and stagnant pay, low- and middle-income workers in the United States experienced a significant
The Next Inflationary Surge
Negative supply shocks are likely to become more frequent, leading to greater inflation volatility. But monetary policy cannot address adverse
2024 Elections: The Trump “Dummy” Factor
The Trump effect is well-known, but not for what the conventional wisdom believes — the data suggest that Trump consistently hurts his and
Davos and the Perils of Prediction
Why is it that a gathering of the world’s wealthiest and most powerful people tends to produce such an inability to predict the future?
A Progressive Green Growth Narrative
Although many countries have the means to direct new investment toward decarbonization and other socially and environmentally beneficial outcomes,
It’s (More Than) the Economy, Stupid!
Lower inflation and low unemployment, alone, may not ensure Biden’s reelection. Voter economic angst runs deeper and broader than simple
Confronting Our Four Biggest Economic Challenges
Economics has the tools to address climate change, inequality, development and globalization. But it must use them more wisely.
How Fiscal is the Fed?
Central bank independence is considered essential for the effective conduct of monetary policy. But has that independence been compromised
Clarifying America’s Great Inequality Debate
Inequality has become more pronounced in recent decades. It is a function of a dysfunctional economy. Recognition is the first step toward
The Biggest Threats to Global Economic Stability
While the sovereign-debt crisis that is currently unfolding across the developing world may not have the immediate global impact of the 2008-09
Private Jets, Climate and Taxes
In a world beset by inequality, private jets represent the tip of the spear. It is time to do something about it.
The Inflation Challenge in 2024
The latest consumer price data in major advanced economies offer some encouraging news about headline inflation trends; but core inflation
Whither Interest Rates?
Absent recurring aggregate supply and demand shocks, or a global private sector investment boom, lower interest rates are here to stay.
Higher Interest Rates Are Here to Stay
The long-standing economic consensus that interest rates would remain low indefinitely, making debt cost-free, is no longer tenable. Even
Will High Interest Rates Trigger a Debt Disaster?
Big government deficits and rising debt-to-GDP ratios are triggering calls for fiscal austerity. But many fiscal hawks ignore the role that
Is Industrial Policy Like Vitamin C or Penicillin?
Industrial policy is being resurrected worldwide, despite a mixed legacy. Yet the prevalence of market failure suggests that improving economic
The Two-State, Two-Economy Solution
Finding a two-state, economically viable solution amid the ‘archipelago’ that is Palestinian territory will be a major challenge.
Reasons to Give Thanks
Later this week, US families join together for Thanksgiving. Many will return to loved ones with heavy hearts, burdened by the unending news
Rebuilding Trust in Expertise
Supporters of populist parties often resent experts who believe their specialized knowledge entitles them to make major policy decisions.
A Victory Lap for the Transitory Inflation Team
More than two years after economists divided into opposing camps over the nature of the post-pandemic inflation, we now know which side was