Euphoria can blind us to what follows. Keynes presciently made that point a century ago. His insight is worthy of consideration today as bullish
The Economic Consequences of the Peace
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The Cruelest Month?
September is the worst month for equities. And after a powerful bull market, investors might understandably be concerned. But this September
The Stagflation Threat Is Real
There is a growing consensus that the US economy’s inflationary pressures and growth challenges are attributable largely to temporary supply
Mind the Mind Gap
Technological innovation alone does not boost productivity. Only when technology is widely adopted does it lift living standards. That’s
Unambiguous Ambiguity
Chairman Powell pulled off an impressive feat on Friday. He signaled the Fed’s willingness to taper without unleashing a tantrum. The secret:
The US and China Are Not Destined for War
As more commentators warn of a coming military conflict between the United States and China, it is easy to believe that war is inevitable.
Biden’s Cruel Summer
Might Afghanistan derail President Biden’s domestic policy agenda? Foreign policy setbacks sometimes do—and sometimes don’t. Much depends
COVID and the Conservative Economic Crack-up
Free-market advocates have been unable to stem the erosion of intellectual and public confidence in their arguments. Two prominent economists,
Fly Fishing for the Fed
The Fed faces difficult decisions. The incoming data suggest tapering is imminent. But risks are also on the rise.
Guns and Taxes
In America, guns and taxes are unavoidable. If we are to address the true cost of guns, it is time to tax them.
Why Nation-Building Failed in Afghanistan
The US never built back Afghanistan better. The exit was doomed from the beginning.
The Dog Days of Summer
The dog days of summer are here. But when the ‘big dog’–aka the Fed–arrives, the heat may shift to the markets.
Why Teach History?
If we only share what is noble and good from the past, we can be sure that our understandings will be simplistic, inaccurate and leave us
Time for the Fed to Act
The Fed cannot indefinitely deny links between money and inflation. The time to change course has arrived.
When Politics and Economics Clash
China’s leadership is asserting itself. When politics and economics clash, politics often wins—to the detriment of economics and investing.
Whiplash
Beneath the calm exterior of markets, rotation and counter-rotation are befuddling asset managers. That’s not likely to change.
Continuity or Change?
As Angela Merkel leaves office, Europe faces change. Or perhaps not. Either way, difficult decisions await.
Blame Game
Central banks are not infallible. But they are not chiefly responsible for rising inequality.
Are Economists in Love with Tough Love?
Vigorous economic competition certainly has a place in today’s world. But economists may currently be overly reliant on this default approach,
Time to Relax Global Travel Restrictions
Given the unprecedented nature of the COVID-19 pandemic and its effects on labor markets, there is a spirited debate over whether the US economy
Fault Lines
The tremors of pandemic, climate change and populism betray the existence of deep fault lines in capitalism’s coexistence with democracy
Is the US Economy Running Out of Slack?
Given the unprecedented nature of the COVID-19 pandemic and its effects on labor markets, there is a spirited debate over whether the US economy
Pitchforks into Plowshares
Pitchforks are the symbol of popular unrest. Plowshares the biblical allusion to peace and prosperity. Technology companies would be wise
Dismal Economics
Although neoclassical economics relies on assumptions that should have been discarded long ago, it remains the mainstream orthodoxy. Three