The post-1945 international order is not perfect, not least because it remains dominated by its leaders and architects: Europe and, especially,
The Rule of Law Under Fire
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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
The Pillars of Green Wisdom
We must not allow the ongoing war in Ukraine and the fighting in Gaza to distract us from collective efforts to reduce our greenhouse-gas
What we Hope for in 2024
In 2024, we have three hopes for a better world.
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.
AI’s Copyright Problem Is Fixable
Contrary to what leading tech companies claim, it is entirely possible to ensure that generative AI models respect copyright and compensate
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
Fulfilling the Promise of Medicare
Medicare is a program so good that it is worth improving. But powerful vested interests stand in the way of a system that could provide better
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
The Legacy of Henry Kissinger
Kissinger left a complex legacy, highlighted by strategic brilliance and tarnished by deep flaws. In his life’s work and actions reside
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
If Europe Could Do It, So Can the Middle East
A two-state solution must be bold, creative and inclusive. That does not make it impossible.
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
Why Mainstream Economics Got Inflation Wrong
Leading economists’ misdiagnosis of inflation in 2021-22 was the latest episode in a long-running series of failures, from not foreseeing
A Teaching Moment
Complexity is common. The better we understand its sources, the better we can address its challenges.
An Industrial Strategy for Europe
Europe may need to follow the US and China in the deployment of an industrial strategy. It has the tools to do so.
Certain Uncertainty in the US Bond Market
As inflation recedes bond yields are apt to fall.
The Fed’s Done: What Next?
The Fed’s tightening cycle is done. Now comes the recession, for which Wall Street, Main Street and Pennsylvania Avenue are ill prepared.
Should Fiscal Policy Resemble Private Budgets?
Governments are not like individuals or companies. They have far greater borrowing capacity. But limits exist. It is time to think about them.
Does Anyone Care About Deficits?
In recent months, US bond yields have jumped. Surging government deficits are partly to blame. Will politicians respond?