The latest consumer price data in major advanced economies offer some encouraging news about headline inflation trends; but core inflation
The Inflation Challenge in 2024
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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
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
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.
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.
World of Warfare
The post-1945 Pax Americana appears more vulnerable than ever before, and its main rivals are eager to exploit its apparent weaknesses in
What Can COP28 Achieve?
‘There are few mysteries left about how to mitigate climate change. The main challenge is whether the right policies can be put in place.’
The Spiral of Violence that Led to Hamas
In the eyes of many outside observers, the cause of Palestinian autonomy and statehood has now been tainted by the gruesome murders and abductions
How Finance Became the Problem
Over time, finance has evolved from playing a crucial but merely intermediary role in the economy, to becoming the driving force behind most
We Need to Talk About Bank Supervision
With the debate over bank capital requirements heating up again, all those involved should pause to reflect on the root causes of this year’s
Action on Planet and People Depends on Growth
Mobilizing the investment needed to complete the net-zero transition will require broad public backing and participation. Given that people
This Cold War Is Different
Contrary to how it may appear to many, not least in the US, the new cold war seems to be based not on the old logic of polarization, but on
Imagining a Keynesian Revival
Arguments between free market orthodoxy and intervention obscure the need for powerful economic leadership.
The Populist Advantage
“Disenchantment with free markets, liberalization and globalization has opened the door to populist, simplistic ’solutions’. They
AI and the Productivity Imperative
As it stands, the global economic outlook for the next decade appears grim. But a broad-based surge in productivity – fueled by the targeted
Protecting the World’s Forests Means Protecting Indigenous Rights
Indigenous peoples have proven to be the best protectors of our world’s natural resources. But their lands and traditional ways of life
America’s Higher-Education Financing Challenge
The Biden administration’s plan to expand income-driven repayment options for student loans is a step in the right direction. But to
Finding Growth in a Fractured World
The Chinese economy’s current travails illustrate the growth challenges facing many other countries around the world. By re-engineering
Winning the Fight for Women’s Land Rights
Gender inequality has prevented female agricultural workers in numerous countries from owning and inheriting the land that they cultivate.
India and the Global Balance of Power
Great power politics now include India. But will India tip the balance?
Has Putin Lost Russia?
Vladimir Putin’s greatest nightmare has come true, with Russia having been brought to the brink of civil war. Even if a massacre of the
America’s Mythical Fiscal Conservatives
The United States’ debt-to-GDP ratio, which improved during the inflationary spike of 2021-22, is expected to increase as inflation cools
Russia’s New Rasputin
The chief of the feared Wagner Group, Yevgeny Prigozhin, has been attacking Russia’s top military brass and warning that ordinary Russians,