The announcement of this year’s Nobel Prize laureates is an ideal occasion to appreciate how much we owe to basic science, and how scientists
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Unpacking Emerging Markets
The events of recent years—trade conflict, geopolitical risk and the Covid-19 pandemic—have laid bare that extreme differences exist among
Who’s Afraid of Rules-Based Monetary Policy?
In addition to introducing a massive policy response to the COVID-19 crisis, the US Federal Reserve this year has announced a fundamental
The Time Bomb at the Top of the World
People all over the world are already losing their homes and livelihoods to deadly fires, floods, storms, and other disasters. With scientists
A Billion Here, A Billion There
The United States comprises 4% of the world’s population but consumes over 16% of its energy. It is high time for the United States to once
The Most Contentious Election Ever
Much as we might prefer to see it otherwise, it is quite difficult to see how this ends well.
The Public’s Business
By promoting behavioral norms that balance market and society, “stakeholder capitalism” is supposed to enable private firms to
It’s A Humpy Bumpy World
As 2020 draws to a close, investors are confronted with a binary challenge. How should they proceed?
Economics’ Mental Virus
Considering the economy as machine, the market as automaton, and humans as robots is an ontological mistake, and a very expensive one at that.
The Stock-Market Disconnect
The best explanation for why stock markets remain so bullish despite a massive recession is that major publicly traded companies have not
Herd Immunity Will Not Defeat COVID-19
Although White House officials deny that US President Donald Trump’s administration has adopted herd immunity as a strategy for combating
The UN’s Existential Crisis
Far from bolstering multilateralism, COVID-19 has revealed a world of nation-states locked into a destructive zero-sum contest. The United
The Fog of War
In this time of extreme flux, perhaps the only definitive statement that can be made is that political, policy and economic sources of uncertainty
Joe is not Barack (and that is a good thing)
Cometh the hour, cometh the man. ‘Uncle Joe’, centered and centrist, understanding and unflappable, decent and democratic, civil and civilian
Don’t Mess With Our History
President Trump has announced the creation of a 1776 Federal Commission to promote Patriotic History Education, which will classify any history
Why Quality Matters More Than Quantity
Shifting human behaviors to more sustainable outcomes can be informed by the targets we set for ourselves. Quality, not quantity, is the promise
Don’t Write Off the US Dollar Just Yet
The recent weakening of the US dollar can be explained by near-term market forces rather than any epochal shift.
Fasten Your Seatbelts
Flagging growth, depressed earnings, the risk of rising Covid-19 infection rates and unprecedented US election risk are forces that not even
The Meaning of 200,000 COVID-19 Deaths
Americans’ desensitization to the pandemic’s skyrocketing death toll vindicates Joseph Stalin’s famous observation: “One death is
Taxes and the Markets
Rather than obsess over tax rates, investors should consider more broadly how economic, policy and political factors will shape the market
Head Fake
The S&P 500 is down more than 7% in September, the Dow Jones 6% and the Nasdaq Composite more than 10%, into correction territory.
The Economic Case for Biden
US President Donald Trump has seeded the investment environment with uncertainty, trashed America’s trade relationships, blown up the
Reopening the Peace Factory
Some regard the United Nations as one of the greatest achievements of the so-called liberal international order that was conceived at the
The Times, They Are a-Changin’
Bob Dylan’s lyrics resonate today against a backdrop of social and political unrest unlikely any time seen since he penned them. And even