Despite the benefits of forward-guidance, it still turned out to be a false precision.
Purchasing power parity makes the difference for China.
Even though Britain is experiencing economic decline, the U.S. isn't all that far behind.
Many things people were concerned about 100 years ago, still hold relevance today.
China's GDP manufacturing share has actually been falling for 15 years.
A visual for state manufacturing GDP comparisons in the U.S.
Poland had the fastest immigration growth between 2019 and 2024.
Freedom to choose work hours is starting to become an option for blue collar workers. There are other aspects of greater work flexibility as well.
Adam Tooze describes the extent to which global dollar usage has changed.
Who captures the benefits, rewards, and returns of AI?
There's more than meets the eye in comparing deindustrialisation between the U.S. and the EU.
A visual for states which are considered the most dangerous in the U.S.
There's a good reason why many people in the U.S. avoid ambulance rides whenever possible.
Financial repression is a "quiet tax" that is more harmful than many realize.
Both the left and right have largely abandoned free market thought.
A Taliban ban on smartphones could make life even more difficult for citizens in Afghanistan.
Those FOMC minutes provided more information than expected.
Which countries are considered to be the most powerful?
Witchcraft as the dark side of kinship. Who knew there was an economic rationale or component to witchcraft accusations? Consider how this matters for the present. The authors understandably argue for societal institutions to protect citizens, in part so families might remain more considerate of their own.
What really accounts for "greedflation"?
Some believe the blockade of the Strait of Hormuz could be more effective. Nevertheless, companies and countries alike are becoming more inclined to simply bypass the waterway.
"The most common use of AI is to find information."
Our world changed, once people started seeing its many aspects in a single context.
Alas, Warsh showed a level of certainty to Congress that was not at all warranted.
There's no single model for the workplace ten percent that is left after automation. It's important to distinguish tasks from jobs, as a place to start.
Greg Mankiw recommends Liaquat Ahamed's new book 1873.
Plenty of America's top private companies by revenue are food, grocery, and beverage related.
"The brain in lonely mode doesn't add darkness. It subtracts light."
Does he really think he's going to achieve inflation goals by redefining inflation?
Once societies start to envision progress as zero-sum games, real progress becomes progressively more difficult to achieve and maintain. Borrowing Joel Mokyr's terms, for years I'd hoped for "Northian" growth gains via the skills coordination of time arbitrage, and "Shumpeterian" growth opportunities via local resource realignment for housing and building construction.
Corporate tax planning can sometimes make economic data look like a "hall of mirrors". Ireland as an example.
International tourists have changed their travel preferences considerably in the last six years.
A visual for countries with high government debt loads.
The biggest problem for data center energy use, is high levels of concentration in specific areas.
Kevin Erdmann notes a useful addition to measuring home ownership from the Minneapolis Fed, which is another way to track how many individuals own their homes.
Florida and Texas have gained the most people from abroad.
"When you're running out of fiscal space, the last thing you need is war."
Slowly but surely, we are using fewer words in spoken conversation.
How do China's manufacturing gains compare to other countries?
With some exceptions, tariffs have failed to provide real manufacturing gains.
Mini cities as more spontaneous and meaningful forms of education at a young age.
Quality of life perceptions: The U.S. isn't positioned as well as some might expect.
A nominal path is becoming more important than ever. But who is really paying attention?
Will those off-grid data centers be able to work as advertised?
New apartment housing is being built in Texas, despite lingering restrictions.
A visual for countries by income groupings.
Price stability from the Fed? "You cannot miss a target you have not specified." And, Warsh actually criticized the work the Fed had done in the last five years, even as many of those participants were still in the room! Here's an apt line from Fed governor Chris Waller, "Sternly staring at inflation until it melts before our withering gaze is not an option". Alas, Warsh assures everyone that PCE inflation remains the proper Fed yardstick...oh wait maybe not really. It concerns me that Warsh is also willing to use monetarist reasoning, not because of any apparent belief in nominal stability, but as one of various foils to destroy confidence in normal Fed policy methods. In other words, anything it takes to ensure he doesn't properly deal with inflation so long as Trump remains in office. Despite the fact Fed credibility will likely have to suffer the consequences.
How long does it take to become a U.S. citizen? It's complicated.
Paul Krugman provides further background on the FOMC meeting, and like others, reminds us that Warsh would likely be problematic in the event of an economic crisis. Plus, Warsh's new "no framework" strategy is not a tenable position.
Even though there's plenty of advice not to keep scrolling online before bedtime, I often find myself at the computer anyway. At the very least, what's better than worrying about the state of the world? Nature videos with music are a good option. Here's one I particularly enjoyed.
