The euro was always a big gamble, a grand experiment. Historical efforts at monetary union have sometimes collapsed, and sometimes they have survived multiple crises.
Capitalism may be close to exhausting its potential to create a better life – at least in the world’s rich countries.
The boom in popular economics comes at a time when the general public seems to have lost faith in professional economists.
Instead of constantly trying to boost spending and potentially creating problems for the future, a more sustainable way to improve job growth is to facilitate the “re-skilling” of the unemployed, especially those who were in construction-related jobs.
As in many countries, conflicts over public morality and national strategy come down to questions of money.
The popular explanation for lack of action in Russia and Ukraine is that their governments view IDUs as criminals, rather than people with a disease, and adopt an informal let-them-rot policy.
Except in totalitarian regimes, a country’s elite depends on a degree of popular acceptance, which is mostly derived from the belief that the elite is broadly “fair” in its dealings.
Because only the government can create the investment-grade financial assets that are in short supply in a depression, it is the government’s task to do so.
If policies can create corruption, it is equally true that the cost of corruption will vary with the specific policies.
The consequences of replacing vigilance with indifference regarding polio are too risky in today’s world.
Netanyahu's strategy of defense in depth stands a better chance of success than Abbas’s pursuit of statehood through international recognition.
We now know that some of these market emperors had no clothes, and that their activities, far from benign, could result in severe financial instability and generate serious losses for taxpayers, not to mention precipitating a global recession.
What we are seeing is agreement across the aisle on a very dangerous approach to public finance: a continuation and extension of what President George H.W. Bush memorably called “voodoo economics.”
The curbs were imposed not because the industry was exploitative, but because it offered an alternative to political patronage.
But pessimism about the potential of human-genome research to yield medical breakthroughs has arisen from unrealistic expectations.
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