Original editorial articles and explainers.
An economy can grow while many households feel financially insecure. Aggregate growth measures total production, not how gains are distributed or how costs change.If housing, education or healthcare…
Energy prices affect almost every industry because electricity and fuel are inputs into transportation, manufacturing, agriculture and services. A change in energy costs can therefore move through an…
Saving is the act of postponing consumption; investment uses resources to create future productive capacity. Economies need both. Households save for emergencies and retirement, while firms invest in…
Wealth is not distributed solely by market forces. Laws determine property rights, taxation, inheritance, corporate governance and access to public goods. These institutions influence how assets are accumulated…
Automation can replace some tasks while creating demand for others. The effect depends on whether machines substitute for workers, complement them or create entirely new activities.Historical experience suggests…
Financial crises can begin with a narrow problem but spread through interconnected balance sheets. Banks lend to businesses, investors hold securities, households depend on credit and governments rely…
Tariffs are taxes on imported goods. They can protect particular industries, encourage domestic production or provide leverage in negotiations, but they also raise costs for importers and can…
Entrepreneurs organize capital, labor and ideas under uncertainty. New firms can introduce products, challenge established companies and create employment, but most experiments do not succeed.Access to finance, legal…
Inflation is usually discussed as a rise in the general price level, but its effects extend into contracts, wages, savings and expectations. A period of higher inflation can…
Housing affordability depends on more than mortgage rates. Land availability, zoning, construction costs, household incomes, transportation and local demand all influence the price of shelter.When supply grows slowly…