China, US Should Transcend Economic Fears

What Washington and Beijing need today is not fear about their real or perceived vulnerabilities, but confidence about their respective strengths and joint opportunities. In his inaugural address of 1933, Franklin D. Roosevelt famously said that, “the only thing we have to fear is fear itself”. Those words provide guidance to the upcoming summit between […]

What Ever Happened to the Misery Index?

Remember the 1960s? The 1970s? Back then, inflation surged from one peak to another but failed to deliver the low unemployment rates promised by the Phillips curve. In fit of frustration, economist Arthur Okun invented what he called the misery index—the sum of the inflation and unemployment rates. As the following chart shows, those were […]

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