Bloomberg - 3 Sep 2018
In the long-term, the US will outstrip China because the Middle Kingdom has set itself up for a brutal demographic collapse. Shortly after China overtakes the US economy in size (around 2030), all the legacies of the one-child policy coalesce as the society seriously ages, stalling out China’s expansion. The US will also face demographic challenges, but nothing on the scale of China. India and Indonesia will benefit (reads in 4-5 min).
Published in Weekly selection 8 September 2018
Project Syndicate - 31 Aug 2018
Markets can be a force for good, but are also highly susceptible to abusive practices, including on the part of prominent private-sector individuals. One core problem is that market incentives reward self-interested private behavior, without accounting for social benefits or costs. This is central to current policy debates, including important new US legislation that has just been put forward. According to Johnson, this Accountable Capitalism Act would greatly enhance the legitimacy of capitalism. (reads in 5-6 min).
Published in Weekly selection 2 September 2018
The Atlantic - 31 Jul 2018
A growing body of research helps explain why US productivity is so low, and increases in worker compensation so piddling, even as the stock market is surging and corporate profits are at historical highs. Rather than improving their longer-term competitiveness or investing in their workers, companies are buying back their stock to make their owners richer in the short term (reads in 7-9 min).
Published in Weekly selection 4 August 2018