Keynes for our times
Robert Skidelsky Artificial intelligence has a penchant for pronouncements that are clear, confident…and often wrong. More than a passing technical flaw, this speaks to the difficulty we all—including AI’s human architects—face in dealing with uncertainty. John Maynard Keynes, in contrast, understood that the future is essentially unknowable, and it is “better to be vaguely right than […]
External Sector Dynamics and Firms’ Competitiveness in Greece
International Monetary Fund. European Dept. Greece’s external sector has undergone significant transformation over the past decades. Pre-crisis imbalances—including large fiscal deficits, household overinvestment, and elevated labor costs—have largely been corrected. Nevertheless, the current account deficit remains sizable, reflecting persistent challenges such as subdued private saving, low value added in exporting sectors, and high external debt. […]
Claudia Sham: Inflation is High. Is it Broad?
Fed Chair Kevin Warsh recently argued for alternative ways of looking at inflation, such as trimmed means or medians, which, in his words, capture the “underlying inflation rate” and “not … the one-time change in prices because of a change in geopolitics or a change in beef.” Before evaluating his claims, it is useful to […]