economics

Techno-Industrials start with the challenge they want to solve, and use every tool at their disposal, including some at the cutting edge and even some that they have to create themselves, to solve that challenge.

Success in investing comes not from being right but from being wrong less often than everyone else.

Right now, there are two important policy changes that have come out in 2025. The first is DOGE aimed at eliminating waste, fraud and abuse in the government. The second is tariffs aimed at making global trade more fair

Which matters more?

The chart today looks at each in terms of their size relative to the GDP of the US. The scales are different to

The growth rate has to be less than the discount rate for the equation to work, but an even tighter constraint is that the growth rate used has to be lower than the nominal growth rate of the economy, since no asset can have cash flows growing faster than that rate forever.

Electricity becoming a “willing servant”—introducing washing machines, vacuum cleaners, and refrigerators—freed up hours of household labor in a way that let female workforce participation rise.

As the scholar Mary Gallagher has observed, Beijing has fanned the flames by using social campaigns such as “common prosperity”—a concept Chinese leader Mao Zedong first proposed in 1953 and that Xi revived at a party meeting in 2021—to spur local industrial development. These planning directives and campaigns put enormous pressure on local party

The grandiosity of the scheme is reminiscent of another failed European megaproject, Desertec. The intuition behind Desertec was to generate PV energy in the Sahara Desert and transport it to Europe. Desertec was set up by a network of politicians, scientists, and economists which itself was founded by the Club of Rome, of all organizations. It was

Global current account balances widened by a sizable 0.6 percentage points of world GDP in 2024. When adjusted to account for the volatility around the pandemic and Russia’s war in Ukraine, the widening is a notable reversal of the narrowing since the global financial crisis and may signal a significant structural shift.

In addition, the US greatly restricts the supply of physicians by requiring that they undertake at least eight years of expensive post-secondary education and then an additional three to seven years of training in residency; in Europe, a medical degree can be obtained in six years. Furthermore, because of these stringent, perhaps overzealous,