Beware populist economics
History suggests the political approach ends in unsustainable debt and lower GDP
Related reading
Without tech, where’s the profit growth?
And the public private assets paradox
We must be mindful of the risks of private credit
The sector remains untested in a severe or prolonged economic downturn
Lessons from the 1920s and 30s on tariffs and markets
Investors today might be too complacent about the risks to earnings from slower growth and higher inflation
Price controls make a troubling return to the mainstream
Governments should focus more on boosting supply and productivity
Interest rates are normal, the world is not
Given all this fragility, recessionary or inflationary shocks — or even both together — are conceivable
What economists got wrong in 2025
Forecasts dwelled too much on Donald Trump’s threats and not enough on offsetting factors