Friday, September 4, 2015
  1. The Foundations of Greece’s Failed Economy

    Edmund S. Phelps

    The Foundations of Greece’s Failed Economy


     blames the country's crisis on policies that reflect dysfunctional values and beliefs.

    greece flag Kostas Pikoulas/ZumaPress

    Too many politicians and economists blame austerity for the collapse of the Greek economy. But the data show neither marked austerity by historical standards nor government cutbacks severe enough to explain the huge job losses; instead, they show economic ills rooted in the values and beliefs of Greek society. READ MORE

  2. A False Alarm About China

    Shang-Jin Wei

    A False Alarm About China


     deflates fears that recent volatility in the Chinese stock market presages an economic collapse.

    china stock market crash Zhengyi Xie/ZumaPress

    The volatility in Chinese equity prices in recent months has more to do with the peculiarities of the country's stock markets than with underlying economic fundamentals. As long as China continues to pursue pro-market reforms, its economy will thrive in the long term. READ MORE

  3. Inflation, the Fed, and the Big Picture

    Carmen Reinhart

    Inflation, the Fed, and the Big Picture


     argues that the real threat nowadays, especially in the advanced economies, is declining prices.

    balloons Tolga Akmen/ZumaPress

    Inflation was the theme of this year’s international conference of central bankers in Jackson Hole, Wyoming. But, while policymakers are right to prepare for future risks to price stability, they did not place these concerns in the context of recent inflation developments at the global level – or within historical perspective. READ MORE

  4. Puerto Rico in Crisis

    Anne Krueger

    Puerto Rico in Crisis


     says that the US and the island's government both bear responsibility for the deepening crisis.

    Puerto Rico flag Arnold Drapkin/ZumaPress

    Unlike Greece, Puerto Rico is not a country, which means that it is ineligible for multilateral financing; but nor is it a US state. This arrangement, though advantageous in some respects, also implies serious obstacles to the restoration of growth that the island so desperately needs. READ MORE

  5. Democratizing the Eurozone

    Yanis Varoufakis

    Democratizing the Eurozone


     asks why European policymakers are less accountable than their Chinese counterparts.

    ECB headquarters Frankfurt Luo Huanhuan/ZumaPress

    Political systems prove their worth by how quickly they put an end to their officials’ serial, mutually reinforcing, policy mistakes. Judged by this standard, the eurozone, comprising 19 well-established democracies, lags behind the largest non-democratic economy in the world. READ MORE

Focal Point

319 pages
319 pages

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