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The Economists' New Clothes?

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Financial investors like to say that when the tide goes out, one discovers who has been swimming naked. And a decade after the deepest financial crisis in nearly 80 years triggered the Great Recession, journalists, policymakers, and other academics are still pointing fingers at the economics profession.

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    The Economists’ New Clothes?

    Featured in this Big Picture
    1. Mark Cliffe

    Financial investors like to say that when the tide goes out, one discovers who has been swimming naked. And a decade after the deepest financial crisis in nearly 80 years triggered the Great Recession, journalists, policymakers, and other academics are still pointing fingers at the economics profession.

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  2. boris_coup_bp_Getty_Images Victoria Jones - WPA Pool/Getty Images

    A Very Boris Coup

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    1. Nina L. Khrushcheva

    Throwing both caution and democratic norms to the wind, British Prime Minister Boris Johnson has moved to block any parliamentary challenge to his Brexit agenda. Regardless of whether the country suffers a “hard” Brexit, its politics may already have been irreparably damaged.

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  3. GettyImages-1142575814 JOHANNES EISELE/AFP/Getty Images

    Corporations with a Conscience?

    There is much to be said for major US CEOs’ announcement that they will abandon shareholder primacy for a more socially and environmentally conscious corporate-governance model. But, as always, actions will speak louder than words.

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  4. GettyImages-1167022205 Tasos Katopodis/Getty Images

    Trump’s Economy

    With no end in sight for US President Donald Trump’s trade war, market jitters about a possible global recession are increasing. And, having blown up the federal budget deficit and pressured the Federal Reserve to cut interest rates, the next downturn, when it comes, is likely to be long and deep.

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    What Is Inequality?

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    1. Angus Deaton,
    2. Jayati Ghosh,
    3. Ricardo Hausmann,
    4. Harold James,
    5. Mahmoud Mohieldin,
    6. Michael Spence,
    7. Carolina Sánchez-Páramo

    The rubric of inequality contains multitudes, from disparities in material means to those affecting access to opportunities and outcomes both between and within countries. Given that all inequalities were not created equal, the challenge for egalitarians is to decide which ones really matter.

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    Boris’s Turn

    The “Britain Trump” is how the real one ineloquently described Boris Johnson, the United Kingdom’s new prime minister. If the label fits, the country could be poised precariously between disaster and catastrophe.

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    Waiting for Libra

    While other technology companies are encountering headwinds, Facebook continues to grow, suggesting that its recently announced cryptocurrency will enjoy a massive global user base. The only thing standing in the company’s way are financial regulators, assuming they aren't asleep at the wheel.

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    Central-Bank Catch-22

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    1. Benjamin J. Cohen,
    2. Mohamed A. El-Erian

    As economic growth around the world begins to slow, central bankers will have more to worry about than the US president’s fulminations on Twitter. Shoveling the economy out of its next rut could mean digging their own political graves.

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    Why Populism?

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    1. Andrés Velasco

    With the rise in much of the West of forces espousing authoritarian nationalism, explaining the vulnerability of liberal democracy has become a cottage industry. A seemingly simple phenomenon has turned out to be rather complex, demanding a multidisciplinary approach.

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    EU, Onward

    The European Council’s choice of candidates to fill the top European Union jobs has brought temporary relief at a politically fraught moment.

    But the EU’s new leaders face a daunting challenge: persuading the bloc’s member states to work together toward the shared policies that all of them need.

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  11. hong_kong_bp_GettyImages_1153298869 Anthony Kwan/Getty Images

    Occupy Hong Kong

    Another escalation in the standoff between protesters and the Hong Kong government has raised the stakes for both sides. Is a resolution still possible, given the deep roots and far-reaching implications of the confrontation?

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  1. reinhart39_ Sha HantingChina News ServiceVisual China Group via Getty Images_jerome powell Sha Hanting/China News Service/Visual China Group via Getty Images

    Jerome Powell’s Dilemma

    Carmen M. Reinhart & Vincent Reinhart

    There is a reason that the US Federal Reserve chair often has a haunted look. Probably to his deep and never-to-be-expressed frustration, the Fed is setting monetary policy in a way that increases the likelihood that President Donald Trump will be reelected next year.

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    Brexit House of Cards

    Mark Malloch-Brown

    Following British Prime Minister Boris Johnson's suspension of Parliament, and an appeals court ruling declaring that act unlawful, the United Kingdom finds itself in a state of political frenzy. With rational decision-making having become all but impossible, any new political agreement that emerges is likely to be both temporary and deeply flawed.

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