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    Daniel Gros on DeepSeek, Germany's malaise, EU competitiveness, and more

    Daniel Gros hopes that a Chinese startup's apparent AI breakthrough will provide a much-needed boost to European competitiveness, advises the EU on how to deal with Donald Trump, urges Europe to improve conditions for bottom-up innovation, and more.
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    Why Does DeepSeek Matter?

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    PS editors , Daron Acemoglu , Charles Ferguson , Angela Huyue Zhang , Amar Bhidé

    Chinese tech startup DeepSeek’s release of a high-performance, low-cost artificial-intelligence platform has roiled financial markets and raised fundamental questions about the business models of American AI giants. Will the technology turn out to be a boon for competition in a critical industry, or should it be viewed as a geopolitical shot across the West’s bow?

  3. op_shafik2_ANDREW CABALLERO-REYNOLDSAFP via Getty Images_trumpvance Andrew Caballero-Reynolds/AFP via Getty Images

    World Order in a Time of Monsters

    Minouche Shafik highlights the critical importance of reinvigorating social contracts at the national level.
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    PS Quarterly

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    The Year Ahead 2025 magazine

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    Oligarchy in America

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    PS editors , Daron Acemoglu , J. Bradford DeLong , Joseph E. Stiglitz , Katharina Pistor

    Though Donald Trump attracted more support than ever from working-class voters in the 2024 US presidential election, he has long embraced an agenda that benefits the wealthiest Americans above all. During his second term, however, Trump seems committed not just to serving America’s ultra-rich, but to letting them wield state power themselves.

  6. op_pei3_Hulton-Deutsch CollectionCORBISCorbis via Getty Images_zhouenlai Hulton-Deutsch Collection/Corbis via Getty Images

    The Tragedy of Zhou Enlai

    Minxin Pei reflects on the complicated life and legacy of the renowned diplomat who was Mao Zedong’s dutiful lieutenant.
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    Yi Fuxian on China's decision-making, economic prospects, demographic crisis, and more

    Yi Fuxian warns that China's government and mainstream analysts are still underestimating the severity of the country's demographic crisis, identifies some of the gravest policy mistakes Donald Trump's administration is at risk of making vis-a-vis China, explains why China’s middle class will never be strong enough to bring about a democratic transition, and more.
  8. op_bivens1_JIM WATSONAFP via Getty Images_bidenworkers Jim Watson/AFP via Getty Images

    America’s Workers Are About to Be Forgotten Again

    Josh Bivens & Heidi Shierholz contrast the Biden administration's pro-worker policies with what Donald Trump is likely to do.
  9. op_janeway17_Natalya KosarevichGetty Images_moneyhandslightbulb Natalya Kosarevich/Getty Images

    False Economies

    William H. Janeway highlights the high cost of the single-minded focus on efficiency that has come to dominate the discipline.
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    Can US Institutions Withstand Trump 2.0?

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    Daron Acemoglu , Bruce Ackerman , Aziz Huq , Alison L. LaCroix , Richard K. Sherwin

    While some observers doubt that US President-elect Donald Trump poses a grave threat to US democracy, others are bracing themselves for the destruction of the country’s constitutional order. With Trump’s inauguration just around the corner, we asked PS commentators how vulnerable US institutions really are.

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    Ricardo Hausmann on immigration, climate finance, economic complexity, and more

    Ricardo Hausmann urges the US to issue more H1-B visas, argues that Europe must become a military superpower in its own right, applies the “growth diagnostics” framework to Venezuela, and more.
  12. stiglitz343_ChipSomodevillaGettyImages_trump_goofy Chip Somodevilla/Getty Images

    What Will Trump Do to the US Economy?

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    PS editors, Joseph E. Stiglitz, Kenneth Rogoff, Sylvester Eijffinger, Edin Mujagic, Nouriel Roubini, Simon Johnson

    From cutting taxes to raising tariffs to eroding central-bank independence, US President-elect Donald Trump has made a wide range of economic promises, many of which threaten to blow up the deficit and fuel inflation. But powerful institutional, political, and economic constraints, together with Trump’s capriciousness, have spurred disagreement about how worried we should be.

  13. op_goldin3_Timothy HearsumDesign Pics EditorialUniversal Images Group via Getty Images_USmigrantworker Timothy Hearsum/Design Pics Editorial/Universal Images Group via Getty Images

    The Truth About Migration

    Ian Goldin warns that stricter border controls often exacerbate the very problems they aim to solve.
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    Our AI Near-Future

    Charles Ferguson offers a brief roadmap of how the technology will evolve and be deployed over the next few years.

The world’s diplomatic, political, and economic divisions continue to harden – both between countries and within them. Whereas 2022 and 2023 featured a war of attrition in Ukraine, we have since entered a broader world of attrition, with zero-sum conflicts multiplying across the board.

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