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Their Faintest Hour

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With Boris Johnson’s improbable ascendance as Britain’s new prime minister, the absurdity of British politics in the age of Brexit has plumbed new depths. In this special double issue of On Point, Edoardo Campanella seeks to uncover the deeper forces behind Johnson’s rise, and Nicholas Reed Langen anticipates the consequences of his victory.

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  1. furman5_Getty Images Yuichiro Chino_forecasting Getty Images Yuichiro Chino

    Why Did Almost Nobody See Inflation Coming?

    Jason Furman

    Forecasting inflation is a staple of macroeconomic modeling, yet virtually all economists’ predictions for the United States in 2021 were way off the mark. This dismal performance reflected a collective failure to take economic models seriously enough, as well as other analytical shortcomings.

    ascribes near-universal forecasting errors in 2021 to not taking economic models seriously enough.
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  2. kschwab25_Marcos del MazoLightRocket via Getty Images_climateprotest Marcos del Mazo/LightRocket via Getty Images

    Envisioning Governance 4.0

    Klaus Schwab

    When the COVID-19 pandemic ends, the world will need a new governance model that differs from its predecessors in several fundamental respects. In particular, while finance, economics, and business remain vitally important, they must serve society and nature – not the other way around.

    argues that tackling today’s global challenges will require a transformation of institutions and leadership.
    1

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