Never has economics possessed more powerful analytical tools. Yet it has rarely faced a world changing so rapidly. Artificial intelligence is reshaping technological competition while concentrating economic power in a handful of firms. Climate change has moved from an environmental concern to a defining economic constraint. Geopolitical rivalry increasingly shapes trade, investment, industrial policy, and technological development. Global supply chains, once celebrated as sym

The Rise of “Resilience” in Economic Discourse It is now commonplace to hear policymakers and markets praise the "resilience" of supply chains, of financial systems, of growth trajectories, and of investor sentiment. In its popularized form, resilience suggests strength, adaptability, and an underlying systemic vitality. What does it mean for an economy to be resilient? The global economy has shown surprising robustness amid geopolitical shocks recently. Yet, it also warns o

The U.S. economy contracted in the first quarter of the year. It shrank by 0.3% on an annualized basis. At first glance, this datum...