Adam Michel

  For half a century, advanced economies systematically lowered taxes on savings and investment to raise productivity and wages. Concerns about the growth of artificial intelligence may be unwinding that consensus among some pundits and policymakers. For example, a widely read Wall Street Journal column argues that the answer to AI fears is to tax […]

  Over the past decade, the economic gap between the United States and the European Union has widened. What was once a slow divergence has accelerated since the pandemic, as growth, productivity and investment increasingly favor the U.S. This gap is more than a statistical curiosity; it reflects a deepening divide in policy orientation and […]

  The decision by the administration of United States President Donald Trump to formally withdraw the U.S. from the Organisation for Economic Co-operation and Development’s (OECD) global tax agreement marks a turning point in international tax coordination. The move, however, is not a surprise. Congressional Republicans and President Trump have never supported the OECD’s Inclusive Framework. […]

  Following Mario Draghi’s report on “The Future of European Competitiveness,” the European Union has become more attentive to the challenges posed by the lagging productivity growth that stems from declining innovation. The primary thrust of the report is to establish a new, Brussels-centered industrial policy that includes substantial subsidy programs, policy harmonization and tariffs designed to […]

  In the post-pandemic era, governments around the world are again struggling with high debt loads and persistent annual deficits in a kind of twisted homage to the post-2008 fiscal crises. As history stumbles toward repeating itself, the period following the global financial crisis can be instructive for policymakers grappling with new budgetary realities. Responding […]