prices

Hayek, the knowledge problem, and the question no central planner can answer Cambridge. Early 1930s. A Keynesian economist leans across the table and asks Friedrich Hayek a question he clearly considers decisive. “Is it your view that if I went out tomorrow and bought a new overcoat, that would increase unemployment?” Hayek pauses. The question […]

  The conflict in the Middle East and the disruption of shipping through the Strait of Hormuz have sent shockwaves through global gas markets. Before the war, around a fifth of global liquefied natural gas (LNG) trade transited through the strait, largely from Qatar, the world’s second-largest LNG exporter after the United States. The first […]

  When Xi Jinping became president in March 2013, there was widespread optimism across China. At that time, many Chinese economists held a linear viewpoint, believing that the country’s development would progress continuously. However, today, China finds itself trapped in a deflationary cycle. Deflation occurs when weak demand leads to falling prices for goods and services, […]