The discipline of economics is not what it used to be. Over the last few decades, economists have begun a revolutionary reorientation in how we look at the world, and this has major implications for politics, policy, and our everyday lives. For years, conventional economists told us an incomplete story that leaned on the comfortable precision of mathematical abstraction and ignored the complexity of the real world with all of its uncertainties, unknowns, and ongoing evolution.What ...

From Nobel Prize–winning economist Jean Tirole, a bold new agenda for the role of economics in societyWhen Jean Tirole won the 2014 Nobel Prize in Economics, he suddenly found himself being stopped in the street by complete strangers and asked to comment on issues of the day, no matter how distant from his own areas of research. His transformation from academic economist to public intellectual prompted him to reflect further on the role economists and their discipl...

Hayek Book Prize FinalistAn Economist Best Book of the YearA Foreign Affairs Best Book of the YearFrom one of the world’s leading economists and his coauthors, a cutting-edge analysis of what drives economic growth and a blueprint for prosperity under capitalism.Crisis seems to follow crisis. Inequality is rising, growth is stagnant, the environment is suffering, and the COVID-19 pandemic has exposed every cr...

What Globalization Now Means for Your BusinessExecutives can no longer base their strategies on the assumption that globalization will continue to advance steadily. But how should they respond to the growing pressures against globalization? And what can businesses do to control their destinies in these times of uncertainty?In The New Global Road Map, Pankaj Ghemawat separates fact from fiction by giving readers a better understanding of the key tre...

New Tools for Succeeding GloballyWhy do so many global strategies fail--despite companies' powerful brands and other border-crossing advantages? Because a one-size-fits-all strategy no longer stands a chance.When firms believe in the illusions of a "flat" world and the death of distance, they charge across borders as if the globe were one seamless marketplace. But cross-border differences are larger than we assume. Most economic activity--including trade, r...

For half a century the US has sat at the center of the global economic system, and Western-style capitalism has dominated. Now, it's no secret that the center of gravity is shifting. The advanced economies that in 2000 consumed 75% of the world's output will, by 2050, consume just 32%. Meanwhile, the emerging economies of the world--Brazil, India, China, and others--will surge forward.As these fast-growing, low-income economies mature, will they adopt the practices of the old guard...

"Disequilibrium" is an essay at the intersection of economics, geopolitics, and political and environmental science: it connects the dots between various academic disciplines and does a great job at simplifying the increasing complexity of today's world. It contends that in the foreseeable future, our world will be lurching from one global crisis to the next as it becomes much more susceptible to shocks and surprises than just a few years ago. Consequently, we will all have the impression ...

Do we have the rights to optimism? Can capitalism deliver a next great wave of growth? The future, wrote William Gibson, is already here. It just isn't evenly distributed yet. Lucid and polemical, Turnaround Challenge is a dig into that future and its meaning for business. It dissects the nexus of social, economic, environmental and governance crises confronting us, and a series of colliding megatrends with the potential to reshape opportunities for growth. Three...

This report was prepared byGareth Davies and Christian Romig, John McShane and John Perkins, AFRY Management Consulting andZHAO Yongqiang, LIU Jian and HAN Xue, Energy Research Institute of National Reform and Development CommissionLEGAL DISCLAIMERThe information and views set out in this report are those of the author(s) and do not necessarily reflect the official opinion of the European Union, or ECECP. Neither the European Union nor ECECP...

Evolving Economics is an equally broad historical study of the emergence of neoliberal capitalism in the 20th century; it explores the crises of capitalism and culminates with a 100-year vision of the economy of a more sustainable, egalitarian, and libertarian civilization, one compatible with transformative possibilities glimpsed in Revolutions in Physics.

Balancing climate change mitigation and increased energy needs in developing countries poses a serious dilemma that can only be reconciled with new and improved clean energy technologies. Factors, such as relatively low levels of research, development and deployment (RD&D) funding and significant barriers to advancement, must be overcome to accelerate innovation in the energy sector. The paper examines four case studies that provide lessons that can strengthen the development of new technolog...

Political risk now affects more markets and countries than ever before and that risk will continue to rise. But traditional methods of managing political risk are no longer legitimate or effective.In Tectonic Politics, Nigel Gould-Davies explores the complex, shifting landscape of political risk and how to navigate it. He analyses trends in each form of political risk: the power to destroy, seize, regulate, and tax. He shows how each of these forms reflects a deeper transfo...