The great macroeconomist Robert Lucas once uttered a memorable quote about the mystery of economic development: Is there some action a government of India could take that would lead the Indian economy to grow [more rapidly]. If so, what, exactly?…The consequences for human welfare involved in questions like these are simply staggering: Once one starts to think about them, …

  Earlier this week, I commended Snapchat for bucking Silicon Valley convention and going public at a relatively young age, while other high-profile startups such as Uber do everything possible to avoid IPOs. After seeing parent company Snap Inc.’s financials and its strategy, I have changed my mind. Snapchat would have been better off staying in the lush forest of …

  Jean-Claude Trichet, the European Central Bank’s former president, used to argue that one of the euro’s greatest achievements was driving government borrowing costs down to match those of Germany, the region’s benchmark borrower. In recent weeks, however, fissures have emerged that reflect investor concern about the political and economic outlook for at least three of the common currency’s members. …