From Scotland, where Adam Smith pioneered systematic thinking about economics, comes an adjective, ‘carnaptious,’ that fits people who are allergic to economic euphoria. It means cantankerous. Let’s think carnaptiously about this fact: The interest rate on 10-year Treasury bonds recently rose briefly to 3 percent, and soon may move above this. This is more than evidence of the economy’s strength. ...

The UK has bowed to public concern over illicit money flowing through offshore tax havens. Territories such as the British Virgin Islands will have to publish open registers of company ownership by 2020. It’s a welcome step, considering the UK’s historical hands-off approach, but transparency must be followed by accountability to produce long-lasting change. First, the good news: an open ...

Wayfair Inc.’s latest earnings results show just how much of a disruptor it’s been in the home-furnishings industry. The company reported that its retail net revenue was $1.4 billion, a 48 percent increase over a year earlier. It notched 11.8 million active customers in the quarter, a 33 percent increase over last year. It is a veritable market-share-grabbing machine, and ...