In 1930, John Maynard Keynes was worried, but not about the unpleasantness that had begun the previous year and would linger long enough to become known as the Great Depression. What troubled the British economist was that humanity ‘is solving its economic problem.’ In his essay ‘Economic Possibilities for Our Grandchildren,’ Keynes, seeking to dispel pessimism, predicted that, ‘assuming no ...

Sending investors the bill for a shortfall from India’s new goods and services (GST) tax is a bad idea. Finance minister Arun Jaitley should resist the temptation. A long-term capital gains levy on equity can be problematic in a country perennially short of domestic savings. In a frothy stock market, it’s like crying “fire” in a crowded room. Profits from ...

As Janet Yellen’s tenure comes to an end, it’s worth reflecting on what may be her greatest accomplishment as chair of the Federal Reserve: With calm and dispassionate competence, she kept the central bank at arm’s length from a political system paralyzed by partisan strife. Look at the rest of Washington to see how valuable to the country that distance ...