The Phillips Curve is dead; long live the Phillips Curve. One of today’s economic mysteries is: Why is inflation so low? The unemployment rate is a puny 3.8%. The recovery from the 2007-09 Great Recession is nearly a decade old, just when tight labour markets and strong demand usually push up wages and prices. Yet inflation (measured by the consumer ...

The world’s preoccupation with the Carlos Ghosn affair hides in plain sight the pathetic state of Nissan Motor Co.’s business and the value destruction that has continued since his arrest. In a video message, the company’s deposed chairman spent much of his time talking about what’s going on at Nissan rather than addressing the growing pile of allegations against him. ...

More than at any time since the collapse of the Soviet Union in 1991, nuclear war may be something to worry about. At the moment, tensions between India and Pakistan, North Korea’s small arsenal, Iran’s nuclear program, and the US withdrawal from its treaty with Russia on intermediate-range nuclear missiles are all roiling the status quo of global security. But ...