It worked in the 1990s: The US economy continued to grow strongly for several years even after it showed signs of capacity constraints and low unemployment. The question is whether that can happen again, or whether this cycle is destined to end in a bout of inflation that prompts the Federal Reserve to raise rates and end the party. The ...

There’s a flaw in the forecast for an ever-rising Asia: a vast gap in the financial system. Big slices of the population don’t have a bank account. It’s hard to see the region reaching its full potential, let alone surpassing the US as an economic superpower, until this bridge is crossed. An economy without broad use of banks cannot grow ...

Spare a thought for Mario Draghi, if you can. The European Central Bank (ECB) president never tires of telling politicians about the urgent need to complete the euro zone’s half-finished monetary union. His logic is sound about this being the best way to fight future crises. Yet after a year in which the region’s leaders failed to do even the ...