Our thinking about productivity is cockeyed, according to a new economic report. We’re ignoring the real productivity problem: surging costs for health care, housing and education. We need to understand this argument, because it just might be correct. Unless you’ve been vacationing on Mars, you know that productivity is the catchword for economic efficiency — and also that we’re …

  Simply holding still shows backbone when other Polish institutions are under siege. By sticking with its longest policy pause in almost two decades, the National Bank of Poland is winning over the biggest doubters of the country’s course after the Law & Justice party’s sweep into power last year. S&P Global Ratings, which in January handed the sovereign its …

Congress has voted to change the way new prescription drugs are approved, in a way that could endanger patients. The deal now under consideration contains a sweetener for lawmakers who might be wary of such a change (Democrats, that is): substantially increased funding for medical research. It’s very effective politics, but not necessarily good policy. The bill in question would …