Inflation targeting – the view that whenever price growth exceeds the target level, interest rates should be raised – is being put to the test by soaring global energy and food prices. It will inevitably fail, at great cost to those countries that maintain it, because imported inflation can be reduced only at the price of a sharp economic slowdown and high unemployment. New York – The World’s cent
Striving to revive the global economy while simultaneously responding to the global climate crisis has raised a knotty question: are statistics giving us the right “signals” about what to do? The big question concerns whether GDP provides a good measure of living standards. NEW YORK – Striving to revive the world economy while simultaneously responding to the global climate crisis has raised a kno
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