The counterintuitive economics of smoking
How cigarette manufacturers profit from quitters
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How cigarette manufacturers profit from quitters
Donald Trump raises the pressure—but he may have to go further
It promises a level playing field. So have past technologies
Maybe they are becoming tradwives. Or maybe there is a more straightforward explanation
Can anything bring it down?
A model that has lifted millions out of poverty is threatened by rising defaults
A postcard from one of America’s youngest towns
Their latest earnings do not represent unalloyed good news
A thought experiment on the nearest thing to a safe asset
Our Money Talks podcast team is recruiting an experienced producer to help launch a video spin-off
Donald Trump threatens an extra 100% levy as rare-earth minerals prompt a fresh spat
How to survive on the border of war
The prime minister wants a $10trn economy by 2047. He should be bolder
Forget debt. Here is something to villainise
Six months on from “Liberation Day”, things look surprisingly rosy
Closed borders will make the country smaller, poorer and less innovative
A pair of bankruptcies highlight the risks
How other countries hope to challenge America
Despite fears of a reckoning, its fundamentals look solid
In an age of artificial intelligence, the human kind is increasingly important
The good times have firmly come to an end, but wage growth remains strong
Without funding, the country will be left vulnerable
The Federal Reserve prepares to cut interest rates in tricky circumstances
The rest of the world is willing to be “ripped off”
But would the country’s leaders really want stablecoins to succeed?
Bet on stocks in a prediction market run by a sports-betting firm and a futures exchange
Just consider what happens if inflation starts to rise again
We invite applications for our Marjorie Deane scheme
The Shanghai composite is defying gravity
There is little precedent: no Fed governor has been dismissed for cause before
The president’s threats loomed over this year’s Jackson Hole conference
Politicians, particularly in Europe, are in a terrible bind
And China is gaining in the process
To understand markets, forget Occam’s razor
Beware the data-centre takeover
We update our entrenchment measure
In Asia, East Africa and the Gulf leaders now face an unpleasant choice
The borrowers, including Harvard, Princeton and Yale, benefit from a “prestige premium”
A recent study suggests a new paradigm for asset pricing
Even once-fecund states are having fewer children
Six charts show the damage to America, its trading partners and its consumers
Oil and terrorism are not the country’s only exports
Private equity is enjoying a renaissance in an unlikely place
A deal with America chooses certain tariffs over risky retaliation
Foreign companies are sharing the load. For now
Hegemons should care about even puny countries
A fierce battle is under way in China
America’s cooling labour market is bad news for those who move about