ARTICLES

Oil is stealing every headline and housing wants to tag along. Inflation is a suspiciously round number. It probably belongs to an equally suspicious character rounded by the weight of all 516 pages in the Harmonized Index of Consumer Prices Manual. But where does he, or the people that have made him up, actually spend? Representative agents are a tool and a fiction – they look well in models and are helpful for conclusions. Human thought is often simplifying and finds its

Artificial intelligence is no longer a promise for the future, it is already inevitably transforming business, work methods, and investment opportunities. One of the most pertinent questions now is not whether AI matters, but who is paying for the race to develop it, and what will happen when the bill comes due. For all the talk about AI transforming the economy, one figure captures the scale of the bet: $410 billion. That is roughly how much Amazon, Alphabet, Meta, and Micro

For decades, Europe treated defence as a secondary budget priority. That assumption has collapsed. Russia’s invasion of Ukraine, rising geopolitical uncertainty and doubts about the long-term reliability of American protection have pushed European governments to rearm at a speed not seen in years. The security logic is obvious. The economic one is less clear. Can higher defence spending make Europe safer while also making its economy stronger? The answer is yes — but only if