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No one had more cumulative influence on the macroeconomic policy makers of the last generation than Stanley Fischer. Central Bank governors Ben Bernanke, Mario Draghi and Kazuo Ueda were his students, as were many others like me, who served in other capacities. We all were shaped

My latest ⁦Financial Review⁩ column. We need to avoid adverse selection in the carbon credit market. Or it could unravel altogether. afr.com/policy/energy-…

'While some of the less positive consequences [of technology] were unintentional, I still feel responsibility,' Jony Ive, the designer behind many of Apple’s best-known products including the iPhone, tells the FT. on.ft.com/3SthOnZ

Whichever faction of the Democratic party opens up the most effective and popular line of attack against Donald Trump will end up winning power within the party. That should be Abundance. noahpinion.blog/p/its-time-for…

The Abundance Agenda for Australia. Let's get building. ministers.treasury.gov.au/ministers/andr… #auspol #ausecon

Australia is a country rich in talent, ambition and opportunity. But when it comes to building the basics – housing, infrastructure, clean energy, research – we’ve made it too hard to deliver. My AFR op-ed: afr.com/policy/economy… #auspol #ausecon

yup.

"However, all of these studies had limitations, including that they were observational and could not prove cause and effect." Limitation is a word. So is "useless". afr.com/life-and-luxur…

Up for pre-order: The Microeconomics of AI (MIT Press) Yes, I know it's pricey. amazon.com/Microeconomics…

a beautiful piece by Lawrence H. Summers on Stan Fischer. piie.com/blogs/realtime…

“We shouldn’t make our cities better” - the progressive urban concept distilled. Utterly worthless political movement

Ted Cruz thinks interest on reserves costs the tax payer $1 trillion. He is quite mistaken. Mostly the Fed buys bonds in exchange for reserves. Both pay interest. So, to a first order, this is a wash. On average though the Fed makes money on this due to term premia, etc.

Oh dear

Oh dear.

Watch David Axelrod's Class Day speech to graduating UChicago students. "Regardless of where you go from here or what you do, your voices, your votes, and your commitment to the life of the world will make the difference...I'm betting on you." youtu.be/yzjHWUOwcok?fe…

Linear Algebra by Terence Tao, UCLA PDF: terrytao.wordpress.com/wp-content/upl… (audio generated by NotebookLM)

Just finished reading Steven Hamilton & Richard Holden excellent book on COVID pandemic. Well written, no hindsight bias. Difficult to reconcile that book with using ‘leadership’ in pandemic response in AC for exPM Morrison unsw.press/books/australi…

RFK Jr., a longtime vaccine skeptic who has trafficked in conspiracy theories, purges all 17 members of an advisory committee on immunization to the CDC as he continues to upend scientific conventions. Apoorva Mandavilli nytimes.com/2025/06/09/hea…

My latest Economics Explained column in Financial Review discusses one of the best know cognitive biases in psychology and economics--the Winner's Curse. afr.com/policy/economy…

Link: abc.net.au/news/2025-06-2…