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Paul Milgrom, Nobel Prize-winning economist and Stanford University professor.

Why Your Phone Signal Won a Nobel Prize

A Nobel prize winner describes how his team ran a $19.8 billion spectrum auction and why changing a market's rules changes what people do.

Issue 3
Google's data centre on the Columbia River at The Dalles, Oregon, May 2015

Who Pays for Intelligence?

The electricity use hidden behind every seemingly weightless AI query traces back to the data centres that carry the cost.

Issue 2
A queue forms at a cash machine for 100-rupee notes in Howrah, West Bengal, India, 8 November 2016, the day the 500- and 1,000-rupee notes ceased to be legal tender.

Cash Refuses to Die

Pakistan handles hundreds of millions of digital payments a quarter yet still runs on cash, and the article says going cashless risks privacy and leaves some people out.

Issue 3
Mark Carney speaks in Ottawa, Canada, 22 August

“Axe the Tax”

Explains why Canadian voters rejected a carbon tax that returned most households more money than it cost them.

Issue 2
The United Nations General Assembly hall, seen empty between sessions, New York

The Lottery You Cannot Leave

Argues that rich countries owe the world's poor justice, because the trade and finance rules that decide a child's chances from birth were written without them.

Issue 2
The Mae Moh Power Plant in Lampang, Thailand, a major coal-fired power station operated by the Electricity Generating Authority of Thailand.

Power the Future

Thailand will miss its 2037 renewable energy target unless it pays for battery storage and improves its metering and bidding systems.

Issue 3
Mosquito nets are distributed as part of an aid package at Kibati camp in the Democratic Republic of the Congo.

What You Owe When It Costs You Nothing

A philosopher says the question to ask is whether your life would get worse if you gave away some surplus, and applies it to effective altruism and net zero.

Issue 3
Black Monday, 1987. The Dow falls 22.6% in a single day, partly driven by automated trading

Conditional Fragility

Looks at what happens when AI trading programs for oil, wheat, and other goods act alike during a crisis, and whether the usual safety rules target the problem.

Issue 2
A dilution refrigerator used for quantum computing research at Oak Ridge National Laboratory.

The Quantum Gamble

Looks at the quantum computing boom and finds that firms with working hardware are a fair risk, while firms that only sell a promise are a bet on a story.

Issue 3
Chancellor Rachel Reeves delivers the Autumn Budget, House of Commons, London, 30 October 2024, confirming that VAT would apply to private school fees from January.

Some Are More Equal: For VAT on Schools

Twenty months in, VAT on private school fees is bringing in close to the £1.5 billion a year expected, and enrolment has fallen only a little.

Issue 3
The Pliva Waterfall in Jajce, Bosnia and Herzegovina, with the town’s medieval fortress overlooking the falls at sunset.

The Woman Who Wasted My Time

An eight-hour bus ride beside a 78-year-old stranger who marvelled at every sunset leads a writer to argue that optimising your time can leave you under-lived.

Issue 3
The Tribute in Light memorial shining above Lower Manhattan, New York, September 2014

What We “Shouldn't” Love

A philosopher on why patriotism feels good but falls apart once you try to defend it logically.

Issue 2
Donald Trump surrounded by Secret Service agents after an assassination attempt at a campaign rally

Make America Great ‘Again’

Trump's second term is the latest turn of a recurring cycle in American politics that goes back to Hofstadter's writing on paranoid, anti-elite movements.

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The Awash River near Asaita in Ethiopia, where irrigation supports agriculture in the country’s dry lowlands, 2015.

The Land Is Not the Problem

Africa has over sixty per cent of the world's unused farmland, and the article says what it lacks is infrastructure and patient investment.

Issue 3
The Exxon Mobil oil refinery on the Mississippi River in Baton Rouge, Louisiana

When Votes Don't Matter

An Icelandic economist ties the stalled rollout of a constitution backed by two-thirds of voters fourteen years ago to the resource curse playing out inside a wealthy democracy.

Issue 2
Front Street in Hamilton, Bermuda, a major commercial district in the territory’s capital.

Bermuda’s $59 Million Worker

An economist explains how multinationals move profits to places like Bermuda, and says they are productive but increase inequality.

Issue 3
Electronic shelf labels in a supermarket. Prices that once had to be printed can now change by the minute

The End of the Sticker Price

Big data and algorithmic pricing have worn away the privacy that once kept consumers from paying exactly what they were willing to.

Issue 2
The headquarters of ZEW - Leibniz Centre for European Economic Research in Mannheim, Germany.

The Weighing Problem

A German economist says politicians and economists argue less about the numbers than about whose gains matter more than whose losses.

Issue 3
Passengers using their smartphones aboard a New York City subway train, December 9, 2022

Your Attention, Spent

A philosopher who builds mathematical models of human behaviour maps the attention economy through three character types.

Issue 2
A densely packed residential neighborhood in Cairo, Egypt

What States and Deeds Can’t Do

An Egyptian political economist explains how Middle Eastern states can be both authoritarian and weak, and why formal property titles won't fix it.

Issue 2
George Town, Grand Cayman, the Cayman Islands, one of the jurisdictions most closely associated with corporate tax avoidance and financial secrecy.

Follow the Money

A researcher of tax havens explains how multinationals avoid tax and says following the money shows who holds power.

Issue 3
Franklin D. Roosevelt and Winston Churchill seated together during the Atlantic Conference in August 1941

Can Philosophy Explain Politics?

Tests Bertrand Russell's claim that ties Hitler, Churchill and Roosevelt to Enlightenment philosophers, weighing how much of it is actually true.

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The Paris Agreement is adopted at COP21, Le Bourget, 12 December 2015

Unenforced, not Unsolvable

Thirty years of climate treaties have produced agreement without compliance, because international law has no way to force a country to follow through.

Issue 2
The Swiss National Bank headquarters on Bundesplatz in Bern, Switzerland, 2024

A Country-less Currency, and a Country Drowning in Its Currency

Why the dollar prices trade between other countries, and how demand for the Swiss franc left Switzerland's central bank holding one of the world's largest balance sheets.

Issue 2
Commuters using their phones

Your Attention, Priced

Human attention has quietly become a raw material bought and sold at scale, with costs landing even on services marketed as free.

Issue 2
Visitors browse the San Ángel art market in Mexico City, where local artists gather to sell their work.

The Evolution of Right and Wrong

A game theorist explains how morality can evolve, with universalist morals favoured where people meet once and particularist morals where they meet again and again.

Issue 3
A Ukrainian military drone pilot attaches an explosive to an FPV drone at the front line near Bakhmut, 24 October 2023

‘I need ammunition, not a ride.'

Covers the four factors behind Ukraine's resistance, arguing that leadership and the ability to adapt in the field mattered more than firepower alone.

Issue 2
Bananas for sale, the everyday commodity at the centre of the interview's central example.

The Banana Myth

A political economist uses the story of EU banana rules, which companies and member states pushed for, to show who writes EU law.

Issue 3
The front entrance of Potterspury Lodge School in Northamptonshire, England, 2004.

Levelling Down: Against VAT on Schools

Argues that VAT on private school fees raises less than advertised and shrinks the market for schooling, and that fairness should come from improving state schools.

Issue 3
Six-axis FANUC industrial welding robots on a production line – the earlier wave of automation Prettner contrasts with AI

What AI Doesn't Destroy

AI is wiping out some job tasks and leaving others alone, and the ones left standing are becoming more valuable.

Issue 2
Le Lever (1865), an oil painting depicting a mother and child by William-Adolphe Bouguereau

The Kindest Lies

Compares deontology and utilitarianism with care ethics and argues the latter does a better job explaining why white lies aren't always wrong.

Issue 2
Daniel Kahneman, whose work with Amos Tversky on judgement under uncertainty underlies the piece's argument.

Blind Spot

A positive result on a test that catches 99% of cases still leaves only a 16.7% chance you are ill, and the article asks why people get this wrong.

Issue 3
Defendants in the dock at the International Military Tribunal, Nuremberg, Germany, 1946

Bent by Hand

History bends toward justice only when people push it there, and the article asks who has been doing the pushing.

Issue 2
The opening of the Estates General at Versailles, France, in 1789.

The Tax Collector on Horseback

A historian explains how war and the Church built European tax bureaucracies, and why who collects a tax affects whether people pay.

Issue 3
Fragmented blocks crossed by a sharp dark line

The ‘Three-Day’ Special Military Operation

Russia's expectation of a quick fall of Kyiv fell apart under its own overconfidence and flawed planning, made worse by a military still built for an earlier kind of war.

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A financial grid disrupted by a vivid blue disc and white rule

Beyond the Bottom Line

Draws on the collapses of Enron and Carillion, both highly profitable on the surface until they weren't, to show how profit figures can be manipulated in ways cash flow can't.

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Martin Luther King Jr. waves to a large crowd gathered during the Civil Rights Movement

A Nation Divided

The Civil Rights Movement completed American democracy while also breaking apart the exclusionary bargain that had kept it stable, leading directly to today's polarisation.

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The urban campus of Universidad de los Andes in Bogotá, Colombia, 2019.

Two Passions, One Question

A Colombian economist who once played football applies economics to pressure in sport and advises people to do work they enjoy.

Issue 3
A BP petrol (or fuel) station in the United Kingdom.

The Shock That Cannot Spread

This year's oil price spike will squeeze household budgets and is unlikely to start a second wave of inflation.

Issue 3
Adam Smith, famous for The Wealth of Nations and its elucidation of the invisible hand and the division of labour.

Ethics Is Like Breathing

An economics professor with 45 years of teaching says economics cannot be free of values, because choosing a policy goal is an ethical decision.

Issue 3
The International Monetary Fund headquarters, Washington, D.C.

The Price of Capital

Developing countries already have green technology, and the article says their problem is the high cost of borrowing, which development banks could lower.

Issue 3
Theodoros Skylakakis, former Minister of Environment and Energy of Greece, during an interview with Business Focus

Universal Capital, Not Income

A Greek MP argues basic income won't be enough once AI displaces labour, proposing housing, dividend-paying capital, and a personal AI agent for everyone instead.

Issue 2
Two contrasting geometric city plans in navy and blue

A Tale of Two Scottish Cities

Uses Edinburgh's boom and Aberdeen's long-term unemployment, just 92 miles apart, as a case study in how growth clusters around a handful of cities.

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The Faculty of Basic Sciences building at Boğaziçi University, Istanbul – Elgin's institution

Economic Models Can’t Vote

What an economic model tells a government to do and what that government can get away with before an election are often two different things.

Issue 2
Layered geometric forms in navy, blue, and white

Resource-Rich?

Looks at Asian mining countries and finds they actually do better on quality of life than non-mining ones, suggesting what matters is who controls extraction.

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The Maronite cathedral and the Sunni mosque standing side by side in downtown Beirut

Built to Fail

Lebanon's power-sharing system, designed to stop any one sect from dominating, has made the country nearly impossible to govern or reform.

Issue 2
Narva Castle in Estonia and Ivangorod Fortress in Russia face each other across the Narva River along the Estonia-Russia border, 2023.

The Battle Nobody Declares

A scholar in Estonia explains how Russia spreads disinformation in the Baltic states and what separates information war from hybrid and cognitive warfare.

Issue 3
A field of points interrupted by a vivid blue bar

The Climate Crisis Isn't a Science Problem. It's a Political One.

Decades-old scientific agreement on climate change has been held back by a lack of political will, and the piece looks at why.

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Delegates at an ASEAN-Korea CEO Summit, showing the kind of cooperation platforms like AKIGTP aims to create

From Oil Rigs to Climate Tech

An engineer who once built offshore drilling rigs now runs a platform that connects Korean and Southeast Asian green-tech firms, and explains why the partnership works.

Issue 2
A white sheet suspended between fields of navy and pale gray

An Eye for an Eye?

Defends capital punishment for the worst crimes, as long as it is carried out under strict legal limits.

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Overlapping symbols and paper strips suggesting networked conversation

#SocialChange

Phones have changed centuries-old student activism, speeding its reach from campus petitions to protests that can topple governments in weeks.

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