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The War Economy's Breaking Point

Higher taxes, heavier borrowing and a labour market with no slack left are keeping Russia's war economy going. What the Kremlin sacrifices to keep it going is the real question.

An Uneasy Argument for Digitisation

Digitisation transforms economies but its success ultimately depends on governing institutions. From India's UPI and Estonia's e-government to Britain's digital ID debate and China's surveillance infrastructure, which institutions are strong enough to keep it in check?

Europe's Bond Market Is Sending a Warning

Germany has abandoned the borrowing rules that defined it, and the euro zone is heading for record bond supply just as the ECB stops buying and starts tightening. Yields are climbing accordingly. The question is no longer whether Europe can borrow, but whether what it buys with the money is worth what the money now costs.

The Blood Economy

The US supplies most of the world's blood plasma. Yet its policies raise hard questions about exploitation, dignity, and what happens when payment for plasma is banned.

The Economics behind Catastrophe

Drought on the Danube has forced nuclear plants in Hungary and Romania to cut output. Chernobyl and Fukushima show why the economic damage from a disaster travels far beyond the site, through budgets, supply chains and expectations, and why it lasts.