Attention to the Unseen

Ezra Klein writes: In April, Brian Deese, the director of Biden’s National Economic Council, gave an important speech on the need for “a modern American industrial strategy.” This was a salvo in a debate most Americans would probably be puzzled to know Democrats are having. Industrial strategy is the idea that a country should chart a path to productive capacity beyond what the market would, on its own, support. It is the belief that there should be some politics in…

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Willy Staley writes: In 1981, Malcolm Forbes, the eccentric and fabulously wealthy magazine publisher, came to his editors with a request: Could they pull together a special issue about the 400 richest Americans? The idea was inspired by Caroline Schermerhorn Astor, the doyenne of Gilded Age New York, who regularly hosted the city’s high society in her Fifth Avenue ballroom, which was said to fit about 400 people. It’s quite possible Forbes saw something of himself in Astor. This was…

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Eric Levitz writes: There’s a story that progressives like to tell about Larry Summers. The doyen of Establishment economics is dining out with a populist politician. The two have made it through the meal with minimal awkwardness — their ideological tensions eased by booze and food — when Summers leans back in his chair and offers his left-wing foil a hard-won insight. There are two kinds of political actors in this world: insiders and outsiders. Outsiders are free to speak…

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Christopher Leonard writes: Thomas Hoenig doesn’t look like a rebel. He is a conservative man, soft-spoken, now happily retired at the age of 75. He acts like someone who has spent the vast majority of his career, as he has, working at one of the stuffiest and powerful institutions in America: the Federal Reserve Bank. Hoenig has all the fiery disposition that one might expect from a central banker, which is to say none at all. He unspools sentences methodically,…

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The Independent reports: All of Boris Johnson’s new post-Brexit trade deals put together will have an economic benefit of just £3 to £7 per person over the next 15 years, according to the government’s own figures. The tiny economic boost – amounting to just 0.01 to 0.02 per cent of GDP, and less than 50p per person a year – is dwarfed by the economic hit from leaving the EU, which the government estimates at 4 per cent of GDP…

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Amanda Mull writes: Lately, news stories about the supply chain tend to start in similar ways. The reader is dropped into an American container port, maybe in Long Beach, California, or Savannah, Georgia, full to bursting with trailer-size steel boxes loaded with toilet paper and exercise bikes and future Christmas presents. Some of the containers have gone untouched for weeks or months, waiting for their contents to be trucked to distribution centers. On the horizon, dozens of additional vessels are…

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The Washington Post reports: The number of people quitting their jobs has surged to record highs, pushed by a combination of factors that include Americans sensing ample opportunity and better pay elsewhere. Some 4.3 million people quit jobs in August — about 2.9 percent of the workforce, according to new data released Tuesday from the Labor Department. Those numbers are up from the previous record set in April, of about 4 million people quitting, reflecting how the pandemic has continued…

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The Wall Street Journal reports: Global supply-chain bottlenecks are feeding on one another, with shortages of components and surging prices of critical raw materials squeezing manufacturers around the world. The supply shocks are already showing signs of choking off the recovery in some regions. Part of the problem is a global economy that is out of sync on the pandemic, restrictions and recovery. Factories and retailers in Western economies that have largely emerged from lockdowns are eager for finished products,…

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