Edward Hadas is a former economics editor at Reuters Breakingviews and also worked at the Financial Times as assistant editor of the Lex column. Before becoming a journalist, he worked for 23 years as an equity analyst in Europe and the United States. He has written a book, "Human Good, Economic Evils: A Moral Approach to the Dismal Science" (ISI Books, 2007), and is a visiting senior fellow in the School of Management and Social Sciences at St. Mary's University, London. Edward has degrees from Columbia University, Wadham College, Oxford and the State University of New York at Binghamton.
For the economy, the 2020 presidential poll is a choice between Joe Biden’s detailed but implausible plans and Donald Trump’s faulty logic. Both largely ignore the obvious big challenges of post-pandemic economic recovery and industrial policy. At least they agree on deficits.
Paul Milgrom and Robert Wilson won the prize for advancing bidding theory. Their fans see rigour and the backbone of Google’s pricing. But sceptics wonder if their formal models are any more effective than rules of thumb in radio spectrum sales or bring long-term social gains.
Fears of returning Covid-19 and revelations like Nikola’s non-driving trucks have restrained investors a bit. But the financial world’s careening exuberance will keep going long after the economy stops benefitting from massive support. Higher asset prices mean bigger risks.