In this report, we explore innovation as the engine of economic prosperity and argue that the greatest strength we possess is our ability to induce and embrace change, from the integration of new technologies to new peoples and cultures. Indeed, if we hope to remain an ongoing, vital player in...

The most important theoretical developments in economics of the past 20 years undermine the notion that substantial benefits are to be had from policies aimed at smoothing what has come to be known as the “business cycle.” These fine-tuning policies, moreover, may prove costly if their price...

The annual report essay discusses the measurement system used to track U.S. economic activity, and why it is not yet up to the task of effectively measuring aspects of economic activity that contribute the most to long-term economic growth. For historical reasons, our measuring system has...