The Economist

The minimum wage: does it hurt workers?

Duncan Wilden

While standard economic theory predicts that minimum wage hikes cause unemployment, a paradigm shift initiated by Card and Kruger's 1992 study revealed that employer monopsony power often allows wages to rise without significant job losses. This empirical evidence has driven global policy adoption and created a complex patchwork of local regulations, as seen in conflicting Seattle studies regarding hours versus earnings. Currently, President Joe Biden's proposed federal $15 wage floor represents an unprecedented national experiment that economists await to resolve whether the scale of this increase poses a risk to employment or serves as a necessary economic lift.

Covid-19 vaccines: what information can you trust?

Ed Carr, Natasha Loder

Regulatory bodies and bioethicists are navigating complex challenges including the deployment of single-dose Johnson & Johnson vaccines, the strategic extension of mRNA dosing intervals to boost population immunity, and the ethical implications of mandatory vaccination or vaccine passports. While media outlets must carefully distinguish between chance adverse events and vaccine causation, experts emphasize that the rapid adaptability of mRNA platforms provides a robust foundation for updating shots against future viral mutations. Ultimately, governments favoring pragmatic public health measures over legal mandates are balancing rising hospitalization rates with the risk of fueling vaccine hesitancy among the public.

GameStop: what it reveals about the US stockmarket

Alice Fullwood, Henry Kerr

In early 2021, a coordinated surge by millions of retail investors on the Reddit forum WallStreetBets drove GameStop's stock price to over $450, triggering a historic short squeeze that forced institutional short sellers to absorb massive losses. The volatility caused significant market disruption, including trading restrictions by platforms like Robinhood and intense regulatory scrutiny regarding liquidity management and retail investor protection. While analysts view the event as an isolated phenomenon rather than a broad bubble, it permanently altered market dynamics by highlighting the growing influence of social media-fueled retail trading against traditional Wall Street institutions.

Joe Biden's top 7 domestic priorities

Joe Biden, Jon Fasman, Charlotte Howard

President Biden launched a $1.9 trillion economic relief package targeting pandemic response, job recovery, and childhood poverty while simultaneously pursuing net-zero emissions goals through executive actions and agency-wide initiatives. The administration advanced legislative proposals for undocumented immigrant pathways and systemic racism reforms, though analysts warn these efforts face significant congressional hurdles alongside debates on Big Tech regulation. Ultimately, the administration's strategy prioritizes competent, incremental governance over political grandstanding to navigate deep partisan divides and stabilize the nation's economy and social structures.

Covid-19: what will it take to vaccinate the world?

Edward Carr

The global vaccination effort faces severe logistical hurdles and a sharp disparity where wealthy nations have hoarded doses while developing countries rely on candidates like AstraZeneca or the transparency-questioned Chinese and Russian alternatives. To counter this inequity, the COVAX facility aims to secure access for lower-income regions, drawing immediate support from the US after President Biden's inauguration to join 190 participating economies. Experts warn that shifting distribution models to prioritize global need over national self-interest is essential to saving millions of lives and preserving future international cooperation on systemic crises.

Cindy McCain: what next for the Republican Party?

Cindy McCain, Joe Biden, John McCain, Donald Trump

Cindy McCain, the widow of Senator John McCain, asserts that the Republican Party has strayed from its historic values of inclusion and predicts a potential fracture due to current high partisanship and the January 6th insurrection. She contrasts the recent violence with the successful democratic transition under President Joe Biden, whom she praises for prioritizing bipartisanship and immediate crisis management regarding the coronavirus pandemic. Ultimately, McCain envisions a new era of cooperation where the law-abiding majority within the party helps restore the United States' global standing as a beacon of hope and democratic stability.

How Biden can be a global leader

Biden, Donald Trump, John Prideaux

The Biden administration seeks to restore America's diminished global standing by rejoining international bodies like the WHO and Paris Climate Accord while reversing the isolationist "America First" policies of the Trump era. Facing a fragile domestic political landscape with slim congressional majorities, President Biden aims to stabilize diplomatic relations through predictable multilateralism, including a planned global democracy summit and strategic continuity in containing China. Ultimately, the administration recognizes that healing domestic division and successfully navigating congressional hurdles are prerequisites for proving US democratic resilience and rebuilding trust with allies.

How can business survive climate change?

Lisa McKellie, Dan Petroski, Rich Sorkin, Gavin Schmidt, Chidiote Obihara, Nicolette Bartlett, Christopher Vanden Riche, Guy Scriven

Corporate leaders face escalating physical risks and mandatory litigation as climate change drives trillion-dollar asset threats while regulators shift from voluntary to enforced emissions reductions. Major enterprises like Microsoft, Amazon, and Ørsted are responding with accelerated decarbonization strategies and supply chain transparency to secure market value and avoid financial obsolescence. Experts warn that failing to adopt green technologies and disclose carbon footprints now will result in stranded assets and catastrophic economic loss as the window for effective adaptation rapidly closes.

Inflation: could covid-19 cause prices to rise?

Simon Cox

This analysis examines the collapse of the traditional Phillips curve relationship, which previously predicted that low unemployment would drive inflation, a dynamic that failed to materialize during the 2010s despite record-low joblessness. Various theories now compete to explain this anomaly, including anchored inflation expectations, globalization, and wage rigidity, while central banks have simultaneously shifted to unprecedented fiscal-monetary cooperation to address economic stagnation. Consequently, recent pandemic-era policies featuring massive government stimulus and near-zero interest rates aim to finally breach the persistent low-inflation trap and restore stable price growth.

Bill Gates: How to fund the green revolution

Bill Gates, Zanny Minton Beddoes

Bill Gates outlines the necessity of achieving net-zero emissions through massive technological innovation to solve hard-to-abate industrial sectors like steel and aviation, rather than relying solely on behavioral change. He argues that a $2 trillion global investment strategy must prioritize public R&D funding and venture capital to eliminate the green premium, with the United States serving as the essential exemplar and primary buyer to drive down costs. While carbon taxes remain politically elusive, the path forward requires governments and corporations to shift from symbolic actions to substantive financing of real decarbonization technologies alongside historical emission reductions.

Misty Copeland: why ballet has so few black dancers

Misty Copeland

Misty Copeland, the first Black female principal dancer at the American Ballet Theatre, leverages her historic breakthrough and advocacy for arts education to challenge systemic discrimination and narrow aesthetic standards in classical ballet. Drawing from personal experiences with colorism and her research into predecessors like Raven Wilkinson, she critiques the industry's reliance on blackface and typecasting while urging a shift toward viewing technique as transcending race. Copeland further contextualizes her career milestones as irreversible progress comparable to the Obama presidency, emphasizing how such visibility fundamentally expands the perceived future for marginalized young artists.

The World in 2021: five stories to watch out for

Maria, Tom Standage

The event outlines a convergence of critical global shifts, including a widespread deterioration of democratic institutions in 80 nations alongside accelerating electric vehicle production and China's emergence as the world's largest cinema market by 2021. Concurrently, major economies like the US, EU, and China are preparing for the COP26 summit to enforce stricter emissions targets, while NASA advances planetary defense capabilities with the DART asteroid-mission launch. These developments collectively highlight a pivotal year defined by geopolitical constraints, industrial electrification, and evolving scientific strategies for space and climate security.

What is history's deadliest pandemic?

A comprehensive analysis reveals malaria's profound historical role in shaping human migration, the transatlantic slave trade, and the geopolitical outcomes of World War II through its influence on genetics, economies, and military campaigns. While global infection rates have declined due to advanced treatments and targeted strategies like Senegal's genomic surveillance, the legacy of DDT usage remains linked to the origins of the modern environmental movement. Current eradication efforts face significant hurdles as researchers repurpose genomic tools for new pathogens while struggling to secure the estimated $2.7 billion in annual funding required to eliminate the disease by mid-century.

How to restore trust in politics

Shirley Islam, Matthew Taylor, Emma Hogan

Matthew Taylor and participants like Shirley Islam advocate for citizens' assemblies as a deliberative alternative to adversarial representative democracy, aiming to restore public trust through random selection and expert-guided consensus building. Data from the OECD and case studies in Ireland and Scotland demonstrate that governments implementing these recommendations see high rates of policy adoption, often transforming contentious issues like abortion and drug reform into actionable legislation. Despite initial political reluctance to cede control over outcomes, proponents argue that these assemblies provide voters with continuous agency between elections and signal a global shift toward more inclusive governance models.

Life after Trump: what’s the future of the Republican Party?

Trump, Joe Biden, Idris Kahloun, James Astle

Despite his 2020 election loss, Donald Trump maintains dominant control over the Republican Party, compelling former critics like Lindsey Graham and Marco Rubio to align with his populist platform to avoid electoral backlash. This entrenched loyalty, reinforced by base support for the 2020 election fraud narrative, has created a fragmented media ecosystem and left Trump with minimal internal opposition as he contemplates a 2024 run. Analysts warn that the party's future trajectory remains volatile, with the strength of Trump's personal appeal serving as the decisive factor in either cementing a populist era or allowing for a potential succession.