The great Austrian economist Joseph Schumpeter argued that you could spot a fundamental economic transition by the arrival of new types of goods, new production methods, and new forms of industrial organization. The spread of cheap drones, phones, and solar checks all of these boxes.

Mark Blyth told the A Book with Legs podcast that inflation reflects broad economic shifts driven by modern forces beyond rising prices, as discussed in his new book Inflation: A Guide for Users and Losers.

Despite the Trump administration’s systematic erosion of America’s capacity to create wealth over the long term, bond markets and investors seem to have fallen asleep at the wheel. But their complacency is not the result of ignorance; it is a highly profitable – and extremely risky – choice.