Kenneth Rogoff: The Debt Supercycle Comes to China

with Diane Coyle, Raghuram G. Rajan, Anne O. Krueger, and more The Sunday Newsletter [View this message in a web browser]( [PS on Sunday]( AUGUST 20, 2023 This week at [Project Syndicate]( Kenneth Rogoff argues that China’s economic slowdown can be best explained by the debt supercycle, not secular stagnation; Jason Furman examines the drivers of falling US inflation; Diane Coyle considers how policymakers can ensure that artificial intelligence delivers on its promise for society; and more. Economics & Finance [The Debt Supercycle Comes to China]( [Kenneth Rogoff]( argues that the theory seems to offer the best explanation for the Chinese economy’s current slowdown. Economics & Finance [Why Is US Inflation Falling?]( [Jason Furman]( challenges the view that recent price and employment trends defy standard economic models. [PS. Subscribe to PS Digital now.]( Innovation & Technology [Unlocking AI’s Potential for Everyone]( [Diane Coyle]( identifies policies to ensure that the technology generates productivity, rather than more market concentration. Economics & Finance [Simplifying a Complicated Global Economy]( [Mohamed A. El-Erian]( thinks much will depend ultimately on the US Federal Reserve’s performance over the next six months. [PS Longer Reads: How to Kill Chinese Dynamism]( [How to Kill Chinese Dynamism]( [Yasheng Huang]( thinks many have underestimated the key role that Hong Kong previously played in the country's growth story. Politics & World Affairs [America’s “New” China Narrative]( [James K. Galbraith]( thinks the current US conventional wisdom misses the point and is being driven by ulterior motives. Economics & Finance [The Populist Advantage]( [Raghuram G. Rajan]( explains why so many previously discredited economic policies have become easier to sell to the public. [Will Donald Trump’s Indictments Have Economic Consequences?]( [George Soros]( [Lawrence H. Summers]( [Laura D. Tyson]( and more assess the economic stakes of the criminal cases against the former US president. Politics & World Affairs [From Trade War to Subsidy War]( [Anne O. Krueger]( warns that the administration’s current strategy could spark a vicious cycle of protectionist retaliation. Economics & Finance [The Real Cost of De-Dollarization]( [Benn Steil]( urges American policymakers and legislators to refrain from weaponizing the greenback. [PS Say More: Keun Lee on AI, Chinese growth, innovation systems, and more]( [Keun Lee on AI, Chinese growth, innovation systems, and more]( [Keun Lee]( considers what artificial intelligence requires of governments, highlights the risk inequality poses to China’s development, and more. Culture & Society [Pareto and the Roots of Politics]( [Alberto Mingardi]( marks the centenary of the polymath’s death by recounting his insights into political behavior. Economics & Finance [Why Industrial Policy Fails]( [Michael R. Strain]( highlights real-world factors that will always frustrate government-led efforts to reshape the economy. [Economists Reconsider Industrial Policy]( From the Archive [Economists Reconsider Industrial Policy]( [Dani Rodrik]( [Réka Juhász]( and [Nathan Lane]( review key findings of a new generation of research that overturns much of the conventional wisdom. [PS. Register now for our upcoming virtual event, Africa’s Climate Agenda.]( Project Syndicate publishes and provides, on a not-for-profit basis, original commentary by the world's leading thinkers to more than 500 media outlets in over 150 countries. Receipt of this newsletter does not guarantee rights to re-publish any of its content. This newsletter is a service of [project-syndicate.org](. © Project Syndicate, all rights reserved. [Unsubscribe from this list](