James K. Galbraith: Mainstream Economics' Medieval Inflation Medicine

with Emmanuel Macron, Richard Haass, Ana Palacio, Ian Bremmer, and more The Sunday Newsletter [View this message in a web browser]( [PS on Sunday]( DECEMBER 31, 2023 This week at [Project Syndicate]( Emmanuel Macron considers what it a just green transition demands; Nina L. Khrushcheva urges Ukraine’s Western backers to take a more realistic approach to the war; Yi Fuxian points out errors in the forecasts on which China bases its policies; and more. Sustainability Now [The Pillars of Green Wisdom]( [Emmanuel Macron]( sets out the main priorities for international climate policy between now and 2050. Politics & World Affairs [The West Must Face Reality in Ukraine]( [Nina L. Khrushcheva]( sees three possible scenarios now that Western financial aid and military support is rapidly drying up. [PS Holiday Sale: Last chance to save $50 on any new PS subscription.]( Economics & Finance [China’s Economic Engine Is Running Out of Fuel]( [Yi Fuxian]( highlights serious flaws in the forecasts that underpin the country’s economic policies. Economics & Finance [Mainstream Economics' Medieval Inflation Medicine]( [James K. Galbraith]( shows how prevailing economic thinking is analogous to the theory of the “four humors” in ancient medicine. [PS Longer Reads: PS Commentators’ Predictions for 2024]( [PS Commentators’ Predictions for 2024]( [Cecilia Elena Rouse]( [Qian Liu]( and more suggest national and global trends to look out for in the coming year. Politics & World Affairs [Will Trump Be on the Ballot?]( [Richard K. Sherwin]( explains what is at issue in ongoing legal cases seeking to prohibit the former president from running again. Politics & World Affairs [A Year of War and Little Peace]( [Richard Haass]( finds few bright spots in an overview of the most important events and non-events of 2023. [PS Global Bookmark: PS Commentators’ Best Reads for 2023]( [PS Commentators’ Best Reads for 2023]( [Daron Acemoglu]( [Isabella M. Weber]( and more select the book that resonated with them the most over the past year. Economics & Finance [The Fed’s Remarkable Feat]( [J. Bradford DeLong]( argues that the US central bank has managed to humble hawkish and dovish critics alike. Politics & World Affairs [The Rule of Law Under Fire]( [Ana Palacio]( identifies three forces that are eroding a foundational principle of the post-1945 international order. [PS Quarterly: The Outlook for Multilateralism in 2024]( [The Outlook for Multilateralism in 2024]( [Mark Malloch-Brown]( considers whether sorely needed reforms to global-governance institutions are still possible or likely. Economics & Finance [The Myth of the Unprecedented]( [Stephen S. Roach]( looks back on his 50 years of forecasting and finds that “exceptional” crises have been the norm. Innovation & Technology [What Global AI Governance Must Do]( [Ian Bremmer]( [Marietje Schaake]( et al propose five principles to maximize the benefits and mitigate the risks of the technology. [PS Holiday Sale: Last chance to save $50 on any new PS subscription.]( 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](