◆ HOW MONEY WORKS
Macro
11 articles
FeaturedWhat GDP Actually Measures (and What It Misses)
U.S. GDP grew 1.6% in early 2026. Here is what that one number is built from, and the large parts of life it was never designed to count.
Read more →Deep Dives
4 articles
◆ MACRO
↔ Also in Factor MarketsThe Rental Price of Capital: How Interest Rates Decide What Gets Built
The interest rate is the rent on capital. Here is the net-present-value logic firms use to decide what to build, and why the Fed's moves reach every project.
◆ MACRO
↔ Also in International TradeTrade Doesn't Cost Jobs — It Moves Them. Here's the Evidence.
The idea that imports destroy jobs and trade is zero-sum is intuitive, persistent, and wrong in the aggregate — but the real story is more honest than either…
◆ MACRO
↔ Also in International TradeTariffs: Winners, Losers, and the Deadweight Loss Nobody Talks About
A tariff helps domestic producers and the Treasury, but it costs consumers more than both gain combined. The gap is deadweight loss — pure value destroyed.
◆ MACRO
Why Does Inflation Happen?
Inflation isn't one thing going wrong. It's demand, costs, and money supply all pulling in the same direction. Here's how the machine works.