Understand economic power before it becomes consensus
Economic intelligence on how markets, institutions, technology, and capital shape power.
Selected work
All publications Selected research
MEMO · CAPITAL MARKETS
Why Central Banks Talk
Hall and Woodford made a central bank's words into one of its instruments.
MEMO · STRATEGIC COMPETITION
Equal Prices, Unequal Bills
OpenAI and Anthropic now charge the same list prices and very different amounts per task.
MEMO · STRATEGIC COMPETITION
Maryland's Unemployment Rate Is Falling for the Wrong Reason
Maryland's jobless rate fell to 4.1 percent while its labor force shrank by 32,093 and participation reached a 151-month low.
Featured report
The Power Curve 2026 Outlook
Capability and risk are stacking on the same handful of platforms, balance sheets and capitals. The test for 2026 is conversion.
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Research themes
View all themes Investigating economic power
- 01Advanced TechnologyCompute, chips, AI, and frontier capacity.
- 02Capital MarketsLiquidity, risk, allocation, and leverage.
- 03Cities and InfrastructureHousing, transport, energy, and innovation.
- 04Risk and ResilienceShocks, bottlenecks, redundancy, and exposure.
- 05State CapacityPermitting, procurement, delivery, and trust.
- 06Strategic CompetitionPower, standards, supply chains, and deterrence.