Articles
Articles and analyses from the INET community on the key economic questions of our time.

Move Fast and Break Everything: Crypto and the Democrats
After FTX’s collapse, crypto looked finished. Yet Washington revived it—culminating in Trump’s GENIUS Act and a surprising Democratic shift. How did money and affluence predict pro-crypto votes, amid widening deregulation and cyber risk?

Elon Musk’s latest power grab: Will Tesla’s CEO become the world’s first trillion-dollar employee?
Elon Musk secured shareholder approval for a new stock-based package designed to double his voting power at Tesla, potentially making him the first trillion-dollar employee. As this plan cements Musk’s control it ties vesting to audacious market-cap and production targets and diverts focus from progressive value creation. Musk’s governance, layoffs, and politicization could imperil Tesla’s EV leadership and ambitions in AI and robotics.

Private Data, Public Danger? How the Shutdown Poses Risks to the Entire Economy
As the government shutdown drags on, official economic data has slowed to a crawl, leaving policymakers, markets, and citizens increasingly reliant on private-sector numbers. That’s a problem.

Unlocking America’s Political Finance History: Campaign Data from the National Archives
INET’s new data archive of historical political finance records at the National Archives assembles all campaign finance reports filed by political parties and presidential candidates up to 1974, the year before the Federal Election Commission was established.

The AI Bubble and the U.S. Economy: How Long Do “Hallucinations” Last?
This paper argues that (i) we have reached “peak GenAI” in terms of current Large Language Models (LLMs); scaling (building more data centers and using more chips) will not take us further to the goal of “Artificial General Intelligence” (AGI); returns are diminishing rapidly; (ii) the AI-LLM industry and the larger U.S. economy are experiencing a speculative bubble, which is about to burst.

Accounting for Ourselves: What Fedwire Tells Us About Fed Losses, Cost Recovery, and Risk
Without transparent accounting practices and proper risk management, the Federal Reserve’s current financial losses—unprecedented in scale—and the questionable accounting practices it uses to downplay their impact threaten public trust, economic stability, and the integrity of fiscal policy.

Can States Reinvent U.S. Healthcare? This Expert Thinks So.
Phillip Alvelda, a former DARPA program manager, reveals how a fracturing federal system has opened the door for bold state leadership. Will blue states rise to build a healthier, more just future?

Steering AI to Enhance Jobs and Prepare for Future Transformation
How to guide innovative AI efforts to increase labor demand and create better-paying jobs?

Wage Stagnation and Populism: A Comment on David Brooks and Noah Smith
Times have changed. Now we have David Brooks, of The New York Times, and economics blogger Noah Smith defending neoliberal globalization from the pincer movement of anti-trade populists from both the right and the left.

Trade in the Time of Trump
Trump ran in both 2016 and 2024 on a promise to reverse the deindustrialization caused by globalization and free trade, using tariffs as his main tool. But the critical question now is: Can it work?