Over the past year, global growth has been anemic – and the forecast for the coming year is only slightly better. Clearly, world leaders need to take strong action to boost incomes and expand opportunities for their people.

The omnibus spending bill recently passed by Congress and signed into law by President Obama delays the onset of the Affordable Care Act (ACA)’s so-called “Cadillac plan tax” for two years.

The Force awakens. For the first time since the financial crisis — for the first time, indeed, since June 2006 — the Federal Reserve has raised interest rates.

Last month, the Nobel laureate economist Douglass North, who applied economic theory to history to gain insight into institutional and social change, died at his home in Michigan. But his ideas will live on, particularly in China.