Does elite thinking about the Black experience in America, as expressed via the teaching of critical race theory and the 1619 Project, benefit the descendants of slavery? Glenn Loury, a Hoover Institution distinguished visiting fellow and Brown University economist who writes frequently on racial inequality, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the historical and economic arcs of race in America.

The USSR had thrived during the nuclear revolution of the 1950s, matching America's ability to produce powerful missiles and destructive warheads. But accuracy eluded the USSR. Precision strike was produced by miniaturizing computing power, so it was limited by the capacity of the computer chips crammed into the nose of each missile. The Soviets faced fundamental challenges in their ability to fabricate tiny circuits.

When the stock market moves in a big way, journalists try to explain why. This column uses next-day newspaper accounts to characterise the drivers of more than 6,000 big daily moves (‘jumps’) across 16 national stock markets. Policy-driven jumps account for a greater share of upward than downward jumps in all countries. Jumps attributed to monetary policy foreshadow much lower levels of future stock market volatility than other jumps. 

Hoover Institution fellow Lanhee Chen discusses Governor Newsom's massive budget that proposes to spend $268 billion next year.