South Africa has overcome adverse initial conditions to achieve a remarkable fiscal transformation since the 1994 democratic elections, held amid uncertainty about its ability to maintain the rule of law and resist populist spending pressures. Constitutionally based, durable and credible fiscal...

The econometric models of Janine Aron and John Muellbauer of Oxford predict that deflation, or at least an end to inflation, are on the way, but they do not foresee a lost decade for the U.S., Europe, or the global economy.