SINGAPORE (June 10): For some time, the four horsemen of US macroeconomic policymaking have been taxation, regulation, trade and infrastructure. Having studied the first in detail, I have found tax cuts to be a positive contributor to economic growth. Though I have considered the second area in less detail, the evidence suggests that regulation is, at best, only a minor contributor to growth. The third area is very important, which is why today’s trade tensions are so worrying. The fourth area exists only in rhetoric: An infrastructure programme is currently not a part of the macroeconomic policy repertoire.

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