Economist

An obituarist’s search for the soul

From our UK edition

‘“Deep breath”, says the doctor. I take one and hold it.’ Thus begins the fourth chapter of Ann Wroe’s Lifescapes. It is apt because, although the book is part memoir, part essay on the art of biography, it is really about the breath of life itself. Wroe’s writing is intense and visionary, at times almost ecstatic. Reader, dive in. Wroe has written weekly obituaries for the Economist for 20 years, seeking out seemingly ephemeral moments that unlock people’s lives. ‘Time and again,’ she says, ‘some incident in childhood is the key to a career.’ The composer Karlheinz Stockhausen was delighted by the sound his toy hammer made on pipes and buckets at his family’s farm.

The government didn’t miss inflation, they ignored it

Federal Reserve Chairman Jerome Powell looked calm when he testified before the Senate Banking Committee in February 2021. He’d just been asked by the folksy Louisiana senator John Kennedy whether he had concerns about the dollar supply being the highest it had been since 1946. “Right now, I would say the growth of M2, which is quite substantial, doesn't really have important implications for the economic outlook,” Powell stated. “M2 was removed some years ago from the standard list of leading indicators, and just that classic relationship between monetary aggregates and economic growth in the size of the economy, it just no longer holds. We've had big growth of monetary aggregates at various times without inflation, so something we have to unlearn, I guess.

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