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Jesús Fernández-Villaverde

Professor Fernandez-Villaverde has been a visiting Professor at Harvard, Yale, Princeton, Oxford, and Cambridge and a visiting scholar at several Federal Reserve Banks, the European Central Bank, and the Bank of Spain. He is a member of NBER and CEPR, and a fellow of the Econometric Society. He is also a member of the editorial board of leading economic journals such as Econometrica, International Economic Review, and NBER Macroeconomics Annual. He has authored several books and over 60 scientific articles, with nearly 10,000 citations. For more information on him, visit his personal page.

The Semiconductor Industry and the Future of the World Economy (II)

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My reading of the current economic and geopolitical situation is that at least in the short term, the United States will control enough pressure points to make life seriously difficult for the Chinese semiconductor industry.
Computer support engineer installing processor. Microprocessor with clearly visible silicon core and cache chip. Installation of computer processor in the socket.

The Semiconductor Industry and the Future of the World Economy (Part I)

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Without a leading semiconductor industry of its own, China will not have the military capability to challenge the United States for world military leadership and, for example, be able to “reconquer” Taiwan. Similarly, without the best in-house processors, it is difficult to exploit all the advantages promised by artificial intelligence, including its military applications such as programming advanced drones.
Photo of street in Shibuya, Tokyo, Japan

The Demographic Future of Humanity: Social Change (Part III)

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Precisely because our demographic future is uncertain, we should be even more careful and consider all scenarios. Many children grow up surrounded by a high number of adults, but with very few children in their family environment. Many regions, especially rural ones, will begin to run into problems in providing basic public goods, such as universities or hospitals, which require certain minimum sizes to operate with reasonable efficiency. The housing market, higher education, and electoral distribution will all be dramatically impacted by these demographic changes.
Modern metal working shop interior

The Demographic Future of Humanity: Economic Challenges (Part II)

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For the last three centuries, humanity has been participating in a race in which, on the one hand, it is increasingly difficult to come up with new ideas, but on the other hand, there are more and more of us engaged in research. So far, these two forces have counteracted each other, leading to economic growth. With a falling population, however, we will start to lose the race.
Crowd of people in street

The Demographic Future of Humanity: The Trends (Part I)

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The world’s demographic future is highly unusual. Those younger than age fifty will witness a prolonged decline in the human population. The decline will not be caused by an epidemic or climate change, but rather by the collapse of fertility around the world.
Syringe and vaccine

Four Economic Lessons on Vaccine Development and Distribution: A Case Study of the U.S. and the European Union

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The COVID-19 pandemic provided us with many real-world examples of timeless economic principles.
Robot hand and human hand

Artificial Intelligence Can’t Solve the Knowledge Problem

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The only reliable method we have found to aggregate preferences, abilities, and efforts is the free market. Through the price system, it aligns incentives with information revelation. This method is not perfect, and its outcomes are often unsatisfactory. Nevertheless, like democracy, all the other alternatives, including “digital socialism,” are worse.
IV

The Problems With and Solutions to American Healthcare

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When it comes to healthcare, economics tells us that we can do better. Distributive justice demands from us that we do better. A judicious combination of market forces, regulation, and transfers can provide us with more efficient healthcare for all, at a cheaper price.
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