As we pass the mid-year mark, it is perhaps useful to take stock of current themes that occupy the mind of the markets. Fiscal sustainability Global public debt reached just under 94% of GDP in 2025 and is now projected to hit 100% by 2029, according to the IMF. The accumulation is driven primarily by

AI and Fiscal Reality The history of human development is replete with technological advances that have extended and leveraged human ability, allowing us to accelerate growth and development. Some technologies are disruptive and set back significant proportions of the population in terms of employment and income and thus welfare. Until AI, no other technology has

The current energy transition presents us with a number of practical issues in search of solutions. Managing the Compute-Energy Coupling The physical baseline of data processing remains unalterably anchored to Landauer’s Principle. Universal law dictates that changing a single bit of information must inevitably dissipate a minimum threshold of thermal energy: Where k represents the

Energy is one of the prime factors of human evolution and civilisation. While we confront the costs of the fossil fuel era, we might consider that this is not the first energy transition in the history of our species. The first energy transition was perhaps Neolithic Agrarian Transition. Not industrial agriculture but the basic act

The standard model of economic behaviour starts with a simple assumption: people act in their own interest. From this one seed, an entire architecture of markets, prices, and efficiency grows. Adam Smith’s great insight was that private selfishness, channelled through competition, could produce public good. The butcher and the baker serve us not out of