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Good economic news—but beware of the “tail risks”

Things are looking up—for now

By George Magnus  

©Darren Staples/PA Wire/PA Images

It’s not for nothing that economics is sometimes called the dismal science. Yet it isn’t always true that economists are gloomy. Indeed, they aren’t gloomy at the moment. Compared with this time last year, when equity markets were in free fall, and everyone was concerned about a China meltdown and a US recession, the current environment looks almost panglossian.

At the same time, it would be churlish not to highlight the…

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