An old idea springs anew as a chorus of influential voices predicts that AI may trigger crises of vast magnitude

In a preface to his book Capitalism and Freedom, the American economist Milton Friedman famously observed that a crisis can propel once-fringe ideas into the political mainstream.

“Only a crisis – actual or perceived – produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around,” he wrote. The job of intellectuals, thinktanks and economists, he argued, is to refine the quality of these ambient ideas, so that good ones are ready when disaster strikes.

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© Photograph: Oscar Wong/Getty Images

© Photograph: Oscar Wong/Getty Images

© Photograph: Oscar Wong/Getty Images

A bill to bolster the nation’s unemployment insurance program reflects the concern — and the risks — in Washington.

© Kenny Holston/The New York Times

Ahead of the midterms, Natasha Sarin and Catherine Rampell unpack the state of the economy — and how much responsibility the president bears for it.

© The New York Times

High inflation, low growth and rising unemployment can be added to the federal treasurer’s wall of worries

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Jim Chalmers in a speech last week offered the scant encouragement that the economy would be “a bit better” in a year’s time.

Fast forward to Friday morning, and the treasurer revealed that his officials were busy downgrading their forecasts ahead of December’s mid-year budget update to show slower growth and higher unemployment.

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© Photograph: Mick Tsikas/AAP

© Photograph: Mick Tsikas/AAP

© Photograph: Mick Tsikas/AAP