(AGENPARL) – Tue 25 March 2025 Access to top performers sets an upper bound on a country’s aspirations
F&D header [ https://www.imf.org/en/Publications/fandd?utm_medium=email&utm_source=govdelivery ]
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Global Talent and Economic Success [ https://www.imf.org/en/Publications/fandd/issues/2025/03/global-talent-and-economic-success-william-kerr?utm_medium=email&utm_source=govdelivery ]
*MARCH 2025*
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William Kerr [ https://www.imf.org/en/Publications/fandd/issues/2025/03/global-talent-and-economic-success-william-kerr?utm_medium=email&utm_source=govdelivery ]
(Credit: Abbey Lossing)
Dear Colleague,
Countries that attract the world’s most talented people will be the most successful at overcoming mounting economic pressures from aging populations and declining productivity, Harvard Business School’s William Kerr writes in F&D magazine.
Exceptionally talented people, including Nobel Prize winners and inventors, migrate at higher rates than the general population, but policymakers will need new frameworks amid a shift in attitudes toward migration.
“Farsighted leaders want their countries to successfully navigate tomorrow’s challenges, be they aging populations, declining productivity, climate degradation, or escalating global political tensions,” Kerr writes.
“Constructing a competitive, winning team is vital to this dynamic national success, just as it is for businesses.”
*Read more* [ https://www.imf.org/en/Publications/fandd/issues/2025/03/global-talent-and-economic-success-william-kerr?utm_medium=email&utm_source=govdelivery ]
The Economics of Talent
F&D cover for March 2025 [ https://www.imf.org/en/Publications/fandd?utm_medium=email&utm_source=govdelivery ]
Every great leap in human progress—from the printing press to the steam engine to the semiconductor—has been driven by ideas. But ideas do not emerge in a vacuum; they come from people. The latest issue of F&D examines the most talented minds that push the boundaries of what is possible.
Feature Articles*
*The Talent Equation [ https://www.imf.org/en/Publications/fandd/issues/2025/03/the-talent-equation-ruchir-agarwal?utm_medium=email&utm_source=govdelivery ]* | The new “economics of talent” aims to identify and nurture exceptional problem-solvers at an early stage | *Ruchir Agarwal *and *Patrick Gaule*
*Innovation’s Unseen Frontier [ https://www.imf.org/en/Publications/fandd/issues/2025/03/innovations-unseen-frontier-xavier-jaravel?utm_medium=email&utm_source=govdelivery ]* | Democratizing innovation can harness untapped talent and spur economic growth | *Xavier Jaravel*
*A Place for Human Talent in the Age of AI* [ https://www.imf.org/en/Publications/fandd/issues/2025/03/a-place-for-human-talent-in-the-ai-age-marina-tavares?utm_medium=email&utm_source=govdelivery ] | Artificial intelligence will limit some human roles but could make others more accessible | *Marina Tavares*
*The Power of Education Policy [ https://www.imf.org/en/Publications/fandd/issues/2025/03/the-power-of-education-policy-amory-gethin?utm_medium=email&utm_source=govdelivery ] *| Education has been and can continue to be at the center of global poverty reduction | *Amory Gethin*
*The Value of Vocation [ https://www.imf.org/en/Publications/fandd/issues/2025/03/the-value-of-vocation-maria-petrakis?utm_medium=email&utm_source=govdelivery ]* | Vocational skills training has multiple economic benefits | *Maria Petrakis*
*The Right to Dream [ https://www.imf.org/en/Publications/fandd/issues/2025/03/the-right-to-dream-andreas-adriano?utm_medium=email&utm_source=govdelivery ] *| After rising from poverty to parliament, Brazil’s Tabata Amaral wants future prodigies to succeed because of policies rather than luck | *Andreas Adriano*
collage of three F&D magazine covers from March 2025, December 2024, and September 2024 [ https://www.bookstore.imf.org/templates/fdec2?cid=imfo-com-compc-fdlanding&source=fdlanding&utm_medium=email&utm_source=govdelivery ]
Get an overview of the latest thinking on international economic challenges, interactions, and policy responses. 
*Want **to get a free copy?*
*Subscribe now* [ https://www.bookstore.imf.org/templates/fdec2?cid=imfo-com-compc-fdlanding&source=fdlanding&utm_medium=email&utm_source=govdelivery ]
Point of View
illustration for F&D March 2025 Oren Cass article [ https://www.imf.org/en/Publications/fandd/issues/2025/03/point-of-view-in-search-of-the-invisible-hand-oren-cass?utm_medium=email&utm_source=govdelivery ]
*In Search of the Invisible Hand [ https://www.imf.org/en/Publications/fandd/issues/2025/03/point-of-view-in-search-of-the-invisible-hand-oren-cass?utm_medium=email&utm_source=govdelivery ]*
 Adam Smith’s capitalism demands constraints on markets, not blind faith in them
*Oren Cass*
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illustration for F&D March 2025 Anne Krueger article [ https://www.imf.org/en/Publications/fandd/issues/2025/03/point-of-view-how-to-deal-with-debts-downside-anne-krueger?utm_medium=email&utm_source=govdelivery ]
*How to Deal with Debt’s Downside [ https://www.imf.org/en/Publications/fandd/issues/2025/03/point-of-view-how-to-deal-with-debts-downside-anne-krueger?utm_medium=email&utm_source=govdelivery ]*
International arrangements for rescuing countries from debt distress must be improved
*Anne Krueger*
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Also in this Issue
*Driving Change [ https://www.imf.org/en/Publications/fandd/issues/2025/03/driving-change-women-led-economics-dani-rodrik?utm_medium=email&utm_source=govdelivery ]* | The developing world’s vibrant research in the face of limited resources offers valuable global insights | *Dani Rodrik*
*How Animal Spirits Affect the Economy [ https://www.imf.org/en/Publications/fandd/issues/2025/03/how-animal-spirits-affect-the-economy-karthik-sastry?utm_medium=email&utm_source=govdelivery ] *| Viral narratives could be the missing link between emotions and economic fluctuations |* Karthik Sastry*
*Reconnecting Morality with Political Economy [ https://www.imf.org/en/Publications/fandd/issues/2025/03/reconnecting-morality-with-political-economy-benjamin-enke?utm_medium=email&utm_source=govdelivery ] *| Putting moral insight back into economics enhances understanding of political outcomes | *Benjamin Enke*
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*Chris Wellisz* profiles the work of Princeton’s Leah Boustan [ https://www.imf.org/en/Publications/fandd/issues/2025/03/people-in-economics-debunking-myths-chris-wellisz?utm_medium=email&utm_source=govdelivery ], who uses big data to test commonly held beliefs, for People in Economics.
For Back to Basics, *S. Ali Abbas* and *Eriko Togo* explain government bonds and yield curves [ https://www.imf.org/en/Publications/fandd/issues/2025/03/back-to-basics-bonds-and-yields-s-ali-abbas?utm_medium=email&utm_source=govdelivery ].
*Marta Doroszczyk* depicts the findings of a Pew Research Center survey showing mounting concern over the next generation’s financial future [ https://www.imf.org/en/Publications/fandd/issues/2025/03/picture-this-generational-concerns-marta-doroszczyk?utm_medium=email&utm_source=govdelivery ] for Picture This.
*Natalia Venegas Figueroa* spotlights Peru’s 200-sol banknote [ https://www.imf.org/en/Publications/fandd/issues/2025/03/currency-notes-valued-visionary-natalia-venegas-figueroa?utm_medium=email&utm_source=govdelivery ], which celebrates pioneering painter Tilsa Tsuchiya for Currency Notes.
Turning to books, *Christoph Rosenberg* reviews “Kaput: The End of the German Miracle [ https://www.imf.org/en/Publications/fandd/issues/2025/03/book-review-deutschlands-denouement-christoph-rosenberg?utm_medium=email&utm_source=govdelivery ] “by Wolfgang Münchau.
*Lisa Kolovich* reviews “She-Wolves: The Untold History of Women on Wall Street [ https://www.imf.org/en/Publications/fandd/issues/2025/03/book-review-women-on-wall-street-lisa-kolovich?utm_medium=email&utm_source=govdelivery ]” by Paulina Bren.
*Elizabeth Van Heuvelen* reviews “Industrial Policy, National Security, and the Perilous Plight of the WTO [ https://www.imf.org/en/Publications/fandd/issues/2025/03/book-review-global-trade-and-geopolitics-elizabeth-van-heuvelen?utm_medium=email&utm_source=govdelivery ] “by Petros C. Mavroidis.
We’d love to hear your thoughts and suggestions. Feel free to contact us.
Nick circle BW
*Nicholas Owen*
Managing Editor | F&D Magazine