Evidence from numerous studies shows that emerging markets have far more poor quality drugs than western markets. There are many reasons for this, but one reason, investigated in this paper, is the possibility that smaller, often privately-owned, pharmacies take greater risks with drug procurement than larger organizations, which are often franchises or major pharmacy chains.

Many commentators argue that uncertainty about taxes, government spending and other policy matters deepened the recession of 2007-2009 and slowed the recovery. To investigate this issue we develop a new index of policy-related economic uncertainty and estimate its dynamic relationship to output, investment and employment.

The failure of the Congressional Super Committee means that major economic policy decisions are likely to wait for 2013. The government will be funded and not bump up against the debt ceiling, and perhaps some modest initiatives might go forward such as renewing payroll tax cuts or extended unemployment insurance benefits.

Austerity measures in Europe have been the topic of a heated and mostly confused debate in the economic world. During the May summit of the leading industrial nations at Camp David, German chancellor Angela Merkel and other European leaders pushed for continued European austerity. Keynesian critics argue that these policies destroy economic growth.

As fears of another recession have mounted, so too have criticisms of the US Federal Reserve, including some irresponsible assertions that could endanger world markets if followed.

Two rounds of fiscal stimulus have produced neither a sustained rise in growth nor a sustained drop in the unemployment rate. Another round would merely increase deficits and debt levels.

Reports that undercount public-sector pension benefits, omit retiree health coverage and ignore job security do not accurately represent public-sector compensation.

The recent Treasury Department conference is further proof we will never get out of this housing mess until we are ready to face facts.