01 FROM THE PRESIDENT | A Letter from RES President, Imran Rasul, reflecting on recent Society activity, the state of the profession, and priorities for the year ahead

02 INTERNATIONAL TRADE | Nicolò Tamberi and L Alan Winters assess how a year of tariffs and policy volatility under the Trump administration has reshaped global trade flows and uncertainty

06 Q&A | Margaret Leighton discusses her research in education economics, major choice, and how economic evidence can inform teaching and policy

08 BEHAVIOURAL ECONOMICS | Nick Chater and George Loewenstein argue that behavioural public policy has lost its way, and examine how nudge theory became detached from systemic reform

10 MODERN MONETARY THEORY | Emmanuel Maggiori critically examines the claims of Modern Monetary Theory and explains why its policy promises fall short

12 ANNUAL PUBLIC LECTURE | A summary of Andy Haldane’s RES Annual Public Lecture on how economists can communicate more clearly to build public trust and understanding

14 THE PROFILE | In a candid profile, Esther Duflo reflects on her life, career, and the incremental approach to progress that has shaped her work on poverty and development

16 ANTIPODEAN ANNIVERSARY | Alex Millmow marks the centenary of The Economic Record, tracing its origins and evolution as Australia’s first regular economics journal

18 DYNAMICS OF ATTENTION | James Archsmith uses Major League Baseball umpires to explore how attention is allocated and conserved under pressure

20 BRIDGING | Chris Belfield reflects on connecting economic research with policy in his work to build a more equitable society

22 FELLOW IN THE SPOTLIGHT | We put RES Fellow Isobel Dawson in the spotlight, highlighting her work bringing economics to younger learners

24 DISCOVER ECONOMICS | The RES Young Economist of the Year shares her experience co-winning the award and engaging new audiences with economics

26 NEWS AND EVENTS | Coverage of recent developments, announcements and events across the Society and the wider economics community

28 DIVERSITY AND INCLUSION | An update on efforts to embed inclusivity into workplaces and strengthen diversity across the economics profession