Global economics is not the textbook macroeconomics learnt at University, but rather a world where politics and economics go hand in hand, writes Pimco managing director Paul McCulley in this month’s Pimco Fed Focus …

McCulley analyses prospective global prices for oil, currencies and retirement to make his point that economics without politics gives a view of a world that does not exist.

“Political economics is neither an oxymoron nor a contradiction of terms but a definition of reality.”

He says nowhere are these realities more clear than the in evaluation of three of the key issues of our time: the price o...