I’ve just posted a paper I produced in 1998, which seems rather prescient. I made the point that the hidden growth of money was leading to fairly predictable changes (not for the better) in our economy and society. Here’s some excerpts from the introduction: Although income inequality appears to be a fact of life there […]
Last night, here in Edinburgh, I attended a fascinating lecture by Willem Buiter, founding member of the Bank of England’s Monetary Policy Committee and author of the celebrated (in certain circles!) Maverecon blog on the Financial Times website. Sadly, the blog is discontinued as Professor Buiter is now the Chief Economist of Citigroup, the US […]
Counteracting ‘Deficit Phobia’
There’s more nonsense about the UK fiscal position around – most of it emanating from the Conservatives and their manifesto. The latter document is appallingly selective with the statistics – they are really setting themselves up for a fall. Here’s an excellent dose of common sense from Kansas City.
Does professional sport as we know it have much longer to go? Clubs are bankrupt, the play is ignored in favour of endless analysis and criticism over refereeing or umpiring decisions, and the players are subject to pressure and scrutiny that while commensurate with their earnings is obviously not compatible with family life. Even the […]
At the end of January 2010, UK government debt stood at £848bn and around 60% of GDP. The European Commission says ‘additional fiscal tightening measures’ are required. The Tories warn that investors are getting anxious and that the ratings agencies (who also certified the security of mortgage-backed derivatives) are about to downgrade the UK government’s […]
An important step in making economic scholarship relevant to the post-crisis world may have been taken last week in Cambridge, UK. A number of economists that do not subscribe to the majority view of how the economy works met to consider what a ‘New Economics’ might look like. While new in several senses, the ‘New […]
Is ‘economic activity’ always a good thing? The banks hit by the bonus tax have raised the spectre of lost incomes and tax revenue if they choose to relocate away from the UK. The British Broadcasting Corporation (BBC) has recently sought to justify the licence-fee by calculating the revenues its commissioning generates for independent production […]
I wrote a rather splenetic article for the Guardian Comment Is Free website last month. Subsequent events have, I guess, not really made me feel less angry!
The Economics of Theft
A Church of England vicar has recently said it’s OK to steal from supermarkets if you’re hungry and desperate. This is against the law. Apart from the 8th commandment do we have any idea why? It’s annoying to be stolen from, certainly, but it’s also unpleasant and dangerous to be poor. The social, as opposed […]
The Truth of Unequal Pay
There is at present an unprecedented wave of concern about pay disparities. We have the bankers’ bonuses, both main parties promising to limit high salaries in the UK public sector and a vigorous debate in Scotland about the high levels of pay of some Health Board managers. Last week, the New Economics Foundation (NEF) published a […]