Having recently had the opportunity to visit China and combine that with some reading about the country, I’ve come away with some inevitably fairly superficial thoughts about how the Chinese and the West do things differently. While the Chinese government sets limits on voiced or organised challenges to the Communist Party’s control of the […]
Tag: economics
Introduction Just how much cash does the NHS and social care need to prevent the distressing stories of patients languishing on trolleys for hours in A&E departments? Can we possibly afford what it needs, or is it really a ‘bottomless pit’ as often claimed? Do we need to lower our expectations of what can be […]
Introduction Since the financial crisis of 2007-8, one suggested target reform has been the monetary system itself. This reform is based on the recognition that money in the modern economy is a rather peculiar phenomenon. There are two popular conceptions of the nature of money, both of them incorrect. (Note that when we talk about […]
Response to Smaller, Greener Banking: Banking for Sustainability in a New Scotland: A Discussion Paper by Ray Perman and Friends of the Earth Scotland The authors of this report claim that ‘there has been a failure of government policy to decide the role banks should play, and therefore what sort of institutions they should be.’ […]
A Review of ‘Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down…and Why They’ll Take Us to the Brink Again’ by Suzanne McGee (2010, Crown Business) This book is an excellent complement to the academic stuff I’ve read on the causes of the financial crisis. These latter accounts are very detailed […]
Understanding Money – a non-technical account of the essential role money and its creation plays in a modern economy. This article was previously available as a pdf, but I have now posted it as a blog in its own right. Since it was originally written in 2010, I have made a few revisions and additions. Introduction […]
‘Aggregate Demand, Idle Time, and Unemployment’ – A Critique of Michaillat and Saez Introduction Like all neoclassical models, that of Michaillat and Saez (2014) referred to in Simon Wren-Lewis’s Mainly Macro blog on 16th August fails to model money realistically. This renders their model incoherent and in any case incapable of encompassing one of the […]
Independence is Nominal
Independence is Nominal – long-gestated thoughts given birth to in response to Brian Barder’s blog post on the lack of post Scottish referendum preparedness and the need for the UK coalition government to resign if there is a ‘Yes’ vote. Here I am, up in Scotland and strangely detached from the debate. (For comparison I […]
‘Modern Thinking: Atomism and Communication’ – Although written four years ago for an essay competition, I still think this piece encapsulates as well as anything my approach to economics, politics and social institutions. Bertrand Russell, the great British mathematician and philosopher, believed that to be ‘modern-minded’ was to make the error of thinking with the […]
The causes of unemployment make it a moral issue. Radical solutions are required. In an earlier post I noted some features of unemployment from a UK perspective. The main thrust was that a fairly constant proportion of the population in employment (around 72% of those of working-age) hides a serious decline in the availability of […]