The household fallacy

It’s election time and the household fallacy is back in vogue. On Radio 4s “Any Questions” this week a lady asked (more eloquently then my version, go to 14.45 minutes in), how are we supposed to teach our children about counting their pennies when politicians are promising to spend on this, that, and t’other? The… Read more

A government can never ‘over’spend…

Spending is literally what governments are for. Governments may not tax back sufficient of their expenditure to prevent inflation, but the level of inflation is a democratic choice. It cannot be ‘over’spending for exactly that reason. I thought the explanation (below -just over two minutes) of how the BBC has, helped, over the last decade,… Read more

Libra is not so free

It seems that Facebook’s intentions have been unwittingly exposed in this article. Zuckerberg cautioned that the U.S. might lose its “financial leadership” on the world stage if Libra is not allowed to launch, noting that “China is moving quickly to launch similar ideas in the coming months.” Of course China – or at least its government… Read more

Economics as ‘moral science’

There was an fascinating recent edition of Renegade Inc on the Book by Dr Jonathan Aldred of Cambridge University entitled ‘Licence to be Bad’ – how economics corrupted us. He starts by suggesting that people used to admire ‘doing your bit’, which is basically an indication of a contribution to a collective, co-operative task. Nowadays… Read more