The scarcity myth

According to page 4 of the Principles of Economics by Mankiw – economics is the study of how society manages its scarce resources. or this recent post by Tim Worstall, Senior Fellow at the Adam Smith Institute: there are unlimited human desires but only scarce resources with which to sate them. This is easy to understand… Read more

Is world-leading NHS healthcare an affordable proposition?

Authors: David Laws, Consultant Anaesthetist, City Hospitals Sunderland NHS Foundation Trust, Sunderland, Tyne & Wear, SR4 7TP Professor Charles S. Adams, Department of Physics, Durham University, Durham, DH1 3LE Introduction: The unquestioned assertion that a highly developed currency-issuing nation cannot afford high quality healthcare [1] is based upon a set of inter-related and almost universally-held… Read more

Some data on the UK housing problem.

We hear a lot about the housing crisis and following on from a discussion on Richard Murphy’s blog I thought I would have a look at the data. Ideally all discussion should begin with data—in data there is truth—but we should remember that data-ists have enormous freedom as to what data to choose and how… Read more

GFC 2008: cock-up not conspiracy

A new study by the US National Bureau of Economic Research has found that the reason for the high default in mortgages prior to the 2008 financial crisis was not, after all because of loans to sub-prime lenders. It builds on the conclusions of the Massachusetts Institute of Technology who have long maintained that sub-prime… Read more