This month’s budget in Britain will provoke yet another round of debate on austerity versus stimulus. But the issue of how we spend what we have is more important than the issue of what we spend.
Articles
Investors should ignore the rustles in the undergrowth
29 February 2012, Financial Times
In conditions of ignorance, people seize on any information available, even if their reason should tell them that it is irrelevant. Just watch the occupants of the airport lounge fiddling with their BlackBerrys.
Why lashing governments to the mast will always prove futile
22 February 2012, Financial Times
Governments will in the end always put voters ahead of prior commitments or external obligations. That democratic imperative has costs and benefits – but, overall, the benefits of popular accountability far exceed the cost.
Basketball shows high banker pay not a slam dunk
15 February 2012, Financial Times
The highwayman who offers “your money or your life” leaves you free to choose – in a sense. There is a spectrum, not a sharp distinction, between free exchange and coercion.
Money, like hat-wearing, depends on convention, not laws
08 February 2012, Financial Times
Legal tender is a concept with no practical relevance. The currency that is accepted is the currency people are willing to accept.
The pound is a poison pill for an independent Scotland
01 February 2012
Currency is a confidence trick: its value depends entirely on the belief that it has value.
When capitalism and corporate self-interest collide
25 January 2012, Financial Times
Adam Smith had not imagined a world in which the Wealth of Nations would cross the world digitally at the click of a mouse. Nor had he envisaged one in which legislation would be drafted by paid lobbyists.
A real market economy ensures that greed is good
18 January 2012, Financial Times
Our intuition is that a centrally planned allocation of resources will be more efficient than an uncoordinated one. In a market economy, that error constantly leads us to overestimate the economic advantages, and longevity, of large companies.
Let’s talk about the market economy
11 January 2012, Financial Times
Modern titans derive their authority and influence from their position in a hierarchy, not their ownership of capital.
Avoiding fluff is surest route to success
04 January 2012, Financial Times
Good strategy begins with diagnosis. And diagnosis is analysis, not a description of symptoms. You don’t go to your doctor to be told you have a sore throat.
21 March 2006, Financial Times
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