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Saturday, March 25, 2017

Economic Ideas You Should Forget: The Axioms of Revealed Preference

John's contribution to this book, published by Springer in March 2017.
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Gambling is a feature of capitalism – not a bug

In a modern capitalist economy, almost everything is for sale, including risks. Markets can transfer known risks to people or institutions who can handle...

The concept of the corporation

This is a paper John delivered at a festschrift for Leslie Hannah, the leading British business historian of his (and my) generation. Les and I have been friends and colleagues since we were both young fellows of St Johns College Oxford in the 1970s and my first book, Concentration in Modern Industry, published in 1977, was co-authored with him.

Personal liability is the means of deterring repeat offences of corporate crime

Rolls Royce's recent “deferred prosecution agreement” shows again that senior executives appear not to mind paying out large amounts of shareholders’ money to escape any personal liability for their actions.

John on the weaknesses of behavioural economics: a review of The Undoing Project

Lewis provides a list of observations that cast substantial doubt on conventional rational choice models, although he fails to point us towards alternatives.

Corporate Governance: BEIS Select Committee written evidence

Background and responses to specific questions:

Merry Christmas, whether or not you celebrate it with a sherry

Sales of sherry in Britain have fallen by more than half in the last ten years. The Wine and Spirits Trade Association blames taxation. But, as so often, the reasons are not economic, but social and cultural.

How to be your own investment manager

Three simple rules — pay less, diversify more, and be contrarian — will serve almost everyone well.

How to invest for a comfortable retirement

Regular investment in an Isa or Sipp, focusing on a diverse range of equities and property (rather than bonds) is likely to serve most investors well, especially if costs are kept to a minimum. As confidence grows, a contrarian approach can reduce risk without compromising return.

Trump victory has its roots in the post cold-war settlement

There is wide agreement that Brexit and Trump's election were caused by economics. But this and the prescriptions - tweaks to the income distribution, more aid to failing industries and districts - understate the scale and nature of the problem.
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