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Does it lift your heart to hear that “Britain is uniquely placed to lead the world in a smart power revolution”? Do you share the ambition of George Osborne, chancellor of the exchequer, to discover “what the government needs to do to become a world leader in 5G infrastructure”? Here's why my heart sank when reading these words in the plans of the UK’s National Infrastructure Commission.
British technological failures have been compounded by a political phenomenon I have come to think of as “great leap forward syndrome”. The idea is that the best way to compensate for stumbles and missteps is to move, at one bound, ahead of the field.
In the modern financial economy, the main effect of QE is to boost asset prices, as market gyrations of recent weeks have clearly illustrated. But is the pursuit of higher asset prices an effective or desirable means of promoting economic growth?