Anyone speculating on the result of the EU referendum can refer to either opinion polls or prediction markets. On the morning of June 20, polls put the probability that Remain will win at 52 per cent, while prediction markets estimate 75 per cent. That is a big difference. What then do these figures mean?
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22 June 2016, Financial Times
18 May 2016
The term “helicopter money” is derived from a vivid image created by the US economist Milton Friedman in which a central banker showers notes on a grateful populace. More recently, the notion has been promoted by Adair Turner, the former chairman of the UK financial regulator, in his book, Between Debt and the Devil .
07 October 2015, Financial Times
It is characteristic of science to give precise meaning to concepts and the basis of their measurement. Economics is genuinely harder. Yet it is all too easy to write a mathematical symbol without giving thought to what observable fact in the real world corresponds to that symbol.
20 May 2015, Financial Times
Since 2008, UK employment has risen substantially and working hours have increased but output has barely grown. To explain this productivity puzzle we must dig into the detail of how aggregate statistics are built up.
15 April 2015, Financial Times
Following the global financial crisis there has been much discussion of curriculum reform in university economics teaching. More pluralism is required, but there is no need for “two communities within the same discipline”.
28 January 2015, Financial Times
Our perception that inflation is the normal condition is no more than a reflection of the experience of people alive today. And there is no qualitative difference between an economy in which prices are rising slightly and one in which prices are falling slightly.
26 November 2014, Financial Times
The days when economic power was acquired by inheriting the mill are long gone. Mr Buffett began his business career as a mill owner, but closed the mills and went into insurance. That is the reality of capital in modern economics.
05 November 2014, Financial Times
Price indices are compiled by measuring the changes in the cost of buying a fixed bundle of goods chosen to represent the consumption of an average household. But what the average household buys changes with the arrival of new goods; and with changes in relative prices; as well as with variations – good and bad – in quality
16 April 2014, Financial Times
It is a poor criticism of a thermometer that it does not tell us how comfortable we feel.
21 March 2014, Financial Times
The man who “laboureth much, and sparing the fruits of his labour, consumeth little” should not, Hobbes argued, pay more “than he that liveth idlely, getteth little, and spendeth all he gets”.
01 September 2010, Financial Times
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