These are desolate times for the dismal science
In a letter to his niece John writes about the demise of economics
The real economy: May 2003
The last fifteen years has been one of the most remarkable periods in economic history. But the American model on which most economic thinking and policy making has been based is not only unattractive, it is inaccurate - both about human motivation and how socially embedded markets actually operate
A waiter calls the top of the property market
A revealing dinner party conversation on house prices.
It pays churches to have faith in markets
The analogy between Wal-Mart’s competition for customers and Southern Baptists' for adherents, reveals some interesting insights.
The real culprits in Europe’s pensions crisis
The problem of the European pension gap cannot be tackled by the kind of financial engineering proposed by the European Financial Services Round Table. This is not the moment in history to argue that private pension funding is necessarily superior to state provision.
Take the politics out of fiscal policy
Even though there is a case for leaving the responsibility of fiscal policy to the government, there is an even greater need for achieving the discipline and the same kind of objective assessment that has worked so well for monetary policy
The visible hand of the Treasury
The effort to define the 'third way' for the centre left after socialism continues with Gordon Brown's extended essay on economic philosophy to the Social Market Foundation. His analysis has many attractions - and many unresolved problems.
A strategy for hedge funds and dangerous drivers
There are business lessons to be drawn from the bad habits of French drivers. We need to beware of activities whose outcomes have a Taleb distribution - many small gains punctuated by occasional large losses.
The Gift of the Magi
Not only does O Henry’s The Gift of the Magi tell us about the spirit of Christmas - its handy for economics students as well.
Mario Monti’s parallel universe
The European Commission was severely rebuked by the Court for its refusal to allow Airtours to acquire First Choice. But the verdict of the marketplace, in which Airtours is in desperate straits while First Choice has gone from strength to strength, confirms the wisdom of the Commission's decision: rarely has an anti-trust agency been so comprehensively vindicated by subsequent events.