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John Kay on the meaning of the market
In a wide-ranging interview, he explains why he fell in love with economics, what big banks and taxi drivers have in common, where modern finance has gone wrong, why economists should admit there are somethings you cannot predict and the new book he is working on with his old colleague Mervyn King.
UK needs to expand house building
Tackling the crisis requires rebalancing supply and demand with more new homes
Economic statistics have not kept pace with our needs or new...
Last week’s Treasury report from Sir Charlie Bean on the methods by which national economic statistics are collected confirms that there has been relatively little change since the ONS began measuring GDP 75 years ago in wartime Britain. Yet our data needs - and our ability to collect them through digital sources - has changed considerably.
Why worry about deflation?
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.
Scottish independence matters less than you think
The centre of political gravity in Scotland is far to the left of that of the UK and that is at the centre of the concerns – widely held but little expressed – of Scottish business over independence.
The Map is Not the Territory: An Essay on the State...
The reputation of economics and economists, never high, has been a victim of the crash of 2008. The Queen was hardly alone in asking why no one had predicted it. An even more serious criticism is that the economic policy debate that followed seems only to replay the similar debate after 1929. The issue is budgetary austerity versus fiscal stimulus, and the positions of the protagonists are entirely predictable from their previous political allegiances.
Scotland would gain few benefits from going it alone that it...
The SNP’s victory in the 5th May elections, which delivered an overall majority of 69 out of the 129 seats, means that the party can now fulfil its commitment to push for a referendum on independence. But independence, if achieved, would bring complications—both political and economic.
Why economists stubbornly stick to their guns
Why do we so often find that events reinforce what we already believe? John explains how confirmation bias characterises reactions to the financial crisis.
How the British prefer to register displeasure
The interpretation of fairness is culturally specific but rarely does it correspond to measures of income inequality. Fairness is a perception, not a Gini coefficient.
A chance to restore confidence in Britain’s official data
Government spin is especially debilitating because government is a monopoly supplier of much of the information that an informed democracy requires.