Astonishingly, Free market Capitalism Provides More Intergenerational Mobility Than State Feudalism

A useful - not wholly accurate but useful - guide to Italy is that the north is a roughly free market and capitalist economy, the south one where varied forms of state feudalism have taken over from actual feudalism....

Dear Larry Elliott – What Race To The Bottom On Tax?

A line from Larry Elliott's latest piece showing that of course the Tories are wrong on the economy: Even so, the race to the bottom on tax is in some sense welcome. If only we'd had such a race: We have historically...

You Noticed How The World Got Better Last Year As The Rich Got Poorer,...

Wealth inequality is the very terror of our age, isn't it? As Oxfam keeps telling us that the plutocrats swallow up ever more of the global resources us out here are left with mere crumbs, just the lees and...

10% Of Global Workers Get 50% Of Pay – 20% Get Only 1%

This all sounds entirely logical and reasonable: Nearly half of all global pay is scooped up by only 10% of workers, according to the International Labour Organization, while the lowest-paid 50% receive only 6.4%. The lowest-paid 20% – about 650 million...

£90bn Worse Off (Under Certain Assumptions)

When our Pro-Remain current Chancellor declares “The UK Government will be £90bn a year worse off under No Deal” it should automatically raise some questions. When? The £90bn is the forecast tax take difference for 2035. Worse off than today? No, this is...

Mobile Phones As A Measure Of Poverty

There are frequent reports of rising poverty increasing use of food banks etc. Taken at face value you could be forgiven for thinking that a significant proportion of the population is destitute. There are 14m in the UK in...

Keynes Was Right – On One Thing At Least

A contention of JM Keynes was that people hate, really just hate, their wages to go down. This also being subject to the money illusion. It's that we hate nominal wages, that amount of £s or $s that we...

It’s Uncertainty About Idiot Politicians, Not Trade Restrictions Themselves, Which Is So Damaging

If someone comes out with a dingbat policy - say, we should all tax ourselves more for our temerity in buying from Johnny Foreigner - then that's bad. But if we've had a series of dingbat policies then the...

Saez And Zucman’s Failure On Wealth Inequality

For aficionados of how the world is going to pot, the plutocrats are just sucking it all up, a correction to the Saez and Zucman estimates on wealth inequality: Their trend estimate is mainly driven by misassigning fixed income (bonds...

We Must Get The Employment Effect Of Technology Right

From Our Swindon Correspondent: No, This Simply isn't Right From The Guardian We have now lived through what one might call Automation 1.0. The paradigmatic example is car manufacturing. Henry Ford’s production line metamorphosed into Toyota’s “lean machine” and thence to the...

MOST COMMENTED

Mnangagwa’s Trivially Easy Target For Zimbabwe – Middle Income Country By...

Emmerson Mnangagwa, the President of Zimbabwe, has set himself a trivially easy task for the economy, to become a middle income country by 2030....