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Economists versus the Economy

Let’s be honest: no one knows what is happening in the world economy today. Recovery from the collapse of 2008 has been unexpectedly slow. Are we on the road to…

Post Crash Economics

In last month’s European Parliament election, euroskeptic and extremist parties won 25% of the popular vote, with the biggest gains chalked up in France, the United Kingdom, and Greece. These…

The Road to Full Investment

A specter is haunting the treasuries and central banks of the West – the specter of secular stagnation. What if there is no sustainable recovery from the economic slump of…

Kennan’s Revenge

Earlier this month, Russian President Vladimir Putin announced that gas giant Gazprom would start demanding payment a month in advance for the supplies that it sells to Ukraine. The British…

Book review: Capital in the 21st Century by Thomas Piketty

The early 19th-century founders of the classical school of economics reasoned that the distribution of a society’s income depended crucially on who owned its productive resources. David Ricardo identified three…

The Wolves of Wall Street

“What a commentary on the state of twentieth-century capitalism,” mused “motivational speaker” Jordan Belfort as he looked back on his life of fraud, sex, and drugs. As head of the…

The Osborne Audit: What have we learned?

On Wednesday, for the first time in four Budgets, George Osborne will be able to claim plausibly that Britain has come out of the Great Recession. Growth was 1.8 per…

The Programmed Prospect Before Us

Mindless: Why Smarter Machines Are Making Dumber Humans by Simon Head Basic Books, 230 pp., $26.99 1. The entire thesis of Simon Head’s arresting new book is contained in the…

Death to Machines?

At the start of the Industrial Revolution, textile workers in the Midlands and the North of England, mainly weavers, staged a spontaneous revolt, smashing machinery and burning factories. Their complaint…

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