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Economic Affairs Committee questions George Osborne

Today the Economic Affairs Committee of the House of Lords took evidence from George Osborne on the economy.   Watch the public evidence session here, from the Parliament TV website:…

How to be happy

What does it mean to be happy? Is it worth ‘trying’ to be happy, or is happiness an emergent property, something that may or may not come out of a…

Free Trade and Costly Love

The World Trade Organization’s ministerial conference in Bali in December produced a modest package of encouragements to global trade. More broadly, the WTO’s multilateral approach has shown its worth by…

What Makes Us Human?

  Let’s start with an addled view of what it is to be human. According to economists, it is the ability to calculate. Their picture of the human is that…

Inventing the World’s Money

The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order by Benn Steil. Council on Foreign Relations/Princeton University Press, 449 p.,…

Shale Gas to the Rescue?

The developed world is slowly emerging from the Great Recession, but a question lingers: How fast and how far will the recovery go? One big source of pessimism has been…

Four Fallacies of the Second Great Depression

LONDON – The period since 2008 has produced a plentiful crop of recycled economic fallacies, mostly falling from the lips of political leaders. Here are my four favorites. The Swabian…

Misconceiving austerity

LONDON – Was the British government’s decision to embrace austerity in the wake of the global financial crisis the right policy, after all? Yes, claims the economist Kenneth Rogoff in…

Under-reported underemployment

It was John Maynard Keynes who first argued that economies can get stuck operating below full employment, in an “underemployment equilibrium.” While the idea was revived in support of fiscal…

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