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Olympian Economics

As Olympic mania swept the world in recent weeks, it transported the host country, Great Britain, to a rare display of public exultation. Indeed, the successes of “Team GB” produced…

Dear George… Advice to George Osborne

Dear George, Cutting public spending when there is no other source of growth in the economy is a sure-fire strategy for recession. As if the lack of recovery wasn’t bad…

The Bad Society

LONDON – How much inequality is acceptable? Judging by pre-recession standards, a great deal of it, especially in the United States and Britain. New Labour’s Peter Mandelson voiced the spirit…

Enough is enough of the age of consumption

  Until fairly recently economists envisaged three stages of economic development. First, there was the stage of capital accumulation started by the industrial revolution. The Marxist historian Eric Hobsbawm called…

Let’s abolish retirement

Retirement is not as old as you think. According to the Bible, God expelled Adam from Paradise with the terrible words: “In the sweat of thy face shalt thou eat…

Labour’s paradise lost

As people in the developed world wonder how their countries will return to full employment after the Great Recession, it might benefit us to take a look at a visionary…

Nick Clegg’s U-turn for the better

The deputy prime minister, Nick Clegg, has promised a “massive amplification” of state-backed investments in housing and infrastructure. Words only. But if the words mean anything, they amount to a…

Why China won’t rule

Is China poised to become the world’s next superpower? This question is increasingly asked as China’s economic growth surges ahead at more than 8% a year, while the developed world…

Down with Debt Weight

LONDON – Nearly four years after the start of the global financial crisis, many are wondering why economic recovery is taking so long. Indeed, its sluggishness has confounded even the…

Good and Bad Deficits

LONDON – “Deficits are always bad,” thunder fiscal hawks. Not so, replies strategic investment analyst H. Wood Brock in an interesting new book, The American Gridlock. A proper assessment, Brock…

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