History shows us that slavery is an economic catastrophe as well as a moral one
Slavery has certainly been in the headlines in the past couple of weeks. Given this sudden interest in this area of history, it is worth considering the economic lessons it can teach us, as well as the moral ones. Slavery was abolished in England itself in the twelfth century. Then in 1772, Lord Mansfield gave […]
What can we learn from the Black Death? Be prepared, trust entrepreneurs, and have faith
Can we learn from history? An excellent book by Ben Gummer on the Black Death in fourteenth century Britain, The Scourging Angel, shows that we can. Published 10 years ago, the book offers many intriguing parallels with the Covid-19 crisis. Of course, the Black Death was almost incomprehensibly more lethal. Around 50 per cent of […]
Mythbusting coronavirus is vital for life to go back to normal
As the government plans the timetable for getting Britain back to work, opinion polls continue to show strong support for the lockdown. An Opinium poll at the weekend is typical. Unsurprisingly, given the overwhelming scientific evidence on dangers associated with large gatherings, a massive 84 per cent of respondents thought stadiums should not be reopened […]
Coronavirus: Economists have a role to play in recovery
Lockdowns are starting to be eased in Europe. Austria, Denmark, Italy and Spain are all moving back towards normality. At some point during May, the UK will follow. We can reflect on what the government has got right and wrong so far in the opening phase of the pandemic. This is emphatically not to apportion […]
Coronavirus: A traffic light loosening gives the economy hope
The strategy of exiting from the lockdown is far too important to be left in the hands of health professionals. The government’s advisors have played very valuable roles in helping to avert the sort of crisis which overwhelmed the health services in Northern Italy. Many who were seriously ill with the virus died unnecessarily because […]
A lesson in cognitive dissonance for the Corbynites
Behavioural economics — which extends the ability of economics to explain the world — has become very fashionable. Richard Thaler, Nobel Prize winner for his work in this area, observed that most of the time, the rational choice model of standard economics works well. People gather information on the various alternatives open to them, and […]
For richer or for poorer? The economic case for marriage is worth remembering
An important piece of social news emerged last week. According to the Office for National Statistics, the divorce rate in 2018 fell to its lowest level for nearly 50 years. The overall trend is clear and well-established. The divorce rate rose steadily from the late 1950s, with sharp rises immediately following the Divorce Act of […]
Forget ‘reparations’, scrapping subsidies is the way to help get Wales back on its feet
Get ready to put your hands deep into your pockets for the boyos and girlos of the Welsh Valleys. Adam Price, the leader of Plaid Cymru, called last week for the UK to pay “reparations” to Wales for the crime of reducing the country to poverty. For centuries, Wales has (apparently) been stripped of its […]
What kind of person crosses the Nevada desert to investigate UFO conspiracies?
Area 51 is a mysterious place. Located deep in the Nevada desert, it is home to highly classified US military operations. Rumours abound that it harbours secrets about extraterrestrial life. In June, a podcaster released an interview with someone who claims to have studied flying saucers in Area 51. The video spread like wildfire on […]
Retailers beware, the online shopping revolution isn’t going anywhere
Another week, another retailer biting the dust. The baked potato specialist Spudulike has closed all 37 of its branches, with a loss of nearly 300 jobs. Shopping centres are undergoing a sudden and dramatic squeeze, with many retailers only able to stay in business if granted a dramatic rent reduction. Last week, Intu Properties, owners […]
