Archive for the Blog Category

How technology is driving inequality

How technology is driving inequality

Inequality is one of the major political topics of our times. Rather like a Shakespearean tragedy, the current splits in the high command of the Conservative Party have many themes. But an important one, and the ostensible reason for Iain Duncan Smith’s resignation, is the treatment of

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Why we are much better off than the official statistics say

Why we are much better off than the official statistics say

The oldest surviving map of Britain was created in Canterbury a thousand years ago. Our ancestors had a good idea of how to get around. The country is depicted in its familiar shape. Understanding of the world outside Western Europe remained sketchy for centuries.  The phrase ‘here

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The IMF is in trouble – and not just due to its poor forecasts

The IMF is in trouble - and not just due to its poor forecasts

The International Monetary Fund (IMF) has played a prominent role in world financial affairs in the post-Second World War period. In the 1950s and 1960s, its main purpose was to support the system of fixed exchange rates. Since then its activities have evolved to embrace developing economies

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A radical idea for reviving the North

A radical idea for reviving the North

The Head of OFSTED, Sir Michael Wilshaw, warned last week that secondary schools in Liverpool and Manchester were ‘going into reverse’. Too many pupils in Northern towns and cities are simply not prepared for the next phase of their education, training or employment. In Liverpool, for example,

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What game theory tells us about David Cameron’s EU deal

What game theory tells us about David Cameron's EU deal

Game theory is the study of how rules and tactics affect outcomes, and it is pervasive in academic economics. The opening sentence of one of the economics courses at Cambridge pontificates: “Optimal decisions of economic agents depend on expectations of other agents’ actions”. Translated into English, this

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Ticket prices, fairness and behavioural economics

Who wants to watch the Scousers play football? Certainly no Mancunian, and probably no self-respecting Londoner either. Yet demand for tickets at Anfield, the home of Liverpool FC, is high. Indeed, there is excess demand: more people want to watch the games than there is room for

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Why Julian Assange shows that only intelligent machines can be truly rational

Is Julian Assange rational? There are no prizes for guessing the responses of most City A.M. readers to this question. He faces questioning over allegations (which he denies) in Sweden, and he claims that America will try to extradite him and put him in prison for a

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Are the markets telling the truth?

The opening month of 2016 has been marked by sharp falls in asset prices, not just in financial markets but in commodities such as oil.  The conventional wisdom is that the markets form a rational assessment of future prospects for the economy, and set prices accordingly.  So

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China is drowning in private sector debt: there’s no telling how this one will end

The eyes of the financial and economics worlds are now fixed on China, with focus predominantly on Chinese stock markets and the country’s GDP figures.  A fascinating perspective was provided last week in the leafy borough of Kingston upon Thames.  The university has recruited the Australian Steve Keen

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