Archive for the Networks Category

Why the financial system has the same qualities as cancer

Massive fines for banks, gross misbehaviour, huge bonuses for failure, bailouts at vast expense to the taxpayer: it’s little wonder that politicians and pundits can almost invariably win cheap applause by describing the financial system as being a cancer on society. But in a deep way, cancer

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Markets are good, but we need clear signals

Perhaps the most enjoyable aspect of the general election result is the abuse which is now being heaped on the metropolitan liberal elite from many quarters.  Theirs is truly a difficult mind set to comprehend, based as it is on an unshakeable belief in their own omniscience.

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Opinion Polls, Financial Crashes and Groupthink

The election is done and dusted, but many interesting questions remain. Was there a swing to the Conservatives at the very last minute, or was it indeed possible to foresee the victory in advance? Snippets are emerging which suggest that the electorate had made up their minds

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The cost of being late: do incentives always work?

Economics provides us with a really big insight into how the world works. People respond to changes in incentives. A great deal of public policy is based on this principle. You want fewer people to drive into Central London? Introduce a congestion charge and make it more

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Ukraine and Russia: why they’ve proved Friedman’s ‘MacDonalds’ doctrine wrong

On 31 January 1990, a great event took place in Pushkin Square, Moscow. A branch of MacDonald’s was opened. The same excitement was generated in Kiev on 24 May 1997, when the MacDonald’s franchise was extended to the Ukraine. The American author Thomas Friedman wrote in 1999

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Frangleterre… Labour Mobility undermines Tax and Spend regimes

Pimlico Plumbers will be a familiar brand to many readers – it has a prominent advert on the approach into Waterloo station. But the company is now calling for plumbers who are fluent in both English and French, and says applicants will be interviewed by a native

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Valentine’s Day: Myth and Reality

Valentine’s Day is almost upon us.  Many readers may recall a time when its main purpose was for love-struck teenagers to communicate, anonymously or otherwise, with the objects of their desire. Now, it is big business. It is hardly possible to enter a pub or restaurant without

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Farewell Facebook?

So farewell, then, Facebook! That is the conclusion of a highly technical paper by two Princeton researchers, John Cannarella and Joshua Spechler, which received a lot of publicity in the press last week. The authors conclude that “Facebook will undergo a rapid decline in the coming years,

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Grangemouth highlights the competitive problems of the Rest of the UK

The recovery in the British economy is now firmly established.  Output in the services sector, the largest part of the economy, is above the previous peak level prior to the crash in 2008.   There is a widespread myth that the recovery is fueled by debt-financed personal spending.

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Alibaba: not just the Forty Thieves. China at the Cutting Edge

In the whole of the 20th century, only a few countries managed to transform themselves and join the club of rich economies. Japan is the most prominent example. The key question for the first half of the 21st century is whether or not China will manage to do the

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