Archive for the Paul Ormerod Category

Don’t fear robots taking your job – worry about them cutting your wages

Don’t fear robots taking your job – worry about them cutting your wages

Robots and artificial intelligence (AI) seem to be in the news all the time, and breakthroughs are announced regularly. Last year, it was an AI programme which beat the world champion at Go, a game immensely more complex than chess. Now, in the austere American journal the

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There’s substance to the Trump team’s trade critique of Germany and the Eurozone

There’s substance to the Trump team’s trade critique of Germany and the Eurozone

President Trump’s administration has made many criticisms of Germany. One of the more important was by his top trade advisor, Peter Nabarro. He accused the Germans of using a “grossly undervalued” Euro to “exploit” its trading relationship with America. The complaint that when the Euro was formed

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Need a reason to cut public sector pay and pensions? Look at Jeremy Corbyn

Need a reason to cut public sector pay and pensions? Look at Jeremy Corbyn

The shambles over the treatment of National Insurance has dominated the media’s reporting of the recent Budget. But only the previous week, Jeremy Corbyn made a complete horlicks of his tax return for the second year running. The Bearded One makes a saintly fuss over making his

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Kenneth Arrow proved economists needn’t be loud to make a difference

Kenneth Arrow proved economists needn’t be loud to make a difference

Does winning the Nobel Prize in economics cause longevity?  We might be forgiven for thinking so.  Thomas Schelling died last year aged 95.  The author of the famous textbook, Paul Samuelson, passed away at 94, whilst his colleague, Bob Solow, is still going strong at 92.  The

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Claims that a low tax, low regulation UK would be a disaster are rubbish

Claims that a low tax, low regulation UK would be a disaster are rubbish

Dame Minouche Shafik, Deputy Governor of the Bank of England, is leaving to become Director of the London School of Economics.  Last weekend, she gave her final interview wearing her Bank hat. Shafik issued what was described in the media as a “thinly veiled warning” to the

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A tale of two Eurozones: Greater Germany and Club Med are drifting ever further apart

A tale of two Eurozones: Greater Germany and Club Med are drifting ever further apart

At the end of last week Federica Mogherini met leading members of the Trump administration. Mogherini, yet another Italian politician turned Euro-bureaucrat, is in fact the foreign policy chief of the European Union. She stood on her dignity, or rather the dignity of the European Commission, issuing a

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It’s fanciful to think China’s economy will overtake the US’s anytime soon

It's fanciful to think China's economy will overtake the US's anytime soon

Possibly the single most important of the tensions stoked up by President Trump is the rivalry between the United States and China. Economic strength will be the ultimate determinant of this struggle for the position of Top Nation. Comparisons of the size of economies, particularly ones at very

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Why the economics profession remains blind to the benefits of Brexit

Why the economics profession remains blind to the benefits of Brexit

The office for National Statistics last week estimated that the UK economy grew at an annual rate of 2.4 per cent in the final quarter of last year. This is slightly above the long-term average growth of the past three decades. But a Financial Times survey this

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The NHS will never have enough cash: the English religion needs reformation

The NHS will never have enough cash: the English religion needs reformation

We British like traditions. A well-established one which comes round every year is the “winter crisis” in the NHS. Health provision is a political hot potato not just for this government, or indeed for any particular UK government, but for governments across the developed world. One of

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Why do bad companies stay in business for so long? Just ask an economist

Why do bad companies stay in business for so long? Just ask an economist

A bookseller in the Yorkshire Dales has hit the headlines, branded a “shopkeeper from hell”. He called a customer a “pain in the arse”, and has been the subject of numerous complaints to the local parish council about his rudeness. To complete the outrage, he charges 50p

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