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The Bank of England’s own data negates Carney’s overhyped house price warning

The Bank of England’s own data negates Carney’s overhyped house price warning

No one can tell them quite like Mark Carney, the governor of the Bank of England. He appears to have briefed the cabinet last week that house prices could fall by 35 per cent in the event of a no-deal Brexit. To be fair, the Bank did

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The economic answer behind superstar salaries

The economic answer behind superstar salaries

Rugby Union’s Premiership season is underway again. This is yet another professional sport which operates on the principles of socialism: the money all ends up in the pockets of what we might call the “workers”. In a sport which was allegedly only played by amateurs until the

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Unemployment down, GDP up – there’s no logic for a public spending boost now

Unemployment down, GDP up – there’s no logic for a public spending boost now

Despite the warmth of the days, there is a distinct autumn feel to the mornings. And in the autumn, thoughts begin to turn to the Budget. Speculation has already begun about what the chancellor Philip Hammond might or might not do. For Labour, recent weeks have been

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From Venezuela to East Berlin, people will always choose capitalism over socialism

From Venezuela to East Berlin, people will always choose capitalism over socialism

How many people across the world in the history of humanity have fled from a capitalist country to a socialist one? There was much amusement at the height of the long miners’ strike of 1984/85. A National Union of Mineworkers official from Yorkshire, a crony of Marxist

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The economics of tourist overload

The economics of tourist overload

I am in Edinburgh for a few days at the Festival, where even Jeremy Corbyn has appeared. Disappointingly, he was not playing the role of Carmela Soprano, the mafia don’s wife who is always present but never involved. Previously, I had been on Skye. Last month, I

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The intellectual imperialism of economics

The intellectual imperialism of economics

At this time of year, most people are focused on leisure. The holiday you have just had, the one you are on now, or the one you are just about to go on. With exquisite timing, the 1 August issue of the top Journal of Economic Perspectives

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From supply and demand to game theory, football is full of economics lessons

From supply and demand to game theory, football is full of economics lessons

The football transfer window closes tomorrow, and the opening days of August have seen the usual flurry of activity at all levels. The window in the rest of Europe stays open until the end of the month. Do we detect here the hands of Monsieur Barnier, in

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Facebook, facts, and alternative fictions: How to predict the narrative of the future

Facebook, facts, and alternative fictions: How to predict the narrative of the future

Last Thursday, Facebook suffered the biggest one-day loss in the history of Wall Street. The company’s shares dropped nearly 19 per cent. Rather incredibly, Facebook reported an increase in revenue of no less than 42 per cent over the same quarter last year, and a rise in

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The UK’s capacity to innovate matters far more than panic over consumer spending

The UK’s capacity to innovate matters far more than panic over consumer spending

The debate about Brexit has become mired in a virtually incomprehensible quagmire of detailed and technical negotiations between the UK and the rest of the EU. Yet the campaign itself in 2016 was dominated by broader questions of political economy. In addition to the hurly burly of

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Investors should intervene to stop high executive pay, before the regulator does

Investors should intervene to stop high executive pay, before the regulator does

Shareholder discontent over executive pay continues to rise. Last week, the outgoing boss of BT, Gavin Patterson, was in the firing line. At the company’s annual general meeting, 34 per cent of investors voted against the remuneration report, which included a £1.3m bonus payment to Patterson. Concern

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