Posts Tagged American Economic Review

Meet the engineers of economic theory: Market design has become a full-time job

Meet the engineers of economic theory: Market design has become a full-time job

What does someone with the job title of “chief economist” actually do? The most well-known in the UK is probably Andy Haldane at the Bank of England, but his role is not typical. So what do the others do? Nobel Laureate Alvin Roth’s paper in the latest

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How European commissioners really allocate EU funding

How European commissioners really allocate EU funding

“Pork barrel” has been a theme in American politics for almost as long as the United States has existed. Many members of Congress work hard to secure public works projects, agricultural subsidies and the like for their own districts, almost regardless of the economic arguments for and

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Corbyn and McDonnell’s delusional tax plan would cut revenue and harm growth

Corbyn and McDonnell’s delusional tax plan would cut revenue and harm growth

The income tax system in the UK is highly progressive. Not many people know that, to use a catch phrase attributed, rightly or wrongly, to the great actor Michael Caine. The top one per cent of earners contribute 27 per cent of all income tax receipts. To

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Anti-growth Welsh leaders are denying their voters prosperity by opposing shale

Anti-growth Welsh leaders are denying their voters prosperity by opposing shale

Leading Welsh politicians seem to be getting ideas above their station. Fifty years ago, Labour held all but four of the Parliamentary seats, and had over 60 per cent of the vote. Now, the Conservatives are by a large margin the second party in terms of votes,

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Blame restrictions on the supply of land for new homes for rising wealth inequality

Blame restrictions on the supply of land for new homes for rising wealth inequality

Official data released last week on London house price increases in 2016 generated a lot of interest.  Given that housing represents by far the most important component of wealth for most people, it is not surprising that stories like this are read avidly. There is a feeling

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The death of cash, the rise of trade unions and other eclectic 2017 predictions

The death of cash, the rise of trade unions and other eclectic 2017 predictions

It’s certainly been an eventful year. But rather than dwell on the past, what sort of things can we expect in 2017? Here are a few eclectic predictions. Sweden may become the world’s first cashless economy. Notes and coins are already fast disappearing as a means of payment, and

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The poor state of macro justifies scepticism with Brexit disaster forecasts

The poor state of macro justifies scepticism with Brexit disaster forecasts

David Cameron has tried to frame the Brexit debate into one based on economics.  Standing with him is the overwhelming consensus of economists themselves, from academics to the International Monetary Fund (IMF).  Their pronouncements are not having that much impact on the electorate if the polls are

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The coming explosion in natural debt is a serious risk to the economy

The coming explosion in natural debt is a serious risk to the economy

Martin Feldstein of Harvard is an economist who should always be taken seriously. Writing in 1997 about the forthcoming introduction of the euro, for example, he argued that “the adverse economic effects of a single currency on unemployment would outweigh any potential gains from trade flows”. He

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Why a sugar tax would be a big fat failure: People are too smart for central planners

Government ministers have bowed to pressure. They have published the report by Public Health England (PHE) which calls for a tax of up to 20 per cent on sugary drinks and foods.  If the tax reduced sugar intake in line with the recommendations, it is claimed that

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