Longer lockdown based on hypotheticals would come with serious economic costs

The penny is finally beginning to drop. The health service’s focus on giving absolute priority to the treatment of Covid-19 generates costs and problems on a massive scale. Chris Hopson, chief executive of NHS Providers, has warned of the huge pressures on the NHS from the backlog of non-Covid cases.   Many of these are life-threatening […]

For richer or for poorer? The economic case for marriage is worth remembering

An important piece of social news emerged last week. According to the Office for National Statistics, the divorce rate in 2018 fell to its lowest level for nearly 50 years. The overall trend is clear and well-established. The divorce rate rose steadily from the late 1950s, with sharp rises immediately following the Divorce Act of […]

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

Robot playing ping pong

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 Proceedings of the National Academy of Sciences, comes […]

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 month showed that the majority of economists remain […]

Crocodile tears for the poor

INEQUALITY is now a buzzword in Britain. Scarcely a week goes by without a new publication by an academic or journalist lamenting the levels of poverty facing swathes of the population. They are bolstered by a complicit metropolitan liberal elite, who shed crocodile tears for the poor, while ruminating on the current situation. Unfortunately, much […]

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. Yet since the trough of the recession in […]