The Mirage Of Structural Reform
Every economic program imposed on Greece by its creditors since the financial crisis struck in 2009 has been held together by a central conceit: that
Economy
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Making Progress In Economic And Monetary Union
The State Of The Economy In Europe The recovery that has been developing over the past several quarters in Europe is encouraging but modest. To
Jeremy Corbyn’s Necessary Agenda
Seven economists (including Joseph Stiglitz, Thomas Piketty, and me) have agreed to become economic advisers to Jeremy Corbyn, the new leader of the British Labour Party. I
Common Rules (Not Rates) Should Be The Answer To Tax Competition In The EU
Tax avoidance is a key problem for European countries, with the EU taking several steps to try and limit the ability of businesses to shift
Why The Move Towards A Cashless Society Is Bad News For Criminals
Last week I left home without my wallet. I soon realised it did not really matter. I could even manage without a plastic card. My
How Edmund Phelps Got It Wrong On Greek Austerity
In the debate on the Greek crisis, no cliché was too tawdry to be used and no claim too stupid or false to be made
Fraud, Fools, And Financial Markets
Adam Smith famously wrote of the “invisible hand,” by which individuals’ pursuit of self-interest in free, competitive markets advances the interest of society as a
How Uber Could Be Part Of The Solution 21st Century Transportation
Uber and Big Taxi are at loggerheads in Europe and all over the world, with battle lines drawn and the public and politicians taking sides.
Policy Credibility, Market Confidence And The Private Sector
The notion of the credibility of policy-makers and how that creates incentives for the private sector to consume, save, invest and innovate is at the
Economists Vs. Economics
Ever since the late nineteenth century, when economics, increasingly embracing mathematics and statistics, developed scientific pretensions, its practitioners have been accused of a variety of
We Were Better Served By Old-fashioned Relationship-focused Bank Managers
When I was a schoolboy in Edinburgh in the 1960s, the head office of the Bank of Scotland was an imposing building on the Mound,
Euroland Has No Plan B: It Needs An Urgent Recovery Plan
At last, the eurozone economy appears to be experiencing some kind of recovery. GDP started growing again in the spring of 2013, following seven quarters
Does Capitalism Cause Poverty?
Capitalism gets blamed for many things nowadays: poverty, inequality, unemployment, even global warming. As Pope Francis said in a recent speech in Bolivia: “This system is by
Did Socialism Keep Capitalism Equal?
This is an interesting idea and I think that it will gradually become more popular. The idea is simple: the presence of the ideology of
Economic Recovery? Why Eurozone Under-performance Continues
Prior to the release of growth statistics in the middle of August there was widespread expectation that a sustained eurozone recovery would at last be
Taking Corbynomics Seriously
Fiscal austerity has become such a staple of conventional wisdom in the United Kingdom that anyone in public life who challenges it is written off
The Euro’s Future Is Secure, But It May Not Be The One That We Expect
While the Greek crisis has occupied much attention in recent weeks, in terms of the Eurozone’s longevity, the Greek crisis will prove to be a