Everyone but the Opposition will be pleased by today’s GDP figures: GDP was estimated to have increased by 1.0 per cent in Q3 2012 compared with Q2 2012 Output of the production industries was estimated to have increased by 1.1 per cent in Q3 2012 compared with Q2 2012, following […]
Read MoreToday’s GDP figures have made the news through being significantly worse than forecast: there was a 0.7% fall in output compared to expectations of 0.2%. Here’s how the November 2010 forecast from the Office for Budget Responsibility (PDF) compares to the GDP data from the Office for National Statistics (PDF): Here’s how […]
Read MoreBack in July, I argued that because most contemporary economists lack an adequate theory of capital – that is, of the structure of relative prices and how they change through time – their policy advice is bound to cause worse problems later. Quantitative Easing and further credit expansion through artificially […]
Read MoreThe following chart is taken from How Should Britain’s Government Spending and Tax Burdens be Measured? by David B Smith, IEA, Jun 2009: It seems to show an upper limit to the tax which can be extracted from the economy: about 40% of GDP. Further, there has been little change in taxation […]
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