Roger W Garrison’s Time and Money: The Macroeconomics of Capital Structure bursts with insight but this from the final chapter could be the missing link in the debate about the economic crisis: [D]oes the existence and variability of production time have a first-order claim on our attention? This is the question […]
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Criticising HS2 via the FT
Via High-speed rail link must be built, economists insist – FT.com: Steve Baker, MP for Wycombe, said he was unconvinced that the huge cost of the scheme was justified. “The maths doesn’t add up; this is just sinking capital into a lossmaking project. If you’re going to use the power […]
Read MoreAutumn Statement chart of the day: tax and spending
The economic facts behind the Autumn Statement, in as far as they are known or forecast, are available in the Economic and Fiscal Outlook from the Office for Budget Responsibility. Table 4.7 provides forecast current receipts. Table 4.18 provides total managed expenditure. So, here’s a chart of current receipts (i.e. tax) […]
Read MoreThe Austrians Were Right, Yet Again – Jeffrey A. Tucker – Mises Daily
Via The Austrians Were Right, Yet Again, Jeffrey A. Tucker sets out the way it is in the USA: After three-plus years of floundering around, a consensus has finally arrived that we are back in recession. Growth is not happening. The meager statistical growth of the past few years — […]
Read MoreOn capital, international development and raising the poor out of poverty
Via The Economic Role of Saving and Capital Goods – Mises Institute (emphasis mine): What distinguishes contemporary life in the countries of Western civilization from conditions as they prevailed in earlier ages – and still exist for the greater number of those living today – is not the changes in the […]
Read MoreA critique of monetarism
At The Telegraph, Ambrose Evans-Pritchard calls for a further extension to our binge: Tight fiscal policy offset by ultra-loose money is the only option for Europe, the US, and Japan. At The Cobden Centre, Professor Kevin Dowd says that Calls for further monetary expansion are cuckoo, and James Tyler, Chief […]
Read MoreCapital Gains Tax
Concerned constituents — including basic rate taxpayers, pensioners and private residential landlords — have written to me about the Government’s proposed changes to Capital Gains Tax (CGT). In this post, I will set out details of the tax, the proposal, the arguments and my position. I conclude that the way […]
Read MoreFT.com – Manufacturing fades under Labour
The impact of a poor understanding of the role of interest rates in coordinating the economy through time and of the capital structure of production: The importance of manufacturing to the economy declined more rapidly under Labour administrations since 1997 than it did during the Margaret Thatcher era, according to […]
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