In 2008, the Queen posed a question at the London School of Economics: how come nobody saw the economic crisis coming? She received a variety of answers, both on the day and at later discussions. No doubt economists take some comfort in debating that question, but the fact is that plenty of people saw the [...]
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The IEA is wrong about wellbeing
The Institute of Economic Affairs released a paper this week called …And the Pursuit of Happiness. In a nutshell, it argues that the government is wasting its time measuring happiness, because it is economic growth that makes people happy. It adds that we shouldn’t worry about inequality either, and that big government is bad. In [...]
Britain’s debt problem: it’s not the government
Like many countries, Britain is following austerity policies at the moment, paring back government services to try and get debt under control. Every new budget or economic speech is analysed by City commentators. “Have they done enough?” they ask. “How will the markets respond?” It’s a little hypocritical of the City to wag a finger [...]
Redefine wealth for global prosperity
“We can’t begin to tackle poverty without growth.” The words of Ellen Johnson Sirleaf of Liberia, speaking in the US last year. Since the fragile peace negotiated in 2003, Liberia has had steady economic growth at an average of 7% a year. If the country can continue to build, tackle corruption, increase access to education and [...]
The Shard and the curse of the skyscraper
In six months time London will be the proud possessor of the tallest building in Europe. The Shard, currently splintering skywards on the South Bank, will stand over 1,000 feet tall on completion. If the architects are to be believed, it will be a glorious monument to London’s ambition. But the ‘tallest building’ game is [...]
The Schumacher legacy
On monday I posted a short biography of E F Schumacher. Today I want to look at what happened to his ideas, and how his thinking has continued to evolve. Schumacher’s work did not end with his death. It has carried on through numerous organisations, societies and individuals, some directly inspired by him, others incorporating [...]
Two lessons from Schumacher for stimulating the economy
There are all kinds of things in Schumacher’s writings that are ripe for rediscovery. Here are just two that caught my eye in my recent re-readings as being particularly relevant: The energy connection As a young man, Schumacher studied the problems of his country’s reconstruction efforts after the First World War. Germany’s coal production was [...]
It’s E F Schumacher week
Several years ago I came across a book in a second hand shop: ‘Small is Beautiful: economics as if people mattered‘. I bought it on the title alone, and having never heard of Ernest Friedrich Schumacher, I read it with no pre-conceptions. It was rambling, patriarchal and a little dated in style, but full of [...]
Debtocracy
Debtocracy is a new documentary about Greece’s debt crisis. It’s by Greek filmmakers Katerina Kitidi and Aris Hatzistefanou, and they have posted it on the internet as a Creative Commons film so that anyone who wants to see it can watch it for free (like Yann Arthus Bertrand’s Home). I haven’t watched it all the [...]
Book review: Whoops! by John Lanchester
Here’s a book that’s been much recommended to me, that I’ve finally got round to. Whoops! Why everyone owes everyone and no one can pay by John Lanchester a layman’s guide to the financial crisis, and it’s not just understandable, it’s also entertaining. Quite a tall order for a book on financial collapse, I’m sure [...]
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