Tim Worstall

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Tim Worstall is an Englishman who has failed at many things. Thus his turn to writing, the last refuge of many who could make a living no other way. He is, as an example of his business and financial perspicacity, the head of the international scandium oligopoly: the only commodity which has not risen in price in the past decade.
A gold buying house in Africa. Pic: Sasha Lezhnev

Clueless do-gooders make Africa's conflict mineral mines even more dangerous

Worstall on Wednesday I have muttered around here more than a few times about the various idiocies of the Blood in the Mobile campaign. This was the idea that we could stop the appalling (and true) levels of violence in Eastern Congo's mining trade by making American companies fill out lots of documents. The idea was that if they all had to say …
Tim Worstall, 05 Aug 2015
Cash on scales. Pic: Images Money, Flickr

Stop forcing benefits down my throat and give me hard cash, dammit

Worstall @ the Weekend This rise of the gig economy might mean that we should redefine the whole concept of being an employee, as compared with being a contractor. There is a political argument going on around this very subject already. There's plenty of people in the US arguing that Uber's drivers – and all those other people at TaskRabbit, Lyft …
Tim Worstall, 02 Aug 2015
Uber launch party by https://www.flickr.com/photos/5chw4r7z/ CC2.0 sharelalike attribution https://creativecommons.org/licenses/by-sa/2.0/

Hurrah! Uber does work (in the broadest sense of the word) after all

Worstall on Wednesday There's a certain, perhaps too cynical strain in economics, best exemplified by Mancur Olson, who was prone to pointing out that all governments are just bandits living off the population they oppress. It's better to be ruled by stationary bandits rather than nomadic ones, to be sure, for they will at least farm you rather …
Tim Worstall, 29 Jul 2015

So what the BLINKING BONKERS has gone wrong in the eurozone?

Worstall @ the Weekend A while ago, one of The Register's anonymous cowards posted a question about inflation. Can anyone explain why printing truckloads of money was the correct thing to do for UK and USA while restricting the money supply and austerity was the necessary [thing] for every other advanced country in Europe? Was it simply that all …
Tim Worstall, 26 Jul 2015
Unicorn. Detail from Domenico Zampieri fresco in Rome

Greece? Zzzz. EU bank says TWEETING can move the stock market

Worstall on Wednesday What is it that Twitter is better at than Google at doing? Over and above the obvious point that Twatter is better at broadcasting 140 character apercus to the world, while Google is better at telling you the answer to something? That answer is, as the boys at the European Central Bank (PDF) have just told us all, predicting …
Tim Worstall, 22 Jul 2015
Three cows image via Shutterstock

Being common is tragic, but the tragedy of the commons is still true

Worstall @ the Weekend Something popped up in the comments from BobRocket a couple of weeks back, namely that the Tragedy of the Commons is a myth spread by the landgrabbers, and Elinor Ostrom proved this was wrong. Well, no, not really; not at all in fact. What Ostrom did show was hugely more interesting than simply disproving Garret Hardin's …
Tim Worstall, 19 Jul 2015
Acropolis by https://www.flickr.com/photos/adeelanwer/ CC 2.0 attribution https://creativecommons.org/licenses/by-nd/2.0/

Bitcoin fixes a Greek problem – but not the Greek debt problem

Worstall on Thursday Hallelujah and may the Lord be praised! Someone has finally managed to find a decent economic use for Bitcoin. This isn't what those of us interested in the nitty-gritty of economics ever really expected, to be quite frank. We have looked on the alt-coin world as a rerun, a recapitulation, of every scam, fraud and mistake that …
Tim Worstall, 16 Jul 2015
Still from the movie Zoolander: Derek and a fellow model try to get the 'files' out of the Mac by smashing it to pieces. copyright Paramount Pictures

Attention dunderheads: Taxpayers are NOT giving businesses £93bn

Worstall @ the Weekend So I was a little surprised to be told by The Guardian that corporate welfare in the UK is, by a conservative estimation (obviously not a Conservative one, for it would be doing the victory dance if this were true) some £93bn a year. I was told this by that graduate of modern history, Aditya Chakrabortty, someone I have …
Tim Worstall, 12 Jul 2015
Unicorn. Detail from Domenico Zampieri fresco in Rome

Tech bubble? Pah. IPOs just return cash to early-stage investors

Worstall on Wednesday A internal presentation from Andreessen Horowitz aimed at its limited partners, that has to be taken with the appropriate shovelful of salt, has emerged – and the insights it reveals into the “tech bubble” are absolutely fascinating. U.S. Technology Funding -- What's Going On? from a16z Take it with a shovelful of salt …
Tim Worstall, 08 Jul 2015
A large hand flicks an icon of a little red man. Image via shutterstock (Lasse Kristensen)

Adam Smith was right about that invisible hand, you know

Worstall @ the Weekend We have a nice little empirical proof that Adam Smith really was right about us all being guided by that invisible hand. Yeah, I know, you're sooo tired of the free market maniac telling you that governments are all wet and laissez faire is where it should be. Except that's not something Smith ever said nor is it what he meant …
Tim Worstall, 05 Jul 2015

Teaching people to speak English? You just need Chatroulette without the dick pics

Worstall on Wednesday The latest of the X-Prizes is an attempt to increase adult literacy through the power of the mobile phone. Given that our own Prime Minister has been known to think that LOL means “lots of love”, it might not be a bad idea to update digital literacy. However, that's not quite what they mean: they want to take those adults who …
Tim Worstall, 01 Jul 2015
Boutique ISP, anyone?

Why OH WHY did Blighty privatise EVERYTHING?

Worstall @ the Weekend Given that I'm a Senior Fellow At the Adam Smith Institute and we pretty much invented – at least in the British political sense – the idea of privatisation, I've responded this week to an interesting request from the commentards as to why in the hell we did this. Especially since some of the best run privatised firms now seem …
Tim Worstall, 28 Jun 2015
Stacks of bitcoin CC2.0 attribution by FD Comite https://www.flickr.com/photos/fdecomite/

Hey, Sand Hill Exchange. Shouting 'blockchain!' won't stop the Feds

Worstall on Wednesday Matt Levine tells us the story of the Sand Hill Bitcoin Exchange, another one of those bright ideas that turned out not to be so bright and ended in a $20,000 fine from the SEC. The real underlying point is that it really was a bright idea: one that would improve the economy by making the valuations of large pre-IPO tech …
Tim Worstall, 24 Jun 2015

Why is it that women are consistently paid less than men?

Worstall @ the Weekend There is undoubtedly a gender pay gap in our society. Even a number of them across our various societies. In the US the usual number given is that women make 77 cents on the dollar that men do and here in the UK we've recently had a government shouting that the part time gender pay gap is as much as 37 per cent. This could …
Tim Worstall, 21 Jun 2015
happy_woman_at_desk

Foxconn's going to 'exploit' Indian labour? SCORE! Bye, poverty

Worstall on Wednesday El Reg serves us up the news that Foxconn is looking to India to set up production lines, presumably for the assembly of Apple's products. This is excellent news as it means that now Indian workers will get exploited and become rich, as those Chinese have in recent decades. And yes, it is indeed exploitation and yes they will …
Tim Worstall, 17 Jun 2015
Trainspotting

Why is that idiot Osbo continuing with austerity when we know it doesn't work?

Worstall @ the Weekend That austerity doesn't make the economy grow, is one of those things we all know to be true. And yet we've also got a government insisting that a recession, when there's spare capacity and we'd really rather like the economy to grow, is a great time to be cutting government spending and thus instituting that austerity. This …
Tim Worstall, 14 Jun 2015
Facepalm

MIT bods' digital economy babblings are tosh. C'mon guys, Economics 101

Worstall on Wednesday We've one of those lovely open letters floating around. Where the Great and the Good, the Wise Thinkers, tell us all how we've got to organise the world to accord with their prejudices about how it should be ordered. This particular one, an “Open Letter on the Digital Economy” (versions here and here) is about what we've got …
Tim Worstall, 10 Jun 2015

So why the hell didn't quantitative easing produce HUGE inflation?

Worstall @ the Weekend There's two simple answers to the question of why quantitative easing (QE) didn't set off some massive burst of inflation (to answer commentard Gordon 10's question posted here). The first being that it did, the second being that some people, fortunately this time the people running the central banks, got their economics right …
Tim Worstall, 07 Jun 2015

Elon Musk's $4.9 BEELLLION taxpayer windfall revealed

Worstall on Wednesday That Elon Musk is a decamillionaire is true. That he's a great salesman is also true. But to whom is he selling, and what is it that he sells so well? There's a very reasonable argument that what he's actually good at is selling to bureaucrats what bureaucrats want to buy with our money. And while that's obviously a useful …
Tim Worstall, 03 Jun 2015

The rare metals debate: Only trace elements of sanity found

Worstall @ the Weekend The scene is an early morning current affairs radio show. Very important people talk to the nation here. John Humphrys (for it is he): Mr. Worstall, why is it that your new report shows that soon all will be dead? Worstall: John, it's 7am. Currently there is food in the fridges of the nation for breakfast. But in two hours …
Tim Worstall, 31 May 2015
Buzz Lightyear

Why are all the visual special effects studios going bust?

Worstall on Wednesday An interesting read popped up on Motherboard recently: if all and every movie now uses ever more visual effects, then why the heck are all the visual effects (VFX) studios going bust? The answer given was apparently that Avatar didn't win the right Oscars. This is both amusing and wrong. The actual answer is that this is how …
Tim Worstall, 27 May 2015

NEVER MIND the B*LLOCKS Osbo peddles, deficits don't really matter

Worstall @ the Weekend What with another budget just coming up, to correct the one that chancellor of the exchequer George Osborne kidded everyone with before the election, it might be time to answer the question of whether deficits really matter? For Osborne is most certainly going to continue shouting that they do and, equally certainly, everyone …
Tim Worstall, 24 May 2015
Flying Toaster screen saver rebuilt in CSS

Well YES, Silicon Valley VCs do think you're a CRETIN

Worstall on Wednesday A couple of weeks back I pointed to some rumours about what the stealth (and hugely VC backed) company 21 Inc was up to, with the idea being, seemingly, to stick a Bitcoin mining chip in your toaster. So, as well as that breakfast comestible you could lose money on your electricity bill by attempting to mine for Bitcoin, …
Tim Worstall, 20 May 2015
Canary Wharf at night

So why the hell do we bail banks out?

Worstall @ the Weekend Much to my joy, I have been asked a question I can actually answer. As opposed to those difficult ones, like does my bum look big in this, do you love me and has your cocaine use ever been more than recreational? That question, coming from commentard John Smith 19, and it is, in essence, well, why do we bail out the banks? …
Tim Worstall, 17 May 2015

Why Joe Hockey's Oz tax proposals only get five out of 10

Worstall on Wednesday I was fascinated to see El Reg's report on the new proposals to change the Australian tax system, as put forward by Joe Hockey. It's a strange mixture: half is the very sensible plugging of a hole in the tax regime, while the other half shows shocking ignorance of the basis of another part of the international tax system. The …
Tim Worstall, 13 May 2015