Articles about Economics

Crap IT means stats crew don't really know how UK economy's doing

Clunky IT systems at the Office for National Statistics (ONS) have contributed to inaccurate reporting of economic growth, according to an independent review of UK economic statistics. The report (PDF), by Professor Sir Charles Bean of the London School of Economics, said the ONS's current technology estate "is in dire need of …
Kat Hall, 11 Mar 2016
Data scientist image via Shutterstock

R&D money for science – from your taxes?

Worstall on Wednesday The Observer treats us to another one of those give us more money pieces. This time it's a call from Athene Donald, a professor of experimental physics at Cambridge, telling us all how neither the government nor private companies spend enough money on research and development. Therefore, of course, we must all be taxed so that …
Tim Worstall, 21 Oct 2015
Househusband: Man in apron wields broom. Image via Shutterstock

OH GROSS! The real problem with GDP

Worstall @ the Weekend Last week, when I wrote a column about the nature of cold hard cash from a rabid free marketeer point of view, commenter Chris Miller asked about the intricacies of GDP: is it actually a bad measure of how well-off we all are or is it used just because it's simple to calculate? Basically, the answer is “yes”. With a few minor …
Tim Worstall, 11 Oct 2015
Trading Places

What is money? A rabid free marketeer puts his foot in lots of notes

Worstall @ the Weekend Several of you have asked for the skinny on what money actually is. So, here's the full fat Worstall take on cold, hard cash. Answer: It's a way of keeping score. Who has the right to call upon the resources of others in that same society? And that, other than a couple of footnotes which we'll deal with overleaf, is pretty …
Tim Worstall, 4 Oct 2015
Oliver Twist

Dear do-gooders, you can't get rid of child labour just by banning it

Worstall @ the Weekend I think we'd all agree that we'd like the world to be a better place. And I think most of us would, if it didn't take too much effort, support attempts to make it such a better place. There's even some more energetic than I who go out there and do in fact make it a better place: and well done them. However, we do need to, …
Tim Worstall, 27 Sep 2015
Masai in red toga talks on his cell phone from the grasslands of the Lewa Wildlife Conservancy in North Kenya, Africa

Mobile phones are the greatest poverty-reducing tech EVER

Worstall on Wednesday I have mentioned before around here that the mobile phone seems to be, in terms of reducing poverty, the finest invention humanity has ever come up with. Details of exactly how it does so are here, talking about sardine fishermen off Kerala, and my discussion of the overall economic effect is here, just to revisit that overall …
Tim Worstall, 23 Sep 2015
empty_pockets_648

You want the poor to have more money? Well, doh! Splash the cash

Worstall @ the Weekend Phillip from London writes in to note that I'm really not a fan of the minimum wage. So, given that we don't want the poor starving in the streets, or that we might actually think there is some minimum income that a rich country should provide just because, what's the recommended Worstall method of achieving this? To which the …
Tim Worstall, 20 Sep 2015
ianatlas_robot_648

Robots, schmobots. The Rise of the Machines won't leave humanity on the dole

Worstall on Wednesday El Reg tells us that we journos are some of the least likely to have to worry about our jobs being eaten by the robots. Phew, gosh and that's lucky, eh? Although I'm not really all that certain about this: a Worstall Article Generator, along the lines of the PoMo one, should be easy enough to generate. Retell story, snark, …
Tim Worstall, 16 Sep 2015
De Vaartkapoen. Pic: Bianca Bueno

As we all know, snark always comes before a fall. Mea culpa

Worstall @ the Weekend So, to set the scene: a couple of weeks ago, when writing in another place, I commented upon a piece in the New York Times. It seems that researchers have shown that we use a certain part of our brain when thinking about valuations of things which we normally think about the valuations of; things that we value and purchase in …
Tim Worstall, 13 Sep 2015
A garden gnome depicted stretched out across picnic table... with a pipe in one hand while the other props him up. Has a confrontational look in his eye...

So Quantitative Easing in the eurozone is working, then?

Worstall @ the Weekend Much as some of us love international biz editor Ambrose Evans-Pritchard over in The Torygraph, it is true that he can occasionally get a little bit excited about whatever it is that he's spotted. His latest revelation about how eurozone money supply is growing is a case in point. Evans-Pritchard is looking at this information …
Tim Worstall, 6 Sep 2015
Human cannonball

So, was it really the Commies that caused the early 20th Century inequality collapse?

Worstall @ the Weekend What with both the Corbynistas and Sandersistas on their various sides of the pond bringing back into the political mainstream the somewhat discredited ideas of state directed economies and socialism lite, perhaps it's time to have a look at one of the arguments used to bolster those ideas. Which is that post World War Two …
Tim Worstall, 30 Aug 2015
jeremy_corbyn_648

Hey, folks. Meet the economics 'genius' behind Jeremy Corbyn

Worstall @ the Weekend I recently read this piece in The Times. It tells the world a bit about Richard Murphy, the, uh, “economist” behind many of the ideas which make up Jeremy Corbyn's platform about money 'n' stuff. It piqued my interest as I've been waging a near decade-long battle against the ideas (and at times, the person) of Richard Murphy. …
Tim Worstall, 16 Aug 2015
typewriter_wtf_648

Typewriters suck. Yet we're infinitely richer for those irritating machines

Worstall on Wednesday One of the things we greybeards have a seriously difficult time getting over to the youngsters is quite how much life sucked back in the old days. It's easy enough to look at the bald economic statistics and see that incomes haven't moved up much (for the UK) or even at all (for the US) in recent decades. Yet when anyone who …
Tim Worstall, 12 Aug 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
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
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
Tim Worstall victory dance at his Reg lecture

Tim Worstall dances to victory over resources scaremongerers

Reg lectures Tim Worstall brought together rare minerals, bacon and eggs, and his own interpretive victory dance in his battle to stop us all worrying about running out of resources, at our most recent Reg lecture. In just under 50 minutes, Tim covered the economics of resources, why you won’t find a Ferrari in a scrap yard, and just what …
Joe Fay, 22 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

Create a news alert about Economics, or find more stories about Economics.

Biting the hand that feeds IT © 1998–2017