A feature in the Financial Times (FT) on 30 June asked whether it was any longer possible for the US economy to increase productivity and, consequently, long-term economic growth per capita. “For the past 120 years, …output per head of…
Month: June 2014
Cashless experiment in Manchester today; bankless economy everywhere tomorrow
On 21 June, a street in Manchester in the UK tested cashless shopping. For a single day shops and businesses on the city’s Beech Road accepted only debit and credit card payments and no notes or coins. The results were…
Valuing art presents insuperable challenge to conventional economics
The central failing of conventional economic theory when it’s applied to services has been exposed by John Kay in a column in the London daily Financial Times on 17 June. His ruminations followed the announcement by the National Trust last…
The money test that economics fails
Monetary theory is a central element of economics. Its significance has risen since the monetarist counter-revolution led by Milton Friedman. And yet, the theory is profoundly unsatisfactory as even a cursory reading of basic text books will suggest. Conventional monetary fails…