http://www.youtube.com/watch?v=jNXoaIRL8CI GDP, the most popular way economists attempt to quantify economic activity, is a recent invention and one that won’t stand the challenge presented by measuring output when services are dominant as they are in the UK. The first attempt…
Month: November 2014
Why banks should be stripped of their control of the electronic payments system
In economies where services are dominant — and service industries in the UK (including banking) account for more than 80 per cent of employment — the role of banks requires radical redefinition. Basic economic theory says that money serves three purposes: it’s…
The explosive growth of cities is a bigger challenge than global warming
Will Hutton, the British journalist and economist, has an article in The Observer today which says that cities are the future and the growth of intangibles is a key factor in their development. “Economists observe that bringing people together in…