How much should you pay to see Billie Eilish? Don’t ask St Thomas Aquinas
Thomas Aquinas argued for the concept of a “just price”, but when it comes to concert tickets the correct price is the one determined by the market, says Paul Ormerod Summer is in full swing, and with it the usual round of festivals and music gigs. Alongside these, another tradition is emerging. Namely, extensive whingeing […]
Farage has a point, the UK should stop subsidising Scotland
It may have lost him the byelection, but Nigel Farage has a point about Scottish spending, writes Paul Ormerod Last week, Nigel Farage created a bit of a storm north of the border when he suggested that the longstanding formula for calculating how much Scotland receives from the UK Treasury needed “looking at”. Some commentators […]
From rare bees to miners’ pensions, money is now no object in parliament
Miners’ pensions, indigenous rights, the shrill carder bee – parliament and the public have lost touch with the reality of public spending, writes Paul Ormerod Early day motions (EDMs) are a longstanding feature of parliament. Some are tabled for local publicity for the MP, such as the one last week congratulating Peterhead on being champions […]
Protecting against cyber attacks means tackling rational inattention
Cybersecurity, highlighted by recent attacks on the Co-op and Marks & Spencer, is not just a technical challenge but also a human and economic one, says Paul Ormerod Cyber security has featured prominently in the media, following the attacks on the Co-op and Marks and Spencer. The Co-op has recovered rather the better of the […]
What Rachel Reeves can learn from Geoffrey Howe
In 1981, Geoffrey Howe defied Keynesian orthodoxy by tightening fiscal policy during a recession – and completely changed the narrative about the British economy. Reeves must do the same, but all she offers is doom and gloom, says Paul Ormerod The UK economy is either already in or very close to a recession. Despite Rachel […]
UK universities should focus on excellence, not DEI
The UK university sector won’t solve it’s financial problems by prioritising diversity goals over research quality, says Paul Ormerod The university sector in the UK often seems to live in a dream world. Research England, for example, is proposing to order them to “robustly” promote diversity and inclusion in order to qualify for access to […]
Is choosing not to work a rational response to economic conditions?
Economic theory teaches that people will make the optimal allocation of their time between work and leisure, and if they can’t earn why bother to work? That’s a choice neither individuals, nor the country can afford, says Paul Ormerod The rise in worklessness is acknowledged across the political spectrum to be a serious problem. It […]
If the ONS can’t measure productivity, how are we meant to improve it?
The ONS’s shortcomings are far from trivial, its bad maths is holding back the UK economy, writes Paul Ormerod The Office for National Statistics (ONS) has come in for a lot of criticism for the accuracy of its labour market data. More specifically, its estimates of how many people there are in employment have become less […]
Method in Trump’s madness? What economic theory teaches us about tariffs
Trump’s tariffs have sent the world into a frenzy but there could be method yet. Economic theory shows that tariffs can in some cases reduce prices, writes Paul Ormerod The reactions to President Trump’s tariffs have been frenzied, to say the least. The headline on many of the stories about them might well have read “The […]
Reeves’ black hole alarmism is creating something scarier: A real one
Reeves’ fearmongering has scared Brits into saving. The consequences will be more frightening than Reeves’ ‘black hole’, writes Paul Ormerod A very bad piece of news for the Chancellor, Rachel Reeves, slipped out last week with relatively little comment. The personal savings ratio – the proportion of incomes, net of borrowing, which individuals save – rose […]
