Forecasts of the end of the world have an even worse track record than predictions in economics. Some followers of
What is the connection between the content of Boris Johnson’s speech this week to the CBI, tax avoidance and evasion,
International Airlines Group (IAG), formed in January 2011 by a merger of British Airways and Iberia, is in the news.
Michael Heseltine’s report on economic growth came out last week. It contains 89 recommendations. A mere 57 varieties, to recall
Corporation tax is very much in the news. Starbucks is merely the latest to be in the spotlight, having paid
Nobel Prize winner Paul Krugman will shortly be in town. With Lord Richard Layard, he will be calling for more
Andrew Mitchell, the government’s chief whip, remains in some difficulty after his exchange with the police at the gates of
GDP estimates are eagerly awaited in the City, and dominate the media headlines. Huge significance is attached to arithmetically trivial differences, whether between market expectations and the announced figure, or to subsequent revisions to the data.
But GDP is not something which can be put in a set of scales, say, and measured accurately. The concept is clear. It is the value of national output at market prices. Market prices? How do we value the public sector, where there are no market prices? A series of plausible conventions has evolved as to how to value such activities. But there is a substantial amount of arbitrary judgment involved.
The last three Olympics have seen a titanic battle between the US and China to head the medals table. If
We all know now about the empty roads and deserted shops, all quite contrary to the official announcements before the