Is there such a thing as a ‘fair’ price? Definitely, maybe…
The pricing of tickets for the forthcoming Oasis tour has stirred up a major controversy. This is not just on social media. Lisa Nandy, the culture secretary, has promised it will be included in a government review of pricing at gig events. One of her cabinet colleagues, Lucy Powell, has expressed personal outrage at the amount she […]
As Omicron sweeps through again, Britain has finally learnt to live with Covid-19
A huge third wave of Omicron cases is sweeping the country. This will be readily apparent in the everyday lives of many people. Family members have it, work colleagues have gone down, small restaurants and service businesses must close for a few days through staff shortages. According to the reliable Zoe Covid data produced by […]
Economics has a lesson for Remainers and lockdown-lovers who refuse to let facts change their minds
Christmas is a time to be charitable. So let’s spare a thought for those who fought against the referendum result. Unlike the great unwashed, who simply didn’t understand the issues they were voting on, they had all been expensively educated at the right sort of schools and universities. From the time the vote took place […]
Hurrah for a vaccine — but was lockdown actually worth it?
The development of the vaccines has changed many things. It has even influenced the opinion of the Prince of Lockdown himself, health secretary Matt Hancock. Life, he pronounced at the weekend, would be back to normal by the spring and the “blasted regulations” abolished. But one thing has remained constant: the government’s continued refusal to […]
Economics lessons from history: Don’t expect a post-Covid boom
Just over 200 years ago, the finances of the British government looked even more parlous than they do today. Since the mid-1790s, the country had been engaged in a titanic struggle with Napoleon’s France. To pay for the conflict, the government had borrowed on a massive scale. The cumulative financial deficit — the difference between […]
Forget the polls endorsing lockdowns and look at how people actually behave
Economics is at long last storming the bastions of the Scientific Advisory Group for Emergencies (SAGE). This citadel of epidemiologists and health professionals has for many months resisted the lessons which the so-called gloomy science can bring. In the context of Covid-19, economics is in fact a beacon of hope. This week, news broke of […]
The government must take back control of the Covid narrative
The word “narrative” is usually seen as being a posh way of saying “story”. But the idea of narratives is one which is gaining traction in economics. Last year, for example, Nobel laureate Robert Shiller of Yale published a book entitled “Narrative Economics”. He argued that it is the perception of events and the stories […]
And this week’s winner for the Stupid Scientist award is…
Scepticism about the advice given by government scientists about Covid-19 is rising sharply. In areas like Bolton infections are high. Interviews with the locals reveal that so, too, is disbelief in the veracity of the statements made by members of SAGE, the government science advisory group. The scientists, rational beings themselves, may ascribe this to […]
Incentives are a better way to tackle Covid-19 than blanket lockdowns
A great deal of government policy during the Covid crisis has involved regulation. Given a choice, economists usually prefer to use incentives. Altering the relative costs and benefits of an action is a well-established way to alter behaviour. Perhaps the government has been listening. A big stick will now be waved at people who fail […]
The national productivity recovery depends on getting people back to the office
Office workers continue to display reluctance to return to their workplaces, despite encouragement from the government for them to head back. The immediate consequences for the service jobs in cities which depend on people commuting into the office are apparent, hence the government drive. But is office work a good thing for the workers themselves? […]
