The EU referendum has shown just how irrational voters are
Some things never seem to change. In the mid-16th century, in the course of her short reign Queen Mary, a daughter of Henry VIII, tried to restore Catholicism. To this end, she arranged to marry King Philip of Spain, at a time when Spain dominated Europe. The Spanish ambassador in London sent back a gloomy […]
Old Europe’s poor innovation record is a harbinger of long-term stagnation
The economic debate around Brexit has been disappointing. Far too many of the points focus on the short-term. Would Brexit precipitate a sterling crisis? Well, if it did, at some point the currency would bounce back? Would it tip us into a recession? Maybe, but recessions come to an end. The key economic question, not […]
The poor state of macro justifies scepticism with Brexit disaster forecasts
David Cameron has tried to frame the Brexit debate into one based on economics. Standing with him is the overwhelming consensus of economists themselves, from academics to the International Monetary Fund (IMF). Their pronouncements are not having that much impact on the electorate if the polls are to be believed. There is justification for this […]
Scotland’s fiscal fantasy and the impact of an OUT vote
A short visit to the Highlands last week was refreshing. The scenery is just as spectacular as ever, and the people just as welcoming. But elsewhere, the tectonic plates are shifting. Last week, a televised debate took place amongst the political leaders contesting the elections to the Scottish Parliament in May. It resembled a bidding […]
