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A case against austerity

Chris Dillow / June 23, 2017 at 12:46 PM 147 views

Some  Tories say voters are tired and weary of austerity*. The voters are right. Let’s start with the sums. There’s a simple equation to tell us what primary budget balance we need to stabilize the debt-GDP ratio (the primary balance…

The lack of demand for equality

Chris Dillow / June 22, 2017 at 1:00 PM 163 views

Why do people tolerate inequality? A new paper by Karl Ove Moene and colleagues provides a new explanation: it’s because a small role for merit in income inequality causes a big drop in demand for redistribution. They showed this in…

Free markets need equality

Chris Dillow / June 21, 2017 at 12:34 PM 162 views

These are dark times for free marketeers. Voters are only lukewarm about the virtues of capitalism; the Grenfell disaster is widely regarded as showing the case for greater regulation; and, as Sam Bowman says, even the Tories “have totally failed…

UK monetary policy: you cannot be serious?

Simon Wren-Lewis / June 21, 2017 at 8:21 AM 64 views

Nothing shocks me in the area of fiscal policy anymore, but I do have some faith that monetary policy makers know what they are doing. While fiscal policy makers in the US, UK and the EZ did precisely the wrong…

Selecting for Corbynism

Chris Dillow / June 20, 2017 at 12:58 PM 85 views

There seems to be a paradox about Corbynism. On the one hand, I feel the force of claims that Labour’s manifesto was quite right-wing. Matt Bolton says that it’s immigration policy was “well to the right of the 2015 manifesto”,…