In economics, there has always been a big debate about what drives economic growth. In the end, economists have assumed that positive “shocks” to an economy just kind of happen. However, there have been some thinkers who looked inside the black-box and focused on entrepreneurship. Continue reading “The 3 Type Of Individuals That Transform Economies”
(excerpt from my book-in-progress)
It’s easy to separate the “real” economy from the financial world. One makes real things like cars and fridges, while the other manufactures money from money.
This has been a rich theme for authors for centuries. Take the 1900 L.Frank Baum classic the “Wonderful Wizard of Oz”. The yellow-brick road represented something real, gold. It was the path to follow. Continue reading “Writers and Traders Are More Similar Than You Think”
I recently came across the work of Richard Titmuss (1907-1973). He was the father of social policy and was known as the ‘high priest of the welfare state’.
His most famous book was his last one called “The Gift Relationship: From Human Blood to Social Policy”. In it, he studied what was the most effective method for people to give blood – the market (i.e. paying them) or altruism (i.e. goodness of their own heart). Luckily for him, he had both systems in place in the real world with the US using the market and the UK using voluntary donations. Continue reading “What Money Cannot Buy”
One thing is clear in life: there will times of success and there will be times of loss. When I think of the economy, I think of market bubbles and their collapse. When I think of my personal life, I think of times of being “in the zone” and times when I feel I have lost something or someone dear to me. So how to get one’s head around all of this? Continue reading “Dealing With Success And Loss”
In 1763, the Berlin Academy offered a prize of the best essay on the application of mathematical proofs on metaphysics. Immanuel Kant, the thinker who later revolutionized philosophy came second. So could have beat him? Continue reading “The Immortality of Risk”
Doomer, prepper, primitivist, romantic, survivalist, millennialist, catastrophist* : these are all types of people that believe one way or another that civilisation as we know it is coming to an end. Many take the next step and join or set up communities that would survive such an outcome. Dylan Evans was one such person. In 2006, he quit his job as an academic and sold his house to fund the “Utopia Experiment” – a post-apocalyptic styled community in the Highlands of Scotland. Continue reading “No Place Like Utopia”
My blog on an alternative view of economic theory turned out to be very popular. So here’s another one in a similar vein, this time it was a speech given to academics and central bankers last summer. It’s a 7 minute read: Continue reading “Imprisoned By Economic Theory, Liberated By Big Bang Theory”
(Speech given to high school students of Economics last year). Eight minute read.
It’s nice to meet so many fresh-faced budding economists. You haven’t yet become jaded with the subject as you will when you enter the real world. So let me give you a head-start and tell you how even the basics you are learning is wrong. Continue reading “Everything You Learnt Is Wrong”