What Money Cannot Buy

Human red blood cells magnified 1000 times
Human red blood cells magnified 1000 times

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”

What Money Cannot Buy

Everything You Learnt Is Wrong

Blackboard

(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”

Everything You Learnt Is Wrong