For inflation adjustments, the Consumer Price Index used was the all items index and the index was set to 2016 pounds.
Has there ever been someone versed in Classical Liberal economics in the Commons? Bastiat was in the the French National Assembly, after all.
Hmm. I took a bit of time to answer:
In August 1818 he bought Lord Portarlington’s seat in Parliament for £4,000
I think David Ricardo qualifies?
Cobden obviously. No, Redwood etc don’t count, we mean proper economists who are also MPs. Any more? Keith Joseph?
I thought I’d got a little gotcha. Which depended upon Scottish median income being lower than UK median income. At least as far as I can find out this isn’t so. Scots median income is within a pound a week of UK.
Which surprises. Aren’t they a poorer country?
Housebuilders are sitting on enough land to build more than 800,000 homes, analysis by The Telegraph has found, raising new questions about efforts to increase the supply of new properties and reverse the decline in home ownership.
The total number of plots in the top nine housebuilders’ land banks has risen by 25pc in the past five years to around 838,000. That is despite a series of Government reviews and policies meant to increase the rate of building.
Land is an input into housebuilding. Land that can be built upon takes some years to put together, gain permission upon. The stock of inputs that take some years to organise will rise as annual production increases.
Fuel prices have hit their highest levels for six months, with the cost of petrol set to rise by eight pence per litre in just eight weeks.
The price hike comes as 25 million cars are expected to take to the road for the Easter holidays, with railway services across the UK being heavily disrupted by improvement works.
Motoring groups last night accused fuel retailers of timing their price rises around the bank holiday weekends, and urged the Government to intervene.
Prices go up as demand does. How odd.
Growing Wealth Inequality in the United States and China
That is all only in the United States; some other countries have in much worse. Bangladesh, for example, has an extremely high rate of poverty, and a federal minimum wage equal to about $60 USD per month. (Worstall) That is why so many manufacturers have factories in Bangladesh — they can pay the workers next to nothing. It is a very similar situation in many other south east Asian countries, as well as for China. China, while claiming to be have a communistic economy, has a huge problem with wealth inequality — one of the fastest growing of any country. Shanghai, China has a GDP per capita of $53,370 — only $200 less than the United States — while the Gansu province has a GDP per capita of only $7,641 — just $200 more than Guatemala.
That’s income inequality, not wealth inequality.
We need pay no more attention to this fool then. If you can’t even get the basic concepts right then you’re not worth including in the conversation, are you>
Traditional neoclassical economics was developed in an era when all knowledge systems essentially ignored ecological concerns. In conventional economics, value – which is created by generating profit and accumulating capital for owners and investors – is systematically extracted from the systems in which economic systems are embedded: the social and the ecological systems.
Profit and capital – they’re not the basis of neoclassical economics. Adding value is, sure. Profit being that portion of it that flows to capital owners. But every economic system is concerned with adding value because that’s the subject under discussion. How do we add value?
You know, equal whatever day:
Mothers worldwide no longer run a one-in-six chance of dying in childbed.
Ain’t this globalised free market capitalism just so patriarchal?
As the one person who reads here occasionally who also knows their way around the economic statistics.
So, UK capital share is about 20% of GP. Good part of that is depreciation etc. Actual payouts and returns to capital are more like about 10%. Well, an accurate figure there would be nice.
But what portion of that capital return, rather than capital share, is returns to pensions savings? There’s a trillion or two in pension pots, isn’t there? Meaning that we are getting to some appreciable percentage of GDP in those annual returns to them, no?
UK-grown cabbages, potatoes and onions all fell prey to bad growing conditions last year, triggering higher costs and less choice on supermarket shelves for consumers, according to figures gathered by the British Retail Consortium.
With fewer vegetables to sell thanks to low yields, producers have charged more.
With fewer to buy consumers have been willing to pay more….
Think it through. Any supplier is always willing to charge more. What is it that lets him?
Children in low-income families suffer social exclusion and a sense of shame because they do not have enough food to eat, according to research published by the Child Poverty Action Group (CPAG).
Many do not qualify for free school meals;
As the statement is that these kids don’t get free school meals then we must conclude that “low income” means something other than “poor”.
Even worse if you start with the wrong fact:
Globally, income inequality is rising.
Global income inequality is falling. The rest she’s spouting is thus bollocks.
So, the central planners couldn’t accurately estimate the values of Hayek’s personal effects because the necessary information was distributed among all the auction participants?
Gender inequality may be a necessary condition of capitalism,
The world’s richest 1% holds about the same proportion of global wealth now as it did at the start of the millennium, according to Credit Suisse’s 2018 global wealth report.
Wealth inequality rose after the financial crisis in 2008 but has stopped rising in the past two years.
Wealth inequality fell during the financial crisis therefore….
Helping female entrepreneurs could swell the economy to £250 billion
The UK economy’s currently some £1.8 trillion. Why would we want to shrink it to £250 billion?
This newspaper found that 28 out of 93 British billionaires — 30 per cent — have moved to tax havens or are in the process of relocating. Almost half of the 28 have left in the past decade.
People don’t move for tax reasons. There is no Laffer Curve.
It’s often said that people disagree just because they don’t understand each other. I do indeed understand MMT, and I don’t think proponents understand humans. The varied “if this, then do that” in the theory all work. It’s just humans don’t tend to do the things the theory requires. Sure, we can stimulate the economy with more money printing. It’s just that people with the taste for that never do stop nor tax back the resultant inflation.
We can even explain this to people who have no idea of economics at all. Here’s one way of putting it: Politicians can spend as much as they like on whatever, and if it goes too far they can just raise taxes. Sound like a deal? It could also be described as follows: Giving politicians a blank checkbook and telling them to go have fun is likely to work out well, right?
The Nobel prize-winning economist Paul Krugman has predicted that there will be a recession in America by the time Donald Trump comes up for re-election at the end of next year.
There will be one, sure. And Donald hasn’t aided matters by the tax cutting stimulus at the top of the cycle. But there’s 18 months to go and we’d need 6 months of negative growth to be in recession – unlikely to say the least.
Possible, sure. But I tend to think that’s Krugman the columnist talking there, not Krugman the economist.
The OECD is the club of rich countries. The US women’s labour participation rate is above the OECD average. Women in the US are less likely to work…..