Category Archives: Economics

Wall-e in the workplace – the pessimism of doomsayers or a legitimate concern?

In recent years, there has been a reemergence of the debate surrounding the susceptibility of a range of tasks currently performed by humans to advances in robotics, software and other technologies. The proliferation of the conversation surrounding this topic is … Continue reading

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Fairness in Economics: Who deserves a surplus?

Pharmaceutical giant Pfizer has been fined £84.2 million after the Competition and Markets Authority declared that the price-hike of an anti-epilepsy drug in 2012 was “excessive and unfair”. When the drug lost its patent protection, Pfizer sold the drug to … Continue reading

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Quantitative easing, inequality and Brexit

The Bank of England’s governor, Mark Carney, recently appeared in Liverpool to deliver a speech about the growing inequality in the United Kingdom – a problem brought into prominence by recent political events. In this speech, he blamed the Brexit … Continue reading

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Populism – “a growing sense of hostility”?

The economist Joseph Schumpeter writes in his critique of capitalism that the profit motive prompts self-interest and egotistical behaviour. The economics student assumes this to be what constitutes rationality – the assumption upon which nearly the entire discipline is based. … Continue reading

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Impact of migration on the UK economy

Migration plays a very significant role in the UK’s population structure, with net migration of 336,000 in 2015, including the highest number of asylum seekers for 12 years. This became an issue of political significance, which was exploited by Nigel … Continue reading

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A very brief (and probably wrong) criticism of Marxism

As the antithesis to free-market economic and political theorists, there has always existed the socialist. Sometimes depicted crudely as the ‘coffee shop conspirator’, the socialist often comes under fire for expressing views that contradict the prevailing capitalist market structure. Supporters … Continue reading

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DaDa! REvoLutiON!

Art and literature, in the Marxist’s eye, are reflections of the social institutions from which they originate. They offer a mediated understanding of the world in which they were written, and using them we can learn about how social forces … Continue reading

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Artificial intelligence – an economic dilemma?

The so-called “machinery question” continues to dominate the headlines, founded on fears that artificial intelligence – a technological development which enables human tasks to be automated – is advancing too rapidly. Newspaper articles, online blogs and academic studies foretell a … Continue reading

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‘To raise new questions, new possibilities, to regard old problems from a new angle, requires creative imagination and marks real advance in science.’ – Albert Einstein

There can be no doubt that Einstein’s breakthrough Theory of Relativity, one of the most significant scientific advances of our time, was conceived through his own creative processes. Indeed, Einstein himself held creativity and imagination in the highest regard, seeing … Continue reading

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Junior Doctors: Brinkmanship and Virtual Strikes

Here we go again. As August tipped into September, the British Medical Association announced the seventh walkout by junior doctors this year over new contracts. Taking place from the 12th to the 16th of this month, all departments will be … Continue reading

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Schumpeter’s economic problems

We learn about supply, demand and the price mechanism. We learn about the “invisible hand”, and how a market should work within the parameters of “perfect competition” – an unattainable ideal upon which most mainstream economic theories are based. But, … Continue reading

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The Impossible Art of Taxation

Tax will always be a touchy subject for all politicians; it eventually comes down to trying to annoy the least amount of people when trying to fiddle with rates or tax credits. So it would surely come as a relief … Continue reading

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Oil, tax and theft: the dubious economics behind ISIS

Islamic State as an economy Already labelled “the best funded terrorist organisation of all time”, ISIS has prospered so much financially that it can almost be thought of as an economy in its own right. Since its creation in 1999, … Continue reading

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The Next Financial Crisis

In late 2007 the US housing bubble burst, reducing confidence in the financial system, and then in the real economy. Four key stages are identifiable; an asset price bubble, a shock strong enough to burst the bubble, pessimism among investors, … Continue reading

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The Economic Possibilities of Our Grandchildren.

We find ourselves in similar times to those in which the Cambridge economist, John Maynard Keynes, (1883-1946) wrote his essay ‘Economic Possibilities for Our Grandchildren’ 1 (1930). It is an essay of predictions, unusually for ‘the master’, some of which … Continue reading

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