Jack Buxton

1,132 Flips | 5 Magazines | 7 Likes | 20 Following | 206 Followers | @JackBuxton | Aspiring Economist

£10,000 proposed for everyone under 55

<b>The government should give £10,000 to every citizen under 55, a report suggests.</b><p>The Royal Society for the encouragement of the Arts, Manufactures and Commerce (RSA) said it could pave the way to everyone getting a basic state wage.<p>The idea sees two payments of £5,000 paid over two years, but …

Income Inequality

Blame Monetary Policy for Financial Crises

A lesson in honor of Nobel laureate Robert Mundell’s 85th birthday.<p>As the world struggles with “mysterious” long-term financial instability and …

Can we avoid another financial crisis?

Economist Steve Keen specializes in researching how private and public debt mountains arise and generate financial crises. In an interview with DW, …

Former financial watchdog chief: Capitalism has 'gone wrong'

LONDON - Lord Adair Turner, the former chairman of the Financial Services Authority warned that capitalism is failing to produce higher living standards.<p>Lord Adair Turner, who also used to lead the Confederation of British Industry, said economic growth was not having a real positive impact on …

Economics

How Trump Got the Economy Booming in Less Than a Year

President Donald Trump was elected because he effectively ran on restoring Ronald Reagan’s pro-growth economic policies: slashing tax rates, …

Look to Sheffield: this is how state and corporate power subverts democracy | George Monbiot

The city’s trees and residents are the victims of a Kafkaesque PFI deal between council and contractor<p>One of neoliberalism’s promises was that it would free us from bureaucracy. By rolling back the state, it would vanquish the stifling power of officialdom, granting us unprecedented freedom and …

5 charts that show how rising household debt could prompt another financial crisis

Rising levels of household debt around the world pose possible threats to growth and global financial stability, according to a new report by Oxford Economics.<p>In five counties in particular, it says, household debt is growing "at exceptionally fast rates from already high debt stocks." In three, it …

How the Chicago School's extremist ideology destroyed the American economy with unchecked monopolies

There was a time when monopolistic control over sectors of the US economy was vigorously checked through antitrust enforcement, but the neoliberal …

Even the IMF now agrees that taxing the rich is the only way to decrease inequality

Conservative attacks on Jeremy Corbyn have sought to characterise the Labour leader as a “dinosaur” from the bad old days of the 1970s.<p>It’s an …

How to Fund a Universal Basic Income Without Increasing Taxes or Inflation

Photo by Generation Grundeinkom | CC BY 2.0<p>In May 2017, a team of researchers at the University of Oxford published the results of a survey of the …

The Laffer Curve Is Misleading And Dangerous

<i>Editor's note: Originally published at</i> <i>tsi-blog.com</i> <i>on October 3, 2017.</i><p>The logic underlying the Laffer Curve is that the greater the tax on production, …

What minimum-wage critics don’t want you to know

<i>Jim Stanford is the Harold Innes Industry Professor of Economics at McMaster University and an adviser to Unifor.</i><p>Business lobbyists oppose plans in Ontario, Alberta and B.C. to increase the minimum wage to $15, claiming they will destroy jobs. And in the lead-up to the Ontario legislature's looming …

Yet again, today’s politicians are ignoring basic economics

These past two weeks have been a grim time for economists.<p>From Transport for London’s decision to revoke Uber’s licence, to Jeremy Corbyn’s call for …

Debt Keeps Rising and Nothing Bad Happens

As the Republicans prepare for their big tax reform push, the issue of deficits and debt is once more coming to the fore. Many economists realize that tax cuts, especially income tax cuts, tend to increase deficits, which over time lead to increases in the national debt. The GOP plan, if adopted, …

Economics

Weak pound could boost manufacturing, if manufacturing itself wasn’t so weak

Britain’s productivity, management and skills training are all so woeful that agonising over a post-Brexit trade strategy is almost beside the point<p>George Osborne was a worried man. It was May 2016 and the EU referendum was only a month away. The polls were tight, much too tight for comfort as far …

It's Time For Corbyn To Talk Business And Explain How His Policies Can Benefit The Private Sector

To Labour supporters like myself, last week's election result felt like victory. And yet - the party did not win a majority, nor even enough seats to …

Conservatives need to rediscover Conservatism if they are to hold on to power

These have been a disastrous few weeks for the Conservative Party and the country. Theresa May’s lacklustre campaign threw away an enormous poll lead, ended in another hung Parliament, and has put Brexit in peril and Jeremy Corbyn, an avowed Marxist, closer to Number 10 than ever seemed possible. …

Big business sees the promise of clean energy

PITY America’s big businesses. For years their efforts to reduce their carbon footprint were dismissed by environmentalists as “greenwashing”. Now, …

Low Unemployment Is Not Economically Dangerous

The June 5 issue of The Wall Street Journal included an article entitled “Other Times Unemployment Has Been This Low, It Didn’t End Well.” It raised the question as to whether, we should begin to worry that we are on the threshold of a painful economic comeuppance now that the headline May …

Why a weak government might be good for our economy

Weak politics may make for good economics. This is contrary to the proposition that the Government presented to the British electorate, that the …

Politicians Don't Understand Energy Economics

Fixing prices just doesn't work, unless the goal is to win political favors.<p>Good politics and bad economics have been on display in British political …

Corbyn and McDonnell's dark vision of a Venezuelan Britain

Politicians regularly claim elections are crucial to the future of the country. Few are.<p>At times of consensus, as between 1945 and the 1970s, or 1997 …

The Guardian view on the economy: invest for growth | Editorial

If re-elected, the Tories will bring more austerity and no guarantee of investment-led growth. Labour’s plans could mean escape from stagnation<p>On the day that former Royal Bank of Scotland boss Fred Goodwin escaped explaining in court how he crashed the business and lost billions of pounds during …

I’ve never voted with hope before. Jeremy Corbyn has changed that | George Monbiot

The Labour leader’s improved performance and raft of popular policies have given me an unfamiliar feeling as I prepare to go to the polls: optimism<p>How they mocked. My claim, in a Guardian video a month ago, that Labour could turn this election around, was received with hilarity. “Fantasy Island”, …

Elections

The chart that shows UK workers have had the worst wage performance in the OECD except Greece

The UK has suffered the biggest drop in average real wages of any OECD country except depression-wracked Greece, according to a pre-general election …

The myths about money that British voters should reject | Ha-Joon Chang

The economy is held back by persistent illusions – such as the idea Britain spends a lot on welfare<p>Befitting a surprise election, the manifestos from the main parties contained surprises. Labour is shaking off decades of shyness about nationalisation and tax increases for the rich and for the first …

Increasing top tax rate to 49.5% a penalty on success, Malcolm Turnbull says

‘Everyone deserves an equal chance of improving their stocks in life,’ prime minister to tell economic thinktank<p>Malcolm Turnbull will use a speech to an economic thinktank on Wednesday to argue that increasing the top personal tax rate to 49.5% is a penalty on success and to insist that his …

UK economic data could be pointing to a much slimmer margin of victory for May than headlines suggest

But a handful of UK analysts are starting to argue that May's campaign might be in more trouble among voters than the headlines suggest, and that the most recent economic data is pointing to a much slimmer margin of victory.<p>In some scenarios — especially if indicators continue to fall fast — her …

Economic Data

The World Bank Has Bigger Problems Than Bad Writing

Economists, to put it mildly, are not known for their communication skills. The typical economics paper is written in a formal, stilted style, laden with phrases like “in the following subsection” and “it has been shown that.” Jargon flies thick and fast, interspersed with highly formalized …

World Bank

Our obsession with GDP and economic growth has failed us, let’s end it

The idea that the economic “pie” can grow indefinitely is alluring. It means everybody can have a share without limiting anybody’s greed. Rampant inequality thus becomes socially acceptable because we hope the growth of the economy will eventually make everybody better off.<p>In my new book “Wellbeing …

Economics