A leading economist’s view on how to manage financial regulation for the long term February 29, 2012 ALL financial regulation is inherently procyclical. After a crisis has occurred, the immediate, inherent response is “that must never be allowed to happen again”. Thus after the South Sea Bubble, limited liability, joint stock incorporation was effectively forbidden. The problem is that regulations prevent agents doing what they want to do, and hence limit innovation [...]
Why we need to convert sport to suit today’s lives February 29, 2012 MAINTAINING and realising the sporting legacy of this summer’s Olympic and Paralympic Games is a huge challenge. But it also presents the chance for those governing sport to do things differently, and find a new generation of participants as a result. Existing policy has failed to engage people in sport in the volumes hoped for. [...]
Romney wins at home but the cost was high February 29, 2012 WITHOUT an equally favourable outcome in Arizona, Mitt Romney’s victory in the Michigan primary would have been portrayed by the media as a hollow one at best – a crisis averted. Losing Michigan, however, would have wounded Romney, perhaps mortally. But with a landslide in Arizona and a marginal victory in his home state, Romney [...]
RAPID RESPONSES February 29, 2012 Minimum sage? I’ve often thought that the minimum wage was counterproductive but couldn’t express it as succinctly and clearly as Jamie Whyte managed to in his article yesterday [There’s no logic behind the workfare proposal]. But scrapping the minimum wage would also need to go hand in hand with a reduction or a cap on [...]
Hysteria over student visas is damaging our reputation and Britain’s future growth February 28, 2012 THE UK’s higher education sector is an export success story. Only the United States recruits more international students. Those from outside the European Union contribute £2.5bn each year in fees to our universities and spend a further £2.5bn while they are here. If students in further education and private sector colleges are included, the figure [...]
Tax campaigners against Barclays are misinformed February 28, 2012 ON MONDAY, David Gauke, exchequer secretary to the Treasury, told a stunned House of Commons that a bank had attempted to use a tax avoidance scheme to reduce its tax bill by £0.3bn. The government would act swiftly to close this loophole. As other banks are also understood to have used this dodge, it’s hoped [...]
There’s no logic behind the workfare proposal February 28, 2012 THE government has introduced a scheme that encourages people on the unemployment benefit to work at selected firms, such as Tesco. They are paid nothing but are alleged to benefit by gaining work experience. This is not slave labour, as some have alleged. No one is forced to do this unpaid work, not even as [...]
RAPID RESPONSES February 28, 2012 Damaged goods [Re: Don’t blame the Depression on the gold standard, yesterday] George Selgin writes that there can be no question of a credible government-backed gold standard without public confidence in governments’ monetary promises. But that also applies to government-sponsored paper money. The failure of both is a lesson that we should get governments out [...]
Don’t blame the Depression on the gold standard – but don’t expect it back either February 27, 2012 TWO of America’s Republican candidates – Newt Gingrich and Ron Paul – have dared to toy with the idea of bringing back the gold standard. Their remarks have in turn triggered a fusillade of indignant replies, from pundits and professional economists alike, the general theme of which is that no one fit to be America’s [...]
Universities can be powerhouses of UK innovation February 27, 2012 THE government is aiming high with the publication of the Wilson Review today – a comprehensive report with the aim of making the UK the best place in the world for businesses and universities to work together. In the shadow of recommendations of how the sector can best do this, familiar voices will undoubtedly emerge [...]