There is an apparent paradox in the relative values of water and diamonds, which has been analysed by numerous authors over the centuries, including Plato, Adam Smith and John Locke. This so-called “paradox of value” notes that while water is essential to life and diamonds are not, the market price… Read More »The Paradox of Value
Economic Growth is frequently pitched as the objective of politicians (esp those on the right) and their nations. But much of what we perceive as economic growth is actually an illusion. Notably….. 1a) Faulty Measurements – GDP Economic growth is usually measured as an increase in GDP, where GDP is… Read More »The Illusion of Growth / A Green Economics
On page 169 of Man, Economy and State, Murray Rothbard asserts that “the origin of all property is ultimately traceable to the appropriation of an unused nature-given factor by a man and his “mixing” his labor with this natural factor to produce a capital good or a consumers’ good.” He… Read More »On Rothbard
I assert that long duration government borrowing is “taxation without representation” which is forbidden by the English Bill of Rights of 1689. Governments have three choices to fund their programmes: taxation, borrowing, and money printing (such as QE). Taxation requires the current generation of taxpayers to pay for the current… Read More »Taxation without Representation: Stealing from our Children
A 16 year old girl is murdered in Warrington, UK, by two 15 year olds, who had been watching violent content online. My heart goes out to the family of the dead girl: it’s a tragedy to lose your daughter, and wonder whether there was something, anything, you could have… Read More »Pointless Violence?
As with so many other aspects of economics, the origin of money gets caught up in politics. Many theorists want their preferred model of political economy to become self-evident from their analysis of what money is. Libertarians want to exclude the state from control of money and therefore assert that… Read More »The Origin of Money in Sumer
These two parables appear in Matthew 25:14-30 and Luke 19:11-27. The parallel narratives of a wealthy traveller, entrusting his servants with a lot of money, are similar enough that many commentators treat them as the same parable. One common interpretation of these parables has the wealthy traveller as God, with… Read More »A Theology of Money and Interest? Reflections on the Parable of the Talents / Ten Minas
Western pundits are fond of calling President Putin an autocrat and denigrating Russia as not a democracy. However their crocodile tears would be better shed at home, where lack of democratic legitimacy is at least as bad, if not worse. In the 2024 election in the UK, Labour secured a… Read More »Shed a (crocodile) tear for democracy
On Method I use the terms “calvinist” and “arminian” as a shorthand for the two basic positions. Not to say that those two people believed or taught these specific things, but that their names have become associated with these positions. Even within the two major positions there are a number… Read More »Determinism or Free Will?
Suppose there is a group of 20 children in the class, and they all like apples. Would you rather….a) give one apple to each of the 20 childrenb) give three apples to a random 10 of the children, and nothing to the other 10Which do you choose? Option (a) looks… Read More »Apples