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Adam Smith explained how the division of labour is limited by the extent of the market. When we have more people with whom to trade, we can all better specialise in our areas of comparative advantage. Read more
Last week I wrote that the euro crisis was not over -- far from it (The calm before the eurozone storm, 14 August 2014). However, having just read the latest article by Wolfgang Münchau, a fellow eurozone commentator and Financial Times columnist, I have to agree with his suggestion that we should no longer call it the euro 'crisis'. Read more
Democracy is a very fine thing, yet is worth dying for, and it is humbling to think of all those who have. Yet general election campaigns do not bring the populace's best instincts to the fore. Read more
A few weeks ago, while browsing pianos on TradeMe, I came across a Kawai upright with bids having just passed the reserve price of $4,000. An interested buyer had posted a public question to the seller offering to ‘buy now’ for $1,500, stating they ‘really wanted’ the piano but ‘couldn’t afford’ the minimum $4,000. Read more
Economics starts with the assumption that incentives explain the choices of individuals. But would a carrot and stick approach work in parliament, an institution not always prone to making rational choices? Read more
A two-page feature in the Sunday Star-Times (Aug 3) says Labour’s promise to introduce a capital gains tax and raise the top rate of income tax has put “equality” back at the heart of economic and political debate. The only concept of equality the article considers is one where the ideal is that everyone gets the same income regardless of how hard or productively they work. Read more
Two years ago, three words by the European Central Bank’s President Mario Draghi ended the panic around the euro crisis: “Whatever it takes”. When Draghi said these words at an event in London -- meaning that his institution was prepared to use unconventional (and potentially unlimited) ways to stabilise the euro system -- it halted the escalating crisis. Read more
Last night, The New Zealand Initiative released a new book, New Zealand by Numbers. Its first aim is to counter the perception that New Zealand is a country riddled with problems. Instead, it celebrates positive developments within our nation that happen too slowly to make the headlines. Read more
At first glance, the following two news stories may seem like they have nothing to do with each other except that they happened over the past few days. On Monday, the International Monetary Fund once again admonished Germany for being too competitive, as demonstrated by its enormous current account surplus. Read more
Only a handful of phrases that instantly provoke an angry reaction from me. And while I am grateful the list is limited, some entries are now common. Read more