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Prime, Policy Research in Macroeconomics

The Battle of GameStop

This article originally appeared in the Indian journal Economic and Political Weekly on 13 March 2021.What the battle of GameStop has brought into light is that democracy in financial markets is just a myth: whoever controls the valves, controls the flow. The market-making and brokerage markets in the United States are heavily oligopolistic markets in which market-makers and brokers extract huge rents from the retail traders. Although the retail traders involved in the battle appear unaware...

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The Battle of GameStop

This article originally appeared in the Indian journal Economic and Political Weekly on 13 March 2021.What the battle of GameStop has brought into light is that democracy in financial markets is just a myth: whoever controls the valves, controls the flow. The market-making and brokerage markets in the United States are heavily oligopolistic markets in which market-makers and brokers extract huge rents from the retail traders. Although the retail traders involved in the battle appear unaware...

Read More »

The Battle of GameStop

This article originally appeared in the Indian journal Economic and Political Weekly on 13 March 2021. What the battle of GameStop has brought into light is that democracy in financial markets is just a myth: whoever controls the valves, controls the flow. The market-making and brokerage markets in the United States are heavily oligopolistic markets in which market-makers and brokers extract huge rents from the retail traders. Although the retail traders involved in the battle appear...

Read More »

Spend for recovery & green future, raising corporation tax is ok, & there are no bond vigilantes

A couple of weeks ago, my old shower broke down, needing replacement. Chatting to bathroom-kitchen store manager, I learnt that business was brisk for them, especially the demand for new bathrooms.  In fact, very brisk. Lots of people wanting new bathrooms for their holiday to-be-let homes, with higher rents in mind, as well as for actually lived-in homes. His order book is far stronger than in ‘normal’ times. For those who ‘have’, the times are not – financially speaking – bad at all. All...

Read More »

Spend for recovery & green future, raising corporation tax is ok, & there are no bond vigilantes

A couple of weeks ago, my old shower broke down, needing replacement. Chatting to bathroom-kitchen store manager, I learnt that business was brisk for them, especially the demand for new bathrooms.  In fact, very brisk. Lots of people wanting new bathrooms for their holiday to-be-let homes, with higher rents in mind, as well as for actually lived-in homes. His order book is far stronger than in ‘normal’ times.For those who ‘have’, the times are not – financially speaking – bad at all.All this...

Read More »

Spend for recovery & green future, raising corporation tax is ok, & there are no bond vigilantes

A couple of weeks ago, my old shower broke down, needing replacement. Chatting to bathroom-kitchen store manager, I learnt that business was brisk for them, especially the demand for new bathrooms.  In fact, very brisk. Lots of people wanting new bathrooms for their holiday to-be-let homes, with higher rents in mind, as well as for actually lived-in homes. His order book is far stronger than in ‘normal’ times.For those who ‘have’, the times are not – financially speaking – bad at all.All this...

Read More »

Spend for recovery & green future, raising corporation tax is ok, & there are no bond vigilantes

A couple of weeks ago, my old shower broke down, needing replacement. Chatting to bathroom-kitchen store manager, I learnt that business was brisk for them, especially the demand for new bathrooms.  In fact, very brisk. Lots of people wanting new bathrooms for their holiday to-be-let homes, with higher rents in mind, as well as for actually lived-in homes. His order book is far stronger than in ‘normal’ times. For those who ‘have’, the times are not – financially speaking – bad at all. All...

Read More »

After the furlough ‘tide’ recedes?

Is our biggest worry inflation? No, our biggest worry is a fall in employment, investment and income.Inflation is caused by the economy ‘overheating’. Wage and price inflation arises when economic activity (investment, employment, income) exceeds the capacity of the economy.  Put simply, inflation most often arises in conditions of full employment, when incomes are high and rising and when investment in new jobs, speculation and the creation of new assets, surges. Many point to the 1970s as...

Read More »

After the furlough ‘tide’ recedes?

Is our biggest worry inflation? No, our biggest worry is a fall in employment, investment and income.Inflation is caused by the economy ‘overheating’. Wage and price inflation arises when economic activity (investment, employment, income) exceeds the capacity of the economy.  Put simply, inflation most often arises in conditions of full employment, when incomes are high and rising and when investment in new jobs, speculation and the creation of new assets, surges. Many point to the 1970s as...

Read More »

After the furlough ‘tide’ recedes?

Is our biggest worry inflation? No, our biggest worry is a fall in employment, investment and income. Inflation is caused by the economy ‘overheating’. Wage and price inflation arises when economic activity (investment, employment, income) exceeds the capacity of the economy.  Put simply, inflation most often arises in conditions of full employment, when incomes are high and rising and when investment in new jobs, speculation and the creation of new assets, surges.  Many point to the 1970s...

Read More »