September 22, 2023 ROBERT SKIDELSKY In his new book, former Conservative MP Rory Stewart sharply critiques the British political class. Analyzing the degradation of the United Kingdom’s public services, he highlights two potential culprits: a ruling class preoccupied with political maneuvering and a civil service excessively focused on bureaucracy. LONDON – Anthony Sampson’s Anatomy of Britain, published in 1962, was a profound and scholarly work that appeared at a time when the...

Some recent papers by economists of the Austrian school rediscover some aspects of post-Sraffian price theory. Others would benefit from more knowledge of post-Sraffian price theory. But the authors do not know this. Fillieule (2007) is a rediscovery of Sraffa's standard commodity. He sets out a special case of Hayekian triangles in which an infinite series of datad labor inputs are used to produce current net output. "Only circulating capital is taken into account", and "the proportion...

August 21, 2023 ROBERT SKIDELSKY The economic shocks of the past two decades were not freak occurrences but rather the product of a profoundly flawed and corrupt system. But narrowing the policy discussion to a binary choice between market fundamentalism and protectionism overlooks the potential for constructive leadership. SALZBURG – In 2009, while the world economy was still reeling from the global financial crisis, Nobel laureate economist Robert Lucas observed that “everyone is...

Economics — a science in need of a realist methodology What enables and yet constrains research? What is both medium and outcome of research? What do researchers reproduce without even knowing it? What is supposed to unite researchers but may divide them? What empowers researchers to speak but is never fully articulated? What is played out in the routine of research but can never be routinised? What is the responsibility of all researchers but for which...

July 20, 2023 ROBERT SKIDELSKY Brexiteer Nigel Farage’s recent claim that he had been designated a “politically exposed person” and blacklisted by financial institutions, if true, represents a dangerous violation of people’s rights. This unchecked overreach, driven by regulatory zeal, is neither rational nor prudent. LONDON – Nigel Farage, the former leader of the UK Independence Party (UKIP) and the driving force behind the campaign for the United Kingdom’s exit from the European...

There is so much to say about the Claudine Gay affair, anti-semitism at Harvard, and Harvard’s response to recent student protests that I have opted to say nothing.  But over at Café Hayek, libertarian economist Donald Boudreaux asks an interesting question: How does Claudine Gay’s “my truth” differ from Kellyanne Conway’s “alternative facts”? It seems to me that these ‘concepts’ share much with each other and that each is equally unwarranted. ...

The Bonddad Blog: Are working class wages really still a malady? New Deal democrat Via Kevin Drum, NY Times columnist Nick Kristof says, “There isn’t a good term for the bundle of pathologies that have afflicted working-class Americans . . . .” “One gauge of how many Americans are struggling is that average weekly nonsupervisory wages, a metric for blue-collar earnings, were lower in the first half of 2023 than they had been (adjusted for...

I suspect some of the magnitude of job increasing claims are subsiding with the automotive sector backing off on EV vehicles. The trend is there. It will grow over time. The US tires of having to deal with medical supply issues during the pandemic, semiconductors, and the supply chain. The backup of containers on the west coast gave great emphasis on fixing the issues. Reshoring and FDI Jobs Increase a Record 53% at the End of 2022, plastics...

I keep hearing from friends who live in Britain that I will be shocked when I get there on Thursday of this week after a nearly four year absence. One friend, who has just returned said that the deterioration in the public infrastructure is now fairly evident. Despite my absence, I have been keeping a regular eye on the data and so these anecdotal reports and reflections come as no surprise. It is obvious that the Tory government has sought a depoliticisation strategy by cutting local...

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