Critics of liberalism and the market economy have made a long-standing habit of inventing terms we would never use to describe ourselves. The most common of these is “neo-liberal” or “neo-liberalism,” which appears to mean whatever the critics wish it to mean to describe ideas they don’t like. To the extent the terms have clear … Continue reading “There is no such thing as ‘Trickle-Down Economics’”
When writing a few days ago about the newly updated numbers from Economic Freedom of the World, I mentioned in passing that New Zealand deserves praise “for big reforms in the right direction.” And when I say big reforms, this isn’t exaggeration or puffery. Back in 1975, New Zealand’s score from EFW was only 5.60. To put that in perspective, Greece’s score … Continue reading “New Zealand’s remarkable economic transformation”
“How could they be so heartless?” declared a newspaper on Facebook. “Shame on you” screamed the paper’s headline. No, this was not about the despicable bomb attack in Manhattan’s Chelsea neighbourhood on Saturday. It was rather a public shaming for the ride-sharing app Uber after customers complained of increased prices following the explosion. With a … Continue reading “The public are wrong. A defence of ‘heartless’ surge-pricing”
In my recent paper, entitled How Governments Harm Trade, I explain why in most cases the free market works best when governments do not interfere in the prices society engenders by the laws of supply and demand. Those prices, I will argue, reflect human choices played out on a day to day basis, and are … Continue reading “How governments distort and reduce trade”
With labour productivity rising only slowly, and computing power doubling, roughly, every two years, it is easy to see why businesses are eager to replace labour with technology. Perhaps ‘techno-worriers’ are on to something. Looking at the potential impact of robots and AI on employment, two key concerns arise – will unemployment skyrocket? And will … Continue reading “Will robots and Artificial Intelligence ‘steal’ our jobs?”
This article is based on a presentation Prof Booth gave at the Autumn University of the Alliance of European Conservatives and Reformists (AECF). Never before has a developed country with a high level of government spending and an enormous pay-as-you-go social security system faced the kind of demographic decline that we will see over the … Continue reading “Europe’s demographic timebomb”
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