Karl Marx may have been wrong about most things, but he certainly had a knack of creating telling phrases. “The … Continue reading “Corruption makes economies less crisis-resilient”

Behavioural economics involves the application of the insights of experimentally-based behavioural psychology to the analysis of economic decision-making. It has … Continue reading “Behavioural economics and mainstream economics: friends or foes?”

To many people, this phrase is an oxymoron. How can fiscal contraction be expansionary? But the evidence suggests that this … Continue reading “Expansionary fiscal contraction”

The launch today of the Action for Happiness organisation promotes yet again the old canard that material prosperity does not … Continue reading “The renewed folly of the Economics of Happiness”

Economists have known for a long time that GDP is an imperfect measure of the overall well-being of a country. … Continue reading “Government’s “happiness index” should be treated with caution”