Columns
Ethical economy: Don't obsess about GDP measures
The official statistics show the average American was 103 pct richer in 2011 than in 1971. Wealth has increased, but this sort of precision is spurious. It is a mistake to obsess about the numbers and, worse, for rich countries to steer economic policy according to them.
Ethical economy: In praise of cooperative thinking
Cooperative ownership has a bad reputation – too many utopian dreams, not enough business sense. But even in profit-seeking companies, a not-for-profit mentality is widespread in the modern economy. And the cooperative model is a natural structure in finance.
Ethical economy: The great race for jobs
The U.S. unemployment rate is down, but the workforce is still much smaller than it was. Socio-economic forces which create employment are losing out to job destroying new technologies. The best solution is put more money into what Adam Smith called “frivolous professions”.
Ethical economy: The tough road to sensible taxes
President Obama can’t keep his rhetoric straight on taxes. In single speech he endorsed both simplicity and complexity. He’s hardly alone. Confusion and distortion are well-established tax traditions. The first step to a better system is to give justice the highest priority.
Ethical economy: Stop talking about capitalism
Names matter and capitalism has become a bad one for the modern economy. It’s too narrow to describe the bureaucratic, competitive, regulated, innovative, collaborative and financial system we live in. Better to talk about the social market model.
Hugo Dixon: How to help the Syrians
What started as a non-violent struggle against the Assad regime is descending into sectarian civil war which is drawing in foreign powers. The best way of minimising carnage is to revert to a non-violent campaign. Even if that’s unlikely, outsiders shouldn’t inflame the situation.
Hugo Dixon: Monti turnaround can go much further
The switch from vicious to virtuous cycle in Italy since Mario Monti became PM has been remarkable. There are three things he can now do to maintain the positive dynamic. The pity is he has only another year as PM, as his successor is unlikely to be as good.
Hugo Dixon: How to end the banker backlash
The system is rigged in financiers’ favour, allowing them to earn more than they deserve. Though one-way bets have been reduced, banks are still too big to fail. Until that ends, they will be vulnerable to the kind of lynching suffered by the current and former bosses of RBS.
Hugo Dixon: Three bad fairies at euro feast
The Super Mario Bros - Draghi and Monti - have started well; and a deal for building a bigger firewall to stop contagion as well as a short-term fix for Greece may be in the works. But new worries are emerging about Spain and France - and of course Greece is still a mess.
Hugo Dixon: EU shouldn't rely on bailout from ROW
The IMF is asking for another $600 billion to help deal with the euro crisis. But the euro zone, which is vastly richer than most of the rest of the world, should find the money to solve its own problems. It’s the developing world that may need help if the euro blows up.