Edward Hadas is Economics Editor at Reuters Breakingviews. He joined Breakingviews in both 2004 and 2011, with a year in between at the Financial Times as Assistant Editor of the Lex column. Before becoming a journalist, he worked for 23 years as an equity analyst in Europe and the US. He has written a book, Human Good, Economic Evils: A Moral Approach to the Dismal Science (ISI Books, 2007), and a course-book about political philosophy for the Maryvale Institute in Birmingham. Edward has degrees from Columbia University, Wadham College, Oxford and the State University of New York at Binghamton. He has a website, edwardhadas.com. Follow Edward on Twitter @edwardhadas
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Anthony Atkinson’s “Inequality” is a UK-centric manifesto to help the poor and restrain the rich. The Oxford academic’s specific proposals are mostly sensible, but they dodge serious questions about the role of the welfare state and the balance of national and global justice.
The U.S. says Navinder Sarao put out fake orders. But if human and electronic trend-followers didn’t dominate trading, such “spoofing” would be harmless. And if the tail of leveraged derivatives didn’t wag the cash market dog, Sarao would not be fighting extradition from the UK.
A Bloomberg outage limited activity in some usually busy financial markets for a few hours. That’s no loss. Excessive trading does more economic harm than good and encourages risky leverage. Slower markets would be less wasteful – though people would still find ways to speculate.
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