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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Car service Uber raises its prices to balance supply and demand when drivers are reluctant and customers are eager. That works, but the method has an anti-social edge. For the common good, it’s better to start with just prices and add allocation by patience, need or merit.
Jean Tirole changed the study of regulation and oligopolies. Some of his best observations, such as those on the trade-offs between limiting prices and restricting profits, were obvious after he made them. But Tirole’s complex game theory models confuse more than illuminate.
For the past five years, an addiction to easy money explained most stock market moves. That era may be ending. Investors seem to be paying more attention to the surprisingly harsh economic environment. With policymakers running out of options, the gloom could worsen.
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