In 1978 Dr Paul Krugman wrote a paper entitled The Theory of Interstellar Trade, supposedly to cheer himself up. Yet despite the self-described “silly” nature of the work, it contained serious analysis, and since being written has inspired several more works on the economic implications of interstellar travel. The chief issue that economists have grappled with is that of time dilation. In short, Einstein’s theory … Continue reading Interstellar Economics
Since 1979 China’s income per capita has increased by a factor of 37 from $272 to $10 099. This means that China has gone from a low-income country to a high-ranking middle-income country in 40 years, (a high-income country has a per capita income of $12 536 or more). In the first three decades of this huge growth, China grew at an average of 9-10% … Continue reading China’s Growth
This article explores the potential economic impact, particularly on the West End of London, of the recent decision by the Treasury to discontinue the VAT Retail Export Scheme for international visitors. Continue reading The End of Tax-Free Shopping in the United Kingdom
Evolution of Money Traditionally, money is a metal token or a slip of paper symbolising a value of credit based upon people’s trust in it. Its three primary functions (store of value, means of exchange, and unit of measurement) have been served by constantly evolving means for 3000 years. The latest in this evolution is the digital currency. Unlike any type of currency to precede … Continue reading Central Bank Digital Currencies: catalyst for financial inclusion?
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