“The poor are punished.” This was a statement used to depict the ghastly effects that Hurricane Dorian had on the small outlying islands of Abaco in The Bahamas in September 2019. Inhabitants of a local shanty town ‘The Mudd’ described the scene as if a bomb had been detonated, with cars overturned and homes laying dispiritingly in rubble. What used to be a town full … Continue reading Inequality in the Bahamas
Money is one of the oldest inventions of mankind, predating all written history. Although the money that we see today takes the form of cash in your wallet and the number in your bank account, this has not always been the case. Money is a medium through which goods and services can be exchanged. Because of this, money doesn’t have to be in the form … Continue reading What is Money and Why are Fiat Currencies the Best?
The U.S. national debt has amounted to $29 trillion by running annual deficits, with the last surplus being 20 years ago in 2001. Reacting to the Covid-19 pandemic that has gripped the globe, the U.S. government has accelerated the buildup of debt in an effort to keep households and firms afloat. Shortly after the pandemic outbreak (November 2019), the Trump administration issued an emergency stimulus … Continue reading The US National Debt Crisis
In his essay Economic Possibilities for our Grandchildren (1930), John Maynard Keynes predicted that economic and technological progress would enable a 15-hour work week by 2030. If he was wrong about the timing, he was right about the direction of travel. The Covid-19 pandemic has forced a re-evaluation of current practices in the world of work and has prompted many to begin exploring different strategies, one of … Continue reading The Four-day week: wishful thinking or a tool for growth and recovery in the UK?
Given Britain’s imperial past and 47-year membership of the EU, it comes as no surprise that it now ranks amongst the world’s most multicultural societies. However, as the number of immigrants entering the UK has risen, so has public sentiment against immigration: this, of course, was mirrored by the result of the 2016 Brexit vote. Unfortunately, misconceptions around immigration have spread throughout British politics and … Continue reading Dispelling the myths of immigration
Michael Lewis, the revered author of The Big Short, brings us yet another sharp insight into the confounding and often shady world of finance: Flash Boys: A Wall Street Revolt. This book specifically focuses on the role of high-frequency traders by following the journey of numerous individuals who all arrive at the same conclusion: that financial markets are rigged against the investor. Overall, the book … Continue reading Flash Boys by Michael Lewis – Book Review
In 1937, New York City introduced the taxi medallion. Taxi industries in cities have long been closely regulated, as people fear that without official standards, taxi drivers would either face unreasonable job insecurity, or taxi companies would be able to act as price discriminating monopolists, thereby reducing consumer welfare derived from taxis to zero. The taxi medallion is a licence to operate in New York … Continue reading The Regulations in NYC’s Taxi Market
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