
News-driven business cycle theory is promising
13 Oct 2021 Leave a comment
in applied price theory, business cycles, economic growth, economics of information, entrepreneurship, financial economics, history of economic thought, industrial organisation, labour economics, labour supply, macroeconomics, monetary economics, survivor principle, unemployment Tags: real business cycles

‘Restless, turbulent, and bold’: Radical MPs and the opening of the reformed Parliament in 1833
13 Oct 2021 Leave a comment
In this post which first appeared on the main History of Parliament blog, our research fellow Dr. Stephen Ball looks at the inaugural session of the reformed Parliament, a theme also explored in our previous blog on Harriet Grote.
When the reformed Parliament first met on Tuesday 29 January 1833 many people speculated about the way the reconfigured House of Commons would conduct its business. Fear that the Whig government would be unduly influenced by newly elected Reformers and Radicals, who might try to seize the initiative over legislation was widespread in conservative circles in the early weeks of the new parliament.
A contemporary analysis of non-Conservative MPs returned at the 1832 general election identified 145 Reformers, 40 Radicals, 33 Irish Repealers and two Liberals, who saw the Reform Act as a springboard for further constitutional change, and 194 Whigs, who could be counted on to support the 23…
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Permanent Legacy: Wind Industry Plans to Abandon Millions of 500 Tonne Concrete Wind Turbine Bases
13 Oct 2021 Leave a comment
Decommissioning wind turbines at the end of their economic lifespan (which is around 10 to 15 years, not the 25 years touted by the wind industry) is one of those phenomenally expensive exercises that the wind power outfit itself will never willingly pay for.
Already past their use-by date, thousands of these things around the world have just been left as rusting monuments to ‘green’ energy stupidity.
The standard corporate structures used by wind power outfits involve a parent company, usually structured as a holding company – NextTerror Ltd, say – with a subsidiary that takes on the name of the wind farm – Mount Misery Pty Ltd. The subsidiary is lumbered with all the current debts and other liabilities, which are loaded up in such a way as to exceed its assets (as long as the wind farm is operating, the parent sees that sufficient cash flushes through the…
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Emergency measures introduced in UK as energy bills soar – and NZ should brace for rising prices, too, thanks to exploration ban
13 Oct 2021 Leave a comment
Soaring energy bills are a problem for firms, households, and the government. This was a headline in The Economist last week – but it can’t happen here, can it?
After all, NZ has plenty of energy. Unlike Europe, 80% of its electricity is from renewable sources. And according to oil industry authorities, NZ is surrounded by a massive continental shelf — the fifth largest in the world, beneath which lie vast quantities of undiscovered natural gas and, probably, some light oil.
So surely NZ can face the future with confidence?
Well, no: let’s not forget Prime Minister Jacinda Ardern had her “non-nuclear” moment and placed a ban on new offshore exploration permits for oil and gas. Since then, as international oil explorers gave up their offshore exploration licences, supplies from existing producing wells have begun to diminish for several reasons.
Higher costs are starting to flow into household and business …
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Thomas Sargent on the credibility of Thatcher’s U-turn
13 Oct 2021 Leave a comment
in business cycles, economic history, fiscal policy, macroeconomics, Milton Friedman, monetarism, monetary economics

From Stopping Moderate Inflations
Legal Succession: Mary & Jane: Part I
13 Oct 2021 Leave a comment
Although Henry VIII caused the upheaval of many lives in trying to secure a male heir, he ended up leaving a sickly male child on the throne. King Edward VI was only 9 years old when he mounted the throne. Because of his age he ruled under a Regency Council. The Council was first led by his uncle Edward Seymour, 1st Duke of Somerset, (1547–1549), and then by John Dudley, 1st Earl of Warwick, from 1551 Duke of Northumberland.
Edward did not live long and died at the age of 15 from consumption (Tuberculosis). His death saw another struggle for the crown. A new element was introduced for the struggle for the crown that had not been an issue in other battles for the throne. The issue was religion. In trying to secure a male heir and a divorce from Catherine of Aragon, Henry VIII broke from the Roman…
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October 12, 1537: Birth of King Edward VI of England and Ireland
13 Oct 2021 Leave a comment
Edward VI (October 12, 1537 – July 6, 1553) was the King of England and Ireland from January 28, 1547 until his death in 1553. He was crowned on February 20, at the age of nine.
Edward was the son of Henry VIII and Jane Seymour by his third wife, Jane Seymour. Throughout the realm, the people greeted the birth of a male heir, “whom we hungered for so long”, with joy and relief. Te Deums were sung in churches, bonfires lit, and “their was shott at the Tower that night above two thousand gonnes”. Queen Jane, appearing to recover quickly from the birth, sent out personally signed letters announcing the birth of “a Prince, conceived in most lawful matrimony between my Lord the King’s Majesty and us”.
Edward was christened on October 15, with his half-sisters, the 21-year-old Lady Mary as godmother and the 4-year-old Lady Elizabeth carrying the…
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The tight Detroit automaker oligopoly had wildly unstable market shares and investment strategies
13 Oct 2021 Leave a comment
in applied price theory, Austrian economics, economic history, entrepreneurship, industrial organisation, law and economics, managerial economics, organisational economics, politics - USA, survivor principle, theory of the firm, transport economics Tags: antitrust economics, competition law, creative destruction

Essential Nozick: Income inequality and the role of choice
13 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, economic history, economics of education, economics of information, economics of regulation, entrepreneurship, financial economics, history of economic thought, human capital, income redistribution, industrial organisation, labour economics, labour supply, occupational choice, occupational regulation, poverty and inequality, Rawls and Nozick, survivor principle
Didn’t know smoking was a 20th century vice
13 Oct 2021 Leave a comment
in economic history, health economics Tags: economics of smoking
Prescott on Eurosclerosis
13 Oct 2021 Leave a comment
in applied price theory, applied welfare economics, economic growth, economic history, Edward Prescott, history of economic thought, labour economics, labour supply, macroeconomics Tags: taxation and entrepreneurship taxation and labour supply, taxation and investment, taxation and savings

New Zealand is more frightened than Britain
12 Oct 2021 Leave a comment
I came across a fascinating, sad article today about the “post-Covid” world of Britain’s population, The Most Frightened Nation.
It lists a number of the things done in that country over the last two years in The War Against Covid-19.
First up are some examples of the propaganda used by the Tory government:

The most heavy-handed of the government’s several advertising campaigns—which together have constituted the real “blitz”—was “Look them in the eyes . . . and tell them you’re doing all you can to stop the spread of Covid-19.”Postersshowed rheumy patients staring into the camera looking soulfully woeful while muzzled by oxygen masks. These images alternated with exhausted nurses in full PPE regalia.
No wonder other health care experts began getting worried about patients not turning up to hospitals, even when they had urgent problems.
The numbingly repeated “Stay Home/ Protect the NHS/ Save Lives”taglinechevroned…
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Rebellion Against Extinction: Civilisation Always & Everywhere About Reliable & Affordable Energy
12 Oct 2021 Leave a comment
Try living a day without a reliable power supply; then try living a life-time without it. If the doomsday cult that’s thrusting hopelessly unreliable and insanely expensive wind and solar down our throats had its way, then that’s what a future ‘civilisation’ will look like.
For those not willing to make an immediate sacrifice to get a handle on what’s coming, look no further than continental Africa and India and a range of other places where the poorest billion on our planet reside. People whose daily energy needs are met with whatever wood they can scrounge from their locality, twigs and dung.
It’s pretty easy for well-healed Westerners to pontificate about energy use, when it’s always available to them and price is not an issue.
These characters couldn’t care less about their fellow citizens; those at the bottom of the economic heap, for whom energy costs have become a crippling…
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Blade Runner
12 Oct 2021 Leave a comment
Blade Runner (1982) Director: Ridley Scott

★★★★★
Loosely based on Philip K. Dick’s 1968 novel Do Androids Dream of Sheep?, Blade Runner is an extraordinary neo-noir dystopian detective film that was under-appreciated in its day but is now hailed as a classic. Watching Blade Runner offers a unique kaleidoscope of carefully crafted scenes that nevertheless appear effortless and unplanned. Philip K. Dick did not live long enough to see the film released but the early scenes he witnessed impressed him. After releasing the monumental film Alien (1978), Ridley Scott started work on a cinematic adaptation of Frank Herbert’s Dune, but he soon moved on to Blade Runner. It was a film fraught with trouble from the outset. Ridley Scott battled with producers, studio budgets, script-writers, and lead actors especially Harrison Ford who did not appreciate how little direction he received and he despised his character’s moody…
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