The Atlantic Slave Trade: Crash Course World History #24
28 Aug 2021 Leave a comment
in economic history, economics of crime, labour economics, labour supply, law and economics Tags: abolition of slavery, economics of slavery
Italy in World War 1 I THE GREAT WAR Special
28 Aug 2021 Leave a comment
in defence economics, war and peace Tags: World War I
The Fixed-term Parliaments Act: should it be amended or repealed?
27 Aug 2021 Leave a comment
A parliamentary committee has been established to review the effectiveness of the Fixed-term Parliaments Act 2011. Rather than wait for its conclusions, the government has published a draft bill designed to return control of the timing of general elections to the executive. Robert Hazell examines the issues the committee will have to consider, and proffers some possible improvements to the status quo.
On 1 December the government published its draft bill to repeal the Fixed-term Parliaments Act 2011 (FTPA). This would implement the commitment in the Conservative 2019 manifesto, which pledged: ‘We will get rid of the Fixed Term Parliaments Act – it has led to paralysis when the country needed decisive action’. The bill would revert to the previous system, and restore the prerogative power of dissolution. As the government’s Foreword explains:
The Bill makes express provision to revive the prerogative power to dissolve Parliament. This means once…
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John H. Cochrane Whither the Fed
27 Aug 2021 Leave a comment
in budget deficits, business cycles, economic growth, economic history, fiscal policy, inflation targeting, labour economics, macroeconomics, unemployment Tags: New Keynesian macroeconomics
So true
27 Aug 2021 Leave a comment
in economics of education, Marxist economics Tags: philosophy of science, political correctness, political psychology, regressive left

Parliament has the right to reverse judicial decisions, but governments must be careful not to undermine the important role the courts play as a check and balance in our unwritten constitution
27 Aug 2021 Leave a comment
The Independent Review of Administrative Law provoked much criticism and concern when it was announced by the government, but its final report was less radical than many predicted. In the last of our series of posts from speakers at our June conference on the government’s reform agenda, Lord Faulks speaks of the work of the review panel, which he chaired, and the government bill that resulted, which went further than the review recommended in terms of limiting judicial review.
The government has now published the Judicial Review and Courts Bill, which has had its first reading in the House of Commons and will proceed through its remaining parliamentary stages in the autumn.
The Independent Review of Administrative Law, which I had the privilege of chairing,will now be a footnote in the development of the law in relation to judicial review. The panel no longer exists and its members…
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Entitlements: The “Most Predictable Economic Crisis in History”
27 Aug 2021 Leave a comment
Writing about federal spending last week, I shared five charts illustrating how the process works and what’s causing America’s fiscal problems.
Most important, I showed that the ever-increasing burden of federal spending is almost entirely the result of domestic spending
increasing much faster than what would be needed to keep pace with inflation.
And when I further sliced and diced the numbers, I showed that outlays for entitlements (programs such as Social Security, Medicare, Medicaid, and Obamacare) were the real problem.
Let’s elaborate.
John Cogan, writing for the Wall Street Journal, summarizes our current predicament.
Since the end of World War II, federal tax revenue has grown 15% faster than national income—while federal spending has grown 50% faster. …all—yes, all—of the increase in federal spending relative to GDP over the past seven decades is attributable to entitlement spending.
Since the late 1940s, entitlement claims on…
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The European Welfare State Means a Stifling Burden for Middle-Class Taxpayers
27 Aug 2021 Leave a comment
According to leftists like Bernie Sanders, European nations have wonderfully generous welfare states financed by high tax rates on the rich.
They’re partly right. There are very large welfare states in Europe (though I wouldn’t use “wonderfully” and “generous” to describe systems that have caused economic stagnation and high levels of unemployment).
But they’re wrong about how those welfare states are financed. Yes, tax rates on the rich are onerous, but not that much higher than in the United States. Instead, the big difference between America and Europe is that ordinary people pay much higher taxes on the other side of the Atlantic.
Indeed, I’ve previously cited Tax Foundation data showing that the United States arguably has the most “progressive” tax system in the developed world. Not because we tax the rich more, but simply because we impose comparatively modest burdens on everyone else.
And now we have…
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The (Accelerated) Europeanization of America
27 Aug 2021 Leave a comment
I periodically warn that the United States is on a path to become a European-style welfare state.
That sounds good to some people since it implies lots of goodies paid for by other people.
So I always explain that there’s a downside. The economic data clearly show that there’s been less growth in Europe and this has real-world consequences.
Europe is diverging from the United States economically, not converging.- The average American enjoys much higher levels of income and better quality of life.
- America’s poor people have incomes equal to middle-class Europeans.
This is why it’s so depressing that Joe Biden has a radical agenda of higher tax rates and much bigger government.
He wants us to copy an approach that has produced inferior outcomes.
The editorial page of the Wall Street Journal has been sounding the alarm.
In a recent column, Professor Josef…
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Renewables are unsustainable
27 Aug 2021 Leave a comment
in energy economics, environmental economics, global warming Tags: nuclear power, solar power, wind power

The Departed
27 Aug 2021 Leave a comment
The Departed (1996) Director: Martin Scorsese
“When I was your age they would say we can become cops or criminals. Today, what I’m saying to you is this: when you’re facing a loaded gun, what’s the difference?“

★★★★☆
Based on a reimagining of the Hong Kong film Infernal Affairs, The Departed brings together an all-star cast to deliver one of the best films of the 2000s. Producer Brad Pitt helped acquire the rights to Infernal Affairs, and with Martin Scorsese on board along with a soup of A-List Hollywood talent (Matt Damon, Leonardo DiCaprio, Mark Wahlberg, Jack Nicholson, Vera Farmiga, Martin Sheen, and many others), The Departed delivers a compelling, intellectually engaging movie that explores deep themes of identity, belonging, upward mobility, and hope. The title The Departed comes from a Catholic prayer for souls in purgatory (Martin Scorsese was raised Catholic) and in many ways…
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