Is fairness the enemy of the possible?

Is fairness the enemy of the possible in Europe? James Surowiecki seems to think so, which is why he suggests that “voters and politicians on all sides need to stop asking themselves what’s fair and start asking themselves what’s possible.” In one sense, Surowiecki is right: the ultimatum game, when at least one of the [...]

Cartoon of the day

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Cartoon of the day

Special mention

Greece’s “corrupt and venal classes”

The success of Costas Lapavitsas’s proposal [ht: br] that Greece leave the eurozone depends on the meaning of the following phrase: Its growth prospects are strong, as long as it wrenches power from the corrupt and venal classes that have run its affairs for decades.

A stopped clock. . .

A stopped clock is right twice a day, and even Robert Samuelson has to get something right once in a while. American capitalism is on trial. When Americans vote in November, they will unavoidably choose between these competing visions of capitalism. One would try to improve capitalism by controlling it more. The other would aim [...]

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“It’s a war between people and capitalism”

Time is running out for capitalism in Greece. That, apparently, is what mainstream economists like John Kay and Paul Krugman are afraid of. Alexis Tsipras, head of the Syriza party, explains why: “I don’t believe in heroes or saviours,” says Alexis Tsipras, “but I do believe in fighting for rights … no one has the [...]

Do you believe in markets?

Do you believe in markets? John Kay does, as he demonstrated during his presentation at the Volcano symposium last weekend. We were together on a panel, “Crisis in and of Economics,” along with David Vines. Kay started with the usual neoclassical assertion—planning has failed and markets are successful (ignoring, of course, all the historical examples [...]

Cartoon of the day

Special mention

Cartoon of the day

Special mention