Tim Worstall

Something of a blow to one of Polly's pet peeves

Written by | Saturday 19 April 2014

We're all aware of one of Polly Toynbee's little foibles: her insistence that because the people who own successful newspapers aren't left wing therefore the true left wing nature of our society gets overlooked and overruled.

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A little reminder of how far we've come

Written by | Thursday 17 April 2014

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It's not capitalism that Cuba should be worrying about but markets

Written by | Wednesday 16 April 2014

Cuba is, however gradually, reforming its economy which is great. However, they do seem to be concentrating on the wrong bits still:

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The importance of Tiebout effects

Written by | Tuesday 15 April 2014

An excellent little piece of cheering news about what this coming century holds for us:

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Oh how we laughed all those years ago

Written by | Monday 14 April 2014

Many years ago, just after Boris Yeltsin had abolished rationing and freed up food prices, I was in Russia when a little old granny was interviewed just before Easter. She wanted to know why egg prices were going up just before everyone wanted them to dye for the Easter festivities. Oh how we laughed about that, for of course the miracle of supply and demand means that when more people want something prices will rise. Not that we could expect someone subjected to 70 years of communism to quite get that.

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But firms don't try to maximise short term profits

Written by | Sunday 13 April 2014

It's a standard enough trope, that modern capitalism fails because companies only ever try to maximise short term profits. Not enough is done to think of the long term. Yet there's a simple enough point that can be made about this. Any firm at all that invests in anything cannot be said to be maximising short term profits, as David Henderson points out:

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Raising the minimum wage means lowering the workers' perks and conditions

Written by | Saturday 12 April 2014

As Adam Smith himself pointed out all jobs pay the same really. When you take account of what's needed to do them, the terms, the conditions, the "disagreeableness" of them, add in the wages and they're all paying much the same amount. Which has an interesting implication for those who would raise the minimum wage:

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The new economics foundation has been speaking to the newspapers again

Written by | Friday 11 April 2014

Image from xkcd.

Those masters of economic logic, the new economics foundation, have been talking to the newspapers again. Gothenburg, a city in Sweden, has decided to experiment with shorter working days for the city employees. At which point nef says:

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