In the long-run, Covid-19 may well change the way we work and live. It may – and should – lead us towards a greener, less consumption-driven economy. The question for now is what to do about the economic devastation it will bring in its wake. Around 730,000 UK jobs were lost between March and July, the biggest quarterly decline … Continue reading What Would Keynes Have Done
Author: Robert Skidelsky
Economist and member of the House of Lords
The Crowding-Out Myth
The argument that public investment invariably "crowds out" private capital is wrong both theoretically and empirically. States have always played a leading role in allocating capital, either through direct investments, or by deliberately encouraging certain types of private investment. LONDON – Three economic effects of COVID-19 seem to be generally agreed upon. First, the developed … Continue reading The Crowding-Out Myth
Will COVID-19 Put Us Right With Nature?
The COVID-19 virus, as frightening as it now seems, may ultimately fail to jolt humanity out of its profligate habits. But instead of regarding the pandemic as merely another problem requiring a technical fix, the world should see it as an opportunity to rethink humanity's relationship with the planet. LONDON – One of the few … Continue reading Will COVID-19 Put Us Right With Nature?
The Monetarist Fantasy Is Over
Feb 17, 2020 ROBERT SKIDELSKY UK Prime Minister Boris Johnson, determined to overcome Treasury resistance to his vast spending ambitions, has ousted Chancellor of the Exchequer Sajid Javid. But Johnson’s latest coup also is indicative of a global shift from monetary to fiscal policy. LONDON – The forced resignation of the United Kingdom’s Chancellor of … Continue reading The Monetarist Fantasy Is Over
The Terrorism Paradox
There was, all too predictably, no shortage of political profiteering in the wake of November’s London Bridge terror attack, in which Usman Khan fatally stabbed two people before being shot dead by police. In particular, the United Kingdom’s prime minister, Boris Johnson, swiftly called for longer prison sentences and an end to “automatic early release” … Continue reading The Terrorism Paradox
For a public sector job guarantee
My Lords, I think I am the only macroeconomist contributing to this debate, which is perhaps rather odd as it is a debate on economic affairs. As instructive and important as the other contributions have been, I want to talk about economic policy, because unless the economy works a lot better than it has in … Continue reading For a public sector job guarantee
Economic Possibilities for Ourselves
The most depressing feature of the current explosion in robot-apocalypse literature is that it rarely transcends the world of work. Almost every day, news articles appear detailing some new round of layoffs. In the broader debate, there are apparently only two camps: those who believe that automation will usher in a world of enriched jobs … Continue reading Economic Possibilities for Ourselves
A Post-Election Reckoning for British Politics
Leaving the European Union on January 31, 2020, will be UK Prime Minister Boris Johnson’s repayment of the debt he owes to the many Labour supporters who "lent" his Conservatives their votes. But "getting Brexit done" won't be enough for the Tories to hold on to their parliamentary seats. LONDON – Speaking outside No. 10 … Continue reading A Post-Election Reckoning for British Politics
China’s Quest for Legitimacy
December 3, 2019 The conventional Western view is that China faces the alternatives of integrating with the West, trying to destroy it, or succumbing to domestic violence and chaos. But the Chinese scholar Lanxin Xiang instead proposes a constitutional regime based on a modernized Confucianism. LONDON – Liberal democracy faces a legitimacy crisis, or so … Continue reading China’s Quest for Legitimacy
Placido Domingo: cancel culture?
‘People who do really good stuff have flaws’ said Barack Obama in a recent talk. About the same time I read: ‘Placido Domingo has withdrawn from all future engagements at New York’s Metropolittan Opera [after 51 consecutive years] following allegations of sexual harrassment made by several women, including a soprano who said he reached down her … Continue reading Placido Domingo: cancel culture?
Robert Skidelsky 