Interview in House Magazine
By Geoffrey Lyons
In a 2015 article for Project Syndicate, historian Niall Ferguson accused Lord Robert Skidelsky of being “un-Keynesian” for refusing to admit that George Osborne’s austerity policies worked. Skidelsky’s position, Ferguson argued, wasn’t true to the great economist-statesman’s view that one ought to adjust their beliefs in the face of changing facts.
Ferguson must have known this was a critical hit. It’s not that Skidelsky has come to identify his views with those of “the Master” that makes “un-Keynesian” such a biting characterization, but rather that he is arguably the greatest living authority on the twentieth-century economist. Besides being a prolific writer and lecturer on economic issues, Skidelsky is perhaps best known for his acclaimed three-volume biography of Keynes, a project he laboured over for nearly three decades. Still, he didn’t take Ferguson’s remarks personally.
“Niall and I are quite good friends and actually go back a long way,” he says with a smile. “But we’ve sort of diverged on this. He doesn’t actually say in what respect I should have changed my mind, so it’s a nice throwaway line.”
Continue reading “‘To cut spending in a slump is just wrong’: Lord Skidelsky on austerity and why Keynes matters”
Harvard University Professor Alberto Alesina has returned to the debate on budget deficits, austerity, and growth. Back in 2010, Alesina told European finance ministers that “many even sharp reductions of budget deficits have been accompanied and immediately followed by sustained growth rather than recessions even in the very short run” (my italics). Now, with fellow economists Carlo Favero and Francesco Giavazzi, Alesina has written a new book entitled Austerity: When It Works and When It Doesn’t, which recently received a favorable review from his Harvard colleague Kenneth Rogoff.
Continue reading “Has Austerity Been Vindicated?”
Almost all “robots are coming” stories follow a tried-and-true pattern. “Shop Direct puts 2,000 UK jobs at risk,” screams a typical headline. Then, quoting from authoritative reports from prestigious institutes and think tanks, the article in question usually alarms audiences with extravagant estimates of “jobs at risk” – that is, percentages of workers whose livelihoods are threatened by high-tech automation. To quote another representative example: “A new report suggests that the marriage of [artificial intelligence] and robotics could replace so many jobs that the era of mass employment could come to an end.”
Continue reading “The Good Life After Work”
The United Kingdom’s protracted attempt to leave the European Union has upended the two illusions by which the world has lived since the end of the Cold War: national sovereignty and economic integration, the twin end points of history, according to Francis Fukuyama’s celebrated 1989 essay.
Continue reading “No Choice and No Exit for the UK”
LONDON – Surveys from round the world show that people want secure jobs. At the same time, they have always dreamed of a life free from toil. The “rise of the robots” has made the tension between these impulses palpable.
Continue reading “The AI Road to Serfdom?”
LONDON – On December 3, 2018, the Central European University announced that from September 2019 it would relocate most of its teaching from Budapest to Vienna. Hungarian Prime Minister Viktor Orbán’s government had, in effect, closed down the CEU, founded by Orbán’s favourite bogeyman, George Soros. “Arbitrary eviction of a reputable university is a flagrant violation of academic freedom,” declared the university’s rector, Michael Ignatieff. “It is a dark day for Europe and a dark day for Hungary.”
Continue reading “Rhymes from Central Europe”
My Lords, I do not want to add to the volume of speculation about what will happen tomorrow or a day or two after. The noble Lord, Lord Howell of Guildford, expressed clearly my position on what should happen: the withdrawal agreement, or an amended successor to it, should be made subject to a vote of confidence, and if the Government lose it there should be a general election. That is the clean and British way but whether it will happen is in the hands of the gods at the moment.
Continue reading “Brexit: Withdrawal Agreement and Political Declaration”