

Inflation is running hot, even before wage-price pressures have begun. Central bankers tell us the current burst of inflation will be transitory and workers will not mind the temporary squeeze on their living standards. In today’s full employment economy, this is not...
Staying power versus paying power

One for sorrow
I can’t help thinking that Amanda Staveley and her consortium have bought the wrong football club. Had they waited just five months they could have had Chelsea FC rather than Newcastle United. A mooted £3bn price tag may be 10 times the price paid for the...
One for sorrow

A modest proposal for the abandonment of real estate fundamentals
A satirical commercial real estate proposal in the tradition of Jonathan Swift. Originally published February 2022. Fellow citizens of the real estate investing world, may I submit for your consideration that the time has arrived to discard and dispatch the long held,...
A modest proposal for the abandonment of real estate fundamentals

Thinking straight about bitcoin’s social costs and benefits
Building a bridge is costly: it takes labour and machinery and raw materials that have alternative uses. Does it follow that building it is a waste? No. Waste occurs when the cost incurred exceeds the benefit attained. Cost greater than zero does not imply...
Thinking straight about bitcoin’s social costs and benefits

How to think about inflation
Everything old is new again: Inflation plagues the US economy. The Consumer Price Index is up 7.9% from a year ago. The Personal Consumptions Expenditures index is up 6.1%from a year ago. We haven’t seen price pressures like these in 40 years. If we want to understand...
How to think about inflation