US – The High Risk of Another Financial Crisis.

A detailed explanation of the economics on which this paper is based is set out in The Economics of The Stock Market (“TEOTSM”) due to be published on 10th March this year by Oxford University Press. Footnotes below give the chapters and figures in TEOTSM which set...

Not Cyclical but Secular.

World Economics Vol. 23 • No. 1 • January–March 2022, 11th April 2022 Key Points • Classical economics assumed that interest rates would adjust, or could be adjusted, to ensure that there was no mismatch between private sector intentions to save and invest. Interest...

Japan: Investment and Growth

World Economics • Vol. 22 • No. 3 • July-Sept 2021, 1st September 2021 The Japanese economy has been growing at less than 1% over the past 20 years. This is a marked fall from its previous trend. • This decline cannot be explained by any weakness in business...