Japan does not have an investment problem

Andrew Smithers & Pelham Smithers Financial Times – Letters, 16th September 2019 Sir, In an article in Tuesday’s Financial Times Richard Koo claims that Japan’s economy suffers from inadequate demand because business investment is being depressed as a result...

The NTV Model for Total Factor Productivity

World Economics • Vol. 20 • No. 2 • April–June 2019, 1st July 2019 Introduction. This paper revises and extends my previous one on TFP * in which I proposed that the NTV model should be preferred to those which follow the current consensus approach. I include in this...

The Problem of Economic Incompetence.

Inequality, as measured by incomes, has fallen in the UK over the past 20 years. This will probably come as a surprise to many as the debate on inequality has become more strident as the situation has improved. The problem is that incomes have stagnated. Our sense of...