We cannot support ever-rising debt.

The Times – Economic Opinion, 29th December 2010 Most macro-economic theories had egg all over them when the financial crisis broke. Only a few economists, among whom I am naturally proud to be included, warned of the looming problems. The signs of trouble lay...

Japan’s Population.

Nikkei Veritas – Market Eye column, 20th December 2010 In modern times, Japan is the first major country to experience a falling population, though it is likely to be followed by others. For example, Germany’s population is expected to start falling in about ten...

Higher equity ratios unlikely to impact on banks.

Financial Times (Letters), 30th November 2010 Sir, Data published by the Bank of England show that UK banks had, for many years, a return on equity which was similar to that on other industries, but which more recently has averaged about three times as much. The rise...

Rebalancing the global economy.

Financial News, a Dow Jones Company, 20th September 2010 The dramatic change that has taken place in the world’s economic pecking order has been widely publicised. While the political consequences have been much discussed, the consequences for economic policy...