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Extending the liabilities’ time horizon is key to pensions reform

by Andrew Smithers | Jun 14, 2023 | News, Press

From Andrew Smithers, London W8Published in the FT 14 June, 2023 Martin Wolf is correct when he writes that “reforming the failing pensions system is a priority” for the UK (Opinion, June 12). The essential change is to the economic theory used. To achieve the full...

What you thought you knew about interest rates and the market is wrong

by Andrew Smithers | Mar 30, 2022 | News, Press

FT – Opinion , 30th March 2022 Conventional macroeconomics is mistaken and its errors have profound and adverse consequences for economic policy. Many economists believe that central banks can stabilise economies by altering real interest rates, as the US...

Letter: UK Universities should postpone pensions strike

by Andrew Smithers | Nov 18, 2021 | News, Press

Financial Times – Letters, 18th November 2021 In responding to Martin Wolf’s column (Opinion, November 15) about the Universities Superannuation Scheme, Kate Barker remarks that “the analysis by Raghavendra Rau . . . takes no account of the consequences of being...

Letter: Equity Risk is not in step with ‘random walk’ theory

by Andrew Smithers | Jul 19, 2021 | News, Press

Financial Times – Letters, 19th July 2021 The letter from Zvi Bodie and John Ralfe (“Apply the hat trick and equities are not a free lunch”, FT.com July 14) has short-term returns being randomly selected as evidence that actual returns are not mean-reverting....

Paul Krugman on Corporation Tax, Right first time – Wrong this time.

by Andrew Smithers | Apr 30, 2021 | News, Press

London, 30th April 2021 In a recent article in the New York Times (Why Was Trump’s Signature Policy Such a Flop? 9th April 2021.) Paul Krugman asks a good question to which he gives the wrong answer. When Trump’s cut in corporation tax was announced I wrote that it...

Letter: Britain’s bonus culture is bad for productivity

by Andrew Smithers | Mar 2, 2021 | News, Press

Financial Times – Letters, 2nd March 2021 In his article “Why once successful countries get left behind” (Opinion, February 22), Martin Wolf’s claim that “there are four conditions for success” is wrong because his list excludes the essential condition of...
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