This is to get the whole point of economics the wrong way around:

Apparently, when private equity capitalism goes wrong it’s the consumers that benefit:

This will not be the most intuitively obvious of contentions but you’ll get it once explained. Increasing the cigarette, or tobacco, tax reduces the price of cigarettes or tobacco.

The base idea enshrined in the theories of Professor Mazzucato is that the Man from Whitehall does know best. What should be produced, how it should be produced and by whom it should be produced.

In a piece about how the plan - by defining as flood plain and therefore making flood insurance impossible - has just killed off Ell Pie Island, we see this:

In a piece about how the plan - by defining as flood plain and therefore making flood insurance impossible - has just killed off Ell Pie Island, we see this:

A useful little example of this free market thing here. The grand freedom is that we, us consumers, bend the capitalists to our will by our actions.

Good to see that some are grasping this simple concept: Wes Streeting has ordered a “high-stakes” reorganisation of the NHS that will scrap 10,000 jobs in an attempt to free up cash for frontline care.

We spent a decade making the case that the personal allowance - for both NI (both types) and income tax - should be whatever the full year, full time minimum wage income is. We even won the case intellectually but of course by the time it was phased in inflation had moved the target beyond what happened.

The grand thing about markets is not, in fact, that people can profit from doing the right thing well. Rather, it’s the firm thwack in the face people get from doing the wrong thing badly.

Why has the civil service grown so big — but not more productive?The problems are not new, and governments have been vowing to streamline Whitehall for decades. But according to one expert, the central problem is ‘there is no one in charge’

It’s always a little difficult when claiming that the famed result of a Nobel-winning economist was wrong.