Blog Review 865

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You know, it might just be that infrastructure spending isn't quite the way to revive an economy?

But if we are going to be all Keynesian about these things, might we not do what Keynes actually thought was a good idea?

Question: why are people listening on the subject of macroeconomics to people who are not macroeconomists?

It's happening in the streets now, these protests against the fat cats who don't pay their "fair share" of taxes.

Netsmith might need a little lie down in a moment. In praise of Hazel Blears.

Politics is as politics is: Obama's already breaking pledges.

And finally, the phrase of the day. "The process of quantifying our ignorance".

Quote of the week

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“Bringing the Government in to run Wall Street is like saying ‘Dad burnt dinner, let’s get the dog to cook’."

P.J. O’Rourke, on the US banks’ bailout

Blog Review 864

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Do you remember when $30 billion was a lot of money?

Wasn't the problem that we didn't know what the correct prices were in the first place? To find out that the government overpaid is not all that much of a surprise is it?

Explaining AIG using the ever popular two cows method.

An excellent solution to the American problems with the trial lawyers.

Now really is not the time to be increasing statutory redudancy payments.

One way to get the housing market moving.

And finally, yes, there is such a thing as too much time on your hands.

Blog Review 863

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Further proof that protectionism really isn't all that wise.

And other political ideas are even less sensible.

This talk about green shoots of recovery. Might it actually be true?

Although this might not be true in every country.

Climate change and global warming.

Wouldn't it be terrible if families just sorted it out themselves? Whatever it is?

And finally, a stimulus proposal we can really get behind!

Blog Review 862

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It seems that no one wants to use Burke's small battalions any more: to our increasing poverty.

Yes, it is true, Adam Smith really did predict Gordon Brown.

The bad bank proposal is even worse than you thought it could be.

Perhaps resolution (that's bankruptcy by another name) might now be better?

One more economist opposed to the fiscal stimulus.

Staggering: sales fall by 32% and market share rises?

And finally, well, and finally.

The Rotten State of Britain

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Some readers might remember Will Hutton's 1995 book The State We're In. It beat up the Thatcher/Major government for how bad things were: overcentralized government, a politicized civil service, huge private and public borrowing, Britain isolated in Europe and the world...

Well, nice try, Will, but Britain's in an even worse state today. It's even more centralized and politicized, even more despised by other countries, and a whole lot more bust. We're nannied, spied on, and bossed about even more. And we've spent trillions of extra cash on our public services – to what result?

The trouble is that, as these political outrages unfold one by one in the newspapers, it's impossible to see the full, shocking picture of what's really happened – and is still happening – to this once-proud country. Like an impressionist painting, you need to stand back to see the reality.

So I've written a new book – The Rotten State of Britain – in which I do just that. I've woven twelve years' worth of facts into a damning indictment of our rotten government, politicians, economy, welfare, healthcare, education, society, values, and the rest. And I've explained how we can stop the rot.

You'll see a link to the book on the right-hand column. It comes out 26 February, but you can pre-order it, at a discount, right now by clicking the link. And every book you buy from the right-hand column brings the Adam Smith Institute a few pennies from Amazon – so get clicking!

The Next Generation with David Davis MP

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On Tuesday night we held our first Next Generation reception of 2009, with David Davis MP there as speaker and guest of honour. Despite the freezing weather and the transport chaos it sparked, the event was as packed as I can remember a TNG being. Mr Davis' 10-minute speech was a wide-ranging and robust defence of liberty in the economic and civil spheres, and plainly hit home with the young audience.  And although he had to rush to the House of Commons to vote, Mr Davis came straight back to spend the rest of the evening talking informally to our guests. Next Generation events are open to those aged 16-33, and usually take place in Westminster on the first Tuesday of every month. If you would like to join the TNG, sign up here via our website or, better still, become a member of our Facebook group.

Blog Review 861

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It isn't actually clear that migrant labour damages either British jobs or wages.

Proof though that trusting markets does indeed work in the medium to long term.

I think we can say that there probably is a credit crunch, yes. Or at least a credit contraction.

That your city has pockets of loyal natives all over the country isn't in fact good news.

Are multiple births a status symbol? A Veblen Good?

While it's glorious to see the biter bit, shouldn't those teeth be gnawing a little more vehemently?

And finally, old jews telling jokes.

Blog Review 860

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What is beneficial to the regulators is not necessarily beneficial to the regulated.

Maybe those WalMart jobs aren't so bad after all?

Backseat driving saves lives.

Do the brothers really want to be calling for equality?

It's not necessary to agree with everything here to admire the brio with which it is said.

On the US stimulus: surely the burden of proof rests with those who want to spend near a trillion dollars rather than those who don't?

And finally, seriously tough food safety rules.

Reflections on a snow day

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I didn’t make it into the office yesterday, because of the 8" of snow that fell on Sunday night made it just about impossible to get anywhere in London by public transport. Where I live, on the border between Putney and Wandsworth, there were no trains, tubes or buses running at all. A lot of people seem to have been moaning about that, wondering how one night of snow can bring the capital to a standstill.

Well, the reason we can’t cope with snow is that it so seldom happens. And I don’t have a problem with that. Apparently this was the heaviest snowfall for 18 years – why bother being prepared for something that only happens once or twice a decade? Imagine all the money that would be spent on snow-ploughs and action plans and training (and, no doubt, health and safety assessments). If you ask me, we’re better off just waiting for it to melt.

After all, it’s not like most of us can’t work from home. Whether it was editing documents, writing articles, emailing authors and so on, nothing on my ‘to do’ list yesterday really required an office. Just to underline the point, I even did a radio interview from the telephone in my bedroom. All of this has of course been possible for quite some time now, but remote working is yet to take off. There are obvious reasons why, but as London’s transport network gets filled further and further beyond its capacity, I can see remote-working becoming more and more popular.

Just after lunch, I went for a walk in the park. There were people everywhere, and they all seemed very cheerful – the snow clearly bringing out the best in them. It was also obvious how many Australians and South Africans there were living in the area. Following the oil refinery strikes in Lincolnshire, and the secondary action across the country, the free movement of people is very much in the news, and very frequently under attack. But what a strange and different place London would be without it.