Tag Archives: economics

It’s Quite OK to Walk Away:


This Sunday on Facebook: My ambivalence towards the EU remains unabated as do my feelings of the disparity held by those who would subscribe to a return of a British democracy, or those who would choose to remain in the EU (even assuming that a consensus on what either meant existed). I stand by the resolve that I hold, in that the decision to choose between two oligarchies is for voters other than myself to decide. I shall be 80 next year and will (perhaps) not live to witness the long term results of the chosen outcome. Read more of this post

It’s Quite OK to Walk Away:


A review of the UK’s Brexit options with the help of seven international databases

Michael Burrage, March 2017

The image of the EU’s Single Market as an economically successful project, membership of which is vital to the interests of the UK, has rested on the hopes and repeated assurances of politicians rather than any credible evidence.

No UK government has ever sought to monitor its impact until the rushed analysis, now widely held to be unreliable and untrustworthy, produced by the Treasury just before the referendum. There is, therefore, no authoritative evidence against which to assess the economic consequences of the Government’s decision to leave the Single Market and, potentially, trade with the EU under World Trade Organization rules.

EU Civitas

click image for pdf report

In this new study, Michael Burrage uses seven international databases to assess the benefits of the Single Market for the UK, comparing its performance with that of other EU members, and with non-members who have traded with the EU. The data shows that the Single Market has not delivered the export growth it was expected to.

Michael Burrage also shows how other supposed benefits of the Single Market are largely imaginary. There is no evidence that Single Market membership has had a positive impact on UK GDP or productivity growth. The idea that the Single Market has been good for jobs is belied by the astonishing employment record of its members compared with other developed economies.

The benefits of Single Market membership have been illusory, while its costs are real, onerous, and unacceptable to a majority of the British people. Theresa May’s decision to withdraw the UK from the Single Market has been criticised by some for jeopardising the economy. But, as she and her ministers embark on negotiations over the UK’s future relationship with the EU, Michael Burrage shows that it is quite OK to walk away.

Teach a man to fish!


This week on Facebook: My attention turned to fish and the ever increasing global demand for sources of protein. I often mention in conversations with a friend what I call my Tesco Tuna Test, the contention being that cheap tins of Tuna — usually sold as 3 tins wrapped together — is only possible when the supply continues to exceed (or match) the demand. The demand is clearly going to increase, along with the price and the eventual reduction in the global supply of supply of tuna. If the TTT provides a measure of global overfishing by the price of wrapped tins of tuna divided by the weight of tuna therein, it will also increase. It’s difficult to predict what number in the TTT would represent global overfishing, especially as that number has already been reached, but perhaps it may represent the rate at which global overfishing is occurring. This assumes that supermarkets, their suppliers and consumers of tuna, actually care as the TTT has yet to begin a recognisable (and inevitable) exponential rise. Read more of this post

Inflationary money – ‘let it be done’ (fiat)


Owl was telling Kanga an Interesting Anecdote full of long words like Encyclopædia and Rhododendron to which Kanga wasn’t listening.

Unlike Owl I always have a problem spelling Tuesday – my shortcomings here saved by a spellchecker and an intuitive notion that something doesn’t look right.  When extraordinarily large valuations are put on artifactsit simply doesn’t look right, especially when the artifact being purchased appears to be trivial, like a comic book.  But this of course misses the point, which is that the investment in artifacts can be a means of hoarding wealth.  This also means that large exchanges of money for artifacts has to take place.  However: regardless of the price that an artifact may sell for, in a world where the medium of currency exchange is fiat money, any sum of money becomes irrelevant.  With fiat money, there is no need for money to exist in a form that requires its physical exchange. Read more of this post

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Martin Widlake's Yet Another Oracle Blog

Oracle performance, Oracle statistics and VLDBs

The Land Is Ours

a Landrights campaign for Britain

The Bulletin

This site was created for members and friends of My Telegraph blog site, but anyone is welcome to comment, and thereafter apply to become an author.

TCWG Short Stories

Join our monthly competition and share story ideas...

The Real Economy

Blogs and stuff from Ed Conway

Public Law for Everyone

Professor Mark Elliott

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