Economics

Yuval Noah Harari has sold more than 45 million books in 65 languages. He is a professor with a PhD from the University of Oxford, has spoken at TED and the World Economic Forum in Davos, and his latest book, Nexus, is considered ‘erudite, provocative and entertaining’ by Rory Stewart and ‘thought-provoking and so very well reasoned’ by Stephen Fry. This is the story the book’s cover tells us about its contents, and Nexus itself argues that it is stories which are fundamental to shaping the world. It posits that the strength of humanity comes from building large networks in which we work together co-operatively, but that our weakness is

Three philosophers walk into a crypto-currency. Resistance Money: A Philosophical Case for Bitcoin, I’d argue, is a slightly inaccurate title. Messrs Bailey, Rettler and Warmke have composed a book that is a meticulous and unphilosophically lucid examination of the origins and properties of bitcoin. No Hegel, no Husserl, no fuss. ‘We don’t prophesy,’ they state. ‘We don’t preach.’ They plead a Socratic humility. ‘We’d forgive you for thinking that three philosophers aren’t up to the task.’ They describe themselves as ‘epistemic trespassers’ in matters of economics and cryptography. Access to bitcoin has changed from a muddy country path to a six-lane highway The editorial sessions for Resistance Money must have

Post-war British economic history is littered with failed policy panaceas. Keynesian demand management would solve the unemployment problem; the Exchange Rate Mechanism would provide an anchor for stability and end sterling’s perennial weakness; the Barber and Kwarteng budgets – separated by 50 years – would throw off the shackles of Treasury orthodoxy and put the country on a path to higher growth. On the face of it, monetarism – the theory that if you control the money supply, you control inflation – fits squarely into this paradigm. As soon as government sought to control the money supply, the historic relationship between money and inflation broke down. But partly because inflation

The Keynesian economist Nicholas Kaldor called Milton Friedman one of the two most evil men of the 20th century. (Friedman was in distinguished company.) The ‘scourge’ he inflicted on the world was monetarism, a product of what Kaldor called Friedman’s Big Lie – of which more later. Moral judgments aside, how does Friedman rank in the world of 20th-century economists? By common consent, he stands with Friedrich Hayek and John Maynard Keynes at the apex of his profession. All wrestled with the defining problem of their age: the radical economic and political instability of the 1920s and 1930s. Their responses reflected their national situations. Keynes, economically secure and confident in

If you run an organisation, there are some reporters you definitely don’t want around: Ronan Farrow asking for comment; Madison Marriage or Dan McCrum with a couple of questions; Michael Wolff hanging out on a sofa taking notes. Michael Lewis is not one of those reporters. If he wants to spend time with you, you are about to be lionised as a decent person who sees just a bit more clearly than the fools who run the system of which you are a part, which will make you wildly rich (unless you’re an academic or a public servant) and famous. When Michael Lewis calls, people answer. Lewis raises enough questions

The most impressive banknote I have ever seen is the 500 ruble note produced by the Imperial Bank of Russia between 1905 and 1912. About four times the size of a modern £50 note, it is magnificently emblazoned with a portrait of Peter the Great and a profusion of cupids and classical pillars. It looks as high-denomination money should look – luxuriant, confidence-inspiring and valuable. The ruble (from ‘rubit’, to chop) was originally a chopped-off piece of Viking silver ingot Appearances can, of course, be deceptive. My Russian wife’s great-great-grand-father, the owner of the Volga Bread Bank of Saratov, unwisely chose to keep his considerable savings in the form of