Book Review: Rupal Patel and Jack Meaning, ‘Can’t we just print more money – Economics in ten simple questions’, Cornerstone Press, London, May 2022.
The Bank of England is the first central bank to carry out the set of functions which are today associated with a central bank. It is not the oldest, an honour which goes to the Riksbank established in 1668. After its establishment in 1694 as an issuer of currency and as a government bank, the Bank of England started adding functions over the years. It was only in the second half of the 19th century, when it became a lender of last resort, that the Bank of England came to be acknowledged and regarded as a central bank. Continue reading “Can’t we just print more money?”
Noam Chomsky, the 91 year old “father of modern linguistics”, is also a philosopher, historian, cognitive scientist, activist, and at times also a political activist. He has often held views that were off-beat reflecting his original thinking. He was at one time one of the ten most cited authors in the world, ranking alongside the Bible, Shakespeare, and Karl Marx. So, when he takes a stand, one takes note, whether one agrees or not. In this interview, and this, he blames the corona pandemic on market failures. Specifically, the market’s inability to invest in research and equipment that will not rake in profits even though they could have long term benefits to the community. And there is a lot of truth in what he says. Market failures mean the government and regulators need to step in and step up.