Read Butler on Smith

Adam Smith’s An Inquiry into the Nature and Cause of the Wealth of Nations (The Wealth of Nations, TWoN) is one of those books that many people refer to, but few have actually read. Possibly not surprising, since the Penguin version consists of 522 packed pages. But, crucially, in contrast…

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Laws of Economics

I have formulated three laws of economics. Like many such laws, they may appear obvious. But I don’t think this detracts from their truth. Stein’s first law of economics: When someone tells you, this time it’s different, sell. If they advance esoteric theories to back up their statement, sell at…

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Happy Tax Freedom Day

Last Saturday (3rd June, 2006) was Tax Freedom Day (TFD) for the UK. I take a certain interest in this, as I actually calculate TFD for the United Kingdom. For those of you who don’t know what TFD is, here is a brief explanation. Assume that from 1st January every…

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