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In the wake of the financial crisis the West has witnessed a rise in radical politics of the right and left. One explanation is that the crisis has exacerbated the effects of more longstanding social and economic change.
Two seminal research papers by Nobel Laureate Angus Deaton and Princeton economist Anne Case shed new light on this phenomenon. In a quite remarkable piece of research Deaton and Case examine the effect of adverse economic change, poor education and low social capital on white, working-class Americans.
It is just seven weeks until the UK General Election due on 8th June. Much has changed in the nine months since the UK voted 52% to 48% to leave the EU.
Conservatives and Labour campaigned to remain in the EU but the outcome of the referendum has changed everything. That surprise vote illustrates the power of John Maynard Keynes’, maxim: “When the facts change, I change my mind. What do you do Sir?”.
The polarisation of politics in the Western world has created new challenges to existing political norms. Declining support for established political parties has been paralleled by a growth of alternative, more extreme, parties and politicians. This week we take a look at what voters in the US, UK and Europe are telling pollsters on the big issues.
Mr Trump won a remarkable victory, but he entered office with an approval rating of 45%, a record low for an incoming US President. His rating now stands at 40% compared with an average of 61% for previous Presidents at this stage in their administration.
Gross Domestic Product (GDP) is the broadest and most ubiquitous measure of economic performance. But as a gauge of human welfare it is wanting. Many factors which contribute to welfare fall entirely or partially outside GDP.
Worse still, many things which contribute to unhappiness - such as crime, pollution or poor health - can raise GDP, at least in the short term.
The summer break provides a welcome escape from Brexit and an opportunity to spend some time catching up on reading. Our summer reading list provides six readable, thought-provoking articles to ponder on the beach or by the pool. All are available free and online.
You can save these articles on your iPad's reading list by opening the links on Safari and tapping on the share arrow next to the address bar. To print these articles please use the print icons, where available, on the webpages to ensure the whole article comes out.
The two remaining candidates for the leadership of the Conservative Party agree that the UK will leave the EU. The difference at this stage is one of timing. Frontrunner Theresa May sees no need to start the formal process of leaving immediately by triggering Article 50. Andrea Leadsom says she would invoke Article 50 immediately if she became Prime Minister.
The decision facing UK voters in the polling booths on 23rd June was deceptively simple – to remain in or to leave the EU.
Now comes the hard part. It falls to politicians to interpret the vote and turn it into some sort of reality.
That reality could yet leave the UK as a member of the EU. Yesterday former Prime Minister Tony Blair said that the UK "should keep our options open" on leaving the EU and suggested that as the implications of Brexit emerge the "will of the people" may shift.
Pretty much everyone agrees that the UK's referendum has put us into a world of uncertainty and elevated risk. For once the use of the term "Earthquake" in the headlines was not hyperbole.
Saying that things are "uncertain" is obvious but not very helpful. Quite naturally theories, speculation and forecasts multiply.
Voting in this Thursday's UK referendum on membership of the EU takes place between 7am and 10pm. Unlike last year's General Election there will be no official exit polls, partly because of the difficulty of extrapolating from a sample to a wider population in a referendum. Nonetheless, the Financial Times reports that some hedge funds have commissioned their own exit polls in order to trade on early indications of the result. The movement in the value of sterling during the count of votes from 10pm on Thursday evening will provide one signal of market sentiment about the outcome.
Last week's opinion polls and bookmakers' odds show a much diminished likelihood of a UK exit from the European Union.
The average of the last six opinion polls show that, excluding Don't Knows, Remain is on 55% and Leave on 45%. That is the biggest lead for Remain in three months. The bookmakers' odds have moved even further. At the end of last week they were pricing in just a 22% chance of Brexit, the lowest reading in a year.