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Free market capitalism has faced intense criticism in recent years. Even that most basic tenet of the post-‘70s era, the free movement of capital and floating exchange rates, has its critics. Some on the left believe that a government set on fundamentally reforming capitalism might need to bring in controls to prevent capital leaving the country and a sharp currency devaluation.
Holidays often prompt ideas of a new life in some idyllic part of the world. But money matters and liveable, pleasant places are often pricey. Exchange rates are obviously key and the ups and downs of foreign exchange markets can deliver odd outcomes (at a village market in Provence yesterday I paid around 50% more for a week’s shopping than I would at a Waitrose in London).
Our summer quiz offers a test of your knowledge of holiday-related trivia through an economics lens. The answers along with a brief explanation are at the end of this note.
With the holiday season upon us we are launching our summer reading list. All are available free and on-line. You can save these articles on your iPhone or iPad's reading list by opening the links on Safari and tapping on the share icon (the box with an arrow). To print these articles please use the print icons, where available, on the webpages to ensure proper formatting.
Here is our choice selection of the "and finally" news stories from the Monday Briefing in 2017. Credit goes to my colleagues for tracking down these stories and for forging the right pun or quip. The Monday Briefing is taking a break until Monday 8th January. In the meantime the Deloitte economics team - Ian, Debo, Alex, Rebecca and Tom - wish you a very merry Christmas and a happy New Year.
Our Christmas Quiz offers an eclectic test of knowledge of economics and business. The answers, and a brief explanation of the factors at work, are at the end of this note.
- Which of the following countries has the most affordable housing market relative to incomes, according to The Economist’s house price affordability index?
The Monday Briefing reached its tenth birthday over the summer. This week’s Briefing offers some thoughts on the lessons we’ve learned and the errors and successes we’ve made along the way.
Perhaps the most obvious lesson is that the economy depends on a stable financial system. In getting this right before the crisis, and emphasising it in the Briefing, I can’t claim great prescience. The devastating effect of the bursting of Japan’s banking and asset bubble in the early 1990s provided me, and others of my generation, with a graphic illustration of the effects of a financial collapse.
Invention lies at the heart of industry and economics. The question of what systems best foster innovation and which innovations have the greatest effect on economic welfare have long occupied economists.
Over the last year the author and economist Tim Harford has presented a BBC radio series describing the fifty innovations he believes have ‘made the modern economy’.
Economists disagree on lots of things, but on one thing at least there is a consensus. Productivity, or the efficiency of production, is the main driver of human welfare. The data bear this out. Consider that growth in living standards in the UK since the late nineteenth century has been driven entirely by rising productivity. It is not surprising that improving productivity is the Holy Grail of economic policy.
Do you have enough leisure and free time?
If the answer’s no, you are not alone. Most of us feel time pressured and, often stressed in our lives.
On the face of it this is surprising. Most us have more free time and work fewer hours than ever.
In 2016 the average UK worker put in 266 fewer hours a year than in 1970, equivalent to reducing the working year by over seven weeks. It’s a similar story across Europe, and working hours have also declined in famously workaholic societies like the US, South Korea and Japan. In many countries, especially in Europe, holiday entitlements have also improved.