In his 1817 book, “On the Principles of Political Economy and Taxation“, David Ricardo explained the principle of economic comparative advantage. He drew example from the production of wine and cloth in England and Portugal and explained, “In England it is very hard to produce wine, and only moderately difficult…
There is little doubt that taxation is an economically necessary and ethically valid part of society’s structure. “Taxes” stated Oliver Wendell Holmes Jr. “…are the price of civilisation.” Many cite taxation as having four ‘key’ roles in society, The generation of revenue for the state to provide infrastructure, education, defence,…
In April 2010, the Economist reported, ��One of the lessons from TV is to accept change and get ahead of it. Broadcasters� initial response to the appearance of programmes online was similar to the music industry�s reaction to file-sharing: call in the lawyers. But television firms soon banded together to…
“It feels great to have the iPad launched into the world” said Steve Jobs, Apple’s CEO, “…it’s going to be a game changer.” When observing the media analysis of such rhetoric, you always see a mix of embrace and cynicism. The latter being the ‘mainstream’ news titles, and the former…
April 20 (Bloomberg) “Stranded flyers created a surge in demand for travel industry Web sites and remote conferencing services as a shutdown of many flights in Europe continued through a sixth day.” Nothing Broke… That’s Important. The eruption of Eyjafjallajokull really caught the world off-guard, and created the levels of…
In the fields of political science and economics, you will commonly see discussion of the “Principal-Agent Problem” (also known as agency dilemma) which deals with the outcomes of situations of conflicted interest, or asymmetric information, where (for example) an agent (such as an investment manager) acting for a principal (such…
On March 29th 2010, The Economist reported that, “When the trials of four Rio Tinto employees opened in Shanghai last week, their guilty pleas to the first of the charges, of bribe-taking, dampened hopes that the matter might be settled without any severe penalties. Even so, the harshness of sentences…
In a statement issued on March 22nd 2010, Human Rights Watch said, “Google’s decision to stop censoring its Chinese search engine is a strong step in favour of freedom of expression and information, and an indictment of the Chinese government’s insistence on censorship of the internet…” They continued, “China is…
On March 11, 2011 at 05:46 UTC, Japan was hit with a Magnitude 9.0 Mega-Quake (the fourth largest earthquake ever recorded) . To put the size of this quake in perspective, it was 8,000 times more powerful than the one which devastated Christchurch (New Zealand) in February 2011, and around…
Recent economic events have brought the concept of financial bubbles from academic texts to the forefront of economic and commercial thought. Whereas economies used to be slow laborious creatures, the globalisation of capital markets, and growth of technology within them, has increased the ‘speed’ of economies to a pace never…