Boris Johnson’s decision to lock down England again until December 2, is economically and scientifically bizarre. It is based on advice from the faulty mathematicians at Imperial College, who proved to be hopelessly in error when the COVID-19 pandemic first arrived in March. It will damage the British economy, and probably kill more people than […]

Henry Fox, 1st Baron Holland (1705-74) made £400,000, equivalent to about $100 million today, from the office of Paymaster of the Forces during the Seven Years War. Shortly after his departure, British politics was cleaned up, so that fifty years later statesmen such as Lord Liverpool lost money on 15 years as Prime Minister. In […]

Calvin Coolidge is not running. Nor is Lord Liverpool, though his ability to win four successive general elections in his own time suggests he could do so now, with only modest policy adjustments. When deciding whom to vote for, we must measure the available candidates, not against perfection, but against the opposition candidate and those […]

For the 244 years of the United States’ independent existence, few would have thought that the country had anything to learn from the ultimate Old World monarchical autocracy, Philip II’s Spain (he ruled 1556-98). Yet as politicians debate the merits of yet another public spending “stimulus” on top of a $3 trillion 2020 deficit, Philip […]

Twenty years ago, I was strongly in favor of globalization. I recognized the theoretical benefits it could bring and believed that poor countries could get richer while rich countries and their inhabitants did not get poorer. Alas, I favored a globalization that we did not get, and that maybe does not exist. Politics, as always, […]

Every economic textbook trumpets the need for the rule of law and will tell you that one major reason for many Third World countries’ poverty is their uncertain legal system and bribery-susceptible judges. Yet to have a rule of law, we need a court system to enforce the law and general agreement on what the […]

This summer has seen a rush of billionaires and their companies donating to left-wing causes, or even giving extraordinary amounts of money to the Joe Biden campaign to defeat President Donald Trump. That is their right, of course. But I find it extraordinary that a majority of the world’s ultra-rich are supporting people whose policies […]

A Harvard Business School presentation on artificial intelligence by Professors Karim Lakhani and Marco Iansiti this week was fascinating but creepy. While the technology is empowering numerous new businesses, most of those businesses seem to be in China. Gradually, as the capabilities of artificial intelligence combined with Big Data sank in, I came to a […]

In August 2020, under President Donald Trump, the U.S. unemployment rate fell in one month from 10.2% to 8.4%. Under President Barack Obama, the U.S. unemployment rate peaked at 10.0% in October 2009; it then took 27 months, until January 2012, to fall to 8.4%. That is not a commentary on the relative competence of […]