Cabbies, Cyclists and the Cost of Living        

BY STEWART SLATER Why is it so hard to get a cab in the rain?  Increasing demand surely – despite there being no recorded example of any human less than 100% waterproof, most of us prefer not to get wet. But if you are a classical economist, supply should increase to match demand. The more people want a cab, the more of them should appear … Continue reading Cabbies, Cyclists and the Cost of Living        

Reverse Economic Imperialism (REI)

BY DOMINIC WIGHTMAN Charles Mackay, in his Extraordinary Popular Delusions and the Madness of Crowds wrote, “Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” 1 History is in great part the history of the crowd. What the crowd thinks is what counts. Crowds tend … Continue reading Reverse Economic Imperialism (REI)