A large chunk of my work for the Investors Chronicle is now free to all-comers; I’ll be producing regular macroeconomic commentary, such as this, over there.
And in the Times, I elaborate on my view that what we’re seeing is a crisis of ownership, not of markets.
Please note, however, that I am not saying that all partnerships or owner-controlled businesses are good and all quoted firms are bad. Obviously, many partnerships fail and some quoted firms thrive. I’m just saying that the ownership issue is an overlooked part of the story. Correlations don’t have to be equal to one to be interesting.
And in the Times, I elaborate on my view that what we’re seeing is a crisis of ownership, not of markets.
Please note, however, that I am not saying that all partnerships or owner-controlled businesses are good and all quoted firms are bad. Obviously, many partnerships fail and some quoted firms thrive. I’m just saying that the ownership issue is an overlooked part of the story. Correlations don’t have to be equal to one to be interesting.
If we had, say, markets in unemployment protection, what's to stop them blowing up? What's to stop us having a credit crunch caused by screw-ups in the securitized unemployment insurance policy market, as opposed to securitized mortgages?
Perhaps we'd see a positive* feedback loop from higher unemployment to banking crisis and hence more unemployment
* in the sense of accelerating, not 'good'
Posted by: Luis Enrique | September 17, 2008 at 02:23 PM
As an overseas reader, I'm happy to finally get free access to your articles at IC.
But I'm wondering why IC doesn't provide a feed for them, making it easier for regular readers to follow your writings:
Given free access, I'd imagine that'd be a further reader friendly step.
Or, 'am I missing something?
Posted by: Karthic Dixit | September 17, 2008 at 03:03 PM
"Chris spent eight years as a UK economist with one of Japan's biggest banks." Or, at least, it was one of the biggest when he joined them.
Posted by: dearieme | September 17, 2008 at 07:12 PM
good article today in the Times. Bit unfortunate that Carl Mortished made roughly the same point on the same day?
Posted by: Dipper | September 17, 2008 at 07:21 PM
"A large chunk of my work for the Investors Chronicle is now free to all-comers"
Great news. As a former IC subscriber, I've missed being able to read your articles (other than at the public library).
Posted by: Richard Hancock | September 19, 2008 at 04:12 PM