Politicians still think they can fine-tune the economy. This is folly

Article Abstract:

Economists in the UK have for many years regarded national economic statistics as tools which allow governments to set tax and spending levels. However, it is now being increasingly recognised that statistics can be misleading and that the economic is simply not this mechanistic. Against this background, chancellor Kenneth Clarke should not wait for the first estimate of gross domestic production in the fourth quarter of 1996, which is due to be published at the end of Jan 1997, before deciding whether to raise interest rates.

Planning, Usage, Economic policy, Statistics, Statistics (Data)

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The simple idea that lies behind Microsoft's bid to rule the world

Article Abstract:

Economists are placing increasing emphasis on economies of scale, especially because increasing returns are widespread in many hi-tech industries such as computer software and consumer electronics. It can now be seen that in almost any market there are great advantages associated with being the market leader and having the top brand. In the software industry, this has been the case with Microsoft. In the modern economy, the most prevalent increasing returns are found in marketing, rather than in manufacturing.

Analysis, Economies of scale

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Keeping the barbarians at bay

Article Abstract:

Professor Paul Krugman, economist, has been battling since 1993 against modern economic theories that nations are determined to compete to the end and that trade is not good for industrial countries in the west. The professor has had enough of being obliged to justify fundamental logic in the face of those who attribute the economic problems of the US to other countries, and admires those who keep repeating the same old sensible notions.

Biography, Interview, Economists, Krugman, Paul

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