How to break up oligopolists
The most discussed problem with my proposals on how to fix capitalism is how one decides which companies to break up, and how one goes about doing it. Needless to say, I do have some answers (more…)
SETI@Home sacking and the death of local newspapers
Two newspapers and a local radio station cover the same story, and it looks like two different stories. At the very least, one account is so incomplete as to be misleading. (more…)
Google’s “concession” to Murdoch
Everyone seems to be interpreting the changes made by Google News as a victory for Murdoch and others who are trying t extract payments from Google in return for making their content searchable through Google. I disagree, and think it is designed to make life more difficult for those putting up pay walls. (more…)
How to fix the banking system
This is a bit less ambitious than my plan to reform capitalism, but the principles are the same.
Too big to fail is too big to exist
Big banks create too much systemic risk, and are far too much of a strain on government finances when they need to be bailed out. (more…)
Two more objections to pharmaceutical patents
My wife suggested an addition to my list of bad incentives created by pharmaceutical patents. It is actually one of two closely related problems. These are possibly the most harmful of all as they can lead to patients directly getting worse treatments, as well as wasting money. (more…)
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Peak Google?
Alan Patrick is sticking his neck out and calling the top on Google’s growth. I am not convinced, and there are specific points that I have comments on. (more…)
Fixing capitalism: reactions and replies
The reactions to my post on fixing capitalism have surprised me: almost everyone who has blogged or tweeted on it agrees with the broad thrust of what I advocate. For proposals so far from the political mainstream, what does that mean? Perhaps is shows how for the politicians are from a popular demand for change. There also a few points that need replies. (more…)
The market is just inefficient enough
Richard Beddard’s extensive comments on my last post on efficient markets deserve a full reply. He is correct that I did not make it clear that the paper says that a behavioural explanation of the abnormal returns is possible. (more…)
How to fix capitalism
The recession and the crisis and banking are the least of the reasons for thinking that we need reforms. the crisis of capitalism goes much deeper: the influence big business has on governments (and the warped policies this leads to), increasing central control of the economy and the general move away from free markets.. I have some modest proposals on how to fix capitalism. (more…)
Evidence for market efficiency
A working paper that is nicely summarised on the Empirical Finance Research Blog shows how markets react to information rapidly, that they are not perfectly efficient, and how those setting the efficient market price are rewarded. (more…)
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