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In which I continue to seek part time employment as the ruler of the world.

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Category archive: Economics

Friday September 19 2014

I’ve been reading Bryson’s At Home: A Short History of Private Life, and very entertaining and informative it is too.  Strangely, one of the best things about it for me was that he explained, briefly and persuasively, both the rise to global stardom and the fall from global stardom of British agriculture.  The rise was a lot to do with the idea of crop rotation.  I remember vaguely being told about this in a prep school history class, but although I did remember the phrase “crop rotation”, I didn’t care about it or about what it made possible.

Here is Bryson’s description of this key discovery:

The discovery was merely this: land didn’t have to be rested regularly to retain its fertility.  It was not the most scinitillatingof insights, but it changed the world.

Traditionally, most English farmland was divided into long strips called furlongs and each furlong was left fallow for one season in every three - sometimes one season in two - to recover its ability to produce healthy crops.  This meant that in any year at least one-third of farmland stood idle. In consequence, there wasn’t sufficient feed to keep large numbers of animals alive through the winter, so landowners had no choice but to slaughter most of their stock each autumn and face a long, lean period till spring.

Then English farmers discovered something that Dutch farmers had known for a long time: if turnips, clover or one or two other suitable crops were sown on the idle fields, they miraculously refreshed the soil and produced a bounty of winter fodder into the bargain. It was the infusion of nitrogen that did it, though no one would understand that for nearly two hundred years.  What was understood, and very much appreciated, was that it transformed agricultural fortunes dramatically.  Moreover, because more animals lived through the winter, they produced heaps of additional manure, and these glorious, gratis ploppings enriched the soil even further.

It is hard to exaggerate what a miracle all this seemed.  Before the eighteenth century, agriculture in Britain lurched from crisis to crisis. An academic named W. G. Hoskins calculated (in 1964) that between 1480 and 1700, one harvest in four was bad, and almost one in five was catastrophically bad. Now, thanks to the simple expedient of crop rotation, agriculture was able to settle into a continuous, more or less reliable prosperity. It was this long golden age that gave so much of the countryside the air of prosperous comeliness it enjoys still today, ...

The fall of British agriculture was all mixed up with refrigeration, which enabled the wide open spaces of the late nineteenth century world to make masses of food and to transport it to hungry urban mouths everywhere before it went bad.  Prices fell below what the farmers of Britain (where there were no wide open spaces by global standards) could match.

Sunday August 24 2014

One of these (which was one of these):

image

The economics of car ownership is interesting.  On the face of it, I might be the sort of person who would get a really small car (even if not this exact one).  But the way I (and many others?) see it is: If I go to the bother of getting a car, and finding somewhere to park it, and a way of insuring it, and of protecting it from burglars and vandals, I might as well spend a bit more and get a proper car.  You either buy a car, of the sort that can do all the things proper cars do, like transport another four people, transport bits of furniture, drive to Scotland or Paris or some such place, impress rather than amuse friends and enemies, and so forth.  Or, you don’t.

You don’t buy a bit of car.

The only exception is if your entire country has only just started buying cars, in which case even a bit of car is worth having.  Especially if, for the time being, that’s all you can get

Wednesday July 09 2014

The key moment for me on that boat trip came near the beginning, when Eamonn Butler, Joint Head Person of the Adam Smith Institute asked me to send in any good photos that I took.

Until that moment, I had not been sure whether photography was really tolerated, let alone encouraged.  But I took that as an invite to snap away all evening.  (It wasn’t that really, but that’s how I chose to interpret it.)

The bread-and-butter shot when photoing occasions like this one is the posed group.  People in groups, who are friends, or who are maybe becoming friends, and who know that they are being photographed, are duly photographed, resulting in pictures like most of these ones:

image image imageimage image imageimage image imageimage image image

Photos 1.1, 2.3 and 4.2 don’t quite fit the posed group template, because here the people in the shot aren’t posing for it, merely being photoed.  But the message is much the same.  Here are some attractive, intelligent, companionable young people, having a good time in each other’s company.  They believe in libertarianism and free markets, and are going to make that count for something in the years and decades to come.  Socially isolated human atoms they are not.

3.1 is also a bit of a departure from the norm, but you want a bit of craziness at such events.  If absolutely everyone is being nice and polite and well behaved, then it ain’t a proper party.  Once again, Mr Arm Tattoo (the previous posting in this series featured that same Arm getting itself a drink) contributes a bit of quirkiness and danger to the event. When I was a kid, only self-declared professional criminals had tattoos like that, or so I was raised to believe.  At best, people who worked at fair grounds.  Those days are now long gone.

Friday July 04 2014

A while back, I asked Madsen Pirie how it was that the Adam Smith Institute had been so successful in getting young people interested in libertarianism, free markets, and so on.  Simple, he replied.  Have a party, with free drink.  That gets them to come. Start the party by saying that libertarianism and the free market and so on are great but get that over with quickly, and then serve the drink.  That’s it?  That’s it.  Well, there is a bit more to it than that.  The message may be brief on the night, but it needs to be good and it has to be backed up during the day with a mass of sober activity and verbiage.  But, ignore the free drink and you are not understanding the ASI.

This was certainly the formula for this Boat Trip, as you can see:

image image

When I first got there, I chatted with ASI Junior Boss Sam Bowman, and I think I mentioned this give-them-the-message-and-then-fill-’em-up doctrine.  Sam then talked about how the ASI gets ideological bang for its alcoholic buck by buying its own good but cheap drink - good but cheap champagne on this particular evening - in bulk (that being why it’s cheap), and bringing it to events like this.  Which means that lugging big crates of drink around London, from the ASI office to wherever the latest event is is a big part of the life of an ASIer.  Serving alcohol is central to their entire way of going about things.  This is not some sort of afterthought.  Alcohol is to the ASI almost what petrol is to a car.

Drink also makes for good photos, I think.  (The ASI used the one of the table full of glasses, with the tattooed arm.) Nothing says jollification to come like a table full of full glasses, especially if the sun is shining all over them.  And once the punters get their hands on the bubbly, that makes for more good photos, because the bubbles make automatic focussing work so very well.

Thursday June 26 2014

From City A.M. today (again):

Chequeholders will soon be able to cash their payment almost instantly by taking a photo on their smartphone and sending it to the bank.

The government’s Small Business, Enterprise and Employment Bill will allow banks to process cheques using “digital imaging” technology for the first time.

As well as removing the hassle of a visit to the bank, the new scheme is expected to allow cheques to be cleared in two days, instead of the current six.

Yet another surprising impact of digital photography.  Had I known about it when I gave that talk I did about this, I’d have given this a mention.

Thursday June 12 2014

I plan to be going to the land of the foreign people.  Quite soon.  Early August.  The air tickets are already bought.  But, have just discovered that my passport needs renewing.  It gave up the ghost in about February.

Bugger.  Passports are just now being particularly delayed.  Questions are being Asked In The House about it.  So I guess they are now throwing money at the problem.

There is also a throw money at it option for us punters, about an extra hundred quid, which I have in mind to use, just to make sure that all goes well.  But first I have to get a haircut and then I have to get some “passport photos” done.  I know how to take photos of myself.  I do not know how to take “passport photos”.  This is why God invented shops.

Monday June 09 2014

This morning, did an SQotD about Uber.

Other Perry (Metzger) added this:

Uber does not always offer cheaper service. They operate on a market pricing mechanism to assure availability.

This means that, for example, on New Year’s Eve in NYC, you are assured you can get an Uber car even though normal taxis are essentially unavailable because of excess demand, but you will also discover the Uber car will be quite expensive. This is, of course, as it should be — the spike in price encourages as many Uber drivers as possible to work during a rush period. However, it is also decried by those who do not understand economics.

You could turn this around and say that Uber will be a sort of ongoing economics lesson for the citizenry.

Libertarians like me are always going on about how prices are a signalling mechanism.  Uber makes this extremely clear, I think.

Friday June 06 2014

Incoming from 6k, alerting me to a New Statesman piece by Ed Smith, about how, after a small digger has dug out a deep hole under a posh London house to make the house bigger, it makes more sense to leave the digger in the hole than go to the bother of extricating it.  Makes sense. What a great story.

So, many of the squares of the capital’s super-prime real estate, from Belgravia and Chelsea to Mayfair and Notting Hill, have been reconfigured house by house. Given that London’s strict planning rules restrict building upwards, digging downwards has been the solution for owners who want to expand their property’s square-footage.

So, enter the digger, and dig dig dig.  But then:

The difficulty is in getting the digger out again. To construct a no-expense-spared new basement, the digger has to go so deep into the London earth that it is unable to drive out again. What could be done?
Initially, the developers would often use a large crane to scoop up the digger, which was by now nestled almost out of sight at the bottom of a deep hole. Then they began to calculate the cost-benefit equation of this procedure. First, a crane would have to be hired; second, the entire street would need to be closed for a day while the crane was manoeuvred into place. Both of these stages were very expensive, not to mention unpopular among the distinguished local residents.

A new solution emerged: simply bury the digger in its own hole. Given the exceptional profits of London property development, why bother with the expense and hassle of retrieving a used digger – worth only £5,000 or £6,000 – from the back of a house that would soon be sold for several million? The time and money expended on rescuing a digger were better spent moving on to the next big deal.

Today being a Friday, I was delighted to learn that there is a feline aspect to this, in the form of Ed Smith’s final speculations.  This man is clearly learning fast how to get noticed on the Internet!

In centuries to come, says Smith:

… they will surely decipher a correlation between London’s richest corners and the presence of these buried diggers. The atrium of the British Museum, around 5000AD, will feature a digger prominently as the central icon of elite, 21st-century living.

What will the explanatory caption say? “Situated immediately adjacent to the heated underground swimming pool and cinema at the back of the house, no superior London address was complete without one of these highly desirable icons, sometimes nicknamed ‘the Compact Cat’. This metallic icon was a special sacrificial gesture, a symbol of deep thanks to the most discussed, revered and pre-eminent god of the age, worshipped around the world: London Property.”

Ed Smith is a former first class (and occasional test) cricketer, and now occasional cricket commentator.  As well as a writer of books.  Writing this posting also got me ordering a copy of his latest.

Friday May 23 2014

I don’t like my mobile phone, because I don’t use it enough to justify the expense.  Only the map app is of any real use to me.  I rarely use either the phone itself (i.e. for phoning) or the camera.

Or rather, I did hate it, until I read this, at David Thompson’s blog, about how much power it takes to charge up a mobile phone, and therefore how much it enlarges the carbon footprint and hence the self-hatred of an agonised mobile-phone-using Guardian writer:

How terrible should I feel, and what can I do?

A helpful commenter, apparently, responded thus:

Telephone chargers use pathetic small quantities of energy.

Is that true?  I had been assuming that my mobile uses a formidable large quantity of energy whenever I recharge it, and hence a formidable large quantity of money.  Which is why I have been hating it.  All that juice, just for a map and about three calls a month.  But if my phone only uses a pathetic small quantity of energy, and hence only a pathetic small quantity of money, then I am happy about it again.  I may even get to like it.  It’s a Google Nexus 4, by the way.

So, how much does it cost (to hell with my carbon footprint – let the trees around whatever power station I use gulp that in for their breakfast) for me to power my phone from empty of power, to full?  Answers gratefully received in the comments.  Educated guesses welcome.

Incidentally, a pet hate of mine is when I ask someone, who knows something quite accurately (that I want to know) and far more accurately than I do but who nevertheless refuses to guess, because he can’t be as accurate as he would like to be.  (It’s almost always a he – only human males are regularly this socially obtuse and lacking in empathy.) How much does this cost?  Don’t know.  Guess!  No, can’t, don’t know.  Rough figure?  Less than a quarter of a pee?  Oh no, definitely more than that.  More than ten quid?  Oh no, less than that, obviously.  (Obviously to him, in other words.) Right, so you do have a rough idea.  So, what is this rough idea?  Five pee?  Five quid?  What?  What?!?!  You get the idea.

I am not calling you an idiot, unless you do have an educated rough idea of what it costs to power up a mobile phone like mine, but refuse to part with it on the grounds of your answer being too vague to satisfy you, in which case I definitely am calling you an idiot.  If you know but can’t be bothered with telling me, or if you know but you now don’t like my tone, well, I can’t say I’m happy about that, but I perfectly understand.

Wednesday April 09 2014

As already noted here, I did a piece last week for Samizdata entitled The Institute of Economic Affairs and its support for Liberty League Freedom Forum 2014.  “Hayek1337” has just added this interesting and informative comment, which I want to remember before it disappears off the bottom of Samizdata:

It’s worth noting that Liberty League is ultimately run by Anton Howes, James Lawson, and Will Hamilton – who I’ve considered great friends since their first conference (and the 80s dance floor in some dingy Birmingham club).

Their contribution in the silent background is huge, even if largely ignored. They had the entrepreneurial drive, and they’re the ones who make sure the conference actually has worthwhile speakers,and young people filling the rooms. They do it on the side, Anton’s a full time PHD student for example, but often has a bigger impact than a lot of these full time think tankers. They don’t make a penny from their efforts, it all goes to the conference and supporting student societies. There’s also whole Liberty League team around them, promoting Liberty across all corners of the UK at student societies.

Obviously the IEA is a big backer, and it’s got a hell of a lot of financial muscle, but Liberty League is very close to others in the Free Market movement, and isn’t an IEA project. I’ve seen those three at every Adam Smith Institute Next Generation since time began, and I met two of them at Freedom Week, back when it was set up by JP Floru of the ASI. So, you’ve got to look at return on investment, and those in the background. People like Madsen Pirie of the ASI, and Donal Blaney in the more Conservative movement have played a key role here – identifying and developing entrepreneurs in the battle of ideas, or as Atlas calls them, “multipliers for liberty”.

I guess it’s a case of the more multipliers for liberty the merrier …

Indeed. Quality is good, but quantity of quality has a extra quality about it.  It’s not just more of the same.  Things become possible, even inevitable, that were impossible before quantity kicked in.

I’ve admired Anton Howes for quite a while, and I hope to get to meet and learn more about James Lawson and Will Hamilton at LLFF2014, which is happening next weekend.  Here are some pictures of these three, at the top of this clutch.

What I’ve heard about James Lawson (him in particular) says he might be an excellent Brian’s Fridays speaker.

Sunday April 06 2014

...  but something from me here, about the IEA and LLFF2014.

Sunday March 30 2014

Incoming from Simon Rose, entitled “End of the World not happening tomorrow”.

What this means is that the End of the World CLUB MEETING is not happening tomorrow, because of a double booking mix-up of some sort.  But for a moment there, I was wondering what mad prophecy Simon was taking it upon himself to contradict.

The End of the World Club is an up-market version of my Last Friday meetings.  Despite its rather grumpy old man title, these meetings are very good, with excellent speakers.  For instance there was that fascinating talk by someone who had lived through the Zimbabwe inflation.

And, I first came across Dominic Frisby when he addressed the EotW Club, about this book.  Ever since Frisby spoke at my home, about his next book I have been hearing his voice on television, what with me being fond of TV documentaries.  Here (click on that only if you want to hear noise at once) is what he sounds like.  More Frisby audio info here.

Email me if you want to know more about these EotW meetings, and I’ll put you in touch with Simon Rose.

If the world ever does end, I want Frisby doing the voice overing for it.

Wednesday March 26 2014

On Monday last I attended a BBC Radio 4 event, at which Evan Davis interviewed Deirdre McCloskey:

image image

Yes that is the same screen, and it remained the same colour throughout.  In “reality” I mean.  If you were there, which I was.

But digital cameras, when set on “automatic” as mine always is, have minds of their own when it comes to colour.  One picture happens to have a lot of a certain colour in it, and it changes the overall colour of everything to compensate.  For instance, when you take indoor pictures but there is outdoor sky to be seen, then even if in reality the sky is deepest grey, the camera turns the sky deepest blue, and the indoor bits orange.  Likewise, when the sky is blue, but if you are outdoors, the camera, for no reason, is liable to fill a clear blue sky with pollution and turn it a sort of slate colour.  What was happening here is that these two pictures are both cropped.  But the left one was only cropped a bit, while the left one was cropped a lot.  And the stuff that got cropped out of the left one meant that the screen was no longer green.  It was blue.

As to what Deidre McCloskey actually said, well the thing I was most intrigued by was that she was entirely cool about being asked about how she used to be Donald McCloskey.  In which connection, don’t you just love how that circumstance is alluded to in this:

image

That’s an article reproduced at her website.  So, is that her handwriting?  Could well be.

I doubt the medical side of the switch was as easy to do as that.

The libertarian propaganda side of this is that McCloskey is a character, rather than just a boring bod in a suit.  The usual evasive sneers against pro-capitalists just won’t work on her.  And I even think it helps that (maybe because of those medical dramas - don’t know) her voice is a strange hybrid of male and female, often sounding a bit like electrical feedback.  She also has a slight but definite stutter.

The reason I feel entitled to mention all this is that it clearly does not bother her, or if it does she has learned very well to stop it bothering her, and indeed to make a communicational virtue of it all.  I guess she figures if you are saying interesting stuff, it really doesn’t matter if your voice sounds a bit funny and if people sometimes have to wait a second or two before hearing the next bit of it.  In fact it probably even helps, because it gets everyone listening, proactively as it were, guessing what is coming instead of just hearing it.

See also: Hawking.

Wednesday March 19 2014

imageIncoming from Sam Bowman in the form of an email, dated March 6th, entitled “Bleeding Heart Libertarianism - an apologia”:

Hey Brian,

Thanks for mentioning my Libertarian Home talk on Samizdata. I look forward to seeing you tonight if you can make it.

“Tonight” was March 6th (Simon Gibbs introductory spiel about Sam and his talk here), when Sam gave his talk at the Rose and Crown.  This is not yet available on video, but it presumably soon will be, because as always at these Libertarian Home Rose and Crown talks, a video camera was in action.  On the right is a photo that Sam took of me and him with his mobile, after he had given his talk.

And thanks for coming on Monday!

That was an ASI event, about whether prison works.  (Answer, with all kinds of reservations: yes.)

I typed out quite a long email to you but decided against it, because I figured none of it would be new to you.

Wrong.  Now that my hair is mostly grey and I no longer say everything I am thinking, other libertarians seem to assume that I now know everything that there is to be known, and because I own lots of books that I have read everything that there is to be read, about libertarianism.  None of this is true.  I do not read and have not read nearly as much as I have time to read and have had time to read.  I regret that Sam didn’t preserve this longer email.

Having said that, since it’s something we’re both interested in I thought I’d try to outline my position a bit more briefly:

Excellent.  I asked Sam, quite a long time ago now, if he minded me recycling what follows in a posting, and maybe then sticking bits of it up at Samizdata.  No, he said, post away.  So here it is:

I still hate the term ‘social justice’ (Hayek did a real number on me), and philosophically I’m not on board with the Rawlsian view of ethics. My moral position is preference utilitarianism – that people getting what they want is what’s good. Having said that, practically I think that ethical consequentialists and believers in ‘social justice’ are in basically the same position: both think that improving the welfare of the poor is a high priority.

I think it makes sense to treat libertarianism as being about means, not ends. Most political positions claim that they’re good because they will make people’s lives easier, happier, etc. (There are some exceptions of course.) I think many people make the error of forgetting that the world is complex, so they assume that differences of opinion about politics must be down to differences of opinion about what sort of world we want.

People sometimes also try to waterproof their beliefs by attaching moral claims to empirical arguments – eg, a supporter of the minimum wage, presented with strong arguments that undermine their empirical claims, may fall back on the argument that it’s just indecent for people to earn below £x/hour, and a decent society should simply not allow that, consequences be damned. Of course we libertarians often do this too – presented with strong arguments in favour of the minimum wage we may fall back on the claim that it’s just wrong to interfere with private contracts between adults. I think there’s some merit to both these claims (much more so the latter, obviously) but they shouldn’t be treated as unbreakable absolutes. If they were, were the earlier, empirical arguments just rhetoric?

So you can boil my position down to this: if I was convinced that free markets and a high degree of individual liberty were not the best way of allowing people to get what they want, I wouldn’t support them. My libertarianism/liberalism is entirely contingent on empirical beliefs I have about the world.

I make explicit the fact that I’d be relaxed about redistribution of wealth from rich to poor if I thought it led to good outcomes, and indeed I think the libertarian empirical case is much stronger on regulation of people’s lives (in the broadest sense) and commerce than it is on wealth redistribution.  I also think that it’s where we have the most original things to say.

How this makes me any different to people like Milton Friedman and FA Hayek I am not sure, given that both were also explicitly supportive of wealth/income redistribution. Of course, any consequentialist libertarian would have to concede that, at least in theory, they would be open to the idea of redistribution.

Best,

Sam

Some emails, rather like some comments, can have particular expressive merit.  Because people are relaxed rather than mounted self-consciously on their official high horses, so to speak, they often communicate in this more informal circumstance with particular eloquence.  So, my particular thanks to Sam for allowing me to publish this.  More of his many thoughts here, although you may have to scroll your way past a huge photo of Sam in front of a brick wall.  (Odd.  Did anyone else have this problem?) I recommend doing this.

Tuesday March 11 2014

Earlier this evening Detlev Schlichter spoke to the Libertarian Alliance (London Tendency), on the subject of Ludwig Von Mises and his claim that economics is a body of knowledge based upon “A Priori” knowledge.

I attended and took photos:

image imageimage image

As you can see I was sitting just behind the video camera, and had fun lining this up with the object of its attentions.

The talk was good, as you will be able to hear when the video is up and viewable.

While sorting out the link to Libertarian Alliance (London Tendency) I discovered that Sean Gabb, leader of the Libertarian Alliance (South Coast Tendency), has recently given a couple of talks to the Libertarian Alliance (London Tendency).  I did not know this.  Interesting.