Edward Hadas

Three Ms for economics re-education

By Edward Hadas
May 21, 2014

Many economics students are unhappy with what they are being taught. A network of 62 groups from around the world has drawn up a petition calling for more “pluralism” in instruction. The malcontents find the dominant neoclassical model too narrow and want to know why so few experts predicted the 2008 financial crisis. They also want less abstract theory and more study of actual economies. The reproaches are just, but the students’ reform agenda is insufficiently radical.

Shhh – don’t talk about higher taxes

By Edward Hadas
May 7, 2014

By Edward Hadas

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Inheritance can be less unequal

By Edward Hadas
April 23, 2014

The children of the poor tend to end up poor. The children of the elite seem pre-ordained to inherit a good part of their parents’ status and income. Is that just?

Wealth buys less lifestyle, more power

By Edward Hadas
April 2, 2014

Many serious people think economic inequality in the United States and other developed economies should be a hot political topic. But the general public hardly cares. There is a bad reason behind lack of public interest.

Russia and the unreliable West

By Edward Hadas
March 12, 2014

The revival of East-West tension over Ukraine looks thoroughly geopolitical. But the context is bad economics. In the last century, Russia was damaged by flawed ideologies which originated in the West. And today it is damaged by Western economic policy.

How hunger and obesity go together

By Edward Hadas
February 26, 2014

Global hunger is shrinking. Yet each winter operators of food banks in rich countries like the United States and Britain speak movingly of the plight of those who must choose between heating and eating. The desperation seen by Feeding America and the British Trussell Trust is real enough, but this is not a massive economic failure. The weakness is predominantly social.

Favour labour over consumption

By Edward Hadas
November 13, 2013

Unemployment is a problem in most developed economies. Any politician, central banker or professional economist in the United States or Europe will admit that the published rates are unacceptably high, that too many people have left the paid labour force and that young people starting out have a particularly bad deal.

Economists overvalue stock markets

By Edward Hadas
October 31, 2013

Is it possible to construct portfolios which perform better than the overall stock market? Two of the three recipients of the latest Nobel prize in economics have tried to answer that question. Roughly speaking, Eugene Fama said that all efforts are in vain, while Robert Shiller said that they are not.

America says it has got poorer. That’s rich

By Edward Hadas
September 25, 2013

The U.S. Census Bureau says the median American household’s income was 1.3 percent lower in 2012 than in 1989 after adjusting for inflation. That suggests stagnant American consumption for the last 24 years. That assertion is not as ridiculous as North Korean propaganda about the United States – “their houses blow down very easily and they have to live in tents” – but it’s still misleading.

A dangerous lie about debt

By Edward Hadas
August 21, 2013

I have spent much of the last five years searching for financial villains. The 2008 crisis and the extremely slow subsequent economic recovery have exposed a deeply flawed system, and some people, groups or ideas must be responsible.