Nicholas Wapshott

Yellen shows her hand

By Nicholas Wapshott
April 19, 2014

The difference between the Federal Reserve Board of Chairwoman Janet Yellen and that of her immediate predecessor Ben Bernanke is becoming clear. No more so than in their approach to the problem of joblessness.

No, austerity did not work

By Nicholas Wapshott
November 7, 2013

There have been a lot of sighs of relief in Europe lately, where countries like Britain and Spain, long in recession, have finally started to grow. Not by much, nor for long. But such is the political imperative to suggest that all the misery of fiscally tight economic policies was worth the pain that there are tentative claims the worst is now over and, ipso facto, austerity worked.

The real scandal is jobs

By Nicholas Wapshott
June 10, 2013

Job seekers stand in line to meet with prospective employers at a career fair in New York City, Oct. 24, 2012. REUTERS/Mike Segar

Austerity is a moral issue

By Nicholas Wapshott
May 17, 2013

Security worker opens the door of a government job center as people wait to enter in Marbella, Spain, December 2, 2011. REUTERS/Jon Nazca

Central bankers have abandoned Milton Friedman

By Nicholas Wapshott
December 17, 2012

It is a cruel irony of fate that 2012, the year that celebrates the centennial of Milton Friedman’s birth, is the year that marks the end of his preeminence as an influence over economic policy. Since the emergence in the early 1970s of stagflation – a corrosive combination of lack of growth matched by inflation in double figures – Friedman’s dictums on the causes and cures of rising prices have been the mood music behind management of many leading economies. Since the Great Recession took hold, however, the priorities of government economists have evolved, and once more growth and employment are emerging as the prime goals of public policy.