If government spending was halved, this would allow taxes to be almost halved as well, leaving a modest surplus to pay down the Government’s appalling debt.
To cut and push up prices or not to cut and preserve market share, this is the question that Saudi Arabia is facing.
First, there is a need for a new narrative. From 1901 to the late 1970s, the prevailing view was that government should have a dominant role in the economy.
With the corporatisation, privatisation of so many services previously the domain of the state a substantial change has taken place.
After declining by more than 20 percent from the October peak, oil prices are showing some signs that they have now bottomed out.
The report accepts costs need to be reduced and that will require a massive effort. It says more R&D, and, importantly, getting the market activated to generate experience with production processes.
This is not that bear market, this is a bull market correction. The reason we know this is not a bear market is that we have two tests.
The remarkable thing is just how dependent State Governments have become on property taxes – chiefly stamp duty on transfers.
Romer’s analysis begins with the insight that innovations are based on ideas and an intrinsic characteristic of ideas is that they are non-rivalrous.
The WSJ analyzed 50 companies, finding that they spent a combined $2 billion more than they generated in the second quarter.
A combination of real wage growth, targeted land release, and reforms to negative gearing and capital gains concessions would deflate median prices.
■ The Fed tells us that the US growth this year will be higher at 3.1% but rates will still peak at 3.4% in 2020.