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Bank Capital: More Please

Our banks remain chronically undercapitalized. That is to say they run on too narrow a cushion of equity capital that can be extinguished by losses before they have to be bailed out or allowed to fail.There seem to be two causes for this. First: it benefits management to have as little capital as possible. The […]

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Village Economics

I doubt that Joel Mokyr had this in mind, but one of my reactions to his excellent economic history of Britain – The Enlightened Economy – is that the development of economic theory has sorely lagged the development of actual economies. I doubt that many of you find this surprising, but to read history and […]

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Greece: A New Low

Count me among those who expect Greece to default on its debt. I see no viable alternative. The Greek experience is unique. Other troubled Euro zone nations are less culpable for their demise. At least from a distance it is well known that Greece has a major problem with aspects of modern society: for one […]

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