We all like to think – we who think markets work that is – that markets work. Bit tautologous but there we are. Prices in a market reflect the “true” value of whatever it is. As it happens, this isn’t true. What is true is that market prices reflect the aggregate and average price of what everyone involved in the market thinks the price should be. We can be tautologous again and say that the market price is that real price as the price of something is what you can sell it for.…See More
Japan has announced that it is going to leave the International Whaling Commission and thus resume commercial whaling this coming July. This is a blitheringly stupid decision – as there is no commercial market for the products of whaling. No, not even in Japan where they’ll eat pretty much anything that comes up out of the sea. Leave aside all the other stuff that alone makes it that damn stupid idea.
The reason they’re doing it is the same as our maintenance of entirely uneconomic coal mines for far too long – and the reason London lesbians descended upon socially conservative pit villages in order to “help” and stand in solidarity with those who’d be horrified if they tried to chat up their daughters.…See More
It’s a standard trope of the left that colonialism is very bad, very bad indeed – unless an until someone damn foreigners starts doing something that lefties don’t like. As here with Owen Jones winding himself up into a fit of rhetoric over Japan’s likely resumption of commercial whaling. It’s entirely true hat there’s not much point to it, not even the Japanese, who will eat some pretty strange things, like whale meat and most of it is given away as a loss leader for the market that never does arrive.…See More
Landlords are beginning – well, vocally at least – to complain about the use of CVAs in reducing rents on commercial properties. Company voluntary arrangements are akin to a bankruptcy, in which all the various contracts entered into by the company originally are up for grabs. OK, not in detail they’re not but in practice that’s pretty much what happens. Companies like House of Fraser are making use of them to get out from under the cost burden which is collapsing the business.…See More