Britain's free-market community has won the intellectual argument on the causes of the country's slow growth. Almost all serious analysts now say supply-side constraints in housing, energy, labour etc are a big drag on it.
Remarkable really, given many economists spent the 2010s deluding themselves that more spending by the Department for Communities and Local Government and higher public sector pay was the route to growth.
I guess when the country ran huge demand-side stimulus post-pandemic, it became obvious that it was the supply-side all along. But it took a long time to get there!
@andrew_lilico The market's blended equity+debt cost correctly prices the risk/reward. Yes the government can initially borrow at its lower "risk free" rate to do risky things, but not sustainably: if it keeps doing that, the rates converge (cost of government debt rises)
@ross_baglin I am so sorry to hear of Stephen's death. Thank you for your moving tribute. As you say, a wise and deep thinker across multiple disciplines. May he rest in peace and rise in glory.
@RollingHedge JH: Ah! More administrators to administrate the other administrators!
SHA: But this is important work, Minister: stationery, desks, office furniture and equipment, liaison between departments....
JH: I can't tell whether you're being serious or not
@YesPMquotes
@MESabo86 ESV's 'literal translation' philosophy? GNB also has 'tents'. Middle ground for 'skenai' is 'dwellings'/'shelters'. Closely paralleling Lev.23.42 (where I see ESV itself has 'booths') takes one towards 'booths'/'tabernacles'. PS Who'd be a translator! 🙂