You're right that Russia hasn't gone to a total war economy - they are still trying to have guns and butter, by cushioning the home front from the worst effects of the war, as we did in at … (View Post)

TECHNICAL ECONOMICS POST I'm no-one to give this government the benefit of any doubt. But I'm not entirely joining the current panic about long-term gilt yields for an important reason: we … (View Post)

I think there are two other possible reasons: 4. Russia is chronically short, not of armoured vehicles, but of skilled CREWS, having expended so many. Tank crews take much longer to train than your a… (View Post)

Because Starmer, DOESN'T prefer to show his patriotism in other ways. In a Gordon Brown-style dog whistle, he appears as often as possible in staged photo opportunities with the flag behind him.… (View Post)

Empirically, factor substitutability is very low - most studies I've seen put it at 0.15 or 0.2. Most jobs cannot be substituted with machines yet, and that was even more the case in 2022. What … (View Post)