Not necessarily. Sometimes where there are large fixed costs you get increasing returns to scale - classically in manufacturing processes but also sometimes in government. NHS drug procurement is an … (View Post)

I don't know if you have any formal training in economics but you are much more economically literate than many who do, starting with the current Chancellor. (View Post)

Empirically, raising the tax/expenditure ratio by 1% of GDP reduces GDP by 0.75%-1% in the medium/long term. Roughly, an increase of 1% of GDP in the state sector reduces the private sector by a litt… (View Post)

It is difficult to establish the shape of the Laffer curve in a given country and for a given tax without extensive empirical analysis. That doesn't mean that it has "absolutely nothing to say a… (View Post)

The whole A4 going through Barons Court, Hammersmith and Chiswick is a hate crime against those areas of west London. Should have been buried years ago. (View Post)