Why are wealthy people being demonized and how and why did “wealth” became a pejorative term?

Central banks should monitor job-market churn as a stronger predictor of pay, prices and productivity than unemployment, say some economists.

You might expect that I, as an immigrant and as an economist who favors the free movement of labor, would find the idea of open borders to be an obviously good policy. If you also learned that in 1977, the Immigration and Naturalization Service tried to deport me, you might think that I would also be emotionally, and not just intellectually, in favor of open borders. At times I have been.

[Subscription Required] The possibility of a Labour election victory next month has prompted hyperventilating talk of trillions of pounds leaving the country in such an event. This is silly, and obscures the fact that the impact of a Labour win on sterling is more interesting than that.