No. Margaret Thatcher's statement above is another in the list of things she was wrong about. Modern monetary theory (MMT) is a macroeconomic theory that describes how monetary systems work and it advocates that government spending should not be restrained due to the fear of rising debt. 1
Sunk costs are costs that have already been incurred and cannot be recovered. 1 The sunk cost fallacy causes people to stick with a failing decision just because they've already invested in it. 2 Psychological biases like loss aversion and commitment bias make it hard to walk away
Are you a techno-phile, techno-optimist, techno-solutionist, techno-fantasist, techno-utopiast? Do you think technology and artificial intelligence (AI) will solve all our problems? "Socialism didn't work did it, we tried that didn't we? The extreme right and left are as bad as each other, and the political
Bill Gates recently announced that he would give away most of his fortune to Africa by 2045. A total expected to be USD 200 billion, or roughly USD 10 billion a year. Whilst admirable, this amount is dwarfed by the net financial flows of USD 2 trillion that is extracted
People often conflate running a government with running a household like this man... He doesn't realise that his expenditure is independent of his income. So when he reduces his expenditure, his income remains the same, and he gets to keep the savings. Whereas for a nation, it'
