Monthly Archives: November 2013

Money, prices, assets and evasions of responsibility

Understanding the equation of exchange can help see what a massive evasion of institutional responsibility lies behind the Great Recession and the Eurozone crisis. Economist Irving Fisher developed the original algebraic formulation of the equation of exchange, in his The Purchasing Power of Money (1911): MV = PT Money x Velocity = Prices x Transactions. Fisher’s use of […]

Doctor Who 50th Anniversary

“It’s the most ambitious episode we’ve ever done,” he said. The episode, The Day of the Doctor, will be broadcast in more than 90 countries at the same time as it airs on BBC One on Saturday night. The BBC says it is likely to be the largest simulcast of a TV drama in history. […]

Why conservatives don’t learn from history

My current main intellectual interests, the history of money and the history of moral exclusion, do not have much in common. But one theme which comes up in both is how poor conservatives typically are at learning from history. This may seem somewhat surprising–surely conservatives are all about “the lessons of history”? In theory, yes. […]

Remember, remember the 5th of November

The evening of the 5th of November just gone, I did what I have done for the last several years. I participated in the Wizard Charlie’s Guy Fawkes Night celebration. The bonfire was in a portable bbq and the guy that was burnt was small enough to fit therein. But there were sparklers and things […]

Enlightenment foreclosed?

Uttering the cliche that “what Islam needs is a Reformation” merely shows that the speaker understands neither Islam nor the Reformation. The Protestant Reformation was the rejection of traditional accretions in favour of the authority of scripture; an attempt to return to “original” Christianity. Islam has experienced waves of such reformism throughout its history, also […]