The Daily Telegraph
One might almost say that economics is too important to be left to economists. Keynes, as his wife put it, was "more than an economist". Here are three things he believed:
1. The future is radically uncertain. To talk of risks being "correctly priced" is a nonsense term. Risks are conventionally priced, but because there is no firm basis of knowledge to hold their prices steady they are subject to "sudden and violent changes". This makes investment very volatile.
2. Holding money is a hedge against uncertainty. When confidence falls there is a flight into cash. This means that economies can run down, with people curtailing their spending.
3. Economies can stay depressed a long time unless government increases its own spending to
There are dark mutterings in countryside circles of civil disobedience if the Bill in the House of Lords to ban hunting with dogs, going through the committee stage later this month, becomes law.
On the face of it, this seems absurd. Foxhunting is not a great cause like those that occasioned past campaigns of civil disobedience; nor would its disappearance be a great harm.
However, civil disobedience has little to do with the nobility of the cause or the gravity of the offence. It arises when people feel that the laws they are required to obey are invalid or illegitimate. A ban on foxhunting will lead to civil disobedience if enough people affected by it, directly or indirectly, feel strongly that it breaches some norm of law-making