Our recent book Do Central Banks Serve the People? sheds a critical light on the actions of central banks in the wake of the 2007 financial crisis. Using the US Federal Reserve, the European Central Bank, and the Bank of England as examples, we show how they have stretched their mandate beyond their traditional tasks of price stability and financial stability. This short introduction to the book summarizes the argument that the expanded role of central banks has three serious drawbacks.
Month: September 2018
In a world where “wellness” has become a cultural signal of the American elite (think yoga and spa treatments), employers have not been afraid to market wellness programs as a one-way ticket to greater health, wealth, and happiness. Watching this kind of rhetoric on display in the wellness movement, it’s hard not to think that wellness programs actually strengthen biases against what they’re intended to combat: disability, economic stagnancy, and mental illness. In this post, I articulate precisely this worry.
In recent months, both the central UK Government at Westminster, and the Scottish Government have released strategic plans for addressing obesity. In both cases, among the measures being considered is a ban on multi-buy discounts for unhealthy foods and drinks, such as confectionery, crisps, cakes and sugary sodas. This would outlaw price promotions that offer a discount for purchasing a larger quantity of the product – for example, ‘buy one, get one free’, or ‘2 for £3’. Promotions of this sort have been illegal for alcohol in Scotland (though not England) since 2011.
Critics of these plans see them as “draconian” government interference with private individuals’ freedom to make their own choices regarding what to eat and drink. Indeed, on the face of it, policies like the multi-buy discount ban look like a clear example of paternalism, infringing John Stuart Mill’s famous harm principle:
Voluntary offsetting allows you to ‘neutralise’ your carbon dioxide emissions by preventing the same amount of carbon dioxide from being emitted by someone else, most often somewhere else. Offsetting is a very polarised issue: some defend it as an effective way for individuals to neutralise their carbon emissions, while others have fiercely opposed it as a morally dubious practice
In this post, I take a position in the middle: I believe that under some conditions, emitting-and-offsetting should be morally acceptable.