New Left EViews
@newlefteviews.bsky.social
Economist, researcher, writer etc • Int'l & European political economy, geoeconomics, climate, history • 1/3 of 'Eurotrash' and host of 'States and Markets', writing a book on trade
Any viable solution to the British housing question requires a deliberate diminution of the housing wealth held by the current voting majority — which is why such solutions have been politely set aside for 40 years. | Dominik Leusder unherd.com/2026/07/the-...
The great British housing con
Spectators watch a demolition in Glasgow in 2025. (Jeff J Mitchell/Getty Images)
unherd.com
Provost of Kings College, Cambridge, ladies and gentlemen. The college that produced JM Keynes
New Left EViews@newlefteviews.bsky.social · 3w agoThe FT should be ashamed of this disgracefully ignorant piece that rehashes long discredited notions about public debt, fear-mongering about ‘a truly devastating debt explosion’ and wishing for a bond market ‘jolt’ to ‘concentrate minds’. I won’t even link to it.
The FT should be ashamed of this disgracefully ignorant piece that rehashes long discredited notions about public debt, fear-mongering about ‘a truly devastating debt explosion’ and wishing for a bond market ‘jolt’ to ‘concentrate minds’. I won’t even link to it.
“Obviously nonsense, rightwing propaganda,” says Portes. “He is clearly capable. The idea that he’s some sort of communist or that he’s going to be fiscally irresponsible is just stupid.” 👍👏
Jonathan Portes@jdportes.bsky.social · 4w agoSome thoughts from me on the Treasury and Ed Miliband... www.theguardian.com/world/2026/j...
Mbappé shows how to achieve work/life balance by quitting when his team is well ahead. In this LinkedIn post I will…
southpaw@nycsouthpaw.bsky.social · 4w agoFrance wins, Mbappé still ambulatory
When comparing advanced economies, there is a hard limit to how meaningful current output levels are. But let’s be accurate, especially when commentators make huge inferences from poor data. Here: the best measure of real output we have for this context, along with key wellbeing indicators.
Washington Post Opinions@postopinions.bsky.social · 4w ago“Living in France is the upscale American daydream,” @mcmegan.bsky.social says. “What’s a little harder to imagine is looking around me and thinking, ‘Yeah this place is definitely poorer than Mississippi.’ But when you look at GDP statistics, that’s actually what they seem to say.”
Productive investment is what drives long-run real growth. Any country that wants to maintain living standards and sustainably service its debt needs to maintain adequate levels of capital formation: investment in the things with which the economy creates more things: equipment, buildings, IP etc.
New Left EViews@newlefteviews.bsky.social · 4w agoArguably no advanced economy struggled more to invest and build than the United Kingdom. And the picture doesn't materially change for real GFCF, whether as a share of output, per capita or per hour. Have a piece on this later this month.
Arguably no advanced economy struggled more to invest and build than the United Kingdom. And the picture doesn't materially change for real GFCF, whether as a share of output, per capita or per hour. Have a piece on this later this month.
I’m in the @newstatesman1913.bsky.social today, trying to account for Brexit’s role in Britain’s long decline. The verdict: it killed the recovery from austerity, which had killed the recovery from the crisis. Rejoining single market maybe worth the political capital one day—but not now. Link👇
I don’t deny that a level of decoupling between growth and environmental impact has taken place (as argued in chart below). But the reason I take degrowth seriously is because I’m not sure decoupling is sufficiently fast/widespread/persistent to avoid (even more!) terrible warming scenarios.
"If austerity killed the recovery from the crisis, Brexit killed the recovery from austerity." – @newlefteviews.bsky.social www.newstatesman.com/business/eco...
You can't blame Brexit anymore
Our economy was broken long before the referendum
newstatesman.com
New Left EViews@newlefteviews.bsky.social · 4w agoI’m in the @newstatesman1913.bsky.social today, trying to account for Brexit’s role in Britain’s long decline. The verdict: it killed the recovery from austerity, which had killed the recovery from the crisis. Rejoining single market maybe worth the political capital one day—but not now. Link👇
I’m in the @newstatesman1913.bsky.social today, trying to account for Brexit’s role in Britain’s long decline. The verdict: it killed the recovery from austerity, which had killed the recovery from the crisis. Rejoining single market maybe worth the political capital one day—but not now. Link👇
«Any viable solution to the British housing question requires a deliberate diminution of the housing wealth held by the current voting majority—which is why such solutions have been politely set aside for 40 years.» Me in @unherd.com on the heels of @andyburnham.bsky.social’s speech. Link👇
«In economic terms, removing barriers to construction and restricting openness to global investors are viable responses [...]. But politically the problem runs deeper. Britain has reconfigured its economy in a way that is difficult to unwind.» unherd.com/2026/07/the-...
The great British housing con
unherd.com
Trumps tullar slår hårdast mot hans fattigaste väljare – men lär berika USA:s elit. Ekonomen Dominik Leusder om ett dödfött projekt:
Trumps tullmani löser knappast USA:s problem
Gör Amerika dyrt igen – och lär inte stoppa landets nedgång
flamman.se
«Any viable solution to the British housing question requires a deliberate diminution of the housing wealth held by the current voting majority—which is why such solutions have been politely set aside for 40 years.» Me in @unherd.com on the heels of @andyburnham.bsky.social’s speech. Link👇
Imagine if hundreds of people died in hurricane or floods smashing through Europe Heatwaves have already killed that many ppl. They are a silent killer in that they dont generate outrage or fear. Hope this by @economist.com helps save lives as Europeans wake up to danger bsky.app/profile/eate...
Oliver Morton, Eater of Sun@eaterofsun.bsky.social · last mo.My round up of @economist.com's heatwave coverage (gift link) www.economist.com/europe/2026/...
EU AC debate feels partly like a op... Reminder Fossil capital fed climate denial narratives @doctorvive.bsky.social Stage 1: Deny the Problem Exists 2: Deny We're the Cause 3: Deny It's a Problem 4: Deny We can Solve It 5: It's too Late, and it’s all your fault. phenomenalworld.org/analysis/glo...
“I don’t think it’s right to apportion blame,” McSweeney says, arguing that everyone was responsible for wasting the valuable first months in power and losing the faith of voters. lmfao
Financial Times@financialtimes.com · last mo.Keir Starmer’s former chief adviser, who was forced out of his job over the Peter Mandelson scandal, talks for the first time about what went wrong: ft.trib.al/qowo5Ao
I had crunching some numbers on Iran's external liabilities for Bourse & Bazaar. Thanks very much to @yarbatman.bsky.social. www.bourseandbazaar-substack.org/p/irans-econ...
Iran’s Economy Can Absorb $300 Billion Targeted in MOU
Iran’s economy is large relative to its current external liabilities stock, which sits at a miniscule 2.5% of GDP.
bourseandbazaar-substack.org
The Mississippi versus UK thing is funny and I think it's worth discussing in a longer essay that I'm writing on Britain's decline, so I've removed the thread from yesterday for now. But for now here are the headline graphics.
The link at the end of the thread was broken so here it is: open.substack.com/pub/leusdero...
Europe, America, PPPs and a (possible) natural experiment in deflator harmonisation
A little empirical test, why both current and constant PPPs are conceptually inappropriate, why chained PPPs are the approrpiate methodological compromise, and why probably none of this matters.
open.substack.com
New Left EViews@newlefteviews.bsky.social · 2mo agoEurope vs America: Supplemental Once more with feeling: here’s a small test that strengthens the case that the productivity wedge since 1995 in the constant PPP series is a deflator asymmetry mirage and that the chained PPP series adjusts for along with Balassa-Samuelson: 1/
Europe vs America: Supplemental Once more with feeling: here’s a small test that strengthens the case that the productivity wedge since 1995 in the constant PPP series is a deflator asymmetry mirage and that the chained PPP series adjusts for along with Balassa-Samuelson: 1/
Europe vs America: Supplemental Once more with feeling: here’s a small test that strengthens the case that the productivity wedge since 1995 in the constant PPP series is a deflator asymmetry mirage and that the chained PPP series adjusts for along with Balassa-Samuelson: 1/
Reposting this from the other site: So this new paper (by very smart, well-meaning scholars) builds an elegant structural transformation model whose central virtue is that it reproduces the apparent timing of US-Europe productivity divergence, that is 1995 (as highlighted in the Draghi report) 1/
Journal of International Economics@jintlecon.bsky.social · 3mo agoNew at JIE: "Europe falling behind: Structural transformation and labor productivity growth differences between Europe and the U.S" by Cesare Buiatti, Joao B. Duarte, Luis Felipe Sáenz doi.org/10.1016/j.ji...
I'm afraid this story by @martinsandbu.ft.com is a total fudge that repeats the errors of this debate: www.ft.com/content/8bdb...
A tale of two EU-US comparisons
There is no well-defined single answer to whether the US has been outgrowing Europe
ft.com
Draghi: European productivity converged on US till 1995, then diverged. But the data series especially designed to limit price-output growth confounding effects (Balassa-Samuelson) and national accounting asymmetries (ICT deflators) shows no such thing: tinyurl.com/5n8858yt
