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On June 1st, 2009, America’s largest vehicle-manufacturer, General Motors, filed for bankruptcy. The US Treasury then invested $49.5bn in the company through its Troubled Assets Relief Program, and recovered $39bn of that when it sold its shares in 2013 - a loss of $10.3bn.The bankruptcy of such a major player in the US and, indeed, the world economy was a portent of changing times. The heyday of General Motors was the era of the big...

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… is from the new David Hart translation – still only on-line, but forthcoming in print – of Frédéric Bastiat’s 1850 Economic Harmonies; specifically, it is from the chapter titled “Competition” (footnotes excluded; emphasis added): I believe that people fail to realize the genuine progress that the human race has made since the very recent period when the partial emancipation of labour began to take place. It has been said, and rightly so,...

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Job gains have been solid, according to the Establishment Survey, but somehow income gains haven’t. These things are inconsistent. Which is why you find no mention of the latter, only the former. The lack of income would raise serious questions about how the “growth of household spending” had “slowed in the first quarter” and more so whether any such thing could be transitory....

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