What if Greece defaults on its soverign debt? A while back, the story was this: default would trigger a ‘credit event’, which would in turn activate a complex web of insurance agreements, leading to a Lehmans-style meltdown of the European banking system. Thus everything must be done to stop Greece from defaulting. Except that Greece already has […]
From Malthus onwards, population growth has been a favourite explanation for why some countries are rich while others are poor. Other theories have focused on geographical location, natural resource endowments and colonial history. All of these ideas have something to be said for them, but according to the economist Daron Acemoglu – profiled by Adam […]