When people talk of UK debt, they usually refer to government debt. This is debt the government has borrowed to finance budget deficits (when government spending is greater than taxation revenue) There is also external debt, which is the net amount the UK (private and public sector) owes abroad. This external debt is high (2011, …
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“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily,” John Maynard Keynes, “The economic consequences of the peace” Inflation tax is an implicit tax on nominal assets, such as cash, bonds and …
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A-level WJEC revision guide
I have written a new book “Economics Without the Boring Bits – An Enlightening Guide to the Dismal Science ” published by Wellbeck. It includes topics such as common economic fallacies, middlemen, recycling, debt, finance, trade, money, taxation and why some people get rich and others don’t. From the Introduction I have been teaching economics …