In the classic 1924 cornerstone of modern social science, The Gift, the French sociologist Marcel Mauss formally distinguished for the first time a gift from other types of consumer behaviour to which they are inexorably linked. Economic theory says that a good should bring utility to a consumer and have an intrinsic value that can be used as a means of exchange. Mauss argued that a gift adds reciprocity as an important third social dimension. Gifts provide a link between

For some this is the most wonderful time of the year. While I’m not usually one to shy away from overindulgence and mindless consumerism, I struggle with London in December. It’s cold. It’s dark. Mariah Carey’s voice permeates. The winter solstice is next Friday, and I can’t wait. Indeed, during weak moments, the combination of short days and poor weather makes me question whether I’m getting tired of London. No, I’m not tired of life. But maybe I’m getting fed

Ever since I was introduced to the idea as a student of A-level economics, I have long been intrigued by the clear, inverse relationship between the hours worked by an individual, and the amount that he or she produces per hour. As someone interested in his own work/life balance, as well as that of the company more broadly, I've often wondered: can we work less, yet produce more? The past ten years have seen a growing interest in the production

To the average punter, the G20 summit, which kicks off in Argentina today, sounds like a tedious and boring affair. I’m not saying that it isn’t but, with the leaders of the 20 most economically and politically powerful countries meeting in one place, it is a significant event. Deals will be made, treaties signed and the global agenda set. Yet from the outside, the conference might still seem a bit dull. To make it more interesting, and to help our

On 7 December we’re hosting a conference at which we will call for a major shift in the stance of monetary policy, globally. Here’s why. Twenty-one years ago, I was an official at the Bank of England, which had just gained operational independence as a consequence of the election of Tony Blair’s New Labour government. The Monetary Policy Committee (MPC) had been launched, and the NICE decade (Non-Inflationary, Continually Expansionary) was well underway. Our concerns at the time related to

All of us have, at some time, had the ‘pleasure’ of living with others, be that friends, family, lodgers or even the eclectic mix of individuals thrown together in first-year undergraduate dorms. Sharing accommodation can be great fun and I’m sure readers will all have plenty of anecdotes to recount. But, as with anything, there are drawbacks. Often chief among these are gripes about hygiene, bin rotas and, most commonly, who does the cleaning. Bad roommates are just as bad

While this blog usually offers a more light-hearted look at economics, this week a more serious tone seems appropriate. This Sunday marks the centenary of the end of hostilities in the First World War. Poignantly, this year is also one of every seven[1] where Remembrance Day falls on Remembrance Sunday, when ceremonies at London’s Cenotaph and at memorials around the world will commemorate the war dead. Everyone will mark this period of remembrance in their own way. In the UK,

Following on from last week’s TFiF, I’m also using a recent trip abroad as a hook. However, my trip wasn’t a regular holiday, but a one-year unpaid sabbatical, during which I travelled the world. This got me thinking about the costs and benefits of sabbaticals — something I probably should have considered before I decided to take one. Here’s what the literature has to say. Sabbaticals come in all forms, both in terms of length and substance. Although they've been

Three memories stand out from my recent holiday in Indonesia. The first: time slowing to a standstill as manta ray after manta ray glided past me in the waters of the Komodo National Park. The second: wondering how I managed to find my legs tangled over my head amid sounds from the rainforest, the smell of incense and a light breeze, as I did my first yoga class in 15 years. The third: feeling despondent about how divisive politics have

What do economists know about relationships? After all, you “Can’t buy me love” as the Beatles said. But perhaps listening to an economist’s views isn’t so crazy. Ultimately, many economic models of relationships are founded on the same key theme as any Mills & Boon novel — that is, the idea that ‘coupling up’ provides some kind of additional benefit to both parties.[1] To the average paperback writer, this benefit might simply be the additional joy that a relationship can