135-710: Robin Dale Hanson (born August 28, 1959) is an associate professor of economics at George Mason University and a former research associate at the Future of Humanity Institute of Oxford University . He is known for his work on idea futures and markets, and he was involved in the creation of the Foresight Institute's Foresight Exchange and DARPA 's FutureMAP project. He invented market scoring rules like LMSR ( Logarithmic Market Scoring Rule ) used by prediction markets such as Consensus Point (where Hanson
270-571: A European Securities and Markets Authority investigation for its response to the scandal. An investigation by the Intercept , the Nation , and DeSmog found that FT is one of the leading media outlets that publishes advertising for the fossil fuel industry. Journalists who cover climate change for FT are concerned that conflicts of interest with the companies and industries that caused climate change and obstructed action will reduce
405-628: A centrist to centre-right liberal , neo-liberal , and conservative-liberal newspaper. The Financial Times is headquartered in Bracken House at 1 Friday Street, near the city's financial centre, where it maintains its publishing house, corporate centre, and main editorial office. The FT was launched as the London Financial Guide on 10 January 1888, renaming itself the Financial Times on 13 February
540-714: A hard Brexit . In respect of the Russian invasion of Ukraine , FT commentator Martin Wolf expressed support for Ukraine. Two years before the invasion of Ukraine by Russia , the FT offered an interview to the Russian President Vladimir Putin . The interview received praise, as it offered an unusual access to the Russian leader's thinking. President Putin used the interview to state his opinions about
675-430: A "New Newsroom" project to integrate the newspaper more closely with FT.com. At the same time it announced plans to cut the editorial staff from 525 to 475. In August 2006 it announced that all the required job cuts had been achieved through voluntary layoffs. A number of former FT journalists have gone on to high-profile jobs in journalism, politics and business. Robert Thomson , previously the paper's US managing editor,
810-635: A 50% shareholding in The Economist , which was sold to the Agnelli family for £469 million. Related publications include the Financial Times , FT.com, FT Search Inc., the publishing imprint FT Press and numerous joint ventures. In November 2013 it agreed to sell Mergermarket , an online intelligence reporting business, to the London private equity investor BC Partners. In addition, the FT Group has
945-616: A Conservative peer), John Kingman (former head of UKFI and a banker at Rothschild's ), George Graham ( RBS banker), Andrew Balls (head of European portfolio management at PIMCO ) and Jo Johnson (former Conservative Member of Parliament for Orpington ). The FT publishes a Saturday edition of the newspaper titled the Financial Times Weekend . It consists of international economic and political news, Companies & Markets , Life & Arts , House & Home and FT Magazine . HTSI (originally How to Spend It )
1080-557: A DARPA project to implement a market for betting on future developments in the Middle East. Hanson has expressed great disappointment in DARPA's cancellation of its related FutureMAP project, and he attributes this to the controversy surrounding the related Total Information Awareness program. He also created and supports a proposed system of government called futarchy , in which policies would be determined by prediction markets. In
1215-832: A German corporate, focusing on the lead author of the FT series, Dan McCrum . The Public prosecutor's office in Munich subsequently launched an investigation. After the formal complaint of an investor, Wirecard and the German Federal Financial Supervisory Authority (BaFin), the responsible state's attorney announced investigations into several FT journalists. On 22 June 2020 and after 18 months of investigations and an external audit, Wirecard announced that €1.9 billion worth of cash reported in its accounts "may not exist". The company subsequently filed for insolvency . BaFin itself became subject of
1350-533: A business-related game called "In the Pink" (a phrase meaning "in good health", also a reference to the colour of the newspaper and to the phrase "in the red" meaning to be making a loss). Each player was put in the virtual role of Chief Executive and the goal was to have the highest profit when the game closes. The winner of the game (the player who makes the highest profit) was to receive a real monetary prize of £10,000. The game ran from 1 May to 28 June 2006. In 2019,
1485-473: A controversial 2018 blog post on the incel movement, Hanson appeared to agree with the incel movement's likening of the distribution of job opportunities to "access to sex". He wrote that he found it puzzling that similar concern had not been shown for incels as for low-income individuals. Some journalists, such as Alexandra Scaggs in the Financial Times , criticized Hanson for discussing sex as if it
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#17327977862971620-702: A definition of economics as a study of human behaviour, subject to and constrained by scarcity, which forces people to choose, allocate scarce resources to competing ends, and economise (seeking the greatest welfare while avoiding the wasting of scarce resources). According to Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". Robbins' definition eventually became widely accepted by mainstream economists, and found its way into current textbooks. Although far from unanimous, most mainstream economists would accept some version of Robbins' definition, even though many have raised serious objections to
1755-451: A distinct field. The book focused on determinants of national income in the short run when prices are relatively inflexible. Keynes attempted to explain in broad theoretical detail why high labour-market unemployment might not be self-correcting due to low " effective demand " and why even price flexibility and monetary policy might be unavailing. The term "revolutionary" has been applied to the book in its impact on economic analysis. During
1890-490: A fairly detailed discussion of Hanson's views: Robin has strange ideas ... My other friend and colleague Bryan Caplan put it best: "When the typical economist tells me about his latest research, my standard reaction is 'Eh, maybe.' Then I forget about it. When Robin Hanson tells me about his latest research, my standard reaction is 'No way! Impossible!' Then I think about it for years." Nate Silver , in his book The Signal and
2025-542: A financial information company that provides sales and market intelligence for investment professionals in North America, Europe and Asia. FT Knowledge is an associated company which offers educational products and services. FT Knowledge has offered the "Introducing the City" course (which is a series of Wednesday night lectures and seminars, as well as weekend events) during each autumn and spring since 2000. FT Predict
2160-469: A financial newspaper, it does also contain TV listings, weather and other more informal articles. In 2021 and 2022, the outlet began focusing more on the cryptocurrency industry, launching a Digital Assets Dashboard, publishing multi-asset crypto indexes, starting a Cryptofinance newsletter dedicated to digital assets, and recruiting more journalists to cover the sector. About 110 of its 475 journalists are outside
2295-494: A former defence correspondent and Lex columnist, was chief executive of the publishing company CMP before becoming chief executive of TSL Education, publisher of the Times Educational Supplement . David Jones, at one time the FT ' s Night Editor, then became Head of IT. He was a key figure in the newspaper's transformation from hot metal to electronic composition and then onto full-page pagination in
2430-406: A joint venture with a German publishing firm, Gruner + Jahr . In January 2008 the FT sold its 50% stake to its German partner. FT Deutschland never made a profit and is said to have accumulated losses of €250 million over 12 years. It closed on 7 December 2012. The Financial Times launched a new weekly supplement for the fund management industry on 4 February 2002. FT fund management (FTfm)
2565-505: A limited number of free articles during any one month before asking them to pay. Four years later the FT launched its HTML5 mobile internet app. Smartphones and tablets now drive 12% of subscriptions and 19% of traffic to FT.com. In 2012, the number of digital subscribers surpassed the circulation of the newspaper for the first time and the FT drew almost half of its revenue from subscriptions rather than advertising. The FT has been available on Bloomberg Terminal since 2010 and on
2700-420: A lower relative cost of production, rather relying only on its own production. It has been termed a "fundamental analytical explanation" for gains from trade . Coming at the end of the classical tradition, John Stuart Mill (1848) parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system. Mill pointed to a distinct difference between
2835-449: A more comprehensive theory of costs on the supply side. In the 20th century, neoclassical theorists departed from an earlier idea that suggested measuring total utility for a society, opting instead for ordinal utility , which posits behaviour-based relations across individuals. In microeconomics , neoclassical economics represents incentives and costs as playing a pervasive role in shaping decision making . An immediate example of this
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#17327977862972970-467: A more important role in mainstream economic theory. Also, heterogeneity among the economic agents, e.g. differences in income, plays an increasing role in recent economic research. Other schools or trends of thought referring to a particular style of economics practised at and disseminated from well-defined groups of academicians that have become known worldwide, include the Freiburg School ,
3105-402: A one-page consumer goods feature in the newspaper, which was edited by Sheila Black, the FT 's first female journalist, a former actor. To celebrate its 15th anniversary, FT launched the online version of this publication on 3 October 2009. Some media commentators were taken aback by the online launch of a website supporting conspicuous consumption during the financial austerity of
3240-494: A particular economic or policy outcome, like whether Israel will go to war with Iran, or how much global temperatures will rise because of climate change. His argument for these is pretty simple: They ensure that we have a financial stake in being accurate when we make forecasts, rather than just trying to look good to our peers. Hanson is credited with originating the concept of the Policy Analysis Market (PAM),
3375-430: A personal finance magazine and website; "FT Money", a weekly personal finance supplement in "FT Weekend"; FT Wealth , a magazine for the global high-net-worth community and FTfm, a weekly review of the global fund management industry, Money Management and FT Adviser . The institutional segment includes: The Banker , This Is Africa , fDi Intelligence and Professional Wealth Management (PWM). Money-Media,
3510-475: A policy (then most unusual in Fleet Street ) of direct recruitment of new university graduates, mainly from Oxbridge, as its trainee journalists. Many of them proceeded to have distinguished careers elsewhere in journalism and British public life and became the mainstay of the paper's own editorial strengths until the 1990s. The first such 'direct recruit' was future leading British economist Andrew Shonfield;
3645-699: A prominent focus on financial journalism and economic analysis rather than generalist reporting , drawing both criticism and acclaim. It sponsors an annual book award and publishes a " Person of the Year " feature. The paper was founded in January 1888 as the London Financial Guide before rebranding a month later as the Financial Times . It was first circulated around metropolitan London by James Sheridan , who, along with his brother and Horatio Bottomley , sought to report on city business opposite
3780-597: A proportion of the value their work had created. Marxian economics was further developed by Karl Kautsky (1854–1938)'s The Economic Doctrines of Karl Marx and The Class Struggle (Erfurt Program) , Rudolf Hilferding 's (1877–1941) Finance Capital , Vladimir Lenin (1870–1924)'s The Development of Capitalism in Russia and Imperialism, the Highest Stage of Capitalism , and Rosa Luxemburg (1871–1919)'s The Accumulation of Capital . At its inception as
3915-409: A rapidly growing population against a limited amount of land meant diminishing returns to labour. The result, he claimed, was chronically low wages, which prevented the standard of living for most of the population from rising above the subsistence level. Economist Julian Simon has criticised Malthus's conclusions. While Adam Smith emphasised production and income, David Ricardo (1817) focused on
4050-461: A reporter for the Financial Times generated a controversy about the editorial independence of the paper from outside political pressure. The controversy followed the withdrawal by the newspaper's editor of an opinion piece by FT 's Brussels correspondent Mehreen Khan that was critical of French President Emmanuel Macron 's policy towards Muslim minorities in France. The piece was withdrawn from
4185-492: A separate arm of Financial Publishing, delivers a range of digital information services for fund management professionals around the globe, including: Ignites, Ignites Europe, Ignites Asia, FundFire and BoardIQ. Financial Publishing includes publications ( Pensions Expert and Deutsche Pensions & Investmentnachrichten ) and events ( Investment Expert ) for the European pensions industry. The group also publishes MandateWire,
Robin Hanson - Misplaced Pages Continue
4320-469: A set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision (choice) is made by one or more players to attain the best possible outcome. Keynesian economics derives from John Maynard Keynes , in particular his book The General Theory of Employment, Interest and Money (1936), which ushered in contemporary macroeconomics as
4455-409: A single tax on income of land owners. In reaction against copious mercantilist trade regulations, the physiocrats advocated a policy of laissez-faire , which called for minimal government intervention in the economy. Adam Smith (1723–1790) was an early economic theorist. Smith was harshly critical of the mercantilists but described the physiocratic system "with all its imperfections" as "perhaps
4590-452: A social science, economics was defined and discussed at length as the study of production, distribution, and consumption of wealth by Jean-Baptiste Say in his Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth (1803). These three items were considered only in relation to the increase or diminution of wealth, and not in reference to their processes of execution. Say's definition has survived in part up to
4725-435: A sought after end). Some subsequent comments criticised the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, however, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas previously treated in other fields. There are other criticisms as well, such as in scarcity not accounting for
4860-442: A synthesis emerged by the 2000s, often given the name the new neoclassical synthesis . It integrated the rational expectations and optimizing framework of the new classical theory with a new Keynesian role for nominal rigidities and other market imperfections like imperfect information in goods, labour and credit markets. The monetarist importance of monetary policy in stabilizing the economy and in particular controlling inflation
4995-450: A unit called FT Specialist, which is a provider of specialist information on retail, personal and institutional finance segments. It publishes The Banker , Money Management and FT Adviser (a publication targeted to the financial intermediary market), fDi Intelligence and Professional Wealth Management (PWM). In 2013, FT Specialist acquired a majority stake in medical publisher Endpoints News. The Financial Times Group announced
5130-880: Is Chief Scientist), and has conducted research on signalling . He also proposed the Great Filter hypothesis. Hanson received a BS in physics from the University of California, Irvine in 1981, an MS in physics and an MA in Conceptual Foundations of Science from the University of Chicago in 1984, and a PhD in social science from Caltech in 1997 for his thesis titled Four puzzles in information and politics: Product bans, informed voters, social insurance, and persistent disagreement . Before getting his PhD he researched artificial intelligence , Bayesian statistics and hypertext publishing at Lockheed , NASA , and elsewhere. In addition, he started
5265-421: Is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός ( oikonomikos ), or "household or homestead manager". Derived terms such as "economy" can therefore often mean "frugal" or "thrifty". By extension then, "political economy" was the way to manage a polis or state. There are a variety of modern definitions of economics ; some reflect evolving views of
5400-408: Is a weekly magazine published with FT Weekend . Founded and launched by Julia Carrick with Lucia van der Post as founding editor, its articles concern luxury goods such as yachts , mansions , apartments , horlogerie , haute couture and automobiles , as well as fashion and columns by individuals in the arts, gardening, food, and hotel and travel industries. How to Spend It started in 1967 as
5535-438: Is also applied to such diverse subjects as crime , education , the family , feminism , law , philosophy , politics , religion , social institutions , war , science , and the environment . The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". The term is ultimately derived from Ancient Greek οἰκονομία ( oikonomia ) which
Robin Hanson - Misplaced Pages Continue
5670-563: Is an editorial service on forecasted economic events hosted by the Financial Times that allows users to buy and sell contracts based on future financial, political and news-driven events by spending fictional Financial Times Dollars (FT$ ). Based on the assumptions displayed in James Surowiecki's The Wisdom of Crowds , this contest allows people to use forecasted economic events to observe future occurrences while competing for weekly and monthly prizes. The Financial Times also ran
5805-513: Is independent from its editorial board, and it is considered a newspaper of record . Due to its history of economic commentary, the FT publishes a variety of financial indices , primarily the FTSE All-Share Index . Since the late 20th century, its typical depth of coverage has linked the paper with a white-collar , educated, and financially literate readership. Because of this tendency, the FT has traditionally been regarded as
5940-490: Is often characterised by its light-pink (salmon) newsprint . It is supplemented by its lifestyle magazine ( FT Magazine ) , weekend edition ( FT Weekend ) and some industry publications. The editorial stance of the Financial Times centres on economic liberalism , particularly advocacy of free trade and free markets . Since its founding, it has supported liberal democracy , favouring classically liberal politics and policies from international governments; its newsroom
6075-413: Is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it
6210-540: Is published in London. The name of the magazine was changed in 2022 from How to Spend It to HTSI . The FT advocates free markets , and is in favour of globalisation . During the 1980s, it supported Margaret Thatcher and Ronald Reagan 's monetarist policies. It has supported the UK Labour Party in the past, including at the general election in 1992 when Neil Kinnock was Labour leader. The FT 's editorials tend to be pro-European . The FT
6345-598: Is the consumer theory of individual demand, which isolates how prices (as costs) and income affect quantity demanded. In macroeconomics it is reflected in an early and lasting neoclassical synthesis with Keynesian macroeconomics. Neoclassical economics is occasionally referred as orthodox economics whether by its critics or sympathisers. Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalise earlier analysis, such as econometrics , game theory , analysis of market failure and imperfect competition , and
6480-607: Is viewed as basic elements within economies , including individual agents and markets , their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings , and investment expenditure interact, and factors affecting it: factors of production , such as labour , capital , land , and enterprise , inflation , economic growth , and public policies that have impact on these elements . It also seeks to analyse and describe
6615-574: The Financial News . The succeeding half-century of competition between the two papers eventually culminated in a 1945 merger , led by Brendan Bracken , which established it as one of the largest business newspapers in the world. Globalisation from the late 19th to mid-20th centuries facilitated editorial expansion for the FT , with the paper adding opinion columns, special reports, political cartoons , readers' letters , book reviews, technology articles and global politics features. The paper
6750-484: The 2024 United States presidential election . On 23 July 2015, Nikkei, Inc. agreed to buy the Financial Times Group, a division of Pearson plc since 1957, for £844m (US$ 1.32 billion) and the acquisition was completed on 30 November 2015. Under the transaction agreement, Pearson retained the publishing rights to FT Press and licensed the trademark from Nikkei. Until August 2015 the FT group had
6885-542: The Anglo-Iranian Oil Company (later BP ), British-American Tobacco , Lever Brothers (later Unilever ) and Shell . The oil and financial sectors were included decades later. The FTSE All-Share Index , the first of the FTSE series of indices, was created in 1962, comprising the largest 594 UK companies by market capitalisation. The letters F-T-S-E represented that FTSE was a joint venture between
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#17327977862977020-611: The FT to reverse course and back Labour from 1992 until 2010 , when the FT returned to the Conservative Party. Euroscepticism further drove a wedge between the FT and the Conservatives in 2019 , when the paper refused to make an endorsement, opposed to Labour's socialist economic policies (for wanting to "reverse, not revise, the Thatcherite revolution of the 1980s") and the Conservatives' commitment to
7155-408: The FT website on the same day as its publication. President Macron subsequently published a letter in the FT directly responding to the arguments of the original opinion piece, even if the original opinion piece was no longer available on the website of the newspaper. The editor of the FT , Roula Khalaf , who took the decision to withdraw the initial article, acknowledged having been contacted by
7290-729: The FTSE 350 Index , the FTSE SmallCap Index , the FTSE AIM UK 50 Index and FTSE AIM 100 Index as well as the FTSE AIM All-Share Index for stocks, and the FTSE UK Gilt Indices for government bonds. In 2021, the Financial Times started publishing three multi-asset indexes with Wilshire Associates covering combinations of the top five cryptocurrencies. In July 2006, the FT announced
7425-815: The Financial News in the 1930s, and moved to the Financial Times when the two merged. Lex boasts some distinguished alumni who have gone on to make careers in business and government—including Nigel Lawson (former Conservative Chancellor of the Exchequer ), Richard Lambert ( CBI director and former member of the Bank of England 's monetary policy committee), Martin Taylor (former chief executive of Barclays ), John Makinson (chairman and chief executive of Penguin ), John Gardiner (former chairman of Tesco ), David Freud (former UBS banker and Labour adviser, now
7560-688: The Financial Times ( F-T ) and the London Stock Exchange ( S-E ). On 13 February 1984 the FTSE 100 was introduced, representing about eighty per cent of the London Stock Exchange's value. FTSE Group was made an independent company in 1995. The first of several overseas offices was opened in New York City in 1999; Paris followed in early 2000, Hong Kong, Frankfurt and San Francisco in 2001, Madrid in 2002 and Tokyo in 2003. Other well-known FTSE indices include
7695-474: The Financial Times announced it was investing in Sifted , a digital-only news site and newsletter covering European startups . The Financial Times' initial 25% stake was subsequently diluted to 14% due to later investments from others. This marked the start of a planned 7-year strategic relationship with Sifted. The Financial Times collates and publishes a number of financial market indices , which reflect
7830-422: The Financial Times from Lord Camrose, and, following 57 years of rivalry, merged it with the Financial News to form a single six-page newspaper. The Financial Times had a higher circulation, while the Financial News provided much of the editorial talent. The Lex column was also introduced from Financial News . Gordon Newton , a Cambridge graduate, took over as editor in 1949, and immediately introduced
7965-780: The School of Lausanne , the Stockholm school and the Chicago school of economics . During the 1970s and 1980s mainstream economics was sometimes separated into the Saltwater approach of those universities along the Eastern and Western coasts of the US, and the Freshwater, or Chicago school approach. Within macroeconomics there is, in general order of their historical appearance in
8100-614: The WSJ was second. In 2022, the FT launched FT Edit, a low-price app aimed at attracting a younger audience. The FT is split into two sections. The first section covers domestic and international news, editorial commentary on politics and economics from FT journalists such as Martin Wolf , Gillian Tett and Edward Luce , and opinion pieces from globally renowned leaders, policymakers, academics and commentators. The second section consists of financial data and news about companies and markets. Despite being generally regarded as primarily
8235-587: The Wisers platform since 2013. From 2015, instead of the metered paywall on the website, visitors were given unlimited free access for one month, after which they needed to subscribe. Pearson sold the Financial Times Group to Nikkei, Inc. for £ 844 million ( US$ 1.32 billion) in July 2015. In 2016, the Financial Times acquired a controlling stake in Alpha Grid, a London-based media company specialising in
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#17327977862978370-579: The late-2000s recession . The magazine has been derided in rival publishers' blogs, as "repellent" in the Telegraph and "a latter-day Ab Fab manual" in the Guardian . A 'well-thumbed' copy of the supplement was found when rebel forces broke into Colonel Gaddafi 's Tripoli compound during the 2011 Libyan Civil War . In September 2021, an Arabic version of HTSI was launched by Othman Al Omeir , founder of Elaph online newspaper. HTSI Arabic
8505-433: The macroeconomics of high unemployment. Gary Becker , a contributor to the expansion of economics into new areas, described the approach he favoured as "combin[ing the] assumptions of maximizing behaviour, stable preferences , and market equilibrium , used relentlessly and unflinchingly." One commentary characterises the remark as making economics an approach rather than a subject matter but with great specificity as to
8640-467: The neoclassical model of economic growth for analysing long-run variables affecting national income . Neoclassical economics studies the behaviour of individuals , households , and organisations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends,
8775-415: The societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins (1932) developed implications of what has been termed "[p]erhaps the most commonly accepted current definition of
8910-466: The Élysée Palace regarding the article, and defended her decision on the basis purely of several factual errors in the original piece by Mehreen Khan. In January 2019, the FT began a series of investigative articles detailing fraud suspicions at German payments group Wirecard . When the Wirecard share price plunged, German news media speculated that market manipulation was behind this attack on
9045-400: The "choice process and the type of social interaction that [such] analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which
9180-486: The 1970s and 1980s, when several major central banks followed a monetarist-inspired policy, but was later abandoned because the results were unsatisfactory. A more fundamental challenge to the prevailing Keynesian paradigm came in the 1970s from new classical economists like Robert Lucas , Thomas Sargent and Edward Prescott . They introduced the notion of rational expectations in economics, which had profound implications for many economic discussions, among which were
9315-581: The 1970s, the FT began international expansion, facilitated by developments in technology and the growing acceptance of English as the international language of business. On 1 January 1979 the first FT (Continental Europe edition) was printed outside the UK, in Frankfurt; printing in the U.S. began in July 1985. Since then, with increased international coverage, the FT has become a global newspaper, printed in 22 locations with five international editions to serve
9450-592: The 1990s. He went on to become Head of Technology for the Trinity Mirror Group. Sir Geoffrey Owen was the editor of the Financial Times from 1981 to 1990. He joined the Centre for Economic Performance (CEP) at the London School of Economics as Director of Business Policy in 1991 and was appointed Senior Fellow, Institute of Management, in 1997. He continues his work there. During his tenure at
9585-552: The Brain (2018), coauthored with Kevin Simler, looks at mental blind spots of society and individuals. Economics Economics ( / ˌ ɛ k ə ˈ n ɒ m ɪ k s , ˌ iː k ə -/ ) is a social science that studies the production , distribution , and consumption of goods and services . Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what
9720-643: The Eurosceptic elements in her party. The FT declared 2019 general election a "fateful election" that "offers no good choices". In the 2024 general election , the FT endorsed the Labour Party again, expressing the need for a "fresh start", while cautioning "Labour's interventionist instincts and fervour for regulation". In the 2008 United States presidential election , the Financial Times endorsed Barack Obama . While it raised concerns over hints of protectionism , it praised his ability to "engage
9855-454: The Noise (2012), writes: He is clearly not a man afraid to challenge the conventional wisdom. Instead, Hanson writes a blog called Overcoming Bias, in which he presses readers to consider which cultural taboos, ideological beliefs, or misaligned incentives might constrain them from making optimal decisions. Hanson ... is an advocate of prediction markets – systems where you can place bets on
9990-483: The UK, continental Europe, the U.S., Asia and the Middle East. The European edition is distributed throughout continental Europe and Africa. It is printed Monday to Saturday at five centres across Europe, reporting on matters concerning the European Union, the euro and European corporate affairs. In 1994 FT launched a luxury lifestyle magazine, How To Spend It . In 2009 it launched a standalone website for
10125-491: The United Kingdom. The Lex column is a daily feature on the back page of the first section. It features analyses and opinions covering global economics and finance. The FT calls Lex its agenda-setting column. The column first appeared on Monday, 1 October 1945. The name may originally have stood for Lex Mercatoria , a Latin expression meaning literally "merchant law". It was conceived by Hargreaves Parkinson for
10260-496: The acquisition of Alpha Grid, and conferences and events through Financial Times Live and extends the FT 's traditional commercial offering into a wider set of integrated services. In 2020, reporter Mark Di Stefano resigned from the Financial Times after hacking into Zoom calls at other media organisations including The Independent and the Evening Standard . In 2020, the retraction of an opinion piece by
10395-407: The analysis of wealth: how wealth is created (production), distributed, and consumed; and how wealth can grow. But he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it (as a sought after end ), generates both cost and benefits; and, resources (human life and other costs) are used to attain the goal. If
10530-479: The area of inquiry or object of inquiry rather than the methodology. In the biology department, it is not said that all biology should be studied with DNA analysis. People study living organisms in many different ways, so some people will perform DNA analysis, others might analyse anatomy, and still others might build game theoretic models of animal behaviour. But they are all called biology because they all study living organisms. According to Ha Joon Chang, this view that
10665-443: The author believes economics is evolving, or should evolve. Many economists including nobel prize winners James M. Buchanan and Ronald Coase reject the method-based definition of Robbins and continue to prefer definitions like those of Say, in terms of its subject matter. Ha-Joon Chang has for example argued that the definition of Robbins would make economics very peculiar because all other sciences define themselves in terms of
10800-459: The beta launch of newssift, part of FT Search, in March 2009. Newssift.com is a next-generation search tool for business professionals that indexes millions of articles from thousands of global business news sources, not just the FT . The Financial Times Group acquired Money Media (an online news and commentary site for the industry) and Exec-Appointments (an online recruitment specialist site for
10935-518: The changing value of their constituent parts. The longest-running of these was the former Financial News Index , started on 1 July 1935 by the Financial News . The FT published a similar index; this was replaced by the Financial News Index — which was then renamed the Financial Times (FT) Index — on 1 January 1947. The index started as an index of industrial shares, and companies with dominant overseas interests were excluded, such as
11070-517: The colonies. Physiocrats , a group of 18th-century French thinkers and writers, developed the idea of the economy as a circular flow of income and output. Physiocrats believed that only agricultural production generated a clear surplus over cost, so that agriculture was the basis of all wealth. Thus, they opposed the mercantilist policy of promoting manufacturing and trade at the expense of agriculture, including import tariffs. Physiocrats advocated replacing administratively costly tax collections with
11205-410: The country's attention", his calls for a bipartisan politics, and his plans for " comprehensive health-care reform ". The FT favoured Obama again in the 2012 United States presidential election . The FT endorsed Democratic candidates Hillary Clinton in the run-up to the 2016 United States presidential election , Joe Biden in the 2020 United States presidential election, and Kamala Harris in
11340-564: The credibility of their reporting on climate change and cause readers to downplay the climate crisis . According to the Global Capital Markets Survey, which measures readership habits among most senior financial decision makers in the world's largest financial institutions, the Financial Times is considered the most important business read, reaching 36% of the sample population, 11% more than The Wall Street Journal ( WSJ ), its main rival. The Economist , which
11475-488: The design of modern monetary policy and are now standard workhorses in most central banks. After the 2007–2008 financial crisis , macroeconomic research has put greater emphasis on understanding and integrating the financial system into models of the general economy and shedding light on the ways in which problems in the financial sector can turn into major macroeconomic recessions. In this and other research branches, inspiration from behavioural economics has started playing
11610-528: The development and production of quality branded content across a range of channels, including broadcast, video, digital, social and events. In 2018, the Financial Times acquired a controlling stake in Longitude , a specialist provider of thought leadership and research services to a multinational corporate and institutional client base. This investment built on the Financial Times ' recent growth in several business areas, including branded content via
11745-506: The distribution of income among landowners, workers, and capitalists. Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other. He posited that the growth of population and capital, pressing against a fixed supply of land, pushes up rents and holds down wages and profits. Ricardo was also the first to state and prove the principle of comparative advantage , according to which each country should specialise in producing and exporting goods in that it has
11880-469: The economy can and should be studied in only one way (for example by studying only rational choices), and going even one step further and basically redefining economics as a theory of everything, is peculiar. Questions regarding distribution of resources are found throughout the writings of the Boeotian poet Hesiod and several economic historians have described Hesiod as the "first economist". However,
12015-652: The executive jobs market). The FT Group once had a 13.85% stake in Business Standard Ltd of India, the publisher of the Business Standard . It sold this stake in April 2008 and has entered into an agreement with Network 18 to launch the Financial Times in India, though it is speculated that they may find it difficult to do so, as the brand 'Financial Times' in India is owned by The Times Group ,
12150-751: The first large-scale macroeconometric model , applying the Keynesian thinking systematically to the US economy . Immediately after World War II, Keynesian was the dominant economic view of the United States establishment and its allies, Marxian economics was the dominant economic view of the Soviet Union nomenklatura and its allies. Monetarism appeared in the 1950s and 1960s, its intellectual leader being Milton Friedman . Monetarists contended that monetary policy and other monetary shocks, as represented by
12285-511: The first internal corporate prediction market at Xanadu in 1990. He is married to Peggy Jackson, a hospice social worker , and has two children. He is the son of a Southern Baptist preacher. Hanson has elected to have his brain cryonically preserved in the event of medical death. He was involved early on in the creation of the Rationalist community through online weblogs. Tyler Cowen 's book Discover Your Inner Economist includes
12420-540: The following decades, many economists followed Keynes' ideas and expanded on his works. John Hicks and Alvin Hansen developed the IS–LM model which was a simple formalisation of some of Keynes' insights on the economy's short-run equilibrium. Franco Modigliani and James Tobin developed important theories of private consumption and investment , respectively, two major components of aggregate demand . Lawrence Klein built
12555-629: The global 2007–2008 financial crisis , but on balance it backed the Conservatives , while questioning their tendency to Euroscepticism . In the 2015 general election , the FT called for the continuation of the Conservative-Liberal Democrat coalition that had governed for the previous five years. In the 2017 general election , an FT editorial reluctantly backed Conservative Theresa May over Labour Jeremy Corbyn , while warning about her stance on immigration and
12690-509: The global economy . Other broad distinctions within economics include those between positive economics , describing "what is", and normative economics , advocating "what ought to be"; between economic theory and applied economics ; between rational and behavioural economics ; and between mainstream economics and heterodox economics . Economic analysis can be applied throughout society, including business , finance , cybersecurity , health care , engineering and government . It
12825-424: The growth in the money stock, was an important cause of economic fluctuations, and consequently that monetary policy was more important than fiscal policy for purposes of stabilisation . Friedman was also skeptical about the ability of central banks to conduct a sensible active monetary policy in practice, advocating instead using simple rules such as a steady rate of money growth. Monetarism rose to prominence in
12960-463: The importance of various market failures for the functioning of the economy, as had Keynes. Not least, they proposed various reasons that potentially explained the empirically observed features of price and wage rigidity , usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones. After decades of often heated discussions between Keynesians, monetarists, new classical and new Keynesian economists,
13095-509: The late 1990s. Between 1997 and 2000, the site underwent several revamps and changes of strategy, as the FT Group and Pearson reacted to the changes online. FT introduced subscription services in 2002. FT.com is one of the few UK news sites successfully funded by individual subscription. In 1997, the FT launched a U.S. edition, printed in New York, Chicago, Los Angeles, San Francisco, Dallas, Atlanta, Orlando and Washington, D.C., although
13230-494: The literature; classical economics , neoclassical economics , Keynesian economics , the neoclassical synthesis , monetarism , new classical economics , New Keynesian economics and the new neoclassical synthesis . Financial Times The Financial Times ( FT ) is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic current affairs . Based in London ,
13365-458: The magazine. On 13 May 1995 the Financial Times group made its first foray into the online world with the launch of FT.com. This provided a summary of news from around the globe, which was supplemented in February 1996 with stock price coverage. The second-generation site was launched in spring 1996. The site was funded by advertising and contributed to the online advertising market in the UK in
13500-449: The market's two roles: allocation of resources and distribution of income. The market might be efficient in allocating resources but not in distributing income, he wrote, making it necessary for society to intervene. Value theory was important in classical theory. Smith wrote that the "real price of every thing ... is the toil and trouble of acquiring it". Smith maintained that, with rent and profit, other costs besides wages also enter
13635-437: The most famous passages in all economics," Smith represents every individual as trying to employ any capital they might command for their own advantage, not that of the society, and for the sake of profit, which is necessary at some level for employing capital in domestic industry, and positively related to the value of produce. In this: He generally, indeed, neither intends to promote the public interest, nor knows how much he
13770-456: The newspaper was first printed outside New York City in 1985. In September 1998 the FT became the first UK-based newspaper to sell more copies internationally than within the UK. In 2000 the Financial Times started publishing a German-language edition, Financial Times Deutschland , with a news and editorial team based in Hamburg. Its initial circulation in 2003 was 90,000. It was originally
13905-487: The paper is owned by a Japanese holding company, Nikkei , with core editorial offices across Britain, the United States and continental Europe. In July 2015, Pearson sold the publication to Nikkei for £ 844 million ( US$ 1.32 billion) after owning it since 1957. In 2019, it reported one million paying subscriptions, three-quarters of which were digital subscriptions. In 2023, it was reported to have 1.3 million subscribers of which 1.2 million were digital. The newspaper has
14040-503: The pessimistic analysis of Malthus (1798). John Stuart Mill (1844) delimited the subject matter further: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object. Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from
14175-487: The present, modified by substituting the word "wealth" for "goods and services" meaning that wealth may include non-material objects as well. One hundred and thirty years later, Lionel Robbins noticed that this definition no longer sufficed, because many economists were making theoretical and philosophical inroads in other areas of human activity. In his Essay on the Nature and Significance of Economic Science , he proposed
14310-409: The price of a commodity. Other classical economists presented variations on Smith, termed the ' labour theory of value '. Classical economics focused on the tendency of any market economy to settle in a final stationary state made up of a constant stock of physical wealth (capital) and a constant population size . Marxist (later, Marxian) economics descends from classical economics and it derives from
14445-402: The publisher of The Times of India and The Economic Times . The group also publishes America's Intelligence Wire , a daily general newswire service. The Financial Times' Financial Publishing division (formerly FT Business) provides print and online content for retail, personal and institutional finance audiences. Examples of publications and services include: Investors Chronicle ,
14580-429: The purest approximation to the truth that has yet been published" on the subject. The publication of Adam Smith 's The Wealth of Nations in 1776, has been described as "the effective birth of economics as a separate discipline." The book identified land, labour, and capital as the three factors of production and the major contributors to a nation's wealth, as distinct from the physiocratic idea that only agriculture
14715-405: The recruitment of Richard Lambert from Oxford, himself a future Editor of the FT . Meanwhile, Pearson had bought the paper in 1957. Over the years, the paper grew in size, readership and breadth of coverage. It established correspondents in cities around the world, reflecting a renewed impetus in the world economy towards globalisation . As cross-border trade and capital flows increased during
14850-777: The same year. Describing itself as the friend of "The Honest Financier, the Bona Fide Investor, the Respectable Broker, the Genuine Director, and the Legitimate Speculator", it was a four-page journal. The readership was the financial community of the City of London , its only rival being the more daring and slightly older (founded in 1884) Financial News . On 2 January 1893 the FT began printing on light pink paper to distinguish it from
14985-412: The scope and method of economics, emanating from that definition. A body of theory later termed "neoclassical economics" formed from about 1870 to 1910. The term "economics" was popularised by such neoclassical economists as Alfred Marshall and Mary Paley Marshall as a concise synonym for "economic science" and a substitute for the earlier " political economy ". This corresponded to the influence on
15120-551: The second was (later Sir) William Rees-Mogg who went on, via The Sunday Times , to edit The Times in 1967 following its acquisition by Roy Thomson. Other FT Oxbridge recruits included the future Chancellor of the Exchequer Nigel Lawson . The FT ' s distinctive recruitment policy for Fleet Street journalists was never popular with the National Union of Journalists and ceased in 1966 following
15255-425: The similarly named Financial News : at the time, it was also cheaper to print on unbleached paper (several other more general newspapers, such as The Sporting Times , had the same policy), but nowadays it is more expensive as the paper has to be dyed specially. The Berry brothers, Lord Camrose and Gomer Berry (later Lord Kemsley), purchased the Financial Times in 1919. In 1945, Brendan Bracken purchased
15390-486: The so-called Lucas critique and the presentation of real business cycle models . During the 1980s, a group of researchers appeared being called New Keynesian economists , including among others George Akerlof , Janet Yellen , Gregory Mankiw and Olivier Blanchard . They adopted the principle of rational expectations and other monetarist or new classical ideas such as building upon models employing micro foundations and optimizing behaviour, but simultaneously emphasised
15525-444: The source of the word economy. Joseph Schumpeter described 16th and 17th century scholastic writers, including Tomás de Mercado , Luis de Molina , and Juan de Lugo , as "coming nearer than any other group to being the 'founders' of scientific economics" as to monetary , interest , and value theory within a natural-law perspective. Two groups, who later were called "mercantilists" and "physiocrats", more directly influenced
15660-406: The state or commonwealth with a revenue for the publick services. Jean-Baptiste Say (1803), distinguishing the subject matter from its public-policy uses, defined it as the science of production, distribution, and consumption of wealth . On the satirical side, Thomas Carlyle (1849) coined " the dismal science " as an epithet for classical economics , in this context, commonly linked to
15795-408: The subject of mathematical methods used in the natural sciences . Neoclassical economics systematically integrated supply and demand as joint determinants of both price and quantity in market equilibrium, influencing the allocation of output and income distribution. It rejected the classical economics' labour theory of value in favour of a marginal utility theory of value on the demand side and
15930-402: The subject or different views among economists. Scottish philosopher Adam Smith (1776) defined what was then called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator [with the twofold objectives of providing] a plentiful revenue or subsistence for the people ... [and] to supply
16065-471: The subject": Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins described the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the influence of scarcity ." He affirmed that previous economists have usually centred their studies on
16200-826: The subsequent development of the subject. Both groups were associated with the rise of economic nationalism and modern capitalism in Europe. Mercantilism was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchants or statesmen. It held that a nation's wealth depended on its accumulation of gold and silver. Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver. The doctrine called for importing inexpensive raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in
16335-560: The then British Prime Minister, Tony Blair , and was given a job as an education minister and a seat in the House of Lords after the 2005 election. Ed Balls became chief economic adviser to the Treasury, working closely with Gordon Brown , the chancellor of the exchequer (or finance minister), before being elected a Member of Parliament in 2005, and became Secretary of State for Children, Schools and Families in July 2007. Bernard Gray ,
16470-410: The topic. Hanson also coined the term Great Filter , referring to whatever prevents "dead matter" from becoming an expanding and observable intelligent civilization. He was motivated to seek his doctorate so that his theories would reach a wider audience. Hanson has written two books. The Age of Em (2016) concerns his views on brain emulation and its eventual impact on society. The Elephant in
16605-470: The value of liberal democracy. The Ukrainian newspaper Kyiv Post accused the FT of asking President Putin softball questions, and said the interviewers failed to hold Putin to account. In the 2010 general election , the FT was receptive to the Liberal Democrats ' positions on civil liberties and political reform, and praised the then Labour Party leader Gordon Brown for his response to
16740-467: The war is not winnable or if the expected costs outweigh the benefits, the deciding actors (assuming they are rational) may never go to war (a decision ) but rather explore other alternatives. Economics cannot be defined as the science that studies wealth, war, crime, education, and any other field economic analysis can be applied to; but, as the science that studies a particular common aspect of each of those subjects (they all use scarce resources to attain
16875-515: The word Oikos , the Greek word from which the word economy derives, was used for issues regarding how to manage a household (which was understood to be the landowner, his family, and his slaves ) rather than to refer to some normative societal system of distribution of resources, which is a more recent phenomenon. Xenophon , the author of the Oeconomicus , is credited by philologues for being
17010-460: The work of Karl Marx . The first volume of Marx's major work, Das Kapital , was published in 1867. Marx focused on the labour theory of value and theory of surplus value . Marx wrote that they were mechanisms used by capital to exploit labour. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production, and the theory of surplus value demonstrated how workers were only paid
17145-472: Was a commodity. Hanson has been criticized for his writings relating to sexual relationships and women. "If you’ve ever heard of George Mason University economist Robin Hanson, there’s a good chance it was because he wrote something creepy", Slate columnist Jordan Weissman wrote in 2018. In an article on bias against women in economics, Bloomberg columnist Noah Smith cited a blog post by Hanson comparing cuckoldry to "gentle silent rape", lamenting that there
17280-568: Was and still is distributed with the paper every Monday. FTfm is the world's largest-circulation fund management title. Since 2005 the FT has sponsored the annual Financial Times Business Book of the Year Award . On 23 April 2007, the FT unveiled a "refreshed" version of the newspaper and introduced a new slogan, "We Live in Financial Times". In 2007 the FT pioneered a metered paywall , which let visitors to its website read
17415-494: Was firmly opposed to the Iraq War . Due to its advocacy of free markets and free trade, it is often identified as centrist to centre-right in its political positions. The modern FT is a product of a merger of two smaller newspapers in 1945 ; since that time, the paper had backed the Conservatives fairly consistently, but Labour's tacking to the centre, combined with the Conservatives' embracement of Euroscepticism, led
17550-421: Was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. The Reverend Thomas Robert Malthus (1798) used the concept of diminishing returns to explain low living standards. Human population , he argued, tended to increase geometrically, outstripping the production of food, which increased arithmetically. The force of
17685-523: Was no retraction and no outcry from fellow economists. In The New Yorker , Jia Tolentino described Hanson's blog post as a "flippantly dehumanizing thought experiment". A 2003 article in Fortune examined Hanson's work, noting, among other things, that he is a proponent of cryonics and that his ideas have found some acceptance among extropians on the Internet . He has since written extensively on
17820-502: Was once 50% owned by FT , reaches 32%. FT 's The Banker also proved vital reading, reaching 24%. In addition, in 2010 the FT was regarded as the most credible publication in reporting financial and economic issues among the Worldwide Professional Investment Community audience. The Economist was rated the third-most-credible title by most influential professional investors, while
17955-892: Was productive. Smith discusses potential benefits of specialisation by division of labour , including increased labour productivity and gains from trade , whether between town and country or across countries. His "theorem" that "the division of labor is limited by the extent of the market" has been described as the "core of a theory of the functions of firm and industry " and a "fundamental principle of economic organization." To Smith has also been ascribed "the most important substantive proposition in all of economics" and foundation of resource-allocation theory—that, under competition , resource owners (of labour, land, and capital) seek their most profitable uses, resulting in an equal rate of return for all uses in equilibrium (adjusted for apparent differences arising from such factors as training and unemployment). In an argument that includes "one of
18090-437: Was recognised as well as the traditional Keynesian insistence that fiscal policy could also play an influential role in affecting aggregate demand . Methodologically, the synthesis led to a new class of applied models, known as dynamic stochastic general equilibrium or DSGE models, descending from real business cycles models, but extended with several new Keynesian and other features. These models proved useful and influential in
18225-609: Was the editor of The Times and is now the chief executive of News Corporation . Will Lewis , a former New York correspondent and News Editor for the FT , edited the Daily Telegraph and the Wall Street Journal . Dominic Lawson went on to become editor of the Sunday Telegraph until he was dismissed in 2005. Andrew Adonis , a former education correspondent, became an adviser on education to
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