Zimbabwe Archives - Emile Woolf writes

“STICKING TO YOUR GUNS” – AND OTHER FAILED STRATEGIES

  EMILE WOOLF [Going Postal 12-8-19, and Economic Perspectives – 60] There can be little doubt that tenacity is a great virtue. It means holding on to something important, something you believe in, no matter what. The trouble with tenacity, however, is that it does not necessarily rely on principles. Clinging to a piece of […]

Read More…

“Funny-money” and the Cantillon Effect

THOUGHTS ON “LEGAL TENDER” AND GAMES OF PRETENCE Economic Perspectives 54 – April 2019 Few people understand the purpose of so-called “legal tender”. It is widely believed that the government’s legal tender laws protect citizens’ money by formally designating it as the official medium for the settlement of transactions. The Latin root is “tendere”, to […]

Read More…

Human rights and government action [GP 17-12-18 & EP 46]

  HUMAN RIGHTS & GOVERNMENT ACTION In many of these essays on economics I have been at pains to point out that the prosperity of any community, anywhere, anytime, if it is to last, must be based on observance of the guiding principles of free people; free trade; sound money; and small government. Colleagues sometimes […]

Read More…

Prudence returns to accounting, but not to the economy

  International accounting standard-setters have at last recognised the error of their ways and relented on the question of prudence, which they plan to re-instate as a fundamental accounting principle. Bank auditors will have to form an independent view on loan recoverability, rather than rely on the potentially biased judgements of management. A regime that […]

Read More…