Meanwhile in Russia...

Friendly Russian banter.

Market Economies

Down with communism!    (Insert conservative title about markets here)   

There are command economies such as North Korea and Soviet Russia, mixed economies such as Sweden and (brace yourself) the USA and although there is no such thing as a true free market economies; some do come close such as Hong Kong. Now it may be hard to believe that the 'home of the free and the land of the brave' ranks behind economies such as New Zealand and Singapore on the 'free market' scale but apparently us Americans aren't as free as we'd like you to believe. Saying that, a mixed economy is often viewed as the most stable and reliant option for a nation to have. Despite the recession the mixed economies of the USA and UK have shown a fair amount of resilience compared to their free market counterparts. Of course the command markets of communist countries fair better but I'm certainly not queueing up to move to North Korea..

Free market economies are economies in which the government plays no role in the market whatsoever and it is entirely in the hands of consumers and their whims, however free market economies eliminate the risk of government failure, *cough* George Osborne *cough* Mixed market economies can have any mix of government and consumer involvement varying from country to country, these types of economies allow the government indirect control over some sections of the market in order to prevent economic downturn. Which has obviously worked really well if you look at the state of the current economy...  Command market economies are economies in which the government has entire control over the market making everyone and everything equal and in doing so hoping to prevent any economic problems that could arise from the freedom of market.

Economics Epiphany

The rate of inflation in the UK stands at 2.6% having fallen from 2.8% in the previous months. To put this into perspective the record high for inflation was set in April 1991 at 8.5% and the record low was set in May of 2000 at 0.5% ... When complaining about inflation remember the poor citizens in 1991 and think how lucky we truly are.. Although for the inflation rate to increase as dramatically as it has in just 12 years is somewhat worrying. Who's fault is this? Is it the fellow consumer's fault or the government's? Well I don't actually know the answer which defeats the word 'epiphany' used in the title but I am sure it is somewhere inbetween the two...I hope to reach this epipahny one way or another and I will be sure to write some sort of strongly worded letter to George Osborne on the matter.. whether he takes the advice of a sixteen year old ameteur economist has yet to be seen.. I can hope..

First Post

I could tell you how this blog will change your life and you'll earn the pennies the title promises but I would be lying. This blog will contain my musings on the economy, the posts will sometimes be witty and interesting but could be boring. DON'T turn away now though stick with me and we'll go through a journey exploring the economy... It will be more fun than it sounds.. I think.. I'm rambling.. This will probably happen a lot.. So, here's my first post and I reckon they will get more relevant to economics.. eventually..