Economics and Finance

Medical marijuana offers great promise but age old challenges

By Gabriel Didham

Like many, North Macedonia has enthusiastically embraced the potential of medical marijuana. In only three years, it has licenced 29 growers and processors. However, the failure of a planned law change highlights the issues facing the industry. A weak banking sector and over-indebted companies means its processing sector struggles to meet export standards. The new law would have allowed the export of dried cannabis flower buds and by-passed these problems but at the expense of the domestic industry.

 

Gold as Monetary Arbiter – Modern Monetary History

By Michael Taylor

Michael Taylor looks at the evolving role of gold and how central banks have (mostly) learned that in the absence of the discipline of gold, their principal job is to protect the financial stability which alone confers value on scrip money.

Marx and modern microeconomics

By Samuel Bowles

Few economists doubt that Marx flunked economics, a judgement mostly based on his labour theory of value. But Marx’s representation of the power relationship between capital and labour in the firm is an essential insight for understanding and improving modern capitalism.

Crypto currencies don’t make sense

By Jon Danielsson

Cryptocurrencies are supposedly a new and superior form of money and investments – the way of the future. The author of this article, however, does not see the point of cryptocurrencies, finding them no better than existing fiat money or good investments.

Fox/Sky: here comes the crunch

By David Elstein

Fox acquisition of the other 61% of Sky may ‘act against the public interest, reducing media plurality’. Yet Sky shares rose when the ruling was published. What is going on?