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Samuelson versus Friedman

Successive governments in Pakistan, since independence, have been promising to turn the country into a social welfare state. But the socio-economic policies that each of these governments framed and implemented,…

Bond vigilantes and inversion anxiety

One of Wall Street’s enduring lessons, “inverted yield curves don’t always predict recessions, but all recessions have inverted yield curves”, is back in the headlines as yields on 10- and…

Taxing work and subsidising non-work

Turns out that there’s a Salaried Class Alliance (SCA), based in Karachi, which describes itself as a “non-political, non-religious, non-ethnic, non-profit organisation that aims to create awareness among the salaried…

Theoretical dilemma: elite capture, inflation

With the recent increase in food inflation and taxes it is essential that we reexamine the discussions regarding inflation and economic policies. While external factors like the Covid-19 pandemic and…

Taxation and inflation

The Federal Board of Revenue (FBR) has claimed collection of net revenue of Rs4,493 billion in the first eight months of the current financial year against Rs3,820 billion collected in…

There’s no tomorrow with begging bowls

At school, while reading Charles Dickens’ (a personal favourite writer) novels, me and my classmates had developed a clear and serene meaning of what poverty meant — it created within…

What is the One Percent Republic?

Last week, Dr Miftah Ismail initiated an important debate by terming Pakistan a “One percent Republic” – a society that works for the few and reproduces elite privilege over time.…

Economic model

While it has long been blatantly obvious that the global economic model is not working for all, the rate of accumulation of wealth by a small minority is now breathtaking…

Inflation and class war

Joe Biden is relying on the Federal Reserve to choke inflation, rather than instituting any policies to protect workers’ pockets. According to Politico, “Biden declared his ‘laser focus’ on inflation…

Angelic upstarts

THOUSANDS of miles away from the distressing theatre of war in Europe, a starkly different drama is unfolding in a southwestern strip of Latin America. The curtain rose in Chile…