What should be cut?

There has been a great deal of political argument in the United Kingdom about budget cuts. The voters know that the Government is spending much more than it can afford. Voters suspect that the Government has been spending much more than we can afford for years now, relying on economic growth (which is not always desirable and is seldom guaranteed) and inflation to make the excess spending affordable. Continue reading

The philosophy of the credit crunch

Aristotle thought that humans are naturally designed to live together in communities. We are not loners by nature, he thought, but live most naturally cultures within communities which ought not to have more than 100,000 inhabitants. He lived at a time when Alexander the great was developing a massive empire with large cities, by conquest. The conquest made Alexander wealthy, but Aristotle thought that wealth is only a means to an end; the end is virtue. We cannot flourish, Aristotle thought, unless we are virtuous. These ideas developed over two thousand years ago, are still relevant today. Continue reading