Economics is about counting costs, and the cost to be counted is “opportunity cost,” arguably the most basic concept in economics. It is defined as the next best alternative to the one chosen, in other words, as the best of the sacrificed alternatives. You chose the best alternative, the opportunity cost is the second best, the alternative that you would choose if the best were unavailable. If there were no scarcity, choice would not be necessary, there would be no opportunity cost, and economics would not exist. More
Something is going on out there. More than 80 people have signed up for various training projects for my local Transition Town project in Brixton, which is known in the Transition world as ‘re-skilling’.
In the Great Re-skilling of Lewes project, a whole list of courses at the local library from now until the autumn cover basket-making, quilting and bike maintenance.More
It's been over eighteen months since nef launched the Five Ways to Well-being, a collection of simple actions that have been proven to enhance quality of life. We developed them originally for the UK Government's Foresight project on Mental Capital and Well-being, but they've since found life much further afield.More
The fight back by the banking lobby, determined to cling to the status quo, seems to have begun in earnest.
First it was HSBC warning about the consequences of splitting retail from banking from speculative banking. Then it was Barclays setting aside 40 per cent of its investment banking income for bonuses, while threatening to leave the UK altogether.More
When my colleague Nic Marks, Founder of nef’s centre for well-being, talks about ways that society could better promote well-being for its citizens, one of the things he often points to is the role that could be played by real time well-being data. The idea is that rather than nightly news reports being rounded off with updates on movements in the FTSE 100 and global currency markets – practically unintelligible to many of us – we should instead hear about national levels of well-being measured that day. More
Wrecking the OceanMore
This is what they said: http://www.guardian.co.uk/business/2010/aug/02/banking-bonuses-executive-pay
We are in the let-them-eat-cake stage of banking development, a period so self-serving, so flagrant in its Byzantine abuses, that future generations will look back with astonishment that we ever allowed it.
Why do we? Because our politicians seem unable to gather up the political will to reform the sector, and because they still have a sneaking fear that the myths pedalled by the More
Having witnessed yesterday's enthralling RSA debate between Richard Wilkinson and Kate Pickett, authors of The Spirit Level – a book released in 2009 that argued that inequality was bad for everyone, even the rich – and Peter Saunders, author of the Policy Exchange report Beware False Prophets: Eq More