Boris Johnson: needs to keep the Brexit nonsense going because he has nothing else. There is no other policy and, economically, Brexit is a cul-de-sac. Photograph: Dominic Lipinski/PA

Boris Johnson doesn’t want to ‘get Brexit done’. He wants to keep Brexit going

If prices rise in Ireland faster than the rest of the EU, we have no policy tools like interest rates or exchange rates to dampen local demand. Photograph: Getty Images

To understand what is happening, let’s go right back to where money started

‘Headline inflation is our inflation, and it is real.’ File photograph: Getty

Real wages are falling, mortgage payments will rise and the era of low interest rates seems over

Elon Musk: In his bid for Twitter, the Tesla CEO sees a massive opportunity to disrupt but also cash in on the economics of networks. File photograph: Jae C Hong/AP

Traditional top-down hierarchy is losing out to the power of networks and sharing

Residential property prices have recovered by about 117 per cent from the trough in 2013 and are currently just 2.5 per cent off their Celtic Tiger peak. Photograph: Rui Vieira/PA Wire

Solution to housing crisis is to either cut population through mass emigration or build more homes

Ireland has 100 days’ of emergency fuel supply, already refined, stored on Whiddy Island near Bantry. But there’s no bridge or pipeline, so the only way to transport it is via tanker. Photograph: Richard Mills

Our economy would grind to a halt within days without ready access to diesel

Going from Ireland to London in your 20s will probably benefit you for the rest of your working life. Photograph: iStock

If they’re not leaving because of unemployment, then what is the push or pull?

  Red Square, Moscow: ground zero of all things the Russian state holds dear. Photograph:  Sefa Karacan/Getty

Russia’s vast natural resources are the envy of its neighbours and the engine of its instability

Ireland is the least densely populated country in western Europe with the highest land prices. Photograph: iStock

If we were serious about solving housing inflation, we would be tackling land prices

Chelsea’s Russian owner Roman Abramovich: This week, the UK finally sanctioned the tycoon, meaning  he can’t make any more money on the sale of Chelsea.  Photograph: Ben Stansall/AFP via Getty Images

End of the Soviet Union opened the door for the biggest heist in modern financial history

A classic Ford Taunus. Car brands used to look distinctive but now they all look the same. What does that process tell us about the impact of global events and attitude to product design? Photograph: iStock/Getty Images

Vladimir Putin has personally given the sustainable energy sector its biggest shot in the arm for years

More than 50% of Russia’s almost $400bn exports are petrol or petrol-related. File photograph: EPA

Trade will have as much bearing as tanks on Ukraine’s endgame, and the West’s hand is weak

‘Dereliction, often seen as a problem of poverty, is in fact a problem of wealth.’ Photograph: Frank Miller

Parts of Limerick – potentially a wonderful, liveable city – are literally falling down

If inflation gets into the system, it is very difficult to wring it out

We have to use taxes and spending, both blunt and politically toxic instruments

  Luas in Dublin city centre: Even without cutting fares,   people are opting more for public transport. Photograph: Tom Honan

Make buses, trains and trams free – and revolutionise Irish transport

Facebook’s Mark Zuckerberg  refers to the next iteration of the internet as ‘the metaverse’. File photograph: Bloomberg

‘What worries moralists about the future are the very things that are exciting investors’

Recent polling data shows that 33 per cent of Fine Gael voters are business owners, but the party with the next highest proportion of business owners is Sinn Féin. Photograph: Julien Behal/PA Wire

The Irish economy – like its people – is multifaceted, shape-shifting and inconsistent

Will these parallel currencies issued by private tech platforms continue to fascinate in 2022? Photograph: iStock

The history of private money isn’t too sparkling, so why would it be any different now?

China’s president Xi Jinping sits next to his Russian counterpart Vladimir Putin  at the St Petersburg International Economic Forum in  2019.  Photograph: Andrey Rudakov/Bloomberg

Brexit, Merkel’s departure and a changing China among issues that may affect State

Even US president Joe Biden’s legendary capabilities, his ability to finish deals and forge alliances, wasn’t enough to get his Build Back Better deal signed. Photograph: Doug Mills/The New York Times

The president’s social-spending deal might yet be made but the political difficulties cannot be overstated

‘The law is strangling the night-time economy, a living, breathing commercial organism, which is otherwise able to generate jobs, opportunities and tax revenue, as well as spark cultural vibrancy.’ Photograph: iStock

Vibrant cities need live venues and fewer restrictions on who can sell alcohol

The Woodies phase of a pandession is the stage where we’ve been sitting in the kitchen for a while, contemplating how to spruce up the place. Photograph: iStock

When a builder sounds like the IMF, inflation is definitely here. It could be no bad thing

  Rough calculation: there are 6,317 homeless adults  nationwide and   around 183,000 vacant properties. Photograph: Artur Widak/Getty

Housing NGOs could work with builders to identify refurbishment opportunities

Gareth Bale was on the books for Spurs as the highest-paid player in the Premier League last season, earning £600,000 (€709,058) per week. Photograph: Paul Gilham/Getty Images

After generations of playing second fiddle to English divisions, Irish football is looking up

The Social Democrats decried the development of 1,600 rental apartments on the former Holy Cross College grounds in Drumcondra, Dublin, on the basis that it was largely one-bedroom apartments. Photograph: Dara Mac Dónaill

Need to increase housing supply outweighs any Nimby complaints about developments

Ruins of the Temple of Jupiter, Heliopolis, a UNESCO world heritage site at Baalbek. Lebanon is a patchwork quilt of different ethnic groups and regions.

One massive shock can knock banking Ponzi-scheme off course, Lebanon has had five

 Oslo central railway station: The climate budget in the Norwegian capital outlines targets for cutting emissions in, for example, the transport sector, often one of the biggest greenhouse gas offenders. Photographer: Odin Jaeger/Bloomberg

Climate budgets in city of Oslo offer an environmental template that Ireland could follow

Rugged farmers, who had made Greenland their home, set up villages with churches and  operated trading routes with Europe. Photograph: iStock

One worked with nature, the other thought they could bend the earth to their will

‘One of the biggest changes ushered in by the pandemic is the increase in the numbers of people choosing to quit their jobs and reassessing work.’ Photograph: iStock

World of work is undergoing huge change as pandemic causes us to reassess our lives

The Biden administration has unveiled a new  plan to develop large-scale wind farms along the entire coast of the US. File photograph: Chris Ratcliffe/Bloomberg

With an ideal climate for renewable energy generation, we could become a net exporter

Despite the Department of Finance claiming that tax revenues could fall by €2bn because of diverting profits that used to be claimed to be Irish, I’m willing to bet that corporation tax receipts will be higher in the next few years. Photograph:  Artur Widak/NurPhoto via Getty Images

We should improve Ireland’s commercial DNA using multinationals’ taxation

‘For the foreseeable future, mainstream Europe will be chill on debts... lack of money will not be a constraint.’ Photograph iStock

Now is not the time for agonising about budgets; it is time to do the things that we should have done years ago

‘The  debts of Evergrande, the Chinese real-estate developer, may signal the beginning of a slow property crash in China.’ Photograph: Alex Plavevski/EPA

There are 90 million empty apartments in China after years of a construction boom

Computer generated image of the proposed Jam Factory scheme at Chivers site in Coolock, which is on the market seeking €25 million

When it comes to land flipping the sucker is the taxpayer – land prices have soared with the stroke of a pen and at your expense

Paul Mescal and Daisy Edgar-Jones in Normal People: There is just not enough room at the top for all those who fancied themselves as the great millennial novelist, so knocking Sally Rooney feels like justice. Photograph: Enda Bowe/Element Pictures

Twitter is filled with angry graduates whose high expectations have not been met

Sellers who want to get full value for their home should put it on the market without delay as soon they will face competition never seen here. Photograph: Andrew Matthews/PA Wire

Housing For All could be seminal moment for Government where people finally come first

Apart from moulding the citizens of the future, our  education system will continue to be disrupted by technological change.

Fourth industrial revolution plunges jobs and education into a new world of potential

Swiss citizens casting their ballots in a referendum: direct democracy ensures that everyone participates and reduces enormously the potential for the accusation that the government is not relevant or remote. Photograph: Getty Images

British people in northeast could run own affairs in hyper-devolved Irish federation

Carnsore Point windfarm near Rosslare – in the same way oil transformed the Gulf States, renewables could transform Ireland. Photograph: Getty

In same way oil transformed Gulf States, wind, wave and tidal energy could transform Ireland

‘There is nothing wrong with Dublin Port. It is simply in the wrong place.’ Photograph: Getty Images

We need to be thinking about the right thing to do for Ireland 2060, not Ireland 2021

As we move into the Instagram phase of ’pandession’ recovery, expect feeds to be dominated by brunch, mimosas and Photoshopped stand-up paddle boarders  at dusk and dawn. Photograph: iStock

We’re at the Instagram phase of recovery – spending on things we want to tell the world about

The planet is moving from a baby boom to a baby drought, which has reached every continent except Africa. Photograph: iStock

Falling populations in Europe, America and Asia will make Africa an economic superpower

The vast majority of Irish people want car use in our towns and cities to be restricted. Photograph: Collins

The retailer’s name is over the gate of a car park that’s limiting city centre pedestrianisation

Microsoft’s campus in south Dublin: the company has a very real team of 2,700 employees in Ireland. Photograph: Brenda Fitzsimons

Our globalised economy is fuelled by multinationals and this makes us much better-off

Prof Philip Nolan, Chair of Nphet’s Irish Epidemiological Modelling Advisory Group, at a Covid -19 update in September. The public health emergency team are the ultimate mandarins. Photograph: Collins

Nphet and the hospitality industry are vying for the ear of the Government

The orthodoxy of the CDU and the “carbon coalition” must be abandoned because it is incompatible with the Green agenda. This is the real battle that is playing out in Germany

Industrial Germany is a carbon addict, and the CDU is wedded to the carbon economy that has served Germany so well for 50 years

The net result of this wealth effect is that Irish people are conflicted about house prices based on whether we are owners or not.

Housing has created a division between property-owning ‘insiders’ and locked-out ‘outsiders’

The best place to live

Why I love where I live, by Róisín Ingle, David McWilliams, Jennifer O’Connell and more

WB Yeats: arguably the arch sage. Photograph: Getty

Will Ireland’s middle class vote for a party that promises to build homes for their children?

When land carries no penalty for being unimproved, it is taken out of supply and the overall supply of land for development falls causing land prices to rise. Photograph: iStock

Landlords will bring idle land into use pronto if they face a big cost such as tax

Ireland is borrowing at a rate of 0.19 per cent for 10 years, constituting an enormous opportunity to finance the country. Photograph: Gareth Chaney/Collins

State's challenge is project management, not fiscal constraint. Bank largesse is way ahead

We have been hijacked by an obsession with now and getting results straight away. Photograph: iStock

Metrics we use to fix this problem need to be based on politics of preparation, not of outrage

The living city is not about equality. It is in fact about the opposite. It is about diversity, disparity and messiness, the elixir of human life. Photograph: iStock

A proper living city provides home for people of all income levels and backgrounds

‘The bond market can fix the housing problem’

Bond market can make us good ancestors by fixing the problem with long-term lending

The future of cities should be determined not just by the people who live there now but by the people who are yet to live there.

The more we object to development, the more house prices will rise

US president Joe Biden. Photograph: Brendan Smialowski/AFP via Getty

Agenda of unlikely radical Biden is to give economy back to the man on the street

We could offer to host the most important summit of the 21st century. Why not?  Photograph: iStock

Between Biden’s sanctions and the build-up of Russian forces in the Ukraine, the US and Russia will need to sit down together soon

In Ireland, the figures on education – usually an accurate social leading indicator – reveal our near future. Here, women are more likely to have a third-level education than men. File photograph: Getty

Those with money shape society. An economy where women earn more will be different

Our death rates are similar to those of Denmark, yet we closed down five times longer. Photograph: Dara Mac Dónaill / The Irish Times

Emigration to the UK in the 1950s and 1960s may have saved our fragile health service far more than lengthy lockdown

The ECB is in a bind. It is custodian of the euro and, it can’t walk back without undermining its currency. Photograph: iStock

If the ECB re-establishes the old rules post-pandemic, a eurozone crisis will ensue

The fee-extracting economy, known as the rentier economy, is one that rewards people who don’t produce anything but extract fees from property. Photograph: MilanEXPO

The Davy affair reveals how much money is sloshing around for people who don’t innovate

A shipment of the Johnson & Johnson Covid-19 vaccine arrives at Northwell Health South Shore University Hospital in Bay Shore, New York, US. Photograph: Johnny Milano/Bloomberg

Other countries have put the welfare of citizens first and secured alternative vaccines

Long Hall pub: We should radically change our licensing laws to make it easier for venues to accommodate the surge in “going out’ demand.

State has had the most stringent lockdown and will have the most effervescent upswing

Buckingham Street in Dublin’s north inner city. Photograph: Crispin Rodwell

We can undertake a social experiment no one thought possible before the pandemic

The construction industry must realise that landowners are not on the same side as builders. Photograph: Chris Ratcliffe/Bloomberg

The housing units we plan to build will not be enough, not by half

An empty Temple Bar in Dublin last October.  We are witnessing the death of distance, rather than the death of the city.  Photograph: Dara Mac Dónaill/The Irish Times

The city needs to change from a shopping and work entrepot to a living, artisanal centre

The rentier capitalist model encourages endemic cronyism. Generationally, it squeezes the young. Photograph: iStock

Ireland’s model of 'rentier capitalism' is stacked against the younger generation

The private equity company plans to float Doc Martens at a valuation of $4 billion. This means that a finance company  will, in the space of a decade, make more than 12 times its original investment.

The company that made boots for punks and skins is floating on London’s stock exchange

 Supporters of US president Donald  Trump stand by the door to the Senate chambers after they breached the US Capitol security in Washington, DC, USA. Photograph: Jim Lo Scalzo/EPA

The white working class is slipping down the US and global pecking order

“It is in our interest to enthusiastically offer tax breaks to manufacturing companies looking to set up global supply-chain nodes.” Photograph: Getty Images

Ireland could be in for a manufacturing renaissance in the coming decade

One of the lasting legacies of Covid will be a profound change in the way we work. Photograph: iStock

2020 in review: From how we think about money to the working week, some lessons will stick with us

The Nasdaq building shows the Airbnb logo to mark the company’s initial public offering on the stock exchange in New York. Photograph: Justin Lane/EPA

As its share price neared $140, I was reminded of the ‘canal mania’ of the late 1700s

‘The English nationalists have ensured that the UK itself is actually a smaller free trade zone than it was before they started’. Photograph: Oli Scarff/AFP via Getty

DUP’s Brexit manoeuvring has done more to undermine the Union than Sinn Féin

“The first TGV was rolled out in 1981, 40 years ago – hardly a new technology. Similar new rail lines should be imagined, such as Dublin to Derry and Derry to Cork, with interconnected trains to Galway, Limerick and elsewhere.” Photograph: iStock

All-island infrastructure hasn’t been considered for 100 years. Too long

Car parks are ideal micro-projects for reimagining the broader city. Photograph: iStock

Urban car parks will soon be like suburban churches: empty relics of a bygone era

Right now business travel is down 96 per cent since the start of 2020. Photograph: iStock

Surprising amount of urban economy depends on maligned business traveller

The most important aspect of the coronavirus vaccine is the notion that we can now see light at the end of the tunnel. Photograph: Nick Bradshaw

Vaccine, low rates and madness of King Boris have changed our economic outlook

We must do all we can to ensure Covid-driven layoffs do not become permanent. Photograph: Getty Images

Current alarm rightly focuses on youth, but there is another long-term structural problem

An eerily quiet Temple Bar in Dublin: By ordering the private sector to close, in order to avoid overwhelming our hospitals, the State is putting most of the economic burden on the small business sector.  Photograph:  Stephen Collins/Collins Photos

Government should aid small businesses directly to help prevent bankruptcies

Workers treat a building in Dublin city. File photograph: Cyril Byrne

A meaningful dereliction tax would change the game further, and for the better

As with banking, in the housing sphere, Irish citizens are being crushed financially. Photograph: iStock

This lamentable situation could end if State-owned AIB offered loans at the ECB rate

Acting chief medical officer Dr Ronan Glynn with HSE national director Liam Woods and Lorna Fitzpatrick, president of the Union of Student in Ireland, at a Covid-19 update press conference on Monday.  Photograph: Colin Keegan/Collins

Rather than vilify them, let’s nurture them and invest in them now while we can

The lockdown robs us of future visibility ... In its stead, we get ingrained pessimism. Photograph: Gareth Chaney/Collins

Bluntly, there will be no economic momentum as long as we have lockdowns

UK prime minister Boris Johnson (left) and former Serbian leader Slobodan Milosevic. Photographs: Neil Hall/EPA and Patrick Hertzog/AFP via Getty

This could be the beginning of the end of the UK as the centre now struggles to hold

Ireland’s business model should still be that we are an attractive place to do international business, both for locals and foreigners. Photograph: Brian Lawless/AFP

Investment that might have gone to the UK can come here. Our job is to manage it

The future of Europe will be a struggle between the North and the South. Pictured Angela Merkel and Mario Draghi. Photograph: Silas Stein/POOL/AFP

The Germans have been boxed in by Italy. Fiscal policy has become monetary policy

The State and the ECB are behaving as if the pass-through from interest rates to the economy, via the banking system, still works. It doesn’t. Photograph: Hannelore Foerster/Bloomberg

We are in a classic ‘liquidity trap’, and lowering interest rates won’t get us out of it

The rate of interest, which is the price of money in the future, is officially zero. What this means is there is no cost to dipping into the future to bailout the present. Image: istock

Medically, Ireland is to continue with the lockdown strategy, so what is our economic plan?

‘The office space that is freed up could then be converted into apartments, repopulating the city with residents rather than workers who commute.’

Employees who work from home will set the rent agenda and change the face of our cities

John Hume on the Walls of Derry, spring 1998. Photograph: Pacemaker

Derry Credit Union gave the city’s downtrodden the power to imagine a better future

Irish State can raise billions of euro in the bond market. Photograph:  Yann Schreiber/ AFP/Getty Images

Whatever the obstacles to social change in modern Ireland, money is not one

A glorious day on the beach in Lahinch. Photograph: Ross Kinnaird/Getty

In a pandemic, unlike a recession, spending is constrained not by income but by fear

The Romans were so enamoured by urine that they taxed it, leading to the wonderful  expression, attributed to the emperor Vespasian: ‘pecunia non olet’, meaning ‘money has no smell’. Photograph: iStock

Tax is not just about raising revenue, it is a legitimate part of our economic arsenal

David McWilliams: ‘The Craic Economy covers bars, restaurants, hotels, comedy clubs ... and so one.’ All quiet in Temple Bar, Dublin on the eve of St Patricks Day this year as coronavirus restrictions came into place. Photograph: Nick Bradshaw/The Irish Times

Income in the ‘Craic Economy’ – composed of bars, clubs and festivals – has dropped to zero

There is no business that opens solely in order to employ other people. Employment is what happens after a product is successful. Jobs are the consequence of product success. Photograph: iStock

It’s businesses, not governments, that create jobs. So politicians should stop promising them

Philip Lane, the European Central Bank’s chief economist. Photograph: Dave Meehan/The Irish Times

Europe’s most conservative institution is – rightly – ripping up its own rule book

The young  are being left behind on almost every economic metric, from wage rates, to job security to housing. These issues have been made more stark since Covid-19. Photograph: Brian Farrell

Ireland is experiencing a generational divide both politically and economically

Building a sovereign wealth fund in Ireland is a sensible project – similar to the way Norway has used its oil money. Photograph: Bloomberg

Coronavirus pandemic gives us the opportunity to think big and reimagine the country

In the 1980s Ireland was a backward country, economically and socially. Photograph: Getty Images

Ireland today is utterly different. Comparisons with the 1980s are lazy and inaccurate

The Shibuya Crossing in Tokyo. The central bank there keeps its discount window jammed open and accepts government debt as collateral at zero interest rates. Photograph: Behrouz Mehri/AFP via Getty Images

The solution to financial woes brought about by Covid-19 is obvious. It is called Japan

More articles