externalities

Chris Giles

Bankers should count themselves lucky that the UK and French governments are only considering a 50 per cent supertax, because their value to society is negative, says a report released today by the New Economics Foundation.

To me, the report is a perfectly sensible attempt to describe the externalities  - the difference between the private value and the social value – that are embodied in different jobs. But it is combined with numbers that appear to be complete guesses alongside some horrible howlers.