Andrew Smithers is the founder of economic consultancy Smithers & Co. He is the author of Valuing Wall Street: Protecting Wealth in Turbulent Markets, The Road to Recovery: How Economic Policy Must Change, and Wall Street Revalued: Imperfect Markets and Inept Central Bankers. He is a former columnist for the London Evening Standard, and has also written columns and blogs for The Times and the Financial Times.

• 1: The legacy of the financial crisis 2: What I seek to show 3: Poor productivity and damaging demography 4: The cause of poor productivity 5: Ageing populations 6: Other influences on growth 7: The problem of income inequality 8: Two models of growth 9: Investment and the stock of capital 10: Description of my model 11: The results of my model 12: Testing the proposed model 13: Investment, the capital stock, and economic policy 14: The bonus culture has raised the hurdle gate 15: The added impact of misinformation 16: Implications for growth 17: Management and shareholder interests 18: Distractions from serious debate 19: Deflation 20: The UK is similar to the US 21: Reversing perverse incentives 22: Changing the economic impact of current incentives 23: Misinformation adds to risks for the economy 24: The economic consequences of higher investment 25: Summary and conclusions APPENDICES A.1: The impact of real and nominal interest rates A.2: Measurement of the net capital stock and depriciation in the UK and the US A.3: The Gini Coefficient A.4: The formulae for NTV A.5: US profits as published are habitually overstated A.6: The Balassa-Samuelson effect A.7: Abolishing ACT caused a large rise in the effective rate of corporation tax A.8: Why profit margins in mature economies are expected to revert to their mean

Smithers is quietly persuasive, and invites the public to discuss and debate his ideas. A glossary helps nonspecialists understand the terminology. ... Summing up: Recommended

Andrew Smithers is the founder of economic consultancy Smithers & Co. He is the author of Valuing Wall Street: Protecting Wealth in Turbulent Markets, The Road to Recovery: How Economic Policy Must Change, and Wall Street Revalued: Imperfect Markets and Inept Central Bankers. He is a former columnist for the London Evening Standard, and has also written columns and blogs for The Times and the Financial Times.

• 1: The legacy of the financial crisis 2: What I seek to show 3: Poor productivity and damaging demography 4: The cause of poor productivity 5: Ageing populations 6: Other influences on growth 7: The problem of income inequality 8: Two models of growth 9: Investment and the stock of capital 10: Description of my model 11: The results of my model 12: Testing the proposed model 13: Investment, the capital stock, and economic policy 14: The bonus culture has raised the hurdle gate 15: The added impact of misinformation 16: Implications for growth 17: Management and shareholder interests 18: Distractions from serious debate 19: Deflation 20: The UK is similar to the US 21: Reversing perverse incentives 22: Changing the economic impact of current incentives 23: Misinformation adds to risks for the economy 24: The economic consequences of higher investment 25: Summary and conclusions APPENDICES A.1: The impact of real and nominal interest rates A.2: Measurement of the net capital stock and depriciation in the UK and the US A.3: The Gini Coefficient A.4: The formulae for NTV A.5: US profits as published are habitually overstated A.6: The Balassa-Samuelson effect A.7: Abolishing ACT caused a large rise in the effective rate of corporation tax A.8: Why profit margins in mature economies are expected to revert to their mean

Smithers is quietly persuasive, and invites the public to discuss and debate his ideas. A glossary helps nonspecialists understand the terminology. ... Summing up: Recommended

Andrew Smithers is the founder of economic consultancy Smithers & Co. He is the author of Valuing Wall Street: Protecting Wealth in Turbulent Markets, The Road to Recovery: How Economic Policy Must Change, and Wall Street Revalued: Imperfect Markets and Inept Central Bankers. He is a former columnist for the London Evening Standard, and has also written columns and blogs for The Times and the Financial Times.

• 1: The legacy of the financial crisis 2: What I seek to show 3: Poor productivity and damaging demography 4: The cause of poor productivity 5: Ageing populations 6: Other influences on growth 7: The problem of income inequality 8: Two models of growth 9: Investment and the stock of capital 10: Description of my model 11: The results of my model 12: Testing the proposed model 13: Investment, the capital stock, and economic policy 14: The bonus culture has raised the hurdle gate 15: The added impact of misinformation 16: Implications for growth 17: Management and shareholder interests 18: Distractions from serious debate 19: Deflation 20: The UK is similar to the US 21: Reversing perverse incentives 22: Changing the economic impact of current incentives 23: Misinformation adds to risks for the economy 24: The economic consequences of higher investment 25: Summary and conclusions APPENDICES A.1: The impact of real and nominal interest rates A.2: Measurement of the net capital stock and depriciation in the UK and the US A.3: The Gini Coefficient A.4: The formulae for NTV A.5: US profits as published are habitually overstated A.6: The Balassa-Samuelson effect A.7: Abolishing ACT caused a large rise in the effective rate of corporation tax A.8: Why profit margins in mature economies are expected to revert to their mean

Smithers is quietly persuasive, and invites the public to discuss and debate his ideas. A glossary helps nonspecialists understand the terminology. ... Summing up: Recommended