Stephen King: We must keep our heads, even if others lose theirs

The inflation-targeting framework in the UK has seemingly been hugely successful over the years. Arguably, though, it's never really been tested in difficult times. Under current circumstances, with inflation rising and house prices falling, will the framework really be able to cope?

Stephen King: Will our central banks make a Freudian slip over their illusory control of price stability?

As oil and other commodity prices rise, there's a sense that our inflationary destiny no longer lies with our central banks

Stephen King: Power unleashed by emerging markets threatens to upset West's economic plans

Like unruly teenagers, the emerging markets will have to make their own mistakes

Stephen King: As safe as houses? How harsh realities are dispelling the home market myths

People are led to believe that homes are automatic generators of additional wealth. This argument is mostly spurious

Stephen King: Give globalisation a human face

Most economists believe that globalisation is a good thing. By breaking down barriers between nations, globalisation leads to a more efficient allocation of labour and capital. Greater efficiency implies higher output and higher output, in turn, makes us all better off. That, at least, is the theory. Globalisation, however, incorporates a core paradox. It reduces income and wealth inequalities between nations yet it seems to increase these inequalities within nations.

Stephen King: Inflation catches banks in a cleft stick

Students of economic developments in the 1970s and 1980s know all too well that the central bank par excellence during those two decades was Germany's Bundesbank. Its reputation in safeguarding the value of its currency, the Deutschmark, was second-to-none. Price stability, year-in, year-out, was supposedly its party trick.

Stephen King: Food protectionism could provoke a crisis on a par with 1970s oil shocks

The biggest threat to the world economy isn't the sub-prime crisis. Nor is it the credit crunch or the US recession. It's food.

Stephen King: From Pope Pius VII to the credit crunch, market failure lives on

If regulators and policymakers fail to deliver, we'll end up with more false hope and moreimpoverishment

Stephen King: Central banks have the power to avert another catastrophic depression

One American bank failure and, apparently, we have proof that market economies just don't work. The move towards ever more deregulation is leading us all into another depression. Greedy capitalists, left to their own devices, will suck the blood out of our economies, leaving the rest of us to suffer ongoing economic hardship.

Stephen King: Ultimately, Mr Darling is keeping his fingers crossed

'As financial markets implode, there are good reasons to think the UK will be more vulnerable than most'

Stephen King: It's time for the Fed to find a good plumber

Monetary policy normally works in the same way as your central heating system. You adjust the monetary thermostat – the policy rate – and wait for the economy either to warm up or cool down. Ben Bernanke and Mervyn King may be jolly clever men but their influence on the economy at large is not so different from your influence on the ambient temperature in your house.

Stephen King: Emerging economies are repeating our old mistakes

So you think we've got an inflation problem? You may be right, but the West's inflation difficulties are nothing compared with the problems now facing many of the so-called "emerging" economies. China now has an inflation rate of 7.1 per cent. Saudi Arabia's inflation rate is 9.0 per cent. Russia's stands at 11.9 per cent. Argentina's inflation rate is, officially, a more modest 8.2 per cent, although many people, including those who work at the IMF, think the true inflation rate is a lot higher.

Stephen King: Misguided thinking of those who say recession would purge the system

I never thought I'd associate the economics profession with sadism, but I'm beginning to wonder. In recent weeks, I've read an increasing number of articles suggesting that a recession would do the world economy a power of good. The protagonists' arguments follow in the best traditions of John Major's approach to economic policy. It was the mild-mannered Mr Major, after all, who once said "If it isn't hurting, it isn't working". But who, though, deserves to be hurt? Shock therapy sometimes works, but policymakers shouldn't bank on this approach all the time.

Voices
Chancellor George Osborne (C) wears a high visibility jacket as he makes a visit to the Prysmian Group factory and speaks to factory manager Steve Price
Could a surprise drop in manufacturing output have wider implications, asks David Blanchflower
News
Six in 10 small businesses are owed late payments and the average small business is currently owed £38,186 in overdue bills, Bacs says
SMEs are today owed £39.4bn in overdue bills. The figures are nothing short of a scandal, says David Prosser
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Network Rail (NR)
Politicians don't trust Network Rail, are fed up with late trains and don't think UK suppliers get a fair shout, says Mark Leftly
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A worker arranges pasta at a factory in Allahabad. India’s finance minister said he hoped that growth would soon reach 7 or 8 per cent
A budget targeting growth and reducing the deficit has been praised, but will it be enough to help the country regain its economic footing?, Andrew Buncombe in Dehli
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Can you mix business with pleasure? Matt Gingell explores
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The central banks have printed shed-loads of money and it has to go somewhere, but the 'fear index' is creeping up, writes Hamish McRae
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Bailey has little experience of actually running a company - and there is a world of difference between being a “chief creative officer” and a chief executive- no doubt shareholders are unhappy
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Andrew Miller’s £1.4m bonus reflected the sale of Auto Trader
As the owner of The Guardian overcomes the decline of print with strong digital revenues, its chief executive tells Gideon Spanier how it is adapting to the new age of publishing
News
The oil giant was overtaken by Wal-Mart as the world's biggest revenue earner, as Mark McSherry reports, 27 other UK firms made it to the Fortune Global 500 list of biggest companies
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Never mind the lack of dialogue and pointless explosions. You'd be a fool to underestimate Michael Bay, because if there's one thing he knows, it's how to make money by heading east, says Maria Tadeo
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Models present creations for fashion house Gucci as part of the spring/summer 2014 ready-to-wear collections
The US has a taste for European luxury goods, as Francois Henri Pinault tells Laura Chesters, and labels like Mulberry and Burberry are betting their shirts on it
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