In this paper I analyse four different but related concepts, each of which highlights some aspect of the way in which the state acquires command over real resources through its ability to issue fiat money. They are (1) seigniorage (the change in the monetary base), (2) Central Bank revenue (the...

The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numéraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numéraire and...

Explicitly or implicitly, general models of European integration claim that EC regulatory expansion involves a struggle for power between Commission and national governments. The Commission is seen as a policy entrepreneur, taking the initiative to drive forward integration (Sandholtz and Zysman...

Globalisation is a phenomenon that is said to have radically changed the international economy. It is said to have radically limited the power of national governments, particular in the field of taxation, in a world of highly mobile capital and flexible transnational corporations. To explore the...

Visiting the main employment office in Warsaw in late 1989, I asked how many people they were currently paying benefits to. The answer (in a city of 1.6 million people) was five. A year later, unemployment in Poland was more than a million, and by December 1993 was three million. There is no...

This paper discusses how to construct student loans to ensure that, for the most part, they count as private spending. Though the specifics relate to the finance of higher education, the issue has much wider ramifications for flexible combinations of public and private activity, for example in...

The article explores the work-life balance policy agenda as it has emerged in post-industrial societies, such as the UK, and it reports on a small-scale study of the experiences and expectations of work-life balance in a low-income inner-London neighbourhood. From the study certain general...