Economics News Briefs

Rightwing economic myths could derail Burnham’s project – to destroy them, look to Keynes | Larry Elliott. Borrowing can be good, there is no such thing as the ‘nation’s credit card’, and, yes, you can buck the markets – as previous governments have shown Andy Burnham does a nice line in nostalgia. His first party conference speech as prime minister was full of fond memories for the Britain of the 1950s and 1960s, when working-class families could sense their lives steadily getting better. The underlying message of his address was that, given time, he could rekindle that optimism and return.

The ugly economics of consumer AI. There’s a reason frontier labs have gotten gun-shy about consumer AI — and it’s not because the tech isn’t good enough.

UK income growth revised upwards as markets hail ‘resilient’ economy. Boost for John Healey before budget as GDP figure shows UK economy grew faster than first estimated in second quarter UK household income grew at a stronger pace than previously estimated during the first six months of the year, according to revisions of official data. The rise in income per head to 1.1% between January and June followed an increase in the level of economic growth that illustrated the resilience of the UK economy since the outbreak of hostilities in the Middle East more than seven months ago. Continue reading...