Humans only: no AIs need apply: Bill Gates has proposed that some jobs should be immune to automation to protect against the risk of mass unemployment. We’ve been waiting for the AI jobs apocalypse for a decade, and it isn’t here yet. With so much uncertainty about what comes next, why not focus on making the economy better at creating jobs instead?
Andy Burnham will need plenty of intelligence to come up with an answer to the rising cost of energy. The new energy price cap, announced today, has risen by 4%, wiping out the savings from his temporary cut to VAT on energy bills. And the energy analyst Cornwall Insight projects that whatever happens in the Middle East, the cap will rise again in January, pushing the average annual bill up by another £149 – forcing the Government to step in. But not, alas, to reverse the policies that have helped send bills so high.
Below you’ll find all the latest pieces from CapX, plus what we’re reading from around the web.
Marc Sidwell
Editor, CapX
Today’s Takes
Fresh thinking from CapX
Are Putin's threats to Britain more than hot air?
Eliot Wilson
‘The Russians are masters of hyperbole, bluff and whining self-pity, and we can recognise all of those elements. Mostly it is empty oratory, but one day it might not be.’
British-made drones in Ukraine have attracted the ire of the Kremlin. This suggests that they have been used to great effect. We shouldn’t be surprised that Russia is posturing; we haven’t had a peaceful relationship with them for 20 years. The Russians may be masters of hyperbole and self-pity, but we do have to be prepared for a serious attack. If the Iranians can shut down one of our energy facilities for four days, the Kremlin can too. Read More
Make capitalism popular again
John Cowpe
‘The disillusionment felt by many young people in our society poses a threat not just to the capitalist system but also to our democracy itself.’
Margaret Thatcher made the concept of widespread ownership of both homes and shares a reality for millions. But today, ownership of both is in decline. This has led to the disillusionment of many young Britons with our economic system and even our democracy. Popular capitalism is one of the best ways to overcome this alienation. Read More
The Capitalist: how to invent the city
This week on The Capitalist, I spoke to the writer and CapX columnist Jonn Elledge. His new book ‘31 Inventions That Built Our World’, surveys the technologies – from sewers to lifts – that make urban life possible. We discussed what it takes to keep a modern city running, and whether we are losing our nerve when it comes to building twenty-first century infrastructure.
We also talked about the PT Barnum stunt that convinced the public it was safe to ride in a lift, why nowhere on Earth held more than about a million people until the 1800s, the speed limit that stood in the way of commuting and why market pricing – not more regulation – is the answer to the mess we’ve made of urban space.
Best of the Web
Brexit was right for Britain – and the EU
John Redwood, ConservativeHome
‘The EU’s future is easier to arrange without the UK as a dissenting member.’
Brexit made economic and political sense, on so many levels. EU regulation has made Britain poorer and less competitive, while Europe’s bloody history shaped the case for sovereignty. Our future lies in embracing the wider world, rather than remaining a dissenting voice in an ever-expanding EU. Now both sides can pursue their very different ambitions. Read More
Don’t panic over prices
Ryan Bourne, The Times 🔒
‘Sometimes a company that knows more about you extracts more. Sometimes it offers a price to entice.’
The ‘dark art’ of personalised pricing using algorithms and customer data is causing something of a moral panic in America right now. Britain should be careful not to follow suit. There’s nothing new about companies adjusting their prices to what customers will pay. And just because something feels icky, doesn’t mean it’s bad for consumers. Read More
The kill switch for harmful genes
Jacob Witten
Stat of the Day
And if you want more...
– Why the world loved Dolly Parton (The Spectator)
– Rent controls don’t work (IFS)
– What makes a Home Secretary succeed? (The Critic)
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