An Economic Blog

Lent and Easter cancelled by university in drive to remove Christian term names.
(The Telegraph 29 January 2023)

The London School of Economics (LSE) has updated the names of its three terms to be more “international”.
Starting next year, LSE will rename Michaelmas as “Autumn term”, the Christmas break will be renamed “Winter break”, Lent term becomes “Winter term” and Easter break will be “Spring break”.
Well, give us a break! I find it difficult to come to terms with that.

But, try as they might, they will not stop me celebrating December 25th. This important day is reason for a family party with all my children and grandchildren gathering round a groaning table full of food.
No, I have not converted to Christianity. Long-term readers of my blogs might remember that Christmas Day is my birthday.

In the meantime, we should consider updating the inappropriate name – London School of Economics.

London is probably taken from the Romans. They believed that Londinium was an appropriate name for this village on the banks of a small river. This river, the ‘Thames’, is named after ‘Tamasa’, a Sanskrit (ancient Indian) word meaning ‘dark river’ or ‘dark water’.

There is something fishy about School. It started with the Dutch whose schole meant “multitude” or “school of fish”.
A school as a place of learning comes from the Greek scholē. This meant “leisure.” The Greeks believed that leisure allowed one to think and discover new things. I don’t remember much “leisure” at school, and even less at university. Even as a retiree I don’t have much leisure, there is always something that must be done.

And finally, let us take a look at Economics. This is the study of many complex issues of vital importance to society. While it certainly deals with a lot of numbers, it is not a real science. It is usually considered to be a social science, examining the relationships between society and individuals. As any social science, there are many, often conflicting, answers to simple questions.

The BBC came under fire today. BBC impartiality is at risk because journalists “lack understanding of basic economics”. We Israelis have never been impressed by BBC impartiality.

Important as economics may be, economists do not make the news. You have probably never heard of Andrei Shleifer. He is considered to be the world’s leading economist, working out of Harvard University in Cambridge, Massachusetts.

Not a very long blog, today. I have tried to be economical with my thoughts.