Are Interest Rates Really That Important?

There is something I never got about interest rates. There is a consensus across economists that interest rates have a very important impact on the economy. Economists of all stripes agree that lower interest rates boost economic growth and higher rates reduce growth. Some go as far as saying that it is through interest rates and monetary policy (not spending and fiscal policy) that governments should manage the economy. It’s a standard classroom exercise to draw curves showing the impact of interest rates on growth. Too low interest rates are one of the main factors blamed for causing the bubble and resulting recession. But I always felt that something didn’t quite add up and I began to doubt how important interest rates really are. Continue reading “Are Interest Rates Really That Important?”

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How Many Catholics Are There In Ireland?

Now this question probably seems a bit pointless for a blog. Can’t you just Google the answer and be done? According to the 2011 Census, 3,861,335 people or 84% of the population of the Republic described themselves as Catholics. This figure is often used to describe Ireland as a Catholic country and to defend the role of religion in Irish society, ranging from Church control of the vast majority of schools, whether abortion should be kept illegal or the religious references in the Constitution (if you don’t know, the opening line is: “In the Name of the Most Holy Trinity, from Whom is all authority and to Whom, as our final end, all actions both of men and States must be referred”). But if Irish people are overwhelming Catholic, then it seems obvious that Ireland would have a strong Catholic ethos. Continue reading “How Many Catholics Are There In Ireland?”