by Thomas R. Wells

Prime Minister Boris Johnson has exactly one strategy in his EU trade negotiations: threatening to drive Britain into a no-deal wall unless he gets what he wants. In other words, Johnson has been approaching this extraordinarily important matter of national interest as a peculiar version of the game of chicken. This explains much of his bizarre behaviour over the last 18 months, such as his antagonistic attitude, stubbornness, time-wasting, and even (part of) his buffoonery. Nevertheless, to be explained is not to be justified. Not only will the strategy fail, as it did before when Johnson used it in the Withdrawal Agreement negotiations. It has also foreclosed any hope for a substantive trade deal that could have fulfilled the positive aspirations of Brexiteers.
In a traditional game of chicken, two teenagers drive their cars directly towards each other at high speed, threatening mutually comprehensive destructive. The one who swerves away first is the loser, but still better off than if they had crashed. It is a game that rewards the most reckless player, and so it is no wonder that a famously irresponsible politician like Johnson would select it. He is willing to make huge bets with Britain’s national interest because he seems to see politics as just another game, and one that he gets to play with other people’s money rather than his own. The way Johnson decided to support the EU referendum back in 2016 illustrates this. He calculated that supporting Brexit gave him his best chance of winning the Prime Ministership – naturally the public interest was irrelevant to his considerations. Not unrelated to Johnson’s disinterest in taking politics seriously, the other reason he relies so heavily on gambling as a method of government is that he is famously lazy and incompetent (in stark contrast to his Churchillian self-image). Thus, Johnson decided to play the trade negotiations as a game of chicken both because he knows that EU politicians and institutions do take the responsibility of politics seriously and will be unable to match his recklessness, and also because he knew that neither he nor the witless Brexit loyalists he has filled his government with would be capable of conducting a normal negotiation process. Read more »





Thorstein Veblen’s The Theory of the Leisure Class is a famous, influential, and rather peculiar book. Veblen (1857 – 1929) was a progressive-minded scholar who wrote about economics, social institutions, and culture. The Theory of the Leisure Class, which appeared in 1899, was the first of ten books that he published during his lifetime. It is the original source of the expression “conspicuous consumption,” was once required reading on many graduate syllabi, and parts of it are still regularly anthologized.




Last month
My Jewish maternal grandparents came to America just ahead of WWII. Nearly all of my grandmother’s extended family were wiped out in the Holocaust. Much of my grandfather’s extended family had previously emigrated to Palestine.

shocking. Torcetrapib, for example, failed at the very end of its phase III trial. So many resources had been expended to get that far in development. Everything spent was lost. All that remained was a big data pile worth virtually nothing, along with pilot plants that were built to supply the drug to thousands of patients across years of clinical trials.