My new essay (on economics as religion), in Prospect magazine

I've roughly fifty subjects I'd like to blog on. Football! Monolines! Street parties! The Irish housing bubble! Popstar poetry! The mysterious Blau Blau Blau movement! How to write for the new attention span! My new life with Will Self's pig! Too many possibilities. Can't decide.

Tell me if any of the above interest you, and it might help me focus on one of the blighters, and get it done.

Meanwhile I have an article, on economics as a religion, in the new issue of Prospect (the wonderful London-based magazine of ideas). The issue also features a round-table discussion of the current global financial crisis. Several of my favourite thinkers on economic matters take part, including the philosophical hedge fund manager George Soros, and the very wise and grave chief economics commentator of the Financial Times, Martin Wolf. After they have thoroughly depressed and demoralised the readership with the awfulness of it all, I provide the light entertainment, in a two-page afterword, "The Sacred Mystery of Capital".

A sample paragraph or three:

"... But religions evolve, and recent events show that capitalism has begun to evolve less in the manner of the Galapagos finches (whose beaks adjusted over millennia to suit the berries of their individual island), and more in the manner of the Incredible Hulk. Incredible Hulk capitalism can expand the muscle of its credit so swiftly that its clothing of real world assets cannot stretch fast enough to contain it. Expansion, explosion, collapse—Incredible Hulk capitalism sprawls, stunned and shrunken again, in the rags of its assets.

Or, returning to our religious analogy, if capitalism was a religion, it would now be a delightfully demented pseudo-scientific cult. Incredible Hulk capitalism is to the capitalism of Adam Smith what Scientology is to the Christianity of Christ. Both modern high finance and Scientology use the language and tools of science to ends that are religious, not scientific. Both meet a need, a yearning which the old forms of religion and capitalism no longer meet. The need for a mysterious power greater than us, in which we can believe. It must be powerful—but it must also be mysterious. And mystery has been vanishing from the world ever faster, ever since Galileo.

We know what the stars are made of, and can compute their course through the heavens for the next 10,000 years. We can explain the storms and floods that were once evidence of the wrath of God. But as the advance of science has removed the divine mystery from much of life, the advance of free market capitalism has put it back. Only modern economics can now provide forces that we don’t understand. And we need that in our lives."

The whole thing is here, if you're interested.