Coming soon: Economics for Business

It's official: I am excited! It has been ten years since my first book, Focus on Financial Management was published by Imperial College Press, so a new book is long overdue. On November 3rd my latest attempt at a very student-friendly book, Economics for Business, will be published by Kogan Page. I am led to believe that my University will be hosting a "book launch" at some stage.

Writing a textbook for students is a venture fraught with immense difficulty. The writing itself can be tedious and lonely, in some cases made all the more frustrating by reviewers' and editors' comments with which you disagree. In my case, the editors at Kogan Page have been little short of incredibly supportive and encouraging, making this a very enjoyable journey. However, probably the biggest difficulty is that the students for whom I wrote this book (and my previous book) are not necessarily going to discover it and buy it. A student tends to buy a book because it has been recommended (or, more often, required) by their University instructor for a particular course. Thus, while I have made every effort to make my book immensely readable, engaging and student-friendly, it will also need to attract the interest of lecturers if it is to sell.

Far too many books with the same of similar title appear to be texts on Economics with a nod to Business. There are often business examples, but more usually as bolt-ons rather than integrated into the underlying theory. I hope this is a pitfall I have been able to avoid. I hope you will agree.

While I have enjoyed the process of writing this book over the past two years I am also pleased to see the process finally come to a fruitful end. I hope that you will purchase a copy of it: at £29.99 it is very much cheaper than many University-level texts, written especially for students. It has been reviewed by some of my own students to ensure that it achieves what I set out to achieve. I hope you will agree. When the "launch" is announced I hope you will be able to attend. I will be happy to sign your copy should you desire!

You can pre-order a copy of Economics for Business directly from Kogan Page (www.koganpage.com/product/economics-for-business-9780749470197) or Amazon (www.amazon.co.uk/Economics-Business-Decision-Complex-Macroeconomy/dp/0749470194/ref=sr_1_1?ie=UTF8&qid=1445522045&sr=8-1&keywords=ivan+k.+cohen). It is also available at Book Depository (www.bookdepository.com/Economics-for-Business-Ivan-Cohen/9780749470197) and Bokus.com (www.bokus.com/bok/9780749470197/economics-for-business/) as well as Barnes & Noble (www.barnesandnoble.com/w/economics-for-business-ivan-k-cohen/1122049878?ean=9780749470197).

We are all ... or are we?

Throughout modern history commentators from various sources have resorted to declaring a particular viewpoint as the mainstream orthodoxy by suggesting that "we are all ....". Thus, in 1888, William Vernon Harcourt, a British politician (Liberal party) declared "we are all socialists now". Looking back 130 years, this now appears as ludicrous hyperbole. Even when made with genuine earnestness at the time, such declarations will almost always be proven to be incorrect by the fullness of time.


The phrase "we are all Keynesians now" was originally attributed by Time (1965) to arch-Monetarist and Nobel Laureate, Milton Friedman. A renowned anti-Keynesian, Friedman tried to clarify his stance in a 1966 letter: "In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian." What Friedman intended to convey by this statement is difficult to determine, but we know for certain that he was no great proponent for Keynesian economics; to the contrary. It is reasonable to suggest that Friedman was making the point that Keynesian economics had become the mainstream orthodoxy of the 1960s, to the detriment of other perspectives. In many ways this could be seen as a variant of Goodhart's Law: in this case, when a particular economic doctrine becomes mainstream, the economy ceases to operate as that doctrine suggests, thereby making its policy prescriptions valid.

The same phrase later became associated with (and then attributed to) US President Richard M. Nixon. A Republican, with natural tendencies towards less government intervention, Nixon pragmatically found himself embracing orthodox Keynesian interventionist policies during the early 1970s. In 1971, after removing the United States from the international gold standard, Nixon was quoted: "I am now a Keynesian in economics".

In 2002, UK Labour politician Peter Mandelson declared in an article in The Times that "we are all Thatcherites now", suggesting that acceptance of the policies of Margaret Thatcher was now rife, even among the other political parties in the UK. That these other parties had strongly fought and contested Thatcherite policies at the time of their instigation was now a matter of history.

Following the financial crisis of 2007, the phrase "we are all Keynesians now" gained new life, when economists called for massive investment in infrastructure and job creation as a means of economic stimulation. It is a matter of historical record that many governments opted for the exact reverse, bringing in 'austerity' policies.

Following the Iowa cucuses in 2012, Republican presidential candidate, Ron Paul offered a different perspective: 'I'm waiting for the day we can say, 'We're all Austrians now.'" Austrian economics has long been side-lined by mainstream perspectives. However, it takes the view that markets are better placed than governments to deal with economic issues. They argue that less government intervention is better, a laissez faire view of the world which is in stark contrast to Keynesian economics. However, while the right wing of the US political spectrum advocate less government, their aims tend to be more vocal than concrete. For government to vote to remove itself from economic intervention would seem tantamount to the proverbial turkeys voting for Xmas!

So are we all anything now? After all, before the publication of his General Theory.... in 1936 Keynes was as much as "classical economist" as anyone else. By 1936 he had changed his views, although he never became a Keynesian (in the same way as Marx never became a Marxist). As he was fond of noting: "When the Facts Change, I Change My Mind. What Do You Do, Sir?"

I would argue that economic perspectives are like popular music. In the 1950s and 1960s all popular music was mainstream, with few diverse genres. This was also true for economics. In the 21st century "pop music" is simply one genre among many others which make up popular music. This includes reggae, country, hip hop, house, trance, and many others. It is the same with economics: nowadays almost anything goes. Economists have increasingly gone tribal, with individual economists often having affiliations with more than one school. And where do I fit? Like Keynes, when the facts change I change my mind.

The importance of Higher Education

For my father's generation education was they key to everything: success, happiness, social mobility, prosperity. Brought up during the years of the Great Depression and World War II, his generation suffered the kind of deprivation which most of us can only imagine. Yet, alongside that deprivation, others continued to thrive.

During my youth my parents inculcated in me the importance of getting as good an education as possible. Without it I would have ended up as factory fodder, with low income and virtually zero job satisfaction (whatever that is). With the best education the British welfare state could provide I have managed to avoid deprivation and live in a fairly affluent manner, my wife and I providing for our kids at a level unimaginable when I was their age. And without the loss of any job satisfaction.

As an economist I genuinely believe that education is the key to the future. It may not guarantee happiness, but it can improve a person's chances of success, social mobility and prosperity. At a macroeconomic level it is the primary generator of economic growth in the medium- and long-term, especially at the level of Higher Education (HE). And yet, it appears that post-secondary education in the UK is under attack, and in decline on global relative league tables. That attack comes from several fronts, of which the most important is the lack of vision among UK governments for nearly a decade.

For HE to succeed it needs to be able to attract the best potential, regardless of their current position on the socio-economic ladder. For this to occur, the funding of HE must not act as a hindrance to access; currently it does. To not invest in the future minds of young people is not only economically damaging, it is also morally abhorrent.

At the time I entered University, UK HE was based on the Robbins principle: that HE "should be available to all who were qualified for them by ability and attainment". It was recognised that HE was an investment, not only in the individual, but also by the state in the future of the state: a social investment. Thus, if you were good enough the state paid your fees and provided an income-based maintenance grant.

At that time less than 10% of the population went into HE, a figure far exceeded today. And things are more complicated by the legal requirement to treat all EU students equally. So how might we return to a system similar to that which gave me a "leg up" in society? One that promotes HE? I believe the principle is simple, and not so very different from that which prevailed in the early 1970s. Back then, to qualify for payments of fees and a grant you had to be UK-resident for three or more years. I would argue that a similar system in place today would ensure that good minds from poorer backgrounds would not be deterred from entering HE, and also be primarily available for UK students without breaching EU regulations, thus it would not only be affordable, but the future benefits to the UK would significantly outweigh the costs to the public purse (i.e. the taxpayer).

It is time that we demanded a longer-term perspective, especially on education, from the governments we elect in this country. To do anything else is an economic and moral abdication of our duty to future generations.

(also available on LinkedIn: https://www.linkedin.com/pulse/article/importance-higher-education-ivan-k-%25E5%258F%25AF%25E6%25B1%2597-cohen/edit)

Football prices

Tomorrow (Thursday 14th August) the Football Supporters' Federation, together with fans from many football clubs, is holding a demonstration in London demanding "Affordable Football for All".  Meeting at 1pm at Marble Arch, they will be marching on the headquarters of the Premier League and Football League. Full details are available at FSF March.

As a season ticket holder at White Hart Lane the emotional side of my brain wishes the FSF well and approves of their objective wholeheartedly. My season ticket for 2014–2015 costs around £900 and is one of the cheaper seats at Spurs. This means an average of around £45 per game. This includes TWO cup games, one of which will be the Europa League playoff game against Limassol on 28th August. When I first became a season ticket holder at Spurs the cost included six cup matches, something which has become reduced over a period of two decades. £45 per game is quite expensive, especially as it is not the only cost of attending football: there is also transportation, refreshments, possibly a matchday programme, and for some a few drinks before, after or both. Then there is merchandise: almost all fans at some point during the season will purchase official merchandise to show their loyalty. And there is also the associated cost of satellite TV, be it SKY, Virgin or BT. One might claim that supporting your football team is an addiction. An expensive addiction!

Supporting your football team in the English Premier League is not cheap. But when I consider it from my perspective as a professional economist I come up with a different conclusion, one which the FSF will not like.

As a Spurs' supporter I notice that for most games there are very few empty seats in the ground. Even when the weather is worse than inclement, even when the match is being broadcast live on TV, even when the team is not playing as well as we supporters might hope. I also note that there is a significant waiting list for season tickets. By way of example, my 16 year old son has been a Member for more than a decade and recently made it to the top of the waiting list for a Youth season ticket, which we naturally jumped at (it's about a third of the price of my own season ticker). Members can find out where they are on the waiting list by going to their Spurs online account. I understand that the current waiting list is in the tens of thousands, which Spurs hope the new stadium will be able to accommodate. My understanding is that the same is largely true of most other EPL clubs, even Manchester United, whose stadium has a whopping capacity of around 70,000.

All of this is evidence of demand to attend matches in excess of the supply. As anyone with a basic understanding of economics will tell you, excess demand usually leads to price rises. As long as there is no demand shortage there is no economic case for football clubs, including Spurs, to reduce prices. However, I feel sure that the FSF will argue there is a moral case. So let's conduct a brief thought experiment to see what would happen if EPL clubs reduced their prices significantly:

Again, as anyone with a basic understanding of economics knows, if the price of season tickets (or per game) was reduced it would lead to movement down the demand curve. The quantity demanded would increase, possibly significantly. This would mean that even more supporters would find themselves unable to attend: more would wish to attend at a lower price, yet the capacity remains unchanged. Lowering price below its equilibrium always leads to a shortage. This would make football supporters in general much more hostile than they are currently, as there would be more of them dissatisfied. One of the possible repercussions of this would be to generate an even larger "black market" for tickets than currently exists.

The FSF has also argued that increased TV money could be used to reduce prices, but this would do nothing to eliminate the issue which I have outlined above. The amount of TV money is largely an irrelevance in setting season ticket or matchday prices. It is a hoary old argument that was dismissed in economics over a hundred years ago with Alfred Marshall's positing of both supply and demand as determining price (not simply the former, based on costs).

I am delighted that the FSF is bringing the attention of football pricing to the EPL and FL. It is something they need to note, as current conditions will not always be the case. However, I doubt very much that they will be successful, as it is not possible to beat the market: it always comes back to bite you where it hurts most.

Kick Racism Out Of Football: antiSemitism debate

Those of us of a certain vintage can recall when racism was less than unusual at football matches in England. The spite and bile which greeted the earliest black players in this country will forever be a stain on the character of English people, and especially football supporters. Thankfully things have moved on considerably, with racism now being the province of a few small-minded bigots. Changes in the law have helped speed up changes in attitudes, so that the vast majority of the football-going public are now loath to tolerate racial intolerance.

And yet, in recent years there has been a slow return to some of the racism that many of us thought had been removed from football. While much of this has come from perhaps unsurprising overseas sources, there still remains work to be done in England. Much of this work is being done quietly, but effectively by organisations such as Show Racism The Red Card (www.srtrc.org) and Kick It Out (www.kickitout.org).

A few weeks ago (8th April) I had the pleasure and honour of being invited by Kick It Out as a guest speaker for an event being held at the National Football Museum in Manchester (www.kickitout.org/join-spurs-legend-garth-crooks-for-free-y-word-debate/). The focus of the evening was a debate on the use of the "Y-word" in football. The other panellists included Anthony Clavane (sportswriter and author of Does Your Rabbi Know You're Here?), David Conn (sportswriter for The Guardian) and Alex Goldberg (Chair of the FA's Football and Faith Group). The chair was originally meant to be occupied by Garth Crooks, but owing to duties elsewhere he was unable to attend and the meeting was ably chaired by Kick It Out's Director, Roisin Wood.

The discussion was divided into two halves! The first half was devoted to discussion of whether or not the usage of the Y-word by Spurs fans was in of itself racist; the second half was devoted to a more general discussion of racism and antisemitism in football, preceded by a showing of the Baddiel brothers' film on "Yids", which takes an un-nuanced, negative view of usage of the word in any context. It was a pity that the team responsible for the 3 Spurs' fans who had been arrested for usage of the word "yids" (or one of its variants) did not appear until the second half of the debate. Their desire to bring their experience to the debate would have been particularly helpful during the first half, but following the break discussion had already moved on to the more general aspects.

A quick summary of the panel's views might be as follows: My own views have already been aired on this blog on more than one occasion. For me context is everything. However, Anthony Clavane took a different view, largely coloured by his having been on the receiving end of negative usage of the word in his youth by antisemites. David Conn took a more liberal approach, while Alex Goldberg appeared to be more in line with Anthony. However, while decrying its use by Spurs' supporters, Anthony was not in favour of arrests or legislation.

It was an interesting evening, made all the more special for me sharing a platform with two such illustrious and renowned sports' writers (in particular). The audience were also lively and made for some interesting contributions to the debate. It was a debate that could have gone on for MUCH longer, and might perhaps have been more effective had it been held in a north London venue, such as Tottenham Hotspur's ground. I remain hopeful that should this debate continue Kick It Out will sponsor such an event in the near future.

In memory of Darren Alexander

It is some 20 years since I first met Darren Alexander. At that time there was only one online forum for Spurs supporters: the original (and best) Spurs-List established by Bruce Munro. Prompted by Norman Fenton, I had established a football team for members of the Spurs-List, and ran training sessions every Sunday in Barnet. I had sent out a request for additional players, and received an e-mail from Darren, then operating under the e-mail address of teddy@lerman.co.uk. He showed up at our next training session, volunteering to play in goal, a position he occupied for several years as the Internet Hotspurs went from strength to strength. From that time on, Darren and I rapidly became firm friends. It wasn't too long before we were schlepping together to away matches, usually in his car. And he always went out of his way to ensure there was a steady supply of beigels from Brick Lane to keep us nourished on both legs of the journey. At the time Darren also had some Oasis CDs, which became a staple on those journeys. This was during the middle 1990s, when Spurs' performances were much poorer than anything some supporters are moaning about today.

When the woman who became my wife came over from Israel for a trip in 1996, we piled into Darren's car for the trip to Blackburn. Ever since that time, Darren became an effective member of our family. He attended our wedding, our son's brit milah and his bar mitzvah. Last year he even gave up going to see Spurs play a cup game in Leeds as he had promised to be at my daughter's bar mitzvah. For a Spurs fan as committed as Darren to miss a match is almost unthinkable, but his devotion to his closest friends and family meant that he would always go above and beyond. Although Jewish, Darren was very liberal in his approach, yet fiercely proud of his heritage. Every year around this time, my wife and I would invite Darren to join us for the Passover seder, although he never did manage to come along.

In recent years this devotion to Spurs has taken up his time in his role as joint Chairman of the Supporters' Trust, a job he undertook with all of his usual passion and commitment. It is sadly ironic that he passed away before learning of the CPS decision not to prosecute the 3 Spurs fans who had been arrested for chanting "yids", a campaign which was close to his heart as a Spurs supporter, as a Jew, and as a believer in important values such as freedom.

Darren was also a man who, despite having a very large circle of friends and acquaintances, felt the absence of a special woman in his life. In the past year or so he became attached to Katrina, the soul-mate he had been seeking. My thoughts and prayers go out to her, and also to Darren's immediate family, for whom his loss is the greatest.

There are too many anecdotes to include in a short tribute to my great friend, Darren. I remain numbed by the suddenness of his passing, and bereft at his loss. Those who knew him knew him to have an appetite for life which matched his appetite for more things more epicurean (ask me about the burger he demolished at Leicester Forest). He was a man with whom I shared many values and many adventures. He was a man who was always there for me when needed, and I hope that I was there for him in his too-short life.

We pass but once through this short life, but it is made happy by the wonderful people we meet along the way. Darren was such a shining light, now extinguished. He shall be missed greatly.

Jermaine Defoe ... He's a ....

Yesterday I went to see Spurs gain a narrow victory over Everton at White Hart Lane. As always, it was nice to see a number of friends from near and far. However, for me, the most memorable turn of events happened after the final whistle.

It was nice to see the affection in which Jermain Defoe is held by his team-mates, which echoes that of the Spurs' faithful. This being his last game before jetting off to play in Canada, Defoe was launched onto the shoulders of his team-mates to be paraded before the home support. The crowd, of course, launched into their usual rendition of "Jermaine Defoe, he's a yiddo", a chant with which he has been greeted with smiles for many years.

It surely cannot be less than obvious to anyone of at least moderate intelligence that referring to Defoe in this way was not meant as a form of abuse, bigotry or other racial epithet. To the contrary, it was an outpouring of affection and admiration. One can only hope that with three Spurs supporters now awaiting trial for similar use of similar terms, the police and CPS will come to realise the error of their ways.

A time for ...

In recent years around this time I have posted a blog reviewing events of the past 12 months and looking forward to the next 12. This year I shall refrain; there are plenty of other people who will be writing such themes. I shall focus instead on what happened this time one hundred years ago.

A century ago saw the start of one of the largest and most violent episodes in human history. Known at the time as "the war to end all wars", the First World War was perhaps more tragic than we will ever truly realise. Sylvia Nasar in her immensely insightful Grand Pursuit: The Story of Economic Genius notes that 
"World War I destroyed globalization, disrupted economic growth, severed physical, financial and trade links, bankrupted governments and businesses, and led weak or populist regimes to rely on desperate measures that were supposed to head off revolutions but just as often hastened them. When the war was over, the victors as well as the vanquished were crippled by colossal debts and subjected to vicious attacks of inflation and deflation. Poverty, hunger, and disease, those Malthusian scourges, once again seemed to have the upper hand."

Prior to World War I the world's major economies had been on an upward path, with economic growth and development at an unprecedented rate. Trade and financial links had been forged ever deeper and farther. Social and economic mobility were no longer regarded as being impossible, with increasing recognition that individuals could also take charge of their own destiny, rather than a person's station in life being an immutable 'gift' from God. World War I, based on political reasons, destroyed completely the economic gains of the second half of the Industrial Revolution to the extent that the world did not return to its upward path until after World War II some 30 years later. As well as the immense and tragic loss of life which any war brings, the loss of talent, the hysteresis which resulted made for a lost generation subject to poverty and disease which had been thought to have been eradicated.

When memorials are undertaken in 2014 to commemorate the dead and wounded of the 1914–1918 War we should also take time to think about the living who endured. Their suffering during the inter-War years, years of heightened nationalism, disease, poverty and malnutrition brought on during the Great Depression, often proved as fatal as a bullet on the battlefield. Their struggles in the face of insurmountable odds was the price of excessive nationalism and myopic politicians. We, who live in an age of plenty, an age of social media, an age of conspicuous consumption, an age in which poverty and starvation has been replaced by obesity in many high-income economies, should not only honour the memories of those who died, but exalt them for the sacrifices they made. We should give thanks that, despite conflicts which continue to rage in the world today, many of us are now safe from the threat of war and able to enjoy the best of what life has to offer, not endure it. However tough life gets for us in the 21st century, it has ceased to be "nasty, brutish and short" for more of us than ever before.

I wish you all a wonderful and fulfilling 2014. May you enjoy the fruits of your labours more than ever.

Holiday season musings

As I write the wind outside is blowing up a storm. Here in north London it is wet and blustery, with wind speeds forecast to increase as the day progresses. The upside, if there is one, is that it is unseasonably warm for Winter. That English weather has become less predictable is surely uncontestable. However, in my childhood English weather was said to be highly changeable. Around the time I was seven or so, I have a strong recollection of being on holiday in Margate. I was standing on one side of the street in the bright, dry sunshine while there was rain on the other side of the street. I have never experienced such an amazing dichotomy of weather since!

The weather in that street in Margate is a suitable metaphor for the planet we inhabit. While a great deal of the Earth is a strong parallel for the sunny side of the street, too much of the planet we call home is suffering from inclement weather. While western Europe has enjoyed the sunshine and not suffered war on its own soil since 1945, parts of Africa and the Middle East continue to seek shelter from the vicissitudes of war and turmoil. History suggests that famine has now largely been abolished in much of the northern hemisphere; war has not yet been abolished but has largely disappeared from vast areas of planet Earth. The seasonal message of PEACE ON EARTH still seems a long way off, but I am optimistic that humanity is at least moving in the right direction.

One of the causes for my optimism stems from my current reading: Grand Pursuit, by Sylvia Nasar. Subtitled "The Story of the People Who Made Modern Economics: A Story of Economic Genius", this book starts by reminding the reader of the dire state of human material existence prior to the end of World War II. It makes for salutary reading, and is a strong indication of the almost infinite achievements which humanity is capable of when we put our minds and our will to work. The economic problems we face today are more how we deal with a world of plenty (as evidenced by ever-increasing obesity levels) rather than how we deal with a lack of resources, and making them go round. To some degree we have begun to conquer the economic problem: how to make scarce (finite) resources available for almost-infinite human desires. The key to this has been human ingenuity. While physical resources are finite, the human imagination is infinite in scope, allowing us to find increasingly better and more productive ways in which to utilise those resources. Long may this continue, until such a time as we invent the replicator, a feature of Star Trek, enabling us to create something almost out of nothing. 3D printers seem to be the beginning of such a device.

It is also the season when it is customary to be optimistic. May I wish each and every one of you all of the compliments of the season. May you enjoy the holiday season surrounded by friends and family. And, more importantly perhaps, may 2014 be the year in which you go a long way to fulfilling your potential, and the world finds itself a long way nearer to peace on earth and goodwill among all of us. 

Yids, again....

Back in November I wrote a blog here in response to Peter Herbert (of the Black Lawyer's Association) calling for ban on Spurs' supporters chanting the word "Yid". While many of us had thought the issue had been done to death and gone away, it seems that the Football Association (FA) has decided to raise it's head over the parapet and has claimed that it is planning to prosecute anyone using the term in football grounds.
Apart from being misguided, one would also imagine that the FA had other, more important taks with which to occupy it's time: the England national team, for example; tearing young Englishmen and women away from their games consoles to play football; and to spend time making it clear to Sepp Blather the wrongness of FIFA's decision to hold the World Cup in Qatar, and how removing it to Winter would be disruptive to where the real power is in football (where the big players play, becuase that is what the money goes to).
However, I digress. So let me repeat what I stated in November (with some marginal editorial changes). Firstly, I would refer Peter Herbert, David Baddiel, the FA and others with an axe to grind to John Efron's learned article on the usage of the term Yids by Spurs supporters. It illustrates clearly the history of its usage, its social implications, and how it has become ingrained into the character of Spurs' supporters, so that any attempts to ban it (a clear infringement of freedom of speech) would be futile. From a more personal perspective, let me state once again quite simply the following: •I am a person of the Jewish faith, a member of the 12 tribes of Israel.
•I abhor totally and unequivocally any form of racism or anti-Semitism.
•If a gentile calls me a Yid then I am very likely to be offended (at the very least), as this is a term which has a long history of being abusive when applied to Jews, and has often been followed by physical oppression and violence.
•The use of the term by Spurs supporters began in the late 1970s as a response to anti-Semitic abuse from opposing fans, who (perhaps mistakenly) believe Spurs to be a Jewish football club. •It has since been claimed as a badge of honour by Spurs fans, for whom many (especially the younger fans) it has become synonymous with supporting Spurs. Such younger fans typically have no knowledge of its origins as an anti-Semitic epithet. The same may also be increasingly said of younger fans of opposing teams.
•It's use in the Jewish community has been ongoing for centuries, mainly in the communities of Eastern Europe and their descendants who made their way to the UK (in particular). It is used in such communities in much the same way as Englishmen may refer to each other as "mate", "pal" or "buddy".
Messrs Herbert and Baddiel, and the FA: if you are truly serious about removing racism and anti-Semitism from football then you should start by dealing with the large sections of clubs such as Chelsea which constantly barrack Spurs on the basis of our alleged Jewish connections. When they stop calling us "dirty Yids" and making gas chamber sounds, when they stop singing "Spurs are on their way to Auschwitz" I will happily then campaign for my fellow Spurs fans to stop applying the term Yids to ourselves. It would be helpful, of course, if the Jewish supporters at other clubs, especially Chelsea and Arsenal where they are also a significant minority, did something to prevent or dissuade their fellow supporters from their anitsemitic chanting. I am delighted that Spurs themselves have seen fit to give this so-called FA initiative the short shrift it deserves. I intend to answer the proposed club questionnaire to season ticket holders using all of the above, and would ask fellow Yids to do the same. Ivan "DrHotspur" Cohen
Glad to be a Yid in every sense of the word.

Summertime, and the living is ....

It has been a weird Summer, even by English standards. First it appeared as if there would be no Summer, yet in recent weeks it has been hotter than seasonal in London, with temperatures exceeding those in places like Miami and the Caribbean. We English like nothing more than complaining about the weather, and although we generally welcome tropical heat and the excuse to shed our clothing, the lack of air conditioning anywhere makes any kind of respite very difficult. Fortunately, in my house we have a number of ceiling fans which, although not as effective as air conditioning, do provide some cooling, enabling a little work to be done during the middle of the day.

It has also been a Summer largely devoid of football. Every other year when the domestic season has ended, we have a World Cup or EUROs to keep our minds and spirits occupied. This year is the biannual hiatus from such international events. The only real Summer football in 2013 has been the Women's EUROs in Sweden, which have been a joy to watch. The quality of the football played has been exceptionally good, without the ill behaviour and play-acting which plagues the mens' game. On a personal level it has brought back to me the many happy memories of my own involvement in the womens' game, especially during my time in Asheville NC in the 1980s. It is certainly pleasing to know that women's football is alive and well and continues to thrive and grow, both in quantity and in quality.

Summer is also a time when journalists find themselves with too little to write about and opt for fiction or speculation. It is the "silly season", nowhere more so than the sports' pages of British newspapers. Here we find tales of mystery and imagination, linking all manner of footballers to all manner of football clubs, often without any foundation in fact. And it is not only the newspapers who like to write fiction. Recently the Spanish newspaper La Marca insisted that Real Madrid had struck a deal with Tottenham Hotspur for Gareth Bale for some £80m. This at the time when Spurs, including Bale, were on a trip to Asia, playing in Hong Kong. None of the pictures from HK showed Bale to be a disinterested party to Spurs' activities, nor one who might have been involved in an impending transfer. The story in La Marca seems to be part of continued efforts by Real Madrid to unsettle Bale before pouncing in the transfer market. For me this is tantamount to "tapping up" and Real Madrid need to be severely censured by UEFA. It would help all concerned if such activities led to a ban from Champions League football and from activities in the transfer market. Draconian, perhaps. But it would eliminate tapping up from the European stage.

And so, as we prepare to enter the final month of Summer, August, I must return to my professional writing, especially as deadlines loom large. I wish you a pleasant month before we all return to the fray which is normal work and school life. I am looking forward to building a desktop computer with my son, which he has designed and I have paid for the parts. A father-son project like this will be fun and rewarding!

Serving up justice

About the time I was due to have heart surgery last year I received a an official letter. You can always tell an official letter in the UK as it comes in a brown envelope. This official letter was unlike anything I had ever received before: it was my first ever call for Jury Service. It was meant to start in December, but for health reasons I asked to postpone it, and so began my Jury Service at the beginning of June.

Jury Service requires a UK citizen (selected at random from the electoral roll) to attend for 10 working days. Each Jury is selected at random from those currently on Jury Service. Each Monday and Wednesday a new crop of potential jurors arrives, and is treated to a video presentation as to what they can expect. At the Crown Court where I was serving most cases seem to last for a few days at most. I spent most of my first week sitting around waiting to be (randomly) selected, playing chess against willing victims, and enjoying the company of fellow citizens who also found themselves awaiting the call to be on a Jury.

It was not until the Thursday of my first week of service that I was finally called. A group of 40 potential jurors—the Jury panel—had been selected to serve on a "longer case which would be paper heavy and last for up to six weeks". Anyone for whom English was not their first language or were weak would be removed, as would anyone who could provide evidence to the Judge that they had previously booked and paid for a holiday. This whittled down the 40, and on Friday a Jury of 12 were randomly selected with 2 additional people in reserve.

And so commenced my real work as a Juror in a real case. The case involved a gang who were stealing high-end BMWs, taking them to a "chop shop" and cutting them up to export and sell the parts overseas. The evidence consisted of some 300 pages of written and photograph exhibits in a "Jury bundle", several hours of police video surveillance, and witness testimony from several witnesses including defendants. It was confusing at first, long, arduous and intriguing. But it was particularly interesting to see the Justice system in action from the inside, and to be an integral part of it. Had I any doubts about the Jury system beforehand they would quickly have been dispelled by my experience. Of course, I may have been lucky to have served on a Jury with a fine bunch of men and women, who all took their responsibilities seriously. This does not mean we did not have a laugh in the Jury room, but in our task to review and assess the evidence a responsible attitude prevailed with a camaraderie that such a short acquaintance with each other would not have seemed possible.

Both counsels, for the Crown and for the defence, were professional in the extreme, yet not without wit. The English system is adversarial, but remains typically English: very civilised, with strict protocols, unlike the melodrama which seems to be the norm in US courts. The weapons of counsel are selected presentation of elements of the evidence and a supreme command of the English language. The judge reigned supreme over the courtroom saying very little until his summing up and direction after all the evidence had been put before us. His scrupulous fairness to the defendants seems all the more remarkable in hindsight: he knew of the defendants' prior convictions and history, which had been kept from us, the Jury.

Although it would be an exaggeration to describe my experience as a Juror as pleasurable, it was a pleasure to work with so many interesting, intelligent and amiable people on the same Jury. It was an honour to be able to serve my community, and more importantly to serve justice. We, the Jury, were meticulous in sifting through the evidence before coming to a certain conclusion based on it. Although Jury Service disrupted my plans for a Summer of productive writing, I found it inspiring: I learned something new, something different, and got a feel for part of the national institutions with which I am fortunate not to have been involved. To my fellow Jurors I owe a debt of thanks for the collegial and friendly manner in which we interacted. To the counsels and Judge I am grateful to know that the system of Justice in this country is in very capable hands, unlike so many other countries. To our Jury usher, "The Don", a huge vote of thanks for the friendly and capable way in which you helped us to assume the role of Jurors and deliver the verdict. This was an experience which I shall never forget, and one which I am delighted to have been part of.

The end of a long, hard slog!

The football season is virtually over. It has been a long. hard slog, with many a slip, yellow card, suspension and injury 'twixt game and final league table.

Once again the English Premier League has been won by Manchester United, although this is the last time they will do so under manager, Sir Alex Ferguson. Once again, my beloved Tottenham Hotspur were pipped to the fourth place spot by local rivals, Arsenal, by one point! Once again the final league table of the season does not lie. 

Where a team finishes is not completely determined by the final game of the season, although for many onlookers it makes for an exciting finish when it appears to be the case. For Spurs, we needed a win in our final home game against Sunderland and for Arsenal to slip up away to Newcastle if we were to gain that coveted fourth spot. But it takes a whole season to reach that point, and for me Spurs once again let slip a strong position by a weak run-in over the final month or so. It was not quite the implosion of 2011-2012, but from having the team's destiny in our own hands we slipped up. For me (and others) the possible turning point was the home loss to Fulham, one of the weaker teams in the EPL. Those three points would have made all the difference last weekend!

So now it is all over, and it is time to turn our attentions elsewhere. For me I shall spend more time focused on my writing, especially on Economics and Finance. I am hopeful of completing a new textbook for sale next Spring, in addition to writing a study guide. I also hope to spend more time writing this blog, and in particular considering the vagaries of the Summer transfer window. I shall try not to worry too much about speculation, which seems to flow so freely at this time of year, but concentrate on whatever facts come to hand. 

So let me finish up by wishing you all a great Summer, including a Champions League Final worthy of the name.

What use is Economics?

I recently finished reading What's the Use of Economics, a collection of essays edited by Diane Coyle. Published in September 2012, the fourth anniversary of the bankruptcy of Lehman Brothers, the essays are meant as an inward-looking yet apologetic riposte to critics who feel that there has been a serious failure of Economics as it did not predict the financial crisis which began in 2007, and led to the "great recession" which has affected many high-income economies ever since.

Of course, the premise of such criticism is that one of the key tasks of Economics is prediction. This is something which I would personally refute. I am firmly on the side of legendary baseball player and manager, Casey Stengel, I never make predictions, especially about the future.  (Niels Bohr similarly said "Prediction is very difficult, especially if it's about the future.") For me Economics is NOT about making predictions. That is not to say that aspects of Economics cannot be used to make predictions, but that they should be used like any predictions, cautiously and with judgment. 

Economics is a social science: that is to say that it applies scientific method to understanding economic aspects of human behaviour and interaction. Unlike 'pure' sciences, when dealing with human activity we consider the probability of how things behave; there is no definitive. Thus, if the price of a product drops there is every likelihood that quantity of it demanded will increase. However, all such economic statements are subject to the assumption of ceteris paribus, other things remaining unchanged. Thus if the price of a product drops and at the same time people's incomes are reduced the likelihood of an increase in the quantity demanded is also reduced, if not negated.

When we look at the bigger picture, Macroeconomics, it becomes more fuzzy due to momentum effects. A cut in government spending will in all probability reduce employment in the public sector, leading to a lower aggregate level of spending in the first instance. This will lead to less income for shopkeepers and others, who in turn will reduce their spending, and so on. This is a classic example of Keynes' multiplier effect. However, while this is a fairly simple matter of deduction one of the key drivers of any economy is confidence, both among consumers and in business, about which it is far less easy to make inferences. This is not something new: back in the 1930s Joan Robinson famously discussed this under the heading of "animal spirits". Confidence can be boosted or reduced by factors which are obvious, and sometimes by factors which are not so obvious. It is not possible to make even the simplest of predictions about factors which are not obvious.

Back in the 1970s as an undergraduate at the University of Essex, I was taught that Macroeconomic prediction was quite simple when an economy was already on an upswing or downswing, but that it was impossible to make predictions about turning points: when an economy stops growing and enters recession, or when an economy stops receding and starts growing. That difficulty has recently been highlighted in the UK press with its interminable discussions on "double dip" and even "triple dip" recessions. Yet the data we need to determine where an economy lies in the business cycle lags well behind, making it difficult to know when (e.g.) an economy has turned the corner and come out of recession. To try and make predictions about such matters is akin to replicating King Canute: it can only end in tears. And, I would argue, it is not really the job of Economics to make such predictions. Those who argue they can accurately make such predictions are either charlatans or arrogant in their own judgment of their own skills and abilities.

It is time for Economists to take back our profession. If people desire predictions about the future they might well be better off turning to astrologers, tea-leaf readers and others of that ilk. That is not to say that Economics cannot offer predictions, but if they are true to the subject, they will remain slightly fuzzy and be used cautiously and with judgment.

Musings... a little something of the weekend

Is there a more enticing day of the week than Friday? I usually try to work from home on a Friday. The peace and quiet of having the place to myself for a few hours is a tonic. This week, of course, both of my kids are home on their half-term holidays, so I don't have the tonic.

Of course, Friday is a two-edged sword. It heralds the onset of the weekend, and especially the arrival of Shabbat (the day of rest) on Friday evening. That is truly something worth waiting for. But it also requires the house to be cleaned and all of the cooking done for Shabbat, which is something of a monumental task on its own, let along when I am also trying to tie up the week's loose ends of my workload. I should count my blessings that at least my kids help with some of the housework when they come in from school on Friday. Getting them to help when they've been home all week requires a lot more shouting!

Friday is also the day which heralds the football fixtures for the next few days. After a week or so of European fixtures—well done, Spurs, against Lyon... eventually—it will be good to get back to the bread and butter of the English Premier League. Although it seems like forever since I was last at White Hart Lane, at least Spurs have been on television, and Monday's fixture away to West Ham is no exception. I remain hopeful that Spurs will gain a much-needed three points, despite the possibility of a European hangover.

Although it is tempting to engage in analysis of the tactics and performance of Spurs against Lyon I will simply make one point: the gap left by the injury to Sandro is huge. An abyss. Scott Parker is an immense player, a footballer of some class, but still looks to be nowhere near his form of last season. Moussa Dembele is a player of undoubted potential, but for me lacks some personal confidence. His strong run last night which led to the goal is something I would like to see MUCH more of. But I wonder if the chemistry between Dembele and Parker is right? The central midfield pairing is crucial to the rest of the team, both attacking and defending, and also when trying to maintain possession. The Parker/Dembele combination lacks any real creative flair, and is not robust enough when defending. But with the spotlight firmly on Gareth Bale for his magnificent contributions to the team in recent weeks, and the critics roundly weighing in on Adebayor (whom I thought played much better last night: more active and more thoughtful in his running), this midfield issue may not have been fully noticed.

Still, it would be churlish to be overly critical of a Spurs team lying fourth in the EPL and into the last 16 of the Europa League. But when, like me, you have grown up and in your formative years lived with Spurs consistently in the top three and playing regularly against Europe's finest the perspective is different. So with this thought in mind I wish you all a splendid weekend, and to my Jewish relatives and friends I bid Shabbat shalom and chag Purim sameach.

The work year...

For many people the new work year has already begun. For academics like myself it will begin in earnest on Monday week, when courses at my own University (www.richmond.ac.uk) recommence. However, a return to the routine of work starts tomorrow, with the usual slew of pre-semester meetings and correspondence. While I have enjoyed the past several weeks of relative peace and quiet, enabling me to engage in some productive reading and writing, I am also excited about the return to the classroom.

Although there is a great deal of satisfaction to be derived from reading and writing research papers and books, it does not have the same "buzz" that comes from meeting a new set of students for the first time as the new semester gets underway. Although there are bound to be a few students with whom I am already familiar, the chance to meet afresh some new, curious and inquiring minds offers a great deal of promise. With any luck the students will be good enough to fulfil their own promise, and also to ensure that the promise of new intellectual relationships bears enough fruit to fulfil that promise.

Of course, for students it may appear that the relationship with an instructor is entirely one-sided, with the passage of knowledge and skills to them from the instructor. But that is not the way I like to think of it; neither is it a view which I find healthy. I like to think that while I am able to educate my students by providing them with an introduction to certain formal skills, knowledge and techniques of analysis, equally I am able to learn a great deal from them. At the very least I am able to learn about the places from which they come, often countries with which I have little more than a passing knowledge. But each student is a fascinating individual, to whose talents and characteristics I need to tweak my methods of teaching. From them I take away changes to my own methods, and to how I relate to each and every one of them. I genuinely believe that the day I become blasé about my relationships with my students is the day I should retire or seek another professional challenge.

And then there is the real world. As an Associate Professor in Finance and Economics the real world provides the backdrop to everything I teach in the classroom. And the real world is never short of surprises and challenges for the professional in Finance and Economics. The real world influences both my teaching and, more directly perhaps, my research. For some months I have been working in a research paper dealing with the 'crisis' in the eurozone. But the changing background has made it difficult for me to write the last few concluding paragraphs. Every time I think I have written something which will stand up regardless of facts "on the ground", circumstances change and I am forced to rethink and rewrite. This is both frustrating and exciting; it is the vivacity of the real world with which professionals in my area are engaged. However, the existence of a looming deadline means that I will need to take a stance and no longer sit on the wall!

In recent years my first blog of the year has been one of looking forward to see what might happen in the new year. This year I am avoiding that perspective, largely because it is either a thankless task—the predictions are wholly wrong—or because the predictions themselves turn out to be trite and banal—the predictions are apparently true and seem obvious in hindsight. I hope you, dear reader, will continue to read my musings during 2013, and offer your own views by way of return.

Politicians: a thin line between love and hate?

Don't you just love politicians? It doesn't matter who we vote into office, it seems they just don't get it. They appear to have no idea about nor connection with the lives led by those who put them in office and pay their salaries. I don't know if this comes form mixing almost entirely with other politicians, and only coming into very limited contact with ordinary mortals when a photo-opportunity is required, or if there is some other factor at work. Despite this I do not wish politicians harm; in a democracy we will soon have an opportunity to vote this lot out and the other lot in at the next election, and we all have the right to stand ourselves for office if we don't like any of the alternatives on offer.
So, who is he referring to, I hear you ask yourself? The above could apply in any major democracy. I could be referring to yesterday's mid-term review of the UK's coalition government, or even the Obama administration in the USA. The same sentiments would apply equally to both, as well as the French, German and other governments currently in office. Politicians have a penchant for spewing out statistics which they think shows them and their policies in a good light, while ignoring the statistics thrown out by the other lot to show them in a bad light. Politicians are rarely able to give a straight, honest and direct answer to a simple question. But then, their primary objective is to get re-elected, so they perceive disingenuousness and obfuscation as the path of least resistance. Objective truth is seen as being hurtful to their objective. Or, more accurately, they don't think that we, the public, who vote for them and pay their salaries, can handle the truth.
It is was not yesterday's mid-term review by the UK coalition which has exercised me recently, but rather the European authorities. I am currently finishing up some research on the eurocrisis, with a particular focus on the eurozone. My main objective was to compare the eurozone with an Optimal Currency Area (OCA), its theoretical version. Or that's what it should be. In practice, the eurozone is as close to being an OCA as the Earth is to Proxima Centauri: a matter of some light years. That the eurozone as an institution needs some re-engineering is something that even the most ardent of eurocrats seems to recognise. But in reading the thoughts of Jörg Asmussen, Executive Board Member of the European Central Bank, in his "Agenda 2013 - the next steps in completing EMU", the profound distance between politicians and the general pubic became even more stark. Unlike our MPs and local councillors, we cannot elect someone else to replace too many of our European politicians.
Let me state for the record that I am a supporter of the European Project in principle. I do not wish to see the UK outside the EU. However, I have major issues with the current structure of the EU, which in my view has led to the misconstruction of the eurozone, and will prevent the latter from being rebuilt properly as an OCA. The biggest issue is that of accountability: the European Parliament does not properly function as a parliament. It is time to remove the Commissioners and rebuild Parliament as a a true representative body of the European peoples. Until this occurs it will not be possible to have a fiscal transfer mechanism (one of the requirements of an OCA), which would require cross-border EU taxation of some form or other. And there should be no taxation without representation, a concept so basic that it was first expressed nearly 250 years ago. Unless and until there is root-and-branch reform of the EU institutional setup there will be no serious and workable attempts to deal with the eurocrisis in our time. The Great Contraction could end up as the 21st century's Great Depression. A restructuring of the EU could prove the be the engine for growth that the world needs desperately, and make the EU more attractive to its detractors. Who knows? If they can manage to do this, maybe one day we will learn to love our politicians!

2013 here we come!

Next week sees the secular New Year. And with each impending arrival of the New Year comes a time for reflection. Television, radio and the newspapers will fill copy with a review of the major events of 2012. In the UK this will consist primarily of the Queen's Jubilee and the London 2012 Olympics, both rip-roaring successes. Both events lifted the mood of the nation at a time of economic austerity, and enabled the population to indulge in its own peculiar, understated form of nationalism, while celebrating Britishness and enjoying the sporting success of both the home nation and those from overseas.

My personal recollection of 2012 is, like so many other years, something of a mixed bag. The one key event which made this past year unlike any other was being diagnosed and treated for angina. While I have always known that I was not immortal, this was a stark reminder of my own mortality. Even before undergoing the angiogram and surgery in September I had made peace within myself so that had the worst happened I was entirely prepared mentally. Fortunately, nothing of the kind happened, and I have been on the road to recovery ever since. Recovering from cardiac surgery also meant that I had to review the manner in which I supported my beloved Tottenham Hotspur. It has meant learning to be less outwardly emotional, more sanguine about matches, and to accept that I am unable individually to change things on the pitch. I cannot tell you at this point in time whether or not this has contributed to me enjoying matches more or less, but hope it is the former.

I was very lucky in the past year to have made friends with two authors, who both gave me an appearance or two in their recent publications. I was more than fortunate to have become acquainted with the legendary sportswriter, the great Julie Welch, who came to interview me in the early days of 2012 for her book, Spurs: The Biography. A thirty-minute interview turned into a several hour recollection of common interests and passions, notably all Spurs-related. We have remained in contact since then, and I am glad to be able to call Julie my friend. Through Julie I was contacted by Anthony Clavane, and made an appearance in his Does Your Rabbi Know You're Here? I felt very lucky to be invited to the official launch of this book, which came at an auspicious personal time for me, and provided a tremendous boost to my recovery. I cannot recommend both books enough; they are an excellent addition to anyone's library of books about football. Julie's has interest beyond the Spurs' fan alone, while Anthony's serves as an excellent volume of social history centred on football.

2012 has also been notable for the eurocrisis, and the inevitable economic austerity measures which have taken place. While there may be an economic case to be made for tax rises and reductions in government spending, it is hard to escape the feeling that some members of the UK government take a special pleasure in watching the general population suffer. I remain hopeful that living in a democracy means that we, the general population, can enjoy a high degree of schadenfreude when they are dismissed from office at the next general election. Despite the economic gloom, the squeezed disposable incomes, the rising prices, and the unemployment, there seems to be something of an emotional climbing away from the abyss at present. The mood seems to be slowly lifting and I would not be at all surprised to find 2013 the year in which the UK economy begins a slow but steady climb away from the "great contraction", which began in 2007 with the financial (sub-prime) crisis in the USA. If the EU can come to grips with its structural issues it will help immensely, both within the eurozone, the EU and the wider global economy.

I am looking forward to 2013, and hoping that for me it is a year of improved health. I am also looking forward to being more productive in my academic output, and have already begun writing an Economics textbook for MBAs (I really must fill in the contract and send it back). I have a couple of other research projects on slow-burn in the background as well, and with a little luck and some commitment on my part my CV will continue to fill up. However, nothing is more important than family and my wife and I will celebrate 16 years of marriage on January 26th. It is hard for me to imagine what kind of madness prompted her to accept my marriage proposal in the first place, let alone put up with me for such a long time. But, whatever the cause I am decidedly grateful for the effect. It is impossible for me to imagine what life without her would have been like. Similarly for the output of the marriage, two (almost) teenage children of whom I am immensely proud! My son is a gem of a lad, with a passion for technology; my daughter is still finding her way in the world, and currently has ambition to become something of a MasterChef. But on the wedding anniversary of her parents, my daughter will become Bat Mitzvah at our local synagogue, and I feel sure my wife and I will both be glowing with immense pride that day. I can only hope that my heart does not burst with too much pride.

My other desire for 2013 is to see Spurs be more successful than in recent years. Yes, they have been improving and showing more consistency than heretofore, although coming fourth in the Premier League and yet being denied a Champions League slot still rankles as grossly unfair. My dream is to see Spurs win a trophy or two this season. While I hope we can achieve a Champions League placing (not least because of the extra cashflow it brings) history books list winners of trophies, and Spurs' history is primarily one of cup wins.

However your 2012 has been and whatever you wish for 2013, I wish you every health and happiness, and if my predictions are accurate, an improvement in your prosperity.

Have a heart

In September of this year, some three months ago. I spent some time at the London Chest Hospital in Bethnal Green. For some months I had been having chest pains, which mainly occurred when walking and also when under stress, and they had been getting more severe and more painful with each passing week. A visit to my GP in early May led to a visit to my local "rapid access chest clinic", who diagnosed me with angina. Caused by blockages to the arteries, I was then referred to the London Chest Hospital for an angiogram to check out what seemed to be a minor case of angina. I was told I might need to have a stent (a small tube) inserted, but that such an operation alongside the angiogram would probably take no more than an hour, it being a non-invasive procedure.

So, on September 11th I showed up nice and early at the London Chest Hospital, a little on the nervous side, but also hungry and with rapidly declining blood sugar levels not having eaten since 5:30am that morning. I had been given to expect to be done and on my home around lunchtime, but should have know better.

The nurse who eventually received us (there were three of us awaiting cardiac surgery that morning) 45 minutes after we had been told to arrive informed us that there was an "emergency audit" of the labs (meaning operating theatres) and that operations would start around 12:30pm. Fortunately, there was a little food (dry cream crackers) in the waiting area, which helped my still rapidly reducing blood sugar levels. But at 12:30pm I was called to walk to the lab. Fully clothed I climbed onto the operating table, and was given diazepam to relax my muscles, so that they could insert the catheter into the arteries and undertake the angiogram. Unfortunately, the arteries in my arm were a bit less-than-linear, so they opted to not go via my wrist. Next thing I knew two very attractive young nurses were whipping off my trousers so they could go in via the groin artery! The angiogram makes use of a very dark dye which is pumped through the arterial system and shows up on an X-ray screen. It was clear that several of my arteries were clogged, and would require treatment of some kind.

The surgeon came to chat with me and told me that at least FOUR stents would be needed and that I might like to consider opting for a bypass operation which they could perform there and then. However, the combination of nerves and diazepam made me feel less than suitably equipped for making such a momentous decision. I was also given the option of leaving hospital and re-booking once I had decided which way to go: stents or bypass. This seemed like the worst of all possible worlds. So, armed with the information they gave me, I opted for the stents to be inserted.

At first it seemed quite a pleasant if boring experience, lying on a table, feeling very little going on inside me, with only the surgeon, nurses and other medical staff buzzing around chatting to each other in technical terms. The first three hours passed quite easily, but by the fourth I was starting to feel some internal pain, for which I received morphine. On the table for nearly four hours was quite an experience, and the final 15-30 minutes I found quite painful indeed. But it was soon over, and I was moved upstairs to the ward.

Because the operation had been lengthier and more complex than originally expected I was kept in overnight. Which meant I woke up on September 12th (my birthday) in the London Chest Hospital! After many chats with all manner of medical staff I was finally released in time to go home for a birthday tea with my family.

Recovery has been a long and arduous process, but I no longer feel the oppressive pain of angina. I still get odd tweaks and sensations in my chest cavity, but these might be the product of a fertile imagination. I have spent the last eight weeks undergoing cardiac rehab at home (well, mostly walking in the park and the streets) with regular calls from the cardiac nurse or physiotherapist. I had my last session with them yesterday, and was told I had made a 34% improvement over the eight weeks. I am still awaiting my final checkup with the surgeon, which should have been on 3 months, but with an ageing population I suspect calls for his services are pretty hectic. And I need to continue to learn to avoid stress, so try not to worry about such things too much.

I have received much support during this time from family and friends, including many friends whom I only know through online contact via social media. The support and encouragement of those who have also been through this experience has been invaluable to me, and helped me even when things seemed bleak. I have become much more aware of my own mortality, which does nothing to permit one to enjoy the good things in life without worry. I try to live each day as it comes in much the same way as I always did, but there remains this nagging doubt that the inevitable heart attack is just a matter of time. I have tried to take on board all of the advice I have been given with regard to diet (more fruit and veg, more oily fish) and exercise (30 minutes a day, 5 days a week minimum), and there is no doubt that this has helped my recovery. I don't know if private medical care would have been better, but I cannot fault the NHS for their care of me, for which I thank them from the bottom of my heart. The only remaining thing which would help me continue to recover all the quicker would be for Spurs to stop letting in late goals and throwing away points. A Premier League campaign which saw Spurs win the title, or a cup or two, would be just the tonic the doctor ordered!

Stop being a Herbert, Peter!

Oh dear. I see that Peter Herbert is trying to raise his profile once again. Someone should tell this self-aggrandising self-important irrelevance that he needs to stop thinking he is David Baddiel and deal with the source of the racism (BTW I have been led to believe that anti-Semitism is considered separately from racism, as being Jewish does not constitute a race).

I would refer Herbert to John Efron's learned article on the usage of the term Yids by Spurs supporters, but doubt this would fit in with his attempts to raise his profile. However, let me state once again quite simply the following:

• I am a person of the Jewish faith, a member of the 12 tribes of Israel.
• I abhor totally and unequivocally any form of racism or anti-Semitism.
• If a gentile calls me a Yid then I am very likely to be offended (at the very least), as this is a term which has a long history of being abusive when applied to Jews, and has often been followed by physical oppression and violence.
• The use of the term by Spurs supporters began in the late 1970s as a response to anti-Semitic abuse from opposing fans, who (mistakenly) believe Spurs to be a Jewish football club.
• It has since been claimed as a badge of honour by Spurs fans, for whom many (especially the younger fans) it has become synonymous with supporting Spurs. Such younger fans typically have no knowledge of its origins as an anti-Semitic epithet. The same may also be increasingly said of younger fans of opposing teams.

Mr Herbert: if you are truly serious about removing racism and anti-Semitism from football then you should start by dealing with the large sections of clubs such as Chelsea which constantly barrack Spurs on the basis of our alleged Jewish connections. When they stop calling us "dirty Yids" and making gas chamber sounds, when they stop singing "Spurs areon their way to Auschwitz" I will happily then campaign for my fellow Spurs fans to stop applying the term Yids to ourselves.

I am delighted that Spurs themselves have seen fit to point this lawyer to the terms of the law itself, with which he seems to be not entirely familiar.

Ivan "DrHotspur" Cohen

Glad to be a Yid in every sense of the word.