I think one of the best blogposts relating to Ireland’s economy last year came from Seamus Coffey, the lecturer in economics at University College Cork. The blogpost dealt with Irish wealth and proposals to introduce a wealth tax; it is particularly worth a read by some politicians who suggest a wealth tax will totally eliminate Ireland’s deficit.
This blogpost of mine today however is not about the substance of Seamus’s blogpost but a revelation uncovered whilst researching the data he uses; he found that a widely cited report on Ireland’s wealth by Credit Suisse was partly based on a report which is cited in the Credit Suisse bibliography as “Ireland, P. (2005): “Shareholder Primacy and the Distribution of Wealth”, Modern Law Review, 68: 49-81.” Seamus tried to obtain this report but when he did, what he found was flabbergasting – the report was written by someone called Paddy Ireland and had nothing to do with Ireland (the country) at all!
Or to put it another way, Credit Suisse’s analysis of Ireland’s wealth which is widely cited by those in support of a wealth tax is in part based on a report which has nothing to do with the country.
So, as it’s the weekend I thought you might have some fun with the following.
If UK topless model Jordan splits from her latest boyfriend, will Credit Suisse report “Middle East on the brink of collapse”?
If Robert Englund, best known for his portrayal of Freddie Kruger in the Nightmare on Elm Street series, sees his Hollywood earnings decline, will Credit Suisse report “UK in double-dip recession”?
If singer and actress Hannah Montana gets to the Billboard No 1, will Credit Suisse report “Californian economy overtaken by northwest state”?
And if Arnold Schwarzenegger who memorably portrayed “Dutch” in the film “Predator”, ever manages to run for president of the United States, will Credit Suisse report “Holland set for EU presidency”?
NAMA Wine Lake 
So will the ULA come back with revised figures? Or will they keep on pushing the same arguments for the same agenda?
@NWL, Nothing surprises me! Although it would be interesting to have the names of the genii that were citing the report. There might be an excuse for them if they were blinded by Jordan’s assets! Have they anything to do with the Credit Suisse report on silicone production in Hashemite kingdoms in the Middle East?
On the subject of Jordan’s ample curves and financial reports, I am reminded of a senior accountant of limited stature and with a name that reflected that fact, whose nirvana, when inebriated, was in dancing slow waltzes with Jordan look-alikes and falling asleep on their assets. Short has its advantages.
This is not surprising. Even in academia I have noticed that some papers get cited over and over again even though the ‘research’ related to a case study or other that was so specific that no generalisations could usefully be made. Academia and official publications have their ‘urban myths’ also.
Looking at the picture of Jordan I see that she doesn’t need the ‘Sheepdog Bra’. What’s a Sheepdog Bra? Answer: rounds them up and points them straight!
A lot of academics like to pad their publications out with a long list of references, sometimes running into the hundreds. I’m sure a psychologist could make some kind of Freudian comment, but it suffices to note that more references give the impression of a more “researched” piece. Even as one who should know better, I sometimes find myself making this assumption.
In all likelihood, the people at Credit Suisse writing the report simply googled for likely looking economics articles on “Ireland”+”Wealth”+”Economy”, etc, hit upon this article, and simply inserted it into the bibliography without a second thought. Financial institutions are far more concerned with the marketing and impact of their research than in its academic integrity.
This type of behaviour should reflect badly on Credit Suisse, and their report. Unfortunately, I expect the conclusion of the report will be eagerly lapped up and chewed over, and CS will be hired at great expense by the government for some other report or analysis as required in X months time.
Bit disappointed in your blog NWL. Trying to rubbish the concept of a wealth tax with Star style Journalism. You usually don’t steep so low. Hoping for better in 2012! The UCC blog is interesting but it rightly rubbishes the figures but not the basic concept.
It seems extraordinary that everyone who owns a house will now be subject to an asset tax but holders of other assets are ignored. The rubbish that this is to fund local services is pathetic, it’s a tax, plain and simple.
On a simplistic level if I own a yacht. or 1,000,000 in shares I pay no asset tax but if I own a three bedroomed semi I will be taxed regardless of income. The recent asset tax on pensions was treated like the end of the world by Eddie Hobbs et al ignoring the exorbitant fees that asset mangers take every year even when their performance is dismal.
RTE, Marian Finnucane particularly, shut down any debate about this issue. That she might be subject to an asset tax is a possible motivator.
I agree that ULA have not helped the cause by inflating the figures but NWL are you seriously contending that the wealthy asset owners should not be asked for a contribution when we as a country are literary robbing the blind by reducing their entitlements.
@Paddy19, you interpret the blogpost incorrectly. I’m not at all trying to rubbish the concept of a wealth tax. Having studied the figures and I think Seamus Coffey’s post is indeed excellent as a source, I tend to agree with him that a wealth tax delivering perhaps a €1bn or maybe even €2bn is potentially feasible. However our deficit in 2011 was €24bn and is projected to be €18bn in 2012, or €15bn-odd excluding bank costs.
What I would rubbish is the notion that a wealth tax can plug that deficit of €15bn-odd, and I cannot see how it could even approach the €10bn being discussed by several politicians.
Great… so we are in agreement.
We should have a wealth tax!
How can we have a fair, reasonable and productive wealth tax which would include the new property tax?
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