Two economists disagree about the state of the economy. That’s not terribly surprising; you can insert your own joke here. Refreshingly, they’ve decided to put money on the table: instead of spouting hot air, they have made a bet. Bravo. More public intellectuals should follow suit.

Jonathan Portes is director of a UK think-tank, the National Institute for Economic and Social Research. Andrew Lilico runs Europe Economics, a consulting firm. Portes thinks that there’s plenty of spare capacity in the British economy, and that even as economic growth picks up, inflation will remain modest. Lilico disagrees. The men have staked ￡1,000 – inflation-adjusted, naturally.

The bet says (roughly) that once economic growth tops 2 per cent in the UK, inflation will exceed 5 per cent within 18 months. Economic growth has indeed picked up, so the bet is on and the clock is ticking. By October 2015 we should have a winner.