Austerity explained: the case against cuts | General Election 2015
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- Опубліковано 28 кві 2015
- The coalition government came to power in 2010 promising to deliver a stable economy and reduce Britain's deficit.
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Its chosen method was austerity, a mix of higher taxes and deep spending cuts. But rather than unleashing growth, the UK economy stalled - just as many Keynesian economists predicted it would. But with most major parties committed to degrees of austerity, Phoebe Greenwood asks whether anyone has learned the lesson of the past five years.
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It would be incredible if the average Labour voter who just wants whats best took a few hours to familiarise themselves with Modern monetary theory and classical Keynesianism, then looked at it's critics.
The Keynes Hayek rap may be a good place for people to start. Bob Murphy has a good debate with one of the shining stars of "modern monetary theory". And Hazlit's books "The Critics of Keynesian Economics" and "The Failure of the New Economics" are still devastating.
Oops. Looks like we needed all those new hospitals, new schools, law courts, police officers, nurses, doctors, and infrastructure investment in general after all. Instead we followed austerity to its natural end point - the destruction of Britain.
if only she knew.
Context?
knew what ?
knew what?
not a mention of QE, guardian journalists talking about economics is like a politician talking about physics
Presenting opinions as facts isn’t good journalism
These are facts
It's obvious to even a layman that consumption doesn't make us richer. The only way to become sustainably wealthier over time is to save and invest.
I'm sure MMT has valuable insights to give, but borrowing will only ever cause us to grow if it is spent on investment. Instead most government spending goes towards consumption.
the whole point was to jumpstart the economy instead of spending a decade under a declining economy and making up the difference when the economy is growing by increasing taxes covering the bailout fees
the economy will not be able to recover quickly. it has for so long been controlled and distorted away from any natural adjustment that may have provided a correction. a recovery to a natural yng yang state must be a catastrophic adjustment at this place in time. if we must invest beyond our means then, invest wisely, build bridges not bombs, educate not exterminate, and clean in stead of pollute. each of these paths will require work, and work is the only source of wealth.