There’s £100,000 available for a bright economic idea

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The Guardian reports this morning that:

Radical economists sought

Get out your free zones, your four-day working weeks, your digitally enabled garden cities of the future. A prize fund of £150,000 is being put up for radical ideas to revitalise the British economy. Growth figures revealed at the budget show economic growth in the UK has dropped to among the lowest levels in the G7, while inequality has risen. The IPPR economics prize – supported by the prominent Labour donor and Brexit campaigner John Mills – comprises a main award of £100,000, a dedicated under-25s prize worth £25,000 and a runners-up prize pot of £25,000.

And they add:

The Briefing has an idea to beat them all. Don’t do Brexit. (Judges: happy for you to divvy up the prize money between the others.)

I have, as yet, to find the link on the IPPR page for the competition: no doubt it will turn up in due course. I do, however, hope that the wits at The Guardian have got the sense of this competition right. It would be very unfortunate if the competition was to focus upon some obscure piece of technical economic game playing, or theoretical twist with limited practical application. These come two a penny in academic journals, but as we know rarely deliver anything of consequence in the real world.

What is required from this competition is a big idea that is simple, easily explained, and capable of transforming lives.

Given the make up of the panel of judges, which is chaired by Stephanie Flanders, who is noted for her left-wing views, and John Mills, who is profoundly pro Brexit, I cannot imagine anything too left wing will make it to the final. Forget anything even vaguely related to MMT in that case, I suggest.

But tax reform might make the grade. I will be keeping an eye open for ideas. So might others, I suggest.