Freedom from fear requires the exercise of sound economic judgement, including deciding when to tell economists they’re wrong

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I've just written about how Labour has to free itself from fear if it is to deliver for the people of the UK. That fear is of the powerful elites of the City, of the media and of the right-wing economic ideologues who say 'there is no alternative'.

I note Martin Wolf says the same thing, albeit in a somewhat different way in the FT today. The email headline for this article was:

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Spot on.

John Kay, also writing in the FT today, has another lesson for Labour:

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His point is that the conventions of much of economics can be ignored because they are merely conventions and judgement has to be used as to when they apply, or not. The mess we're in is the result of failing to use that judgement. The logic of micro-economics has been used when it has been wholly inappropriate to do so.

Labour has to offer credible economic policies. That means it must apply judgment and not seek to pander to conventional economic thinking.

My concern is that it may not use that judgement.