Murdoch’s ageing and discredited economic beasts

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Two articles in Murdoch papers over the last couple of days would have amused me if they weren't enough to simultaneously reveal the stupidity of News International.

First there was The Sun lauding Patrick Minford. He's the economist who came out on Thatcher's side in 1981 to praise the destruction of UK manufacturing. He was also on the side of the poll tax. And now he claims that leaving the EU will seriously boost the UK economy using a model that ignores issues of geography and quality whilst assuming the UK can afford to give up all existing tariffs without consequence arising. The Sun claims he's been on the right side of economic history. I would agree he's been on the right, but never on the right side of history. As a man who heavily promoted the idea of rational expectations modelling in UK economics you could even argue he contributed to the 2007 crash.

But he did nothing as much to deliver that crash as Matt Ridley (or Viscount Ridley), the hereditary Tory Peer who is in the Lords, is a major climate change denier, a far right economic commentator and was, more importantly, the Chairman of Northern Rock when it crashed. He, according to The Times, also still has economic opinion still worth hearing despite his track record rivalling that of Minford for getting most things wrong.

Murdoch has a reputation for being a purveyor of fake and perverted news. Their support for these two helps make the case against them.