With permission from both Professor Andrew Baker of Sheffield University politics department and my old friend and colleague John Christensen, I provide this link to a video that the three of us made for use as the concluding lecture of the term in a masters course on political economy being taught by Andrew at Sheffield.
I am sorry that I cannot embed this as that does not seem to work, but if you follow the link you can have an hour and seven minutes of the three of us talking about political economy, tax and real-world change as well as the influences that led all of us to work in this field.
As Andrew said after the recording:
You can have all the political economy insight and knowledge in the world, but if you just critique and don't offer practical solutions and tools you are not much use to anyone. I don't see much point in being in the field of Political Economy unless you are prepared to practice it.
I agree with him.
If you want to know more of Andrew's thinking there is also an excellent interview with him just out in the Real World Economic Review.
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I noted yesterday your views on Stephanie Kelton were not welcome at the Progressive Economic Forum. I found this very disappointing. I didn’t know much about them and looked it up. It included Ha Joon Chang, will Hutton and Simon Wren-Lewis all of whom I have enjoyed reading. Most of the others I hadn’t heard of.
There was a video of Rachel Reeves talking at fringe meeting at the party conference organised by thr PEF.
I saw she promised Labour would balance the current expenditure and borrow to invest. ( I think that was the John Mc Donnell /Jeremy Corbyn policy too). A few years ago I might have thought that looked ‘responsible’ economic policy which would escape much of the newspaper criticism. Now I have read your blog and other sources I think that is deliberately limiting themselves and unnecessarily. It reminds me, on a different scale, of the Ramsey Mcdonald acceptance of the May Report in the 30s.
It seems we have a steep cliff to climb before MMT will enter the public arena on equal terms. There has been progress compared to only a few years ago but it is disappointing.
I was literally expelled and the people you note let that happen
Appalling. We all benefit from having a range of views. I wonder if they are that sure of their understanding of economics or are they worried might others might say about them.
I regard economics as a bit like psychotherapist or theology. There are compelling narratives but final empirical truth is elusive so we all need to be open minded.
New paradigms start with a few, often derided, pioneers. Hopefully, the numbers will grow.