The thread I posted here on Thursday on Truss and growth made it into The Mirror this morning:
Full marks to them. Few papers would publish a formula but they did. And they did not edit out my use of the word epiphenomenon, which I doubt makes an appearance on their pages very often.
If you want to know why I use Twitter threads these days, this is why: they cut through. And something needs to because growth is a meaningless goal for both Labour and the Tories: what we want are commitments to real things that might deliver growth of the sustainable variety.
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You’re certainly getting about. A bit like Aseem Malhotra being the doctor you see on all the various outlets, you’re the economic health doctor getting around a lot.
I heard a suggestion that, rather than childcare credits being paid to the childcare provider, they might be paid directly to parents to buy childcare as they wish, from nurseries or child minders. Or friends or grandparents.
Well, this is one way of increasing so-called “growth”: monetise something that would otherwise be provided for free between friends and family as part of an interdependent relationship.
The early years are so important, and I don’t really understand the obsession with forcing parents with very young children back to work (often relatively low paid and with few prospects, due to the hours) and the children into third party childcare. I really hope Labour plan to bring back something like Sure Start. Its benefits (and ultimately cost savings) are undeniable.
Agreed re Surestart
Sure Start–a real investment in people.
When I was counselling, I had a number of people who were having difficulties-basically due to their work environment. Their employers always had an ‘Investors in People’ plaque!
Agan, agreed about The Mirror I must say.
I’ve been looking at this through Stephanie Kelton’s blog.
It’s by Steve Keen and about how dodgy economists have made our futures very doubtful because of the way they have been contributing to issues pertaining to global warming.
This is Steve Keen at his best in my view, thorough, direct and brutal with the world killing charlatans although you can hardly escape from realising that we are in deep, deep trouble.
https://www.youtube.com/watch?v=5LvyxH3O7kE
It’s on my ‘to watch’ list
I will push it further up
Surely though the issue isnt ‘Growth’ but how its distributed?
Thats something few politicians are willing to deal with
And what drives the growth – because that also has a big impact on who benefits
Distribution is important. But the nature of the growth is important too. Extracting and burning more fossil fuels would create “growth” but would be destructive of long term health and wealth.
We really need a turn away from measuring success by reference to arbitrary monetary tokens and concentrate more on happiness and well-being. Value not price.
Agreed
Illegal drugs and prostitution were added to GDP by the Tories in 2014 (ESA95 changes). It was estimated these would add many % points to GDP. Now that the Tories have Brexit shouldn’t the Govt remove these ‘unnecessary EU enforced rules’?
Nick Robinson interviewed Paul Johnson of the IFS this evening on ‘Political Thinking’ on Radio 4.
I know that the IEA is even more dodgy than the IFS, but still this is my take on what Johnson had to say:
– The IFS is there to make pronouncements about economic and fiscal policy in the capacity of a charity!
– The IFS only gives it verdict on government spending commitments and is not part of the formal advisory counsel. Governments are not bound by its opinions.
– It gives its verdicts on Government policy so that people are enabled to understand what is going on!!!!!!
Johnson also went onto to call the polices that we see in Germany and a France as ‘orthodox’ (suggesting that the UK was a little more different).
That there were lots of good political reasons to leave the EU!!
He went to the IFS straight from university (Jesus!).
He is yet another one of these people who has had children who have had bad experiences at school (there seem to be too many such people wanting to get revenge for this in public life).
My verdict?
The IFS – if not Johnson himself – is quite happy to sit there making pronouncements on economic issues whilst letting the politicians get on with it with NO ACCOUNTABILITY at all.
Can someone please tell me what they exist for?
IEA or not, I have not got a clue.
Not good…..
@ Pilgrim SR
I see what you mean, but… The IFS does indeed clarify what is going on a lot of the time: of course it helps to understand its underlying beliefs, so as to filter / adjust its remarks; but it has been pretty good on things like government purchasing misdemeanours or the effect of tax changes. And indeed. though a company, it does have charitable status, and why not ? – it is scarcely a money-making concern.
“He went to the IFS straight from university (Jesus!).” – Keble actually.
Without listening (life to short) I have no idea what you mean about his children faring badly at school, but so did mine sometimes, and it still makes me cross, but I’m fairly pleased with the end result (as in, “silly man, he doesn;t realize that actually mine are the best children in the world”)
I am not clear what yo want of the IFS.
Sorry
ife “too” short
“you” not “yo”
– and any other literals which may have escaped my failing eyesight
Let’s start with it not talking about nacro which it says it does not do