I mentioned yesterday that I had done an interview with the Express. The result eventually turned up in my inbox.
I suspect the article is only online, but did not purchase the paper to find out. It says:
It's not an outlet I expect to get in. Doing so is useful.
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Useful it is.
Maybe the penny is beginning to drop, even in the most reactionary circles, when signs of poverty and rough sleeping are seen everywhere.
I can remember my dad saying that seeing the number of people sleeping on the streets in London made him feel ashamed of being British. That was 40 years ago. I shudder to think how he would were he alive today.
I came to London to work in 1984 – from South Wales, which was in shock from the destruction of the coal industry and the effect on our communities. I couldn’t believe the shock of seeing The Strand filled with rough sleepers. It was as if something apocalyptic had happened wirhout my being aware of it. It was also sickening to hear how the middle classes of South East England abused the miners and applauded Thatcher. As Bernard Hurley says, that was 40 years ago – the divisions in our society have not changed, except for the worse.
Cardboard City in Waterloo as it was known in Thatcher’s day. The loads of money boys from the City would walk past on their way to work with barely a glance. Until it was cleared and they were just moved elsewhere.
I fear the current lot care even less than the Thatcherites, for those less well off than themselves.
Beat the fascists at their own game and get an article in the daily mail. That newspaper doesn’t understand its own readership. Entryism is a good tactic if you are willing to play that game
Would you describe yourself as “a political economist”? The use of that phrase by the Express has connotations.
I was professor of political economy for five years
I think the term wholly appropriate
What is your concern?
As a lay commentator in these matters I thought the use of he term by the Express was intended to give a political spin to your published comments rather than them being purely from an economist’s perspective. But if you think it appropriate then that’s fine with me. Keep up the good work. Your commentary has opened my eyes. Thank you.
I must do a glossary on that
I’m tempted to suggest that political economy is the only kind of economic study that really matters. Most economic study and academia tries to pretend that it is somehow value- free. All those ‘scientific’ models based on assumptions of perfect rationality. In practice, pseudo science.
There’s a good reason why it is part of the social sciences, despite the ambitions of economists. It is all about values, behaviours, power and politics.
Why is it that BoE base rate acts as a floor to new mortgage rates? Presumably something to do with interest on reserves? But surely creating a mortgage does not involve reserves? Do banks have to borrow from other banks to create a mortgage?
The answer is mortgages should be at a fixed rate for good.
Danny Blanchflower and I suggest this in our submission to the Treasury Committee.
They are all t fixed rates in the USA
I thought that the whole reason for increasing interest rates was to reduce spending, is that not the defination of a ressession?
I remembered the year September 1992 “Black Wednesday” the UK withdrawal from the European exchange rate under the prime minister John Major’s government to raise the interest rate to 15%.
Very bad day for the UK mortgage payers,