Free economics seminars for the public will be held by Labour across the UK in an attempt to break away from “Westminster-dominated views” about public finances.
John McDonnell, the shadow chancellor, is launching the “New Economics” events in a bid to get members of the public talking about economic ideas in the hope they will inform Labour policy.
The events will include seminars and expert panels, including members of Labour's economic advisory group, such as Nobel Prize winner Joseph Stiglitz, and leading economists Mariana Mazzucato and Ha-Joon Chang.
Topics up for debate include inequality, technology and work, and the strategic state before a national conference on economics is held by McDonnell in May.
That should be interesting.
I have no further details: nor do I know if I am going or will be speaking, so there is no point asking.
But I approve of the idea.
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The trouble is, Labour know as little about how fiat currency economies work as the Conservatives do. John McDonnell MP’s “magnificent seven” (sorry you didn’t make it into the finals Richard) are not exactly hot on the credit theory of money (Alfred Mitchell-Innes); or functional finance (Abba Lerner); or Minsky, on the banking system; nor Wynne Godley on sectoral balanceing of open, sovereign, floating fiat currency economies!
A good start would be to have a read of Bill Mitchell today; http://bilbo.economicoutlook.net/blog/?p=32809#more-32809
Anastasia Nesvetailova has written a book on Minsky
I think you have that one wrong
I seem to remember now that one chapter was an aggregation of others work on Minsky. But you are correct, I had forgotten her two main texts.
At the very least the myth of a budget deficit being the ultimate evil can be unfurled. A lot of the ideas you mention will take time to enter public discourse, addressing the idiocy of “sound” finance will be a good first step to opening the floor for discussion of other topics regarding fiat currency economies.
I think I will be dragging a lot of family and friends to these seminars if I can too.
I think this is an excellent idea. I hope that it foments plenty of debate. It is this type of grassroots organising that leads to real, lasting, change. Hopefully, it will be the beginning of a new consciousness.
Having seen the list of events at Labourlist.org, I am disappointed that you haven’t been asked (yet?) to give a talk, Richard.
That said, there is a wealth of heterodox, heavyweight economic thinkers already there. They would be surely graced with your perspective.
Who, in that list, is a tax expert, by the way? Or can give a good account of what you write about in ‘Joy of Tax’?
List of events here – http://labourlist.org/2016/01/john-mcdonnell-launches-new-economics-public-debate-tour/
Sign up here – http://www.labour.org.uk/blog/entry/the-new-economics
The Stiglitz and Varoufakis talks appear to have sold out already!
I heart rumours that the tax events are a little later
This is round one
So let’s see what happens
It seem to me the best way of getting a non neoliberal narrative into the wider population would be via a satirical comedy in the “Yes Minister” mould, called maybe “Yes Governor” aka Bank Of England. Lets face it there are several idea which are so unbelievable to the general Public, that they would be ripe for a satirical makeover.
– banks can just create money out of thin air
– Government create money then lends it to itself
– Pays interest to itself on the borrowed money
Anyone else with fiscal ideas ripe for a satirical makeover ?
On the subject of humour, a cartoon I came across recently which exquisitely critique’s Tax Cuts for the wealthy against welfare for the jobless (US centric):
https://www.pinterest.com/pin/356769601705143768/
I’d love it but it takes s lot of time
I have to say that I like the sound of this. Now this sounds very genuine.
This certainly feels new – for a political party at least.
My only concern is that it may not reach enough people in time for the next election. This might work better in the long run rather than the short run of politics.
All the same though – I like to idea of this very much. I also hope that they are not too expensive to attend.
And that those taking part have done their homework!!
Good luck to them.
Not so much new, more going back to the founding principles of the Labour Party. 100 years ago the Labour Party and the Trade unions were as much about education as they were about politics – the Workers Educational Association being a prime example, or, more recently (well 40 years ago) the likes of Jimmy Reid in the Glasgow shipyards or the tremendous initial support during the Miners Strike. I’ve heard it said that it was Robert Tressel’s Ragged Trousered Philanthropists that won the 1945 election for Labour as much as anything else (apparently it was a very popular read among the troops)
Of course all that went by the by under New Labour…
Good point
And why Labour ( and others) should be committed to life long learning
Absolutely- we need a sort of updated revival of the WEA-any ideas what we should call it maybe the ’99 percenters learning project?’
The Labour Party needs to have some sort of ‘economics on tour’ bus that goes round the country speaking at venues that are accessible. I think we have to take into account that we are dealing with a brow-beaten, fearful populace that has been hammered into submission by a celebrity/wealth worshipping media, so it’s going to take a lot to motivate people.
Would be great
They have no money though
We are fortunate in Christchurch to have our very own retired economics lecturer as CLP chair – he knows his Marx too. He is constantly giving us talks – a few too many some say (not me).
Sorry – just a small addendum:
I was just worrying how these might play out with you not being there Richard and I’ve noticed that Ha-Joon Chang is involved.
Besides yourself, he is one of the sanest and sure-footed economists I’ve read of late.
Stiglitz is also a big hitter but I am still not sure about his commitment to certain ideas that – shall we say – are very American based.
Ha-Joon Chang is brilliant
Yes, agreed. Chang is one of the most credible and convincing economists there is, IMO, especially with regards to development. I would urge anyone to read Kicking Away the Ladder.
I think the presence of Stiglitz is an embarrassment Labour will have either to bury or come to regret. If they’re trying to get across an accurate view of the economy why include someone who still believes in bank intermediation? It just muddies the waters and it makes me wonder how much shadow chancellor McDonnell really understands himself.
London, London, London, London, just outside London, London. Oh, and Norwich.
Not so much getting out and talking to the country as saying “we are going to have a nice chat amongst ourselves, nothing to worry all you folks out there in the rest of the country.”
Even though we are the ones who would benefit most from a serious challenge to the current zombie neoliberal economic orthodoxy.
I’m a supporter of Corbyn and McDonnell but sometimes I despair, I really do
That might have been better managed
….to break away from “Westminster-dominated views”
London
London
London
London
Bracknell
London
I know i’m quibbling but, really ? The first 6 venues listed are 4 x London, 25 miles west of London and one in the House of Commons !
Even ‘TBC’ gets a mention ahead of Norwich and the other frozen wastes !
I of course know they mean ‘breaking Westminster dominated views’ in the groupthink sense of the phrase, but still. Its bloody clumsy. I’m on the left and i can spot it – how long would it take a hostile press at election time to spot it ? Stuff like this does matter, and i do not blame Corbyn or McDonell, this is something that has been going on for years.
I know i’m quibbling, but still…………
It’s a fair point
It’s more than a fair point, Richard, this is one PR cock up in the making. It’ll allow the Tories and their media to get stuck in with the usual “Guardianista”, trendy lefty jibes and make them stick. And so even if this programme is subsequently rolled out more widely it won’t matter. Why the hell the people behind this couldn’t have waited to announce it until they had venues organised in Manchester, Birmingham, Leeds, Newcastle, Glasgow, Cardiff, with a list of TBCs in smaller cities I have no idea.
And as well as a PR own goal this is alienating to all those outside of London and the SE who have or are signing up to the Corbyn project. This is amateur planning in the extreme.
More boldly put than I would have expressed it
But given it was possible to tour extensively last year I am not sure why it is not possible to arrange some gigs this year
There are some good members of the Treasury team who could cover the parliamentary base
Agree with Ivan below. Avoidable mistakes frustrate the hell out of supporters.
Spot on Ivan. I’d even go so far as to say they should have kicked the whole thing off in Manchester. It is the test bed for Osborne’s so called Northern Powerhouse (more like Northern Poorhouse but there you go) which would have been perfect symbolism for a message about how we develop the economy to deliver real prosperity for all.
Great minds Jeff…
I’m in Sunderland and the sense of being “done to” up here is palpable. It is one of the main drivers behind the rise of UKIP in the north east. Among many reasons for voting for Corbyn was that he offered an end to Westminster “business as usual” but things like this make one question just how serious that promise was
I fully agree with Ivan -they should have waited until a more geographically comprehensive ‘tour’ could have been organised. One good way of doing it would be to pull in economists from around the country (university based) who could cover the widest geographical areas.
There has to be a national revival of interest in these issues so that people can begin to understand what is ‘being done to them’ and the prospects of their children.
I for one, can’t afford to go to London, pay for entry and an overnight stay (which my health at pre stent won’t permit any way.) The showman Varoufakis will always get a big crowd but he would hardly demean himself (despite his Marxism) travelling around the country.
What we need area;
trained speakers
evening classes
local venues (village halls, cultural centres)
Online courses
The last thing we need are more London-centric assemblies of the ‘latte’ class.
Why not make them available as podcasts or webinars or whatever the correct terminology is?
I am sure they will be
The format of animated talks available online from the Royal Society would be tailor made for such an initiative.
I gather they are very expensive
Once again, too much emphasis on macro economics. Of the 30m people employed very many are in badly designed and managed organisations that focus of reducing cost, i.e. unit costs, at the expense of productivity and morale, while aggregate costs actually increase because of rework and delays. Add to this a cocktail of targets, PRP and the stick/carrot of shareholder value and you have the equivalent of Blake’s dark satanic mills.
Change this and everything will change for the real people. Oh, and adjust section 172 of the Companies Act to remove the primacy of the shareholder.
It would behove the Labour Party to get its head round the idea that just as as the human genome consists of information and subject to aggressive viral attack by cross species minority interests money is also information and subject to within species viral fascism in its use.