Fiscal austerity has become such a staple of conventional wisdom in the United Kingdom that anyone in public life who challenges it is written off as a dangerous leftist. Jeremy Corbyn, the current favorite to become the next leader of Britain’s Labour Party, is the latest victim of this chorus of disparagement. Some of his … Continue reading Taking Corbynomics Seriously
Category: Journalism
The Sino-Russian Marriage
The Chinese are the most historically minded of peoples. In his conquest of power, Mao Zedong used military tactics derived from Sun Tzu, who lived around 500 BC; Confucianism, dating from around the same time, remains at the heart of China’s social thinking, despite Mao’s ruthless attempts to suppress it. So when President Xi Jinping … Continue reading The Sino-Russian Marriage
A Final Word With Ferguson
Like any skilful controversialist, Niall Ferguson knows that when you have lost the main battle, it is time for diversionary tactics. His latest charge against me is that I “changed my predictions after the fact.” He quotes me as saying in November 2010 that Chancellor of the Exchequer George Osborne’s policies doomed the United Kingdom … Continue reading A Final Word With Ferguson
Niall Ferguson’s Wishful Thinking
Niall Ferguson begins his rejoinder to my rejoinder to his interpretation of the results of the United Kingdom’s recent general election by citing an apocryphal Keynes quote: “If the facts change, I change my opinion. What do you do, sir?” But should the fact that the British economy grew last year by 2.6% have caused Keynesians to change their minds? Would it … Continue reading Niall Ferguson’s Wishful Thinking
No Pain, No Gain for Britain?
The economic historian Niall Ferguson reminds me of the late Oxford historian A.J.P. Taylor. Though Taylor maintained that he tried to tell the truth in his historical writing, he was quite ready to spin the facts for a good cause. Ferguson, too, is a wonderful historian – but equally ready to spin when he shifts … Continue reading No Pain, No Gain for Britain?
George Osborne’s cunning plan: how the chancellor’s austerity narrative has harmed recovery
Over their five years in power, the Conservatives have claimed their austerity policy saved the country from disaster. This purported economic competence sits at the heart of their election campaign. It needs critical scrutiny. The coalition government has given two main reasons why austerity – cutting the Budget deficit – was necessary. The first is … Continue reading George Osborne’s cunning plan: how the chancellor’s austerity narrative has harmed recovery
Debating the Confidence Fairy
In 2011, the Nobel laureate economist Paul Krugman characterized conservative discourse on budget deficits in terms of “bond vigilantes” and the “confidence fairy.” Unless governments cut their deficits, the bond vigilantes will put the screws to them by forcing up interest rates. But if they do cut, the confidence fairy will reward them by stimulating … Continue reading Debating the Confidence Fairy
Messed-Up Macro
Until a few years ago, economists of all persuasions confidently proclaimed that the Great Depression would never recur. In a way, they were right. After the financial crisis of 2008 erupted, we got the Great Recession instead. Governments managed to limit the damage by pumping huge amounts of money into the global economy and slashing … Continue reading Messed-Up Macro
Universal Man: The Seven Lives of John Maynard Keynes review – more than the sum of its parts
Review of Universal Man: The Seven Lives of John Maynard Keynes by Richard Davenport-Hines Splitting a biography of the influential economist into parts pays dividends I admit I came to Universal Man: The Seven Lives of John Maynard Keynes with a certain prejudice. I knew Richard Davenport-Hines as an accomplished writer and biographer. But he has … Continue reading Universal Man: The Seven Lives of John Maynard Keynes review – more than the sum of its parts
The Price Paradox
In 1923, John Maynard Keynes addressed a fundamental economic question that remains valid today. “[I]nflation is unjust and deflation is inexpedient," he wrote. “Of the two perhaps deflation is…the worse; because it is worse…to provoke unemployment than to disappoint the rentier. But it is not necessary that we should weigh one evil against the other." … Continue reading The Price Paradox
Robert Skidelsky 