How Neo-Liberalism Made The World Richer: Not

Huzzah for Neo-Liberalism, the poor have manna from heaven, rejoice! Oh no who's rattled my cage this time? A Twitterer that's who and this specifically. Aaron Friel‏ @AaronFriel Replying to @AlisonB916 @Noahpinion Tell me again how the neolibs have ruined everything over the last 40 years. The Tweet is where I got the chart above from and … Continue reading How Neo-Liberalism Made The World Richer: Not

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The end of the state-shrinking dream

All my voting life it seems the UK public rely on Labour to spend then the Tories to do the cutting when we start to feel collective guilt about all the spending. Right now the UK public seems to be of the opinion that it’s time for Labour and greater spending. I also think people have now got the message that the UK cannot go bankrupt as the collective laughter at May comparing us to Greece.

Lilico is a right wing blowhard and he doesn’t have a point about anything. We have the House of Lords and strong institutions that protect us from extremism as the present extremist Tories are finding out. As ever, Lilico is very keen to preserve his privilege and choices at the expense of others. We also have a thriving blogospere holding power to account and challenging to self interested narrative peddled by those such as Lilco who have nothing but scarmongering as arguments.

I hope that the age of divine right is over.

Flip Chart Fairy Tales

I’m old enough to remember when the libertarian right in the Federation of Conservative Students (FCS) sang Tomorrow Belongs To Me. At the time it seemed all of a piece with the Hang Nelson Mandela posters and their other leftie-baiting antics. It’s only with the benefit of hindsight that we can see just how much tomorrow really did belong to them.

By the mid-1980s, the libertarians in the FCS had vanquished the other two factions, the moderates (or ‘Wets’) and the authoritarians, the traditional Powellite Monday Club right. Their combination of free-market economic policies and a degree of social liberalism was very much in tune with the zeitgeist. Despite some traditionalist authoritarian rhetoric, the  main emphasis of Conservative policies during the 1980s and 1990s was economic; deregulation, privatisation and weakening the unions. The period since has been characterised by what David Goodhart called the victory of the Two Liberalisms. George…

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Fallacy of Composition: Fiscal Austerity

Modern Money Mechanics

One of the most important concepts we teach in economics, and most importantly in macroeconomics, is the notion of the fallacy of composition.

Students and others who haven’t been exposed to macroeconomics naturally extrapolate from their own individual situation to society and the economy as a whole.

This often leads to the problem of the fallacy of composition. Of course, that isn’t just restricted to economics. While a few people could exit the doors of a crowded movie theatre, all of us could not.

The macroeconomics example of the fallacy of composition most often used is the paradox of thrift. Any individual can increase her saving by reducing her spending—on consumption goods. So long as her decision does not affect her income—and there is no reason to assume that it would—she ends up with less consumption and more saving.

The example I always use involves Mary who usually eats a…

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Grenfell Tower – The KCTMO Culture Of Negligence

A potted history of the catostrophic maintainence issues surrounding Grenfell Towers. There is over a decades worth of inadequate responses to genuine concerns raised by the residents, some of whom were threatened with legal action. This blog is a damning indicment of those who took the decisions.

Grenfell Action Group

The many who lost their lives in this catastrophe were our friends and neighbours. We tried to speak for them in life and we will continue to speak for them now. We share the pain of the homeless, the injured and the bereaved to whom we offer our heartfelt sympathy, condolences and solidarity. We also share the sense of anger and injustice that has troubled this community for years. That is why we started this blog and that is why we will continue as we started, speaking truth to power whether or not they choose to listen.

Even the dogs in the street know that the flammable cladding encasing the exterior of Grenfell Tower played a major part in spreading and accelerating what began as a single dwelling fire with such rapidity that the entire interior of the 24 storey building became a raging inferno in less than an hour…

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