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Tony Yates
@t0nyyates
, 4 tweets, 1 min read Read on Twitter
Add to this the 3% growth target idea. The UK central bank mandate risks becoming a complete mess. 1. Obv monetary policy should not be used to target relative prices. This isn't what is being suggested here. But needs saying.
2. Macroprudential tools are for financial stability. Prices are indicative of risks, but for those purposes not ends in themselves. The cb can't be juggling relative price and financial stability objectives.
3. It could juggle them if those objectives were never in conflict. But if that was the case the price objective would be redudant!
4. Handing the cb the relative house price objective without other important levers - public housebuilding, planning, social housing subsidies, would be peverse. That would be an objective I would not accept responsibility for and I wonder who would.
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Tony Yates
@t0nyyates
@TheStalwart @arindube A really awful state of affairs. Bunch of people come along, saying stuff that is false, claiming lots of new insights that aren't, and policy prescriptions based on no new empirical work, and no substantive critique of either the theory or the empirics they want to dispose.
@TheStalwart @arindube I have personally learned way more from heterodox critics like @JoMicheII @ProfSteveKeen @stephenkinsella . They have specific critiques about the theory and empirics of mainstream econ. Don't agree with most of them, but they are there and provide alternative foundations.
@TheStalwart @arindube @JoMicheII @ProfSteveKeen @stephenkinsella From them I got things like 'you can't make those policy prescriptions because the microfoundations are too bad, look!'; or 'we think you mischaracterize banks and money, and from them on it's all wrong'. Or: look, chaos!
Read 9 tweets
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Tony Yates
@t0nyyates
When voters can't rationally assess the consequences of proposed policies, they can't choose the right one. They can't do the assessment when opportunist politicians and commentators give them bad information, and successfully taint those who try to give good information.
This is bound to lead to worse policy than otherwise. A critical issue then is whether voters have good enough information to make the connection between the bad policy they chose, and the bad consequences that followed that they didn't anticipate.
If they didn't have good enough information in the first place, the odds are stacked against them for the ex post evaluation. Bad faith politicians and commentators are there to muddy the already muddy waters in a complex world, and to find other scapegoats.
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Tony Yates
@t0nyyates
Neoliberalism definitions:
1: 'it’s the ideology that markets know better than humans' yanisvaroufakis.eu/2018/10/01/is-…
2: 'the C20th resurgence of 19th-century ideas associated with laissez-faire economic liberalism. ... As such, NL shares many attributes with other concepts that have contested meanings, including democracy. The definition and usage of the term have changed over time.'
en.wikipedia.org/wiki/Neolibera… [should have started with that one]. Off to look for Lapavitsas and Mason definitions, which I recall to be good.
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