Tony Yates Profile picture
21 Mar, 14 tweets, 3 min read
BBC don't have to get this wrong and help the government out. There are lots of people on here who can help them understand why this was a false choice, and why the govt retrospectively want to maintain that it was a real one.
Fair enough to say 'the govt will try to paint this as the choice they had to make, that it was an agonizing one, but in fact most experts see this as a false choice, because locking down earlier would have saved lives and £...'
and to follow up with 'and they would argue that the govt is trying to cover up for a failure to see this by continuing to stress a trade-off that wasn't there'
capping the segment off with 'moreover others have pointed out that what was really going on was a political see-saw between those who appreciated there was no health-wealth trade-off, and the covid sceptics and libertarians, who either denied there was a problem...'
'...or resented any infringements on liberty no matter what the health and economic benefits'.
There, fixed that for you.
I hope people don't take this as casual amateur @BBCNews redrafting or politial correspondent bullying. There is a lot at stake here. About 85k people died since the 21 Sep SAGE instruction to lock down. How many of those actually needed to die?
At risk of surfacing my monomania on this topic, we have another example here of where an independent body that fused econ and epidemiology, producing regular assessments of the options and trade-offs for covid policy, could have made a difference.
The govt might have chosen to ignore its advice [surely inevitable that it would have agreed with SAGE on 21 Sep], but it would have struggled to argue that it did that to save the economy in the face of independent expert and partly economic advice to the contrary.
Starmer and Dodds - who have not got behind this proposal for an independent econ-epi body - could have used its advice as leverage and later used it as a stick to beat the govt with.
And this weekend we would be watching the broadcast political correspondents pointing to that advice to as evidence that the govt's briefed 'agonising' over health vs wealth was nothing of the sort.
For the benefit of new followers or those who don't follow, I wrote about this here theguardian.com/commentisfree/… and in more detail on my blog.
Note that this is not to say there are never £ and health trade-offs. As you get closer to the the best policy, and also closer to the end of this pandemic, trade-offs will emerge in the process of fine tuning our exit.
For instance - we could have locked down the entire economy for months and months and suppressed covid entirely, but we would have starved ourselves in the process. The best policy accepts more covid risk to avoid that.

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More from @t0nyyates

21 Mar
Hopefully this dangerous view won't gain ground on the left, or anywhere. To a first approximation, BoE money creation can't be expected to finance more than a fraction of a percent of GDP.
'Austerity' was a 'scam', but not because we could have set aside inflation targeting and gone for determined monetary financing. We have to expect that most of the balance sheet growth of the BoE will be reversed as a hoped for normalization of the economy materializes.
h/t @JoMicheII whose views seem to be pretty similar.
Read 10 tweets
20 Mar
Vaccines touch on a lot of economic policy questions. You could probably teach most of an econ course through the lens of vaccine policy.
For a start, public funding for free vaccines marks itself out from laissez faire. We could leave the private sector to do the research, manufacturing; and leave it up to the market to decide the price, and up to people whether they have it.
We decided not to, because we thought the market would produce vaccines too slowly, in too small quantities; + we made them free to boost take up which would otherwise factor in only personal health risk and not the wider externality of risks to others.
Read 51 tweets
20 Mar
This guy is at least covering up the nipple. 👍
This is how to do it, lads. Wear a T shirt. T shirts cover your torso while leaving easy access to the upper arm, named for the 'T' shape that makes this possible.
Not like this.
Read 6 tweets
19 Mar
Yes and no. In the long run, to a first approximation, the issuing own currency bit is irrelevant to public finances. If you want low and stable inflation, you can't finance more than a fraction of a per cent of GDP through printing money.
Yes the BoE is currently buying those gilts, but if the inflation target requires it, and it probably will, most, probably all of the tranche since the pandemic will be reversed.
Although @andyverity is right that formal bankruptcy can be avoided by printing ever more currency, in practice, it probably would not choose this to rule it out, because the inflation that would result would be worse than default.
Read 7 tweets
19 Mar
Circulating this wider, as it is an echo of a comment I've seen before, that MMT is progressive and left wing, and conventional macro is right wing and regressive.
This is not so! The main substantive argument is about how the economy and the monetary/financial system works. This is a conversation about positive economics.
From the conclusions of that argument flow, once you have specified the objectives of policy, which you are free to do how you wish, addressing all the problems in political economy as you go in doing so, certain policy prescriptions.
Read 8 tweets
18 Mar
Guy before the pandemic on Oxford St ‘The end is nigh!’ Pandemic hits. ‘Now the debate is entirely on end is nigh terms. End is nigh won.’
Actually that analogy is not good enough because it does not capture the confusion of the normative with the positive.
Read 7 tweets

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