There are a few difficulties with swallowing the government's commitment to 'levelling up'.
1. It's a policy agenda that has followed a soundbite and has been cooked up to rationalize it, ex post.
2. much of the agenda is about undoing the effects of past policies pursued by Conservatives. Letting the market rip in the closure of the old industries, with little support afterwards in the 1980s; the austerity policy of the 2010-2016 period which gutted local govt.
3. the govt's complete detachment from evidenced based policymaking and economics in its pursuit of Brexit, and Brexit's design [and now the parallel 'Brexit Opportunities' wp] is an extremely ill omen for making progress on levelling up.
4. The agenda is not being backed up by serious new money. And levelling up agendas in the past, here, and in other countries have not managed to eradicate spatial inequality despite colossal funding.
5. Hard to believe that it will retain the support of all the internal Tory factions. Levelling up means taking money from prosperous Tory areas, making those MPs nervous...
...it means accepting and reversing past Tory policy failures, which were participated in by many sitting in the House now;
...it means large scale intervention in markets to correct their failures, antagonizing the pro markets Tories.
...the govt, if it lives on to pilot this agenda for many years, will find out it means spending a lot of money, which will antagonize the low tax, fiscal conservatives.
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Silvia has translated a piece on Naomi Bentwich by my wife - Ariadne Birnberg - into Spanish. Quick explanation [that won't do justice to the story] follows.
Naomi worked as Keynes' secretary and typed up The Economic Consequences of the Peace for him. And while she was doing that became convinced that they were on the threshold of a romance. Looking back, it seems that this was probably entirely her imagining.
There's a chapter in Skidelsky's biography devoted to it, called 'the mad woman', a moniker used by Keynes' Bloomsbury friends to refer to Naomi.
14yo pushed by comp to take French GCSE early is now struggling. Any suggestions that don’t involve ££ that I can’t afford on tutors?
Some great suggestions here - thanks very much!
Well one thing that has come out of it is I have started learning Greek on duolingo. 17 years into my marriage to a half-Greek and after 17 summers in Greece hanging around her family, mute, save for the odd obscenity that I picked up.
The cost of living/energy crisis seems to generate some confusion. Short thread.
1. There's nothing the BoE could do about this. Even if it had had secret foresight of what would happen to energy prices, and set very tight monetary policy a long time ago to make sure that other prices fell to compensate, eliminating the inflation, it would still hurt.
2. The rise in energy prices is, fundamentally, a fall in our real standard of living; the cost of what we would like to consume relative to the worth of what we can produce and sell to exchange for it.
I presume he must understand how state pensions work. There's no portfolio of assets that Scots contributions helped build, from whose dividends Scots pensions are paid. If there were, independence from England would mean that Scots would take that pot and manage it themselves.
State pensions are paid out of ongoing taxation. The moral and power reality of it is that Scots are not going to be able to persuade English/Welsh/NI taxpayers to pay for state pensions for retired Scots.
1. To begin with, some uncertainty about what PPE quality/type would be needed. Early procurement errors might be expected, and indicative of a precautionary policy of buying whatever you can.
2. There was a mad scramble for PPE, at a time of very high demand, and supply constraints binding. Perhaps to be expcted that there would be some overpayment - doing that and securing a trade better than underpaying and getting nothing.
I think that all the big calls; very low interest rates since the GFC; QE, were the right ones. Forward guidance was the right thing to do but handled badly.
Andrew has a point about diversity on the MPC. Controversies rage in economics about everything, including monetary econ and finance. Yet the range of votes on the MPC is tiny and there is almost no disagreement about anything, ever.