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Prime, Policy Research in Macroeconomics

Time to restore the revolutionary Keynes

John Maynard Keynes - for the Times Literary Supplement It was his internationalism, together with his insights into the functioning of the world’s financial architecture that first drew me to the work of John Maynard Keynes.  His genius is, perhaps, most comparable to that of Charles Darwin. But whereas Darwin is widely recognized for developing the science of evolution, Keynes’s development of the science of macroeconomics goes largely unacknowledged by a profession still...

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PRIME director wins prestigious Heinrich Boll Stiftung Hannah Arendt Prize

On 19th July, 2018, the director of Policy Research in Macroeconomics (PRIME), Ann Pettifor, received the following from Professor Antonia Grunenberg of the Heinrich Boll Foundation, Bremen, Germany. Berlin, July 19, 2018Dear Mrs. Pettifor,it is my great pleasure to inform you in behalf of the international jury of  the „Hannah Arendt Prize for...

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Same old same old…Tory austerity

Severe as it has been for the welfare of the British people, eight years of so-called austerity under three Conservative governments are but the most recent manifestation of Tory assaults on public services.  Since Margaret Thatcher became prime minister almost forty years ago, contracting the public sector has been a constant theme across Tory governments.Chart 1 shows total pubic spending as share of GDP over four decades, 1980-2017.  In the first three years of the Thatcher...

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The Bank of England should not raise rates: here’s why

This week a friend casually explained that he and his wife considered having a second child. But having recently moved into a new house, they were having to fork out a large share of their income on mortgage interest payments. Hearing talk of potential rate rises had therefore persuaded them not to risk another pregnancy.Such are the life-changing impacts of decisions (or non-decisions) made by a group of men (and one woman) on the Monetary Policy Committee (MPC) of the Bank...

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