Tag Archives: Labour Party

One of the themes that has emerged in the discussions of the British Labour Party Fiscal Credibility Rule (which should be renamed the Fiscal Incredulous Rule) is when is the right time for a political party to show leadership and start educating the public on new ideas. The Modern Monetary Theory (MMT) project has been, in part, about educating people even if our ideas have been strongly resisted by the mainstream. The mainstream (New Keynesian) paradigm in economics is degenerative...

In this blog post, I want to clarify a few things about the rule that inform my previous assessments.... Important if you are a British voter, but also instructive concerning the MMT point of view on progressive policy. Bill Mitchell – billy blogThe British Labour Fiscal Credibility rule – some further final commentsBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

Cat fight.Mainly MacroMMT and Labour’s fiscal ruleSimon Wren-Lewis | Emeritus Professor of Economics, Oxford University

It is Wednesday and I am reverting to my plan to keep my blog posts short on this day to give me more time for other things. Today, I will briefly outline what happened last Thursday when I met with Shadow British Chancellor John McDonnell in London. As I noted yesterday, I was not going to comment publicly on this meeting. I have a lot of meetings and interactions with people in ‘high’ office which remain private due to the topics discussed etc. But given that John McDonnell told an...

This is the third and final part of this series…. Bill Mitchell – billy blogMMT is just plain old bad economics – Part 3Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

I am surprised at the hostility that Part 1 in this series created. I have received a lot of E-mails about it, many of which contained just a few words, the most recurring being Turkey! One character obviously needed to improve his/her spelling given that they thought it was appropriate to write along the lines that I should just ‘F*ck off to Terkey’. Apparently Turkey has become the new poster child to ‘prove’ Modern Monetary Theory (MMT) wrong. Good try! I also note the Twitterverse has...

On August 6, 2018, British tax expert Richard Murphy who is becoming increasingly sympathetic to the principles of Modern Monetary Theory (MMT) published a blog post, which recorded an exchange with one James Meadway, who is the economics advisor to the Shadow Chancellor John McDonnell in Britain. The exchange took place on the social media page of a Labour Party insider who has long advocated a Land Tax, which McDonnell is on the public record as saying will “raise the funds we need” to...

The British Labour Party is currently leading the Tories in the latest YouGov opinion polls (February 19-20, Tories 40 per cent (and declining), Labour 42 per cent (and rising). They should be further in front, given the disarray of the Conservatives as they try to negotiate within their own party something remotely acceptable about Brexit. When there is this degree of political capital available, in this case for the Labour Party, a party should use it to redefine policy agendas that have...

British Labour Party leader Jeremy Corbyn addressed United Nations officials in Geneva this Friday in a speech outlining his vision for a twenty-first century internationalism. The speech, scheduled to mark International Human Rights Day, examined the roots of global economic inequality, the developing climate crisis and the impact of war across the world. These “threats to our common humanity,” it argues, can only be overcome with “a global rules-based system that applies to all and works...

In a full about turn, Gordon Brown, has now decided that Jeremy Corbyn is a the right person to lead the UK out of it’s troubled times.... Brown, whose leadership of the country was fraught with setbacks, said that Corbyn’s war on rising inequality and stagnant wages was “absolutely right.” The London Economic Ex-PM Gordon Brown has backed…Jeremy CorbynJoe Mellor