18th October 2010
Thanks to Mehdi Hasan of the New Statesman who made reference to the paper by Professor Victoria Chick and myself, ‘The Economic Consequences of Mr Osborne‘ in his article ‘Ed Miliband must not be defined by his enemies‘ earlier this week.
Hasan questions the willingness of some inside the labour party to “indulge Osborne and co by denying they are ‘defecit deniers'”. He goes on to say:
“This is the message Labour must promote: cutting spending is not the same as cutting the deficit. The new shadow chancellor, Alan Johnson, has joked that he plans to buy an economics primer to prepare for his new post. I have a better suggestion for him: reread Balls’s speech. Or alternatively go online and download a research paper entitled “The Economic Consequences of Mr Osborne”, co-authored by Victoria Chick, emeritus professor of economics at University College London, and Ann Pettifor, one of the few British economists who can credibly claim to have predicted the crash. Having studied the data from 1918 to 2009, they conclude: “The empirical evidence runs exactly counter to conventional thinking. Fiscal consolidations have not improved the public finances . . . Consolidation increases, rather than reduces, the level of public debt as a share of GDP and is, in general, associated with adverse macroeconomic conditions.”
3 thoughts on “New Statesman references our paper “The Economic Consequences of Mr Osborne””
I’ve just read the full article, and it wasn’t until I got to the paragraph quoted above that I realised I wasn’t reading an article written by you, Ann!!! It so mirrors everything you have been saying for so long. I was so pleased to realise that at last somebody else is catching on! Let’s just hope that somebody with influence (like Ed Miliband or one of his advisors?!) read the article and understood it!
Well done, Ann, If you keep plugging away for long enough your ideas will be recognised for the wisdom they surely are. The only problem I see is that it may take until this country is broke before that happens! 🙁
For your information: the first link in the article is broken (it goes to the “edit” version of the post).
Dear Ms. Pettifor,
What are your views on the Robin Hood Tax as outlined here on this website?