Struggle is the reality!

The mainstream press and right wing political opinion would have us believe that Britain is a nation of millionaires, with a quest to hermetically seal our borders, to the detriment of our trading efficacy, and that individual choice from a menu of abundance is the default position for all ‘hard-working’ families and households in the UK. How wrong can they be? The reality for many working families is that choice does not exist and resources do not, under any prevailing economic conditions, match aggregate demand as a household unit. (‘…my income does not even cover my rent…’ a plaintive comment in this film from the Labour Party…). Policies of austerity and the tolerance of vast inequality in social and economic matters create voices of despair in our communities. From Franklin Delano Roosevelt’s New Deal to the Keynesian interventions in the rebuilding of Europe after devastatingly destructive war and resource depletion, the solution to a fairer, more compassionate and prosperous society is spending on public infrastructure, with that infrastructure in public ownership, and the creation of economic motive and delivery that sees the redistribution of wealth, not downwards for the few, but upwards for the many…vote Labour and change the model!  

Economic apocalypse? …a versioning

Embed from Getty Images  Afloat in the economic ocean?   Are we heading for a new depression, economic collapse or is the ‘great recovery’ under way? Thomas Carlyle is credited, in reference to the work of Malthus, as characterising economics as a ‘dismal science’. The truth appears to be more prosaic. Carlyle was, in fact, writing about the promotion of slavery, the better to regulate labour and markets. Read more here. A wonderful example of how pragmatic economic theory changes over time. Not to say that sometimes the moral ascendancy can triumph over cash! It is ironic that economists, in wrangling with future financial forecasts, gambling in all but name in a free market, should so often be wrong or just plain at odds with each other. In this short article we look a set of distinct economic analysis, leaving it to the reader to cleave to the one most favoured. What does the future really hold, perhaps we will only know when we get there? In the mainstream: Weekly Economics Podcast on Twitter: www.twitter.com/weeklyeconpod Olivier Vardakoulias Twitter: www.twitter.com/o_vardakoulias Kirsty Styles on Twitter: www.twitter.com/kirstystyles1 This is is the first of a revised New Economics Foundation weekly podcast on matters economic, always available on SoundCloud. The message from economist Olivier Vardakoulias is cogent, articulate and persuasive. It tracks the major players and movements in world commodity and financial affairs across the coming year, but it does not question the veracity or effectiveness of the market mechanism, nor does it decline to…

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