DAVID 'DANNY' BLANCHFLOWER; Professor of Economics and Former Bank of England Monetary Expert

The Mirror (London, England), October 10, 2009 | Go to article overview
Save to active project

DAVID 'DANNY' BLANCHFLOWER; Professor of Economics and Former Bank of England Monetary Expert


THE plans that David Cameron and George Osborne outlined this week are the most wildly dangerous economic proposals that Britain has seen in the past 100 years.

They show absolutely no understanding of basic economics.

I guess that isn't surprising given that neither of them, as far as I can tell, has any background or training in economics. And it shows.

You don't cut public spending in a recession. No ifs, no buts. It's as simple as that.

The Great Depression was actually W-shaped rather than V-shaped.

The Great Crash occurred in 1929 but by 1933 the US economy had largely recovered.

But a series of monetary and fiscal mistakes drove the country back into a deep recession at the end of 1937. The authorities assumed the recovery was fully established and tightened monetary and fiscal policy too soon.

We are still in the depths of the deepest recession of our lifetimes and the Tories look like making a similar policy error. It's 1937 all over again.

Just like in medicine, a fundamental principle of economics has to be to do no harm.

If a doctor offers you a cure but says there is a 50% chance the treatment will kill you, you would surely think twice unless faced with certain death.

But we are not in such a situation.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

DAVID 'DANNY' BLANCHFLOWER; Professor of Economics and Former Bank of England Monetary Expert
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?