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

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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. …