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Ed Balls Was On Jeremy Vine.


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Ed Balls was on Jeremy Vine a couple of hours ago.

Should be on BBC "listen again" this afternoon. http://www.bbc.co.uk/radio2/shows/jeremy-vine/

EDIT: It is online now. Interview starts at 1hr 09 min into it.

1:25 in - Gov. deficit and public spending

1:28 in - A caller challenged Balls on the "broken window fallacy". (A HPCer?)

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1hr 28mins ish

this isnt like a household we can borrow as we are a country

you take on the debt if you want to Ed otherwise ****** off with your nonsense arguments that only have the appearance of working in the short term

Around 1:18 Blair's book was not "comradely". Balls said it twice (BTW, the Daily Mirror had used the same word).

Main point here being: this indicates (again) that their main ethical principle is the party, not the national interest, or the public good.

1:25 in - gov. deficit and public spending

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Main point here being: this indicates (again) that their main ethical principle is the party, not the national interest, or the public good.

1:25 in - gov. deficit and public spending

This is what is so wrong about oplitics. They all do it - not just labour.

I can't believe they are so blatent about it though. Blair said it in his book - he KNEW brown was the wrong person to be PM, but didn't say this - it would have been bad for the party.

party politics is evil - an MP should be there soley for the good of the people, nothing else.

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This is what is so wrong about oplitics. They all do it - not just labour.

I can't believe they are so blatent about it though. Blair said it in his book - he KNEW brown was the wrong person to be PM, but didn't say this - it would have been bad for the party.

party politics is evil - an MP should be there soley for the good of the people, nothing else.

Yes, most of them do that, but only to some degree, and with an eye on the long term too. For instance, New Labour did try to reform the public services, but Old Labour blocked it. Why? Blair was trying to please the voters, the recipients of public services, whilst Old Labour is hostage to the providers of public services, via the public sector unions.

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However, this is clearly not the case - so what happens to money to stop it circulating freely and appearing to have a limited life span and therefore the existence of 'opportunity cost'.

Money is not wealth. Wealth is real things - tools, resources, and labour. Money is just a means of allocating those resources.

In other words, the system as a whole loses the labour time and food/resource input required to replace the window, which otherwise could have been spent on other productive activities, or on free recreational time.

Effectively, the broken window will either devalue the currency, or prevent it gaining purchasing power that it otherwise would have gained. This is clearer to see if you consider every window in every shop being broken on a regular basis. What would happen? Massive expansion of the window making industry, at the expense of other industries or services. Huge increases in the cost of living as every baker, cobbler etc sees their overheads shoot through the roof and must put up their prices accordingly. Yes, the money stays in the system. Yes, jobs are created and employment may well be higher. But that is irrelevant, because the 'money' is now worth less and cannot purchase as much as it could before. The system has lost resources and is poorer, despite the money still circulating.

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Money is not wealth. Wealth is real things - tools, resources, and labour. Money is just a means of allocating those resources.

Money is just a means by which an elite group has the capacity to be present unseen at every transaction that takes place anywhere at anytime.

If we ditched money and resorted to a barter economy the economy as we know it would cease to exist in an instant yet strangely we'd all still be here merrily going about our business.

Money is just a means by which control can be centralised and exerted - where's the democracy in that?

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This is what is so wrong about oplitics. They all do it - not just labour.

I can't believe they are so blatent about it though. Blair said it in his book - he KNEW brown was the wrong person to be PM, but didn't say this - it would have been bad for the party.

party politics is evil - an MP should be there soley for the good of the people, nothing else.

+ one - though everyone I tell, goes on to tell me It wouldn't work and I dont know what I'm talking about

Ho hum

Doesn't worry me - I know they're all thick as sh1t

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http://en.wikipedia.org/wiki/Parable_of_the_broken_window

I see that it is to do with 'opportunity cost' if the shopkeeper has to spend money to replace his broken window - whereas it could have been deployed elsewhere.

Naively I ask, well surely once that money is in circulation - there is nothing to stop it circulating in theory - so there is no 'opportunity cost' if the money is spent one way or another because it should circulate in infinity.

Each time money changes hands it has the "opportunity" to generate productivity (i.e. production of goods or service which enhance someone standard of living). The opportunity cost therefore is the failure of this transaction to be productive since its replacing something that shouldnt have needed replacing, thats where the net loss to the economy occurs.

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This is what is so wrong about oplitics. They all do it - not just labour.

I can't believe they are so blatent about it though. Blair said it in his book - he KNEW brown was the wrong person to be PM, but didn't say this - it would have been bad for the party.

party politics is evil - an MP should be there soley for the good of the people, nothing else.

Spot on. We need a full reform of government and the electoral system. Nothing less or it will continue to be corrupt, chaotic and embarrassingly tribal.

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Money is not wealth. Wealth is real things - tools, resources, and labour. Money is just a means of allocating those resources.

In other words, the system as a whole loses the labour time and food/resource input required to replace the window, which otherwise could have been spent on other productive activities, or on free recreational time.

Effectively, the broken window will either devalue the currency, or prevent it gaining purchasing power that it otherwise would have gained. This is clearer to see if you consider every window in every shop being broken on a regular basis. What would happen? Massive expansion of the window making industry, at the expense of other industries or services. Huge increases in the cost of living as every baker, cobbler etc sees their overheads shoot through the roof and must put up their prices accordingly. Yes, the money stays in the system. Yes, jobs are created and employment may well be higher. But that is irrelevant, because the 'money' is now worth less and cannot purchase as much as it could before. The system has lost resources and is poorer, despite the money still circulating.

Spot on - or did you rob it?

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  • 441 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
      • up 2.5%
      • up 5%



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