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Minford, "wrong About Everything For 30 Years"

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A bit of a spat between the economist experts. Patrick Minford has called for an instant Brexit and to walk away from the EU.

In return Danny Blanchflower has said "Patrick Minford is not a top economist is cited by nobody has been wrong about everything for 30yrs & is a crackpot"

Who to believe?

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'Not a top economist'

lol.

Who is a 'top economist' then according to Mr. Blanchflower?

Most of them seem to be totally insane as far as I can tell.

Edited by Errol

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'Not a top economist'

lol.

Who is a 'top economist' then according to Mr. Blanchflower?

Most of them seem to be totally insane as far as I can tell.

Keynesian money printers are, anyone else is wrong it seems.

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A bit of a spat between the economist experts. Patrick Minford has called for an instant Brexit and to walk away from the EU.

In return Danny Blanchflower has said "Patrick Minford is not a top economist is cited by nobody has been wrong about everything for 30yrs & is a crackpot"

Who to believe?

Neither of them. Minford is a Monetarist, Blanchflower a Keynesian. Minford believes the economy can be brought back to equilibrium by controlling the money supply, Blanchflower believes the economy can be brought back to equilibrium by running a govt deficit. Both of these one parameter control models is wrong. Empirically, the natural state of markets and economies is far from equilibrium. A dynamic, nonlinear systems approach is what's required. There is little or nothing in existing micro- or macroeconomics texts that is of value in understanding real markets, which is why hedge funds don't hire economics PhDs.

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Repealing the ECA would most likely be catastrophic to the UK's economy. We'd lose access to the single market for our services (which makes up 80% of our economy), be trading under WTO rules, which would involve tarrifs, and generally remove any goodwill we'd have around the world by breaking our treaty obligations, and our reputation would be tatters.

Moreover, seeing as we have a pro-EU parliament, they would never vote for such action anyway... I suppose the main positive in such action, is that would definitely mean a HPC.

Edited by Dave Beans

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The guy who feels the need to rudely shout down anybody with an alternative opinion is usually the lesser of his peers, in my experience.

Can't argue with that.

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Comical that Blanchflower thinks "top economist" is something to be proud of when economies around the world are chronically ill and "top economists" have no idea how to fix them.

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What a nerve Blanchflower has, at least Minford was an adviser to Thatcher, though it pains me to say it, an adviser that actually changed the sick man of Europe into something credible, Blanchflowers ideas have been a part of everything that is wrong in the UK today.

What a tw*t

The UK is still the sick man of Europe, North Sea oil and and explosion of financialisation covered up the deep structural problems we had stretching back to the Victorian era. Thatcher created a nice illusion of success, the reality is she merely papered over the cracks by increasing debt in the economy.

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LOL, Minford was certainly dead right about the Euro, and that's a very big thing to be right about in the current European context. It appears to have been the decisive factor that turned David Owen (who left Labour over its anti-EEC stance in 1981) into a Brexiter this year.

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The UK is still the sick man of Europe, North Sea oil and and explosion of financialisation covered up the deep structural problems we had stretching back to the Victorian era. Thatcher created a nice illusion of success, the reality is she merely papered over the cracks by increasing debt in the economy.

Spot on. Since Thatcher we have been under constant financialization, swapping equity for debt. Thatcher was damn lucky that north sea oil came on tap just as her era started, that papered over the rape of industry. Before the oil we were in the arms of the imf. Now the oil has run out and all that's left is debt, far more than in the 70's by any measure. Brexit won't save us.

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Blanchflower was at the BoE as a member of the MPC when the economic calamity became evident in 2007.

He's hardly in a position to call anyone anything when he held a high position at the BoE when the BoE's crackpot policies were helping to produce the economic collapse causing a calamity so bad that the crackpot BoE is still having to reduce interest rates 9 years afterwards - and to below levels already the lowest for at least 5000 years.

It's so crackpot that it continues to follow policies that it admits don't work - except to line the cronies own pockets.

Edited by billybong

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A bit of a spat between the economist experts. Patrick Minford has called for an instant Brexit and to walk away from the EU.

In return Danny Blanchflower has said "Patrick Minford is not a top economist is cited by nobody has been wrong about everything for 30yrs & is a crackpot"

Who to believe?

Economist expert is an oxymoron. No further explanation needed.

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Spot on. Since Thatcher we have been under constant financialization, swapping equity for debt. Thatcher was damn lucky that north sea oil came on tap just as her era started, that papered over the rape of industry. Before the oil we were in the arms of the imf. Now the oil has run out and all that's left is debt, far more than in the 70's by any measure. Brexit won't save us.

At least there is the sheep. And cranberries.

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Spot on. Since Thatcher we have been under constant financialization, swapping equity for debt. Thatcher was damn lucky that north sea oil came on tap just as her era started, that papered over the rape of industry. Before the oil we were in the arms of the imf. Now the oil has run out and all that's left is debt, far more than in the 70's by any measure. Brexit won't save us.

No, Thatcher was the last PM to understand why it is important to run a budget surplus and how running a debt was very undesirable. Osborne made noises about it but failed to deliver, running up the debt incredibly to the point where he makes Gordon Brown look like an economic expert.

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No, Thatcher was the last PM to understand why it is important to run a budget surplus and how running a debt was very undesirable. Osborne made noises about it but failed to deliver, running up the debt incredibly to the point where he makes Gordon Brown look like an economic expert.

Andin 10 years how many times was that achieved??? And did oil revenue aid the treasury?

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Andin 10 years how many times was that achieved??? And did oil revenue aid the treasury?

Sush. You can't argue against the surplus myth.

Don't you know economies can be run like household budgets?!

Back to school with you...

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Economist expert is an oxymoron. No further explanation needed.

A kinder interpretation might be that an Economics expert is one who has mastered a set of theories and ideas that have no value whateover in understanding or predicitng the behavior of actual real world economies- so they are best thought of as members of an obscure cult that subscribes to a world view that is driven more by the needs of it's members and patrons than any need to be empiricaly valid.

From this perspective Economics must be regarded as a success story because it's members have managed for many decades to be well paid for constructing a fantasy world that has no real value save that it's development provides lucrative employment for economists. There is a certain elegance in this closed loop structure that is a self validating money making machine for a rather small group of essentially highbrow conmen- though I would mitigate that last statement by pointing out that among the people most taken in by Economic theories seem to be the Economists themselves.

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