Jeremy Corbyn WINS (40+) economists’ backing for anti-austerity policies

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I do not understand you people, you believe Socialism and state controls of business and finance results in a prosperous economy. Name one country who follows Corbyn's measures and is prosperous. Not successful America, Not successful Germany, not successful Japan, not successful UK, not successful France, not successful Italy, not India, Brazil and so on. China had a similar outlook but in the 80s underwent extensive privatisation and decentralisation. Since it's economy has sky rocketed. Corbyn would go backwards but unlike China we don't have the sheer size of industry. All successful economies are capitalist with a free market and privatisation. Corbyn has no model country, just a book of Marxism.

because I agree with that well known socialist Peter Hitchins?

http://hitchensblog.mailonsunday.co.uk/2012/10/why-nationalised-railways-would-be-better.html

I don't really understand The two eds either. Always rallying behind causes that make his climb to the financial mega bucks that much harder.

Also iof you want examples fo when this so called socialism you despise so much worked just go google golden age of capitalism.

(edited 8 years ago)

Reply 21

The one ed

Original post by cacra

The mainstream economic consensus is socialist, I don't think anyone cares.

The British population is libertarian and will not elect a socialist into office.

Don't worry we all know Corbyn is hopeless but these lefties need to be challenged in regards to the notion "left wing economics is the best". They claim to be social justice warriors, environmental warriors, equality warriors, economic warriors and so on. Seriously? I am right wing and admit we are stronger in some areas (like the economy) than others yet these lefties claim to tick every box.

(edited 8 years ago)

Reply 22

The one ed

Original post by ChaoticButterfly

Because I believe in competition. We don't live in a world where everyone can be successful, that is fantasy. I accept the way the world works and intend to beat those to the top. Not everyone can pass the interview, I intend not to be those people.

Reply 23

ChaoticButterfly

Original post by The one ed

The Tories have many economists backing them too but what? Are they just money greedy bankers whose opinion is invalid in comparison to Corbyn? Seriously what makes these 41 economists, either former bank advisors (oh great), former labour advisors (even better) and university lecturers (yep just brilliant)

Well from a empirical scientific stand point, you know, the best way to get to 'the truth', one of the Corbyn backers predicted the 2008 crisis when the mainstream economists models didn't even leave room for a financial crisis like that from even happening. It would be like having a weather forecasting model that did not even have include rain. If something like that happened in say physics there would be loads of excitement in showing why the mainstream models are wrong and fixing them, but economics is a pseudoscience most of the time and economists are more like priests trying to protect their own ideology (this applies to both left and right wings).

So like I said, their models are like a protoscience at best. They think the Sun goes round the Earth, and they got lots of maths to prove it. But they are still wrong.

It tends to be the left that gets behind these people since the left has a bias against the perceived unfairness and workability of capitalism. The right has the opposite problem. But in this case the left's bias is more empirically supported.

It also isn't the fist time elites enact dumb counterproductive economic polices that make problems worse.

(edited 8 years ago)

Reply 24

ChaoticButterfly

@The one ed

So I just read the article and one the backers is a former adviser for the bank of England. So hardly a marxist. This is him.

“The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies. His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity.”"

It would seem the mainstream is taking baby steps towards this position.

Reply 25

Reue

Original post by Erzan

You're being ridiculous and you know it. :h:

Nope

Original post by Erzan

These people are teaching and working in their field. They would more likely know what is extreme or mainstream more than a news reporter, government ministers or person on student forum.

And 40 isnt a particularly large sample.

Reply 26

Reue

Original post by ChaoticButterfly

Being mainstream in and of itself doesn't make something correct either. Just because the idea that the Sun orbits the Earth was once mainstream didn't make it true. Which is where a lot fo mainstream economics stands to be honest.

I didn't say whether it was correct or incorrect, was just pointing out that 40 people saying something doesnt make it particularly mainstream by anyone's definition.

Reply 27

Erzan

Original post by L i b

Corbyn doesn't actually have an economic plan. He's talking about spending more in every area - there's no costings, no explanation of how to raise the money.

He wants to dramatically cut the military budget, cut housing benefits, increase corporation tax, inheritance tax, close tax loopholes, introduce new council tax on very high value property. Can you stop lying?

Thank you.

Original post by L i b

Being a lecturer at a university (and looking at a few of them, they're not all economists) does not make you any better qualified than anyone else to make political judgements. Indeed, in my experience there are plenty of academics that will support absolutely mental policies.

This is not about political policy this is about mainstream economics.

I would take note of 40 economists, advisor to the Bank of England and the IMF. Over the opinions of you or George Osborne. As you're both ideological fiscal Conservatives, who would not care about evidence led policy if it smacked you in the face.

(edited 8 years ago)

Reply 28

KimKallstrom

The letter does not support Corbyn and anyone who suggests it does is being deceitful. It even states that not all the signatories are Corbyn supporters. The letter merely states that anti-austerity is not an extremist position. Corbyn comes into it because some Corbyn detractors in the media have been saying anti-austerity is extremist. That's it. Anyone who has read the letter knows this.

Now even if we were to believe these liars and say the letter and signatories "support and back Corbyn", as has already been pointed out, there are engineers and architects who believe that 9/11 was a controlled demolition despite the fact that the overwhelming majority do not. OK, these people say evidence shows it was a demolition.........so how about the rest? It doesn't mean a lot.

(edited 8 years ago)

Reply 29

Innigo

"Corbyn's economic policies are mainstream economics", say some non-mainstream economists. This is a complete non-story.

They're not all economists. Many are overtly socialist/heterodox economists working on the fringe of the profession. Many are, unfortunately, clinging to 19th century methodologies that alchemists would probably feel at home with.

Grazia Ietto-Gillies - avowed socialist (check her CV and publication record)
Robert Wade - "development scholar", university education (MPhil+DPhil) was in social anthropology
Michael Burke - avowed socialist / leftie
Steve Keen - heterodox propagandist
Victoria Chick - old-school hetero plugging her new-marxist-economics-friendly INET agenda
Anna Coote - works for NEF, which is a heterodox think-tank
etc etc you get the idea

Each of those institutions - LSE, UCL, Birkbeck - have sound reputable economists with good publication records. But they did not sign the letter.

Yet another reason not to read the Guardian.

(edited 8 years ago)

Reply 30

Erzan

Original post by Innigo

The IMF is a leftie?

Reply 31

MatureStudent36

Original post by Erzan

You're being ridiculous and you know it. :h:

These people are teaching and working in their field. They would more likely know what is extreme or mainstream more than a news reporter, government ministers or person on student forum.

Some economists support Corbyns policy. Some don't.

Keynes and Friedman were both economy's Nobel laureates who had completely opposite opinions.

Keynesian economics tends to have more support in the UK because that's what most economists are taught from a early age and I'm sure that a lot of politically active economists will advocate what they teach.

I buy into te Keynesian model of economics from a theoretical perspective. Where it fell down wa lane that labour increased public spending during the boom time instead of cutting back.

I have tk say though, for all of the 'economist x,y,z' believes that the governments current economic ok policy is leading us to a double dip, triple dip, depression etc. the reality is that the economy in the UK has recovered and the electorate voted in a government who promised a fiscally responsive policy of spending less than you earn.

Academics very rarely seem to factor in human factors.

Reply 32

TheCasual MK2

I think people are waking up to austerity is a con to make the rich and powerful more richer and powerful.

Austerity is clearly not working because it's not design to work in the way it's publicised.

It's a way of justifying transferring public assets and services to private hands.

Reply 33

Raiden10

Original post by The one ed

Do people not remember the economists who advised Brown and Blair before and during the crash? Their advice after was heavily criticised as the UK was one of the worst hit due to running an extremely high deficit, printing money as a solution, selling off state assets like gold for disgusting prices, increasing borrowing, increasingly running interest rates at a stupid level, and so on. Economists are not gods and ones who certainly follow Labour have been proved to be god awful.

But this has the arse-end of nothing to do with Jeremy Corbyn.

Original post by The one ed

The fact 99% of businesses support Tory measures is more significant to me. Not a load of probable Labour and left wing supporting economists. There are 10,000s of them around, unless they come out and support Corbyn I am not listening.

Economists, largely, support the policies they are paid to support.

I don't think 99% of small business support austerity.

The people who support austerity are the small number of very large interest groups who are profiting, or will profit from it.

Increasingly the largest vested interest is the festering, geysering unproductive mass of pus and tumour which we call "financial services". They are on very good terms with the tories. One imagines they love Tory policies.

Reply 34

Raiden10

Original post by Innigo

Yet another reason not to read the Guardian.

Good point, we should read Rupert Murdoch's opinions instead. He so nice, at least you know he has our best interests at heart.

You just can't trust that Guardian, I mean they even talk about the migrants as if they were people. Tsk tsk.

Reply 35

Raiden10

Original post by The one ed

I accept the way the world works and intend to beat those to the top.

How imaginative.

Reply 36

Bill_Gates

I support Jeremy too, i wish him well!

Reply 37

Innigo

Do you have a hard time with basic reading comprehension?

Original post by Erzan

The IMF is a leftie?

Reply 38

Erzan

Original post by Innigo

Do you have a hard time with basic reading comprehension?

You tried to discredit the sources by claiming it is a result of left wing bias but fail to account for the support from the IMF or Bank of England advisers. Also not all the names are left wing radicals. You need help in basic comprehension and perhaps you can start with learning what confirmation bias is.

Original post by Reue

Nope

And 40 isnt a particularly large sample.

You're going to ignore the IMF too, run by international economists trusted and quoted by the Tory party whenever it suits them? do you want every single economist to come and tell you? be serious, you don't even know what threshold you are going to admit anti-austerity policies is mainstream.

(edited 8 years ago)

Reply 39

TheCitizenAct

No, 40 University professors, all indoctrinated to believe in socialism as an economic model - hence why they don't work for a living or function in real society - all validated Corbyn's proposals.

It seems like it comes as a surprise to you that University professors would approve Corbyn's plans? Universities are FULL of socialists. Look at the stats: https://www.timeshighereducation.co.uk/news/almost-half-of-sector-to-back-labour-the-election-poll-suggests/2019944.article If the University sector was the electorate, the Greens would have amassed 22% of the popular vote. The University sector is completely detached from any conceptualisation of reality.

It's a bit like walking into a meeting of members of the National Socialist German Workers Party and asking for their perspective on Judaism.