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Quantitative easing risks generating its own boom-and-bust cycles, and can thus be seen as an example of state-created financial instability. Governments must abandon the fiction that central banks create money independently from government, and must themselves spend the money created at their behest.
PEF Council members recently discussed, via email, the government’s plans for social care and its financing. We were unanimous in agreeing on the bad design of the scheme, on the
The Conservative government looks set to announce that it will be introducing a rise in National Insurance Contributions of up to 1.25 percent on Tuesday this week. The intention is
see film clips of PEF Council members explaining the purpose of PEF’s new book, The Return of the State
No economist should have been remotely surprised by the announcement of the European Super League. Its ignominious collapse could mark the beginning of a long-needed onslaught on the economic model on which it was based.
“After decades of assault by state-shrinking ideologues, a collision of crises has revealed how only the power of good government can save us. Covid, climate catastrophe and Brexit crashed in on a public realm stripped bare by a decade of extreme austerity. Here all the best writers and thinkers on the good society show recovery is possible, with a radical rethink of all the old errors. Read this, and feel hope that things can change. ”
Polly Toynbee
The coronavirus pandemic has worsened inequalities and the measures taken by government, with tacit or explicit support of Labour and the TUC, have increased inequalities further.
Market economies tend to generate unemployment not full employment. Real economies produce many goods and services with quite different process of price determination. Governments and central banks at most influence not determine money in circulation. Inflation is not the result of too much money. That is its consequence.
There is a need for massive reform of tax after the coronavirus crisis
Of the nineteen UK governments since the Second World War, only two have torn up the rule book and tried to build a better future, instead of simply recycling the
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