Update May 25th
This page records questions raised, collaborative work and final propositions designed to benefit the wellbeing of the majority.
For the full set of Economic Briefs preparaed in support of this proposition are please click on the Resources link above.
We are nearing the point at which we will be posting our initial proposals on macroeconomic options. A final section is under review so we can soon post a basic proposition. There are some very basic points that are worth pointing out ahead of its posting:
- Opposition parties need to analyse why there is falling investment productivity and real wages - we have explained why this happens in Economic Briefs No 1 and in Economic Briefs No 2. If anyone disagrees with the analysis contained therein they are invited to explain a more relevant analysis;;
- Keynesianism, monetarism and supply side economics all operate within the aggregate demand paradigm which does not work because unlike 1945-1965 a period of unprecedented growth initiated by a Labour government, financialization has come to dominate monetary policy;
- Opposition parties insist in analysing economic issues from the standpoint of the aggregate demand model so solutions are doomed to failure;
- Building back better via infrastructural investment only has a marginal impact on medium to long term productivity and, indeed long term prospects fo employment. The Keynesian objective was to bring people back into work but this does nothing to raise productivity-enhancing investments, lower unit prices and therefore rises in real wages over the longer term;
- Economic Briefs No 3 explained how the hallowed texts of Keynesianism and monetarism contain nothing on the role of learning, the accumulation of tacit knowledge leading to technology and technique innovation as the source of productivity, sustainable real incomes and planetary survival;
- The absurd deference to the operations of the Bank of England continues as it's policy of quantitative easing (QE) hollows out the economy - without this policy growth could have eliminated "austerity". BoE independence was a bad decision by Brown because it has removed monetary policy from oversight and public choice of the electorate of this country;
- QE cotninues to hollow out the economy because the Quantity Theory of Money, the monetarist's explanation for everything has been proven to be flawed - to check out why - read Economic Briefs No 1 - it is alarmingly simple; evidence for this unravelling was provided by the outcome destructive outcome of QE.
The main problem that remains unaddressed by opposition parties is that there is a significant democractic deficit representing a serious constitutional crisis facing the majority of wage-earners because they have no means through the current political parties, including Labour
of gaining any means of voting on monetary policy decisions which remain very much in favour of the interests of a minority of asset holders. It is ho to addrress this last issue that is being completed in the prosition under preparation.
As we have stated none of this has been endorsed by Jeremy Corbyn but the spirit of the analysis and the practical aspects of the proposition are a movement to promoting the needs of the many rather than the few on the basis of a constitutional economics.
We have removed communications records because of lack of response from notable individuals.