It is a generation since Margaret Thatcher abandoned Neo-Keynesian thinking, set her face firmly against prices and income policies, and made it clear that the key to tackling inflation was curbing the growth in money.
I suggest an “all-monetarist shortlist” for appointments to the Monetary Policy Committee in the near future, to address the collective delusions that blessed us with this current bout of inflation.
On some issues, he got it wrong. On other issues, he got it right but is misrepresented by some of his cheerleaders. And on other issues, he was right in the context of the time but circumstances have changed.
Our current inflation is caused both by post-Covid shortages and a huge expansion in the money supply. Large pay increases would make it worse.
It needs to pull the help it has already provided into an account that shows the scale of the adjustment we are going through.
Voters aren’t used to a world of rising prices and interest rates, and their hearts and minds are up for grabs.
Theresa May thought aloud about low interest rates. Mark Carney hit back and no more was heard from her. Time for others to do so?
Replying to Alex Morton’s column of a week ago, the ASI’s Senior Fellow argues that the response to the financial crisis was imperfect, but more right than wrong.
Lower interest rates and monetary manipulation have been presented as the solution to our economic woes. But increasingly they create them.
His tour of universities raises memories of another – that of by Keith Joseph, whose hundreth birthday would have fallen this week. It needs a modern equivalent.
It is not so much like a parent or a nanny as a brother. Not Big Brother, to be sure, but Little Brother – to be treated both with sibling rivalry and understated love.
Britain finds herself between a ‘Keynesian’ America and a ‘Monetarist’ EU – but is doing better than both of them
The 60th anniversary of this composite figure provides an opportunity to lay him to rest.