Emeritus Prof Christopher MayAug 7, 2023

So Huw Pill of the BoE admits that #interestrates policies are a 'powerful' but 'blunt' tool to fight #inflation while warning that high(er) #food prices are likely here to stay for some time.

He went on to say that the BoE cannot mount 'surgical strikes' to help certain sections of society... (that would be unless its the #banking sector I assume?)

Accepting its not was wage rises driving inflation, he's decided that its imported!

Yup, we've moved to the foreigners are to blame narrative!

Show threadEpistatacadam
@ChrisMayLA6 if they aren't sure of the cause: how can they be sure of the treatment?
In my own field medicine, you make a differential diagnosis and while treating the most likely, you try to disprove the less likely ones. It seems economists don't accept they may be wrong, but hold that their current thoughts "Must Be Right!" until proved wrong, and are then promptly denied.
Aug 7, 2023 at 10:03pmWeb
Show threadEmeritus Prof Christopher MayAug 8, 2023

@epistatacadam

A lot of it is 'faith-based' policy... their faith in a specific model of the #economy, which while widely critiqued outside the mainstream, still holds sway in the policy elite(s)!

Show threadEpistatacadamAug 8, 2023

@ChrisMayLA6
Clearly led by false prophets, then!

How do we get enlightenment into the treasury and the political elites? I hesitate the suggest re-education camps, as I suspect they don't work and ARE terrible in other ways.
Perhaps starting with primary & secondary education, by liberating teachers from the national curriculum and treating them as professionals again.

Show threadEmeritus Prof Christopher MayAug 8, 2023

@epistatacadam

Start with University #economics departments in my view... I taught a heterodox #economics course before I retired, in a politics Dept. & the economics department banned their students from taking it... they're not really open to the alternatives & so their students frequently are not introduced to the alternatives to the mainstream discipline!

Show threadEpistatacadamAug 8, 2023
@ChrisMayLA6 clearly not an educational institution then. The mark of a good university is that it accommodates multiple views so that debate can improve thinking for all. Hence the importance of free speech for all at university including the staff. But no one has the right to shoot for in a crowded space.
The misunderstanding at the Philadelphia court House is a classic example, there was a fire but the order was not for the troops holding the protesters from there court House....!
Show threadEmeritus Prof Christopher MayAug 8, 2023

@epistatacadam

Ha ha, don't get me started on how #universities are actually remarkable conservative institutions.....

Show threadEpistatacadamAug 8, 2023
@ChrisMayLA6 why not let's see if your experience fits with mine in the NHS! Both were subjected to New Public Management, a failed idea imported from a business school somewhere else, that failed in its own land but still holds sway in the UK....
Show threadEmeritus Prof Christopher MayAug 8, 2023

@epistatacadam

Oh yes, the NPM was a cancer that spread throughout the #university sector & while now modified still ripples through the dire staff/management relations behind the long running disputes that have disrupted the sector

Show threadEpistatacadamAug 8, 2023
@ChrisMayLA6 same in the NHS and state education sector....
Show threadJayne 🇪🇺🏳️‍🌈Aug 8, 2023

@ChrisMayLA6 @epistatacadam

These days, they are business first and foremost 😔

Show threadThe Other EconomistAug 8, 2023
@ChrisMayLA6 @epistatacadam well, I am as heterodox as you can get at the moment. You are correct, academic economics has a concept of heresy at the moment. I am in exile. But I am proposing a new branch of calculus and six distinct ways to arbitrage the Black-Scholes formula, so maybe I’ll teach again someday.