The Osborne Identity
Discussion
Fittster said:
http://www.bbc.co.uk/news/business-32143952
What I find interesting is how so many people think they know better than economists. If a noble winning physicist makes a statement about physics you don't see lots of people in the media and internet forums jumping up to say "He doesn't know what he's talking about, although I've no qualifications at all in the subject I know more about it than him!"
Plenty of other economists recognise that you have to address spending problems at some time and you can't kick the can down the road forever.What I find interesting is how so many people think they know better than economists. If a noble winning physicist makes a statement about physics you don't see lots of people in the media and internet forums jumping up to say "He doesn't know what he's talking about, although I've no qualifications at all in the subject I know more about it than him!"
The fact that 'austerity' (which still involves spending £90bn more than we earn every year) has reduced GDP in the short term does NOT mean that it will reduce GDP in the long term or that it was the wrong thing to do!
Fittster said:
BJG1 said:
[ There seems to be pretty much unanimous agreement amongst economists that cutting faster (which he did at the very star then slowed down) would stifle growth.
I think you're pushing it there. A lot of economists think the cuts were completely wrong and government spending should have increased not reduced.desolate said:
Sorry to quote myself but I presume as no one has said otherwise then the gif isn't doctored and he actually was off it in the commons.
Seems a bit off really - does he have history for drug use?
There's also the most likely option that it's not doctored and he isn't off his tits Seems a bit off really - does he have history for drug use?
BJG1 said:
desolate said:
Sorry to quote myself but I presume as no one has said otherwise then the gif isn't doctored and he actually was off it in the commons.
Seems a bit off really - does he have history for drug use?
There's also the most likely option that it's not doctored and he isn't off his tits Seems a bit off really - does he have history for drug use?
FredClogs said:
Yeah, he's just pretending to be tripping, that's the most likely option.
Well he definitely isn't tripping 
He might be hungover, might be tired, he may even be on a coke comedown. What is highly unlikely is that he's under the influence of drugs he's taken on that day
Re Economists. Two of them with diametrically opposite views can share a Nobel Prize.
To simplify there are two main schools.
Keynesians. Such as Krugman, Piketty and Stiglitz. They think that the state can and should make a difference and should be big. These are the sort of people who have driven Greece and Venezuela into disaster. Corbyn has these as his advisers.
Austrian School. Rothbard, Mises, Hayek and many living practitioners. They believe that the less state the better. Their policies are followed by very successful economies such as Singapore and Hong Kong. These courses look very good: http://academy.mises.org/
There are very many ongoing wars between The Keynsians and the Austrians. Mostly Krugman and Piketty being repeatedly made to look silly.
To simplify there are two main schools.
Keynesians. Such as Krugman, Piketty and Stiglitz. They think that the state can and should make a difference and should be big. These are the sort of people who have driven Greece and Venezuela into disaster. Corbyn has these as his advisers.
Austrian School. Rothbard, Mises, Hayek and many living practitioners. They believe that the less state the better. Their policies are followed by very successful economies such as Singapore and Hong Kong. These courses look very good: http://academy.mises.org/
There are very many ongoing wars between The Keynsians and the Austrians. Mostly Krugman and Piketty being repeatedly made to look silly.
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