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July 25, 2013

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Luis Enrique

"... if the cost of money rose again"

this is a weird one. The BoE is trying to push down costs of funds to help ease the recession.

consider the marginal restaurant that is only surviving because it is being helped in two ways: it's debt servicing costs are lower and demand for its food are higher than they would otherwise be in absence of BoE policy.

when the economy recovers, demand for restaurants will improve and this restaurant will survive when interest rates rise.

in what sense is this restaurant undesirable because it is only surviving thanks to temporary stimulus?

Anonymous

Hmmm. I suspect "good" growth, according to Heath and his ilk, can only occur under a Tory chancellor. Growth under a Labour chancellor is for them "bad" growth. Only this morning, an obviously right wing economist was asserting to the right wing presenter on Radio 5 Live, that the pre-crisis (ie under a Labour government) growth was artificial!

I must remember not use fertiliser in my garden. The growth it stimulates is artificial and not good growth.

Ralph Musgrave

The fact that a firm or multinational is in effect mini planned economy is not an argument to centrally plan the economy as a whole. A firm is almost by definition a clump of economic activities or decisions that are best conducted on the basis of “CEO says do this, so do it”.

But there are other economic decisions best left to the market. There is actually a large literature on this subject.

Mat

Well, the only problem with your conclusion is that the thoughtful left is pretty much just you and louis enrique. Sadly a penchant for managerialism still rules the roost on the actual, political, left.

Broilster

Presumably given that multinationals like say Sony or Toyota or a thousand others have been around and making profit for decades, planning works, at least on some level. Or are they profitable in spite of their planning?

Anonymous

@ Mat

Well, that's two more than comprise the thoughtful right :-)

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