![]() Is there a case for a basic income guarantee – Part 4 – robot edition (September 26, 2016).ĥ. Is there a case for a basic income guarantee – Part 3 (September 22, 2016).Ĥ. Is there a case for a basic income guarantee – Part 2 (September 21 2016).ģ. Is there a case for a basic income guarantee – Part 1 (September 19, 2016).Ģ. I dealt with that issue in the following five-part blog post series (among other posts I have published on the topic over the years):ġ. Why would a progressive Labour Party want to surrender to the neoliberal idea that there will never be enough jobs to go round when there is patently millions of jobs that can be created to serve community and environment if the government funds them? Why would a progressive ‘Labour’ party want to introduce a UBI to solve unemployment when in government it could always ensure that all idle labour is productively employed? A party that is concerned for the welfare and aspirations of workers who work and their dependents. The British Labour Party has not crowned itself in glory in the last few weeks by proposing to consider adding a UBI to its policy platform.Īs many commentators have pointed out the problem with this proposal can be summarised by just considering the party’s own title – Labour Party. Part 2 will focus more specifically on Balance of Payments issues. This is Part 1 of a two-part series on this topic, most of it will be summarising past analysis. Second, the Labour Party are claiming to be a “radical and transformative” force in British politics, yet hang on basic neoliberal myths about the monetary system, which is at the core of government policy implementation. First, the advisor, and which I guess means the person being advised, do not really understand what MMT is. Apparently, only the US can apply MMT principles. He also mused that any application of MMT would be “catastrophic” for Britain. Anyway, his chief advisor evidently openly attacked MMT as “just plain old bad economics” and called it a “regression in left economic thinking” which would ultimately render the currency “entirely worthless” if applied. It reflects the mindset of the inner economics camp in the British Labour Party, a mindset that is essentially in lockstep with the neoliberal narrative about fiscal policy. He called it a “radical solution” ( Source). The exchange took place on the social media page of a Labour Party insider who has long advocated a Land Tax, which McDonnell is on the public record as saying will “raise the funds we need” to help local government. On August 6, 2018, British tax expert Richard Murphy who is becoming increasingly sympathetic to the principles of Modern Monetary Theory (MMT) published a blog post, which recorded an exchange with one James Meadway, who is the economics advisor to the Shadow Chancellor John McDonnell in Britain.
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