RT @ewangibbs: Some historians go further, arguing there was little evidence of coherent monetarism at all, but that ‘adventurism’ certainl…
RT @ewangibbs: Some historians go further, arguing there was little evidence of coherent monetarism at all, but that ‘adventurism’ certainl…
Some historians go further, arguing there was little evidence of coherent monetarism at all, but that ‘adventurism’ certainly receded in the early 1980s. https://t.co/iJf5vWicfo
That's not true. The Thatcher administration adopted fiscal tightening AFTER they realised the M3 measure and the monetary/interest rate targeting that it was used for was flawed. The 1981 budget is the end of Britain's brief monetarist experiment.
"Observers were shocked when the 1981 budget, in a deep recession, delivered sharp tax rises..." But this didn't work. It was based on the flawed M3 measure, contributed to the already overheating £, and deepened the recession. It was a terrible decision.
Birkbeck is just over 10 minutes walk from Euston and wage depreciation affecting the majority of wage earners started by Thatcher is well documented. Good to see James Whale trying to keep up. https://t.co/pDWGMiDYny
And I recommend this piece: https://t.co/LfK3k2S51q
Mrs Thatcher's Macroeconomic Adventurism, 1979–1981 http://t.co/6WlvXKYURx
@Lesreidpolitics 30 years ago: "A small group of ideologues pursued an incoherent policy based on some vague notions" http://t.co/v1Z7PDA1