Tag Archives: Corbynomics

Facts, and Opinions, this week

Howard Morry, left, brings his sheep in from the community pastures on the islands off Tors Cove, Newfoundland. Like generations of farmers and fisherman have been doing for hundreds of years. Life goes on in rural Newfoundland and the old ways are still practiced despite the loss of its historic economy and 50,000 people. See Greg Locke’s photo essay on his recent travels through Newfoundland and finding what he thought was lost.

F&O starts our week in easternmost Canada, with Greg Locke’s photo-essay about the resilience (and beauty) of rural Newfoundland. We focus onPope Francis’s visit to the Americas; relish the news about Africa’s bright spot of Ivory Coast; puzzle at a seemingly-crazy notion that orange juice could replace petroleum; and heed Tom Regan’s warning about a future of massive migration. Read about Corbynomics by its creator, and discover how in Alabama the womb is increasingly a crime scene. And then, take a leisurely stroll in the Arts, with Brian Brennan’s Brief Encounter on Elizabeth Taylor; the relationship between The Martian movie and Robinson Crusoe; and a tale about the Man Booker awards.

Note to readers: Please excuse some disarray. F&O is almost sorted from our major move; we’ll get the mess cleared away soon. Emailed access codes will be emailed to paid subscribers this weekend. Thank you for your support — and patience.

Dorothy's last meeting with Mother Teresa, in Dorothy's room at Maryhouse in Manhattan. Eileen Egan is on the left. The photo was taken in 1979, the year before Dorothy's death, by Bill Barrett. (Marquette University Archives via Jim Forest, Flickr)

Dorothy Day’s last meeting with Mother Teresa, 1979.

Pope Francis and Dorothy Day Economics. By Chuck Collins

Perhaps the most subversive part of Pope Francis’ speech to the United States Congress was in celebrating a little-known figure and thus reviving interest in what Dorothy Day stood for. And if we truly heed the teachings of Dorothy Day, we would radically transform our society and economy.

Pope to Canonize Friar Serra: a halo stained with blood?

Faith and tradition in Cuba. Report and Photo-essay

Watch Pope Francis’s address to the US Congress:

A reflection is seen in the window of a Woodin clothing store at the newly expanded Cap Sud mall in Abidjan, Ivory Coast, September 14, 2015. From Abidjan’s packed airport arrivals hall to the buildings mushrooming across the capital, Ivory Coast is booming, a rare African bright spot as the world’s biggest cocoa producer bounces back from a 2011 civil war. Buyers of luxury apartments include Ivorians living overseas, while promoters from Morocco, Turkey and China are attracted by tax breaks. Elections - the source of national unrest four years ago - are due in a month but there is no let-up in investment given expectations of an easy victory for incumbent Alassane Ouattara. The government predicts 9.6 percent growth this year, making the former French colony the standout performer on a continent hammered by a slump in commodity prices, capital outflows and tumbling currencies. REUTERS/Joe PenneyPICTURE 22 OF 33 FOR WIDER IMAGE STORY "IVORY COAST IS BOOMING". SEARCH "BOOMING PENNEY" FOR ALL IMAGES

Africa’s Bright Spot: Ivory Coast is booming. A  photo essay

From Abidjan airport’s packed arrivals hall to the hotels and plush villas mushrooming across the city, Ivory Coast is booming, a rare African bright spot as the world’s biggest cocoa producer bounces back from years of turmoil and civil war.

When the Womb is a Crime Scene. By Nina Martin

Women in Alabama are running afoul of the state’s “chemical endangerment of a child” statute, the United States’ toughest criminal law on prenatal drug use. Passed in 2006 as methamphetamine ravaged Alabama communities, the law targeted parents who turned their kitchens and garages into home-based drug labs, putting their children at peril. A woman can be charged with chemical endangerment from the earliest weeks of pregnancy, even if her baby is born perfectly healthy, even if her goal was to protect her baby from greater harm.

 

Crisis just beginning of massive migrations. By Tom Regan, Summoning Orenda columnist

The current migrant crisis is only the tip of the iceberg. What will drive the next great wave of refugees will not be political violence, but climate change.

Can orange peel could replace crude oil in plastics? By Marc Hutchby

New research indicates orange juice could have potential far beyond the breakfast table. The chemicals in orange peel could be used as new building blocks in products ranging from plastics to paracetamol – helping to break our reliance on crude oil.

Jeremy Corbyn, the new leader of Britain's opposition Labour Party greets supporters after speaking in a pub in London, Britain September 12, 2015. REUTERS/Neil Hall

REUTERS/Neil Hall

Jeremy Corbyn and the economics of the real world. By Richard Murphy

As the creator of what has come to be known as Corbynomics, I argue that my policies are at the core of tackling the austerity narrative.

ICYMI: JEREMY CORBYN: British Labour’s New Leader

Art Following Life: Elizabeth Taylor, a Brief Encounter by Brian Brennan (*subscription)

My very brief encounter with Elizabeth Taylor occurred late on a Saturday afternoon in May 1983 on a busy street in midtown Manhattan. A mounted New York City policeman was barking orders to the small crowd of about 30 waiting outside the stage door of the Lunt-Fontanne Theatre on West 46th Street: “Everybody keep to the sidewalk and stay behind the barricades!” Why all the fuss?

Booker shortlist: bastion against death of the novel. By Stacy Gillis

The 2015 year’s Man Booker shortlist features two Britons, two Americans, one Jamaican and a Nigerian (four men and two women) and has been applauded for its diversity.

Photo: 20th Century Fox

Photo: 20th Century Fox

The Martian — and Robinson Crusoe, Matt Damon and Viola Davis. By Victoria Anderson

In The Martian, directed by Ridley Scott, Matt Damon plays Mark Watney, an astronaut left stranded on Mars. Alone, presumed dead, he must work out a way to survive. If this storyline sounds vaguely familiar, that’s because it is.

In Case You Missed It:

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Facts and Opinions is a boutique journal, of reporting and analysis in words and images, without borders. Independent, non-partisan and employee-owned, F&O is funded by you, our readers. We do not carry advertising or “branded content,” or solicit donations from foundations or causes. Please support us with a contribution, below, of at least .27 per story, or a site pass for $1 per day or $20 per year. We’d be grateful if you’d help us spread the word.

 

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Jeremy Corbyn and the economics of the real world

By Richard Murphy, City University London 
September, 2015

The new leader of Britain's opposition Labour Party Jeremy Corbyn makes his inaugural speech at the Queen Elizabeth Centre in central London, September 12, 2015. REUTERS/Stefan Wermuth

The new leader of Britain’s opposition Labour Party Jeremy Corbyn makes his inaugural speech at the Queen Elizabeth Centre in central London, September 12, 2015. REUTERS/Stefan Wermuth

As the creator of what has come to be known as Corbynomics, my ideas on what is now known as People’s Quantitative Easing, progressive taxation, tackling the tax gap and other matters caused quite a stir in the Labour leadership race.

They are all policies that, in my opinion, are at the core of tackling the austerity narrative that has dominated the UK political debate. They are designed to put the country back to work on a fair and level playing field.

It is with this in mind that I am about to start teaching a course entitled Economics of the Real World at City University. I think there is a considerable overlap between the ideas I hope to explore with my students and the reason for Jeremy Corbyn adopting some of my thinking this summer.

I consider myself a political economist. We could argue for some time about where the boundaries between the two disciplines might be, but most can spot it with ease. It is, in my opinion, a sad fact of life that too many macroeconomists now consider research to be focused almost entirely on correcting theoretical aberrations in models of general equilibrium that bear little or no relationship to the real world. As an exercise in theoretical mathematical modelling this process creates academic curiosity, but I have my doubts about what it contributes to the real world.

In the real world of political economy that I wish to explore with my students in due course, there are three big themes.

  1. What economists choose to measure and how useful it is to measure these things.
  2. The way those measures are constructed and what they are intended to communicate.
  3. The role of economists in this process: what is their background or ideology that may influence their behaviour, and what might they have chosen to omit from consideration as a result?

It is my belief that there is no form of measurement, whether economic or (as importantly) in accounting, that is value-free. The choice of what we measure frames the debates we have. And the tools we use and the options they accept or reject are entirely subjective.

For example, to highlight one of my long-running areas of concern, the fact that companies deliberately use complex financial structures to hide 60% or more of their global trade from view in their financial statements (and enjoy tax breaks as a result) is not by chance. It is instead a deliberate decision to present a particular – and so inherently biased – view of globalisation that has had enormous significance for the structure of both trade and finance. To ask why those choices were made is therefore vital if the reason for seeking an alternative perspective, with all the policy implications that follow, is to be properly appraised.

My point is that it is clear that the economist is not an objective observer. His or her decisions necessarily affect the real world: the very act of measurement itself has an impact.

So how does this relate to Jeremy Corbyn? As a newly appointed academic I am all too well aware of the importance of the “impact” of my forthcoming work. What astonishes me, in that case, is how little work by so many UK academics in the fields of economics, accounting and tax has any chance of achieving that impact. It is not, it seems, ever designed to reach out to those who might have the chance to effect change by making use of it.

It is my hope that this is an issue that a new Labour leader might address. If the Labour leadership campaign has proved anything it is that there is need for a change in economic thinking if those policies to be offered in 2020 by all parties – but most especially those on the left – are to resonate with people anxious for change.

What also seems very obvious, is that politics is not, at present, either the source or repository for that thinking. In that case, the chance for meaningful dialogue between academia and Labour does at this moment appear to be high, and with it the prospect of real, impactful, engagement.

That is why I hope a new Labour leader will reach out to academia and positively invite new ideas, research, thinking, dialogue and so policy formulation. Now is the time for this. The politicians and academics involved all have until 2020 to achieve a result. There is a desperate need for an economics of the real world that is quite deliberately intended to change not just measurement, but reality.

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The ConversationRelated on F&O:

JEREMY CORBYN: British Labour’s New Leader, by William James and Michael Holden

Richard Murphy is a Professor of Practice in International Political Economy, City University London.  This article was originally published on The Conversation. Read the original article.

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Facts and Opinions is a boutique journal, of reporting and analysis in words and images, without borders. Independent, non-partisan and employee-owned, F&O is funded by you, our readers. We do not carry advertising or “branded content,” or solicit donations from foundations or causes. Please support us with a contribution, below, of at least .27 per story, or a site pass for $1 per day or $20 per year — and by spreading the word.

 

 

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