D_Blanchflower David Blanchflowerby RichardJMurphy
Economic growth comes from bank lending or government spending. Osborne\’s plan provides neither. His change in rhetoric is telling…
Economic growth comes from moving an asset or resource from a lower valued use to a higher valued one.
Which can be done with the aid of bank lending, sure. And venture capital, equity investment, angels, credit cards and digging around down the back of the sofa. In fact, it can be done without any financing method at all.
Did we seriously ever have an economist at the BoE who thinks that only government spending or bank lending can produce economic growth?