He\’s having a go at the FT\’s economics editor now.
Oh dear: there’s a believer in the confidence fairy at large, which is unsurprising given that Giles is yet another of the ex Institute for Fiscal Studies, BBC cohort who have done so much the spread neoliberal dogma through the media.
No doubt Giles was educated in the era when Keynes fell off the economics curriculum. No doubt he believes as a result that economics always achieves equilibrium and the unemployed are only so because they don’t want to work, and so don’t matter, because that’s what this school thinks despite all the evidence to the contrary (but then evidence is something they’re really rather good at ignoring; dogma is all that matters).
And it\’s a particular joy for two reasons.
The first is that it is, I am absolutely certain, impossible to study economics in the UK, and has been impossible for 50 years, without being taught Keynes.
But the second is better: it\’s this:
when Keynes fell off the economics curriculum. No doubt he believes as a result that economics always achieves equilibrium
Keynes himself thought that an economy would reach equilibrium. In fact this was his point, that there were several possible equilibrium states. And what he wanted to make sure was that the equilibrium reached was the one that included full employment rather than one of the several other possible equilibriums which did not.
In fact, Keynesian equilibrium is a rather important part of Keynesian economics. In fact, if you don\’t believe in equilibrium it is pretty much impossble for you to believe the rest of Keynesian economics.
Ritchie simply doesn\’t understand the subject well enough to realise when he\’s spouting bollocks.