The Joy of Richard Murphy

Just wondrous.

He posts a graph showing the differences in the evolution of employment numbers in the US and the eurozone. Nota bene, *eurozone*.

Then comments:

This is the impact of delivering a stimulus or not. It’s called employment, or not.

Or the difference between Obamanomics and Osbornomics:

How in hell you can blame Osborne for eurozone policies I am really not sure at all. Might be worth blaming Brussels, or the ECB, but Osborne?

What\’s even more amusing is the background to this of course. The only number that looks at all good in the UK economy currently is the employment one. No one\’s entirely sure why as yet but we seem to have a lot (and it is a lot as well) less unemployment than all the other numbers tell us we should have.

16 thoughts on “The Joy of Richard Murphy”

  1. Of course, it is true that government can create jobs. Richard Murphy is absolutely right that a government can increase employment. In fact, we know of some hugely successful employment programmes by governments who were not foolish enough to leave it to the market.

    Revolutionary Cambodia, for instance, created enormous amounts of employment. Everybody toiled in the fields from dawn till dusk. Not a single citizen was unemployed.

    Of course, there is the minor issue of what standard of living such full employment will provide to those who toil. But then, who needs more than a small bowl of rice per day?

  2. Osborne, apparently, is single-handedly responsible for the decisions taken at the 2010 ECOFIN conference. Which is why it is all his fault. Still it rather conflicts with the LHTD’s usual picture of Britain’s total lack of influence over the more sympathetic to economic ignorance* governments in the rest of the EU.

    You begin to appreciate that if Murphy was ever actually appointed Lord High Tax Denouncer (under his rules – your tax burden is whatever I state it is, no appeals, questions or legalistic nonsense), rather than merely abrogating the role to himself, he would still be thoroughly underwhelmed by the enormous powers available to him.

    * ‘even more sympathetic’?

  3. Ian>

    “But then, who needs more than a small bowl of rice per day?”

    It’s immoral to eat the contents of the bowl of rice, because the bowl will not refill itself once eaten. Clearly this is unsustainable, and bowls of rice are not a renewable resource. People will have to learn to make do with empty bowls, if they’re going to go around eating their rice.

  4. Even if he got the economic entities correct, the idea of basing an experiment on two subjects would have him thrown out of any research project

    We have compared a Trabant to a Rolls Royce, and we conclude that British cars are far superior to German ones

  5. His argument is even more questionable as the US “stimulus” has only been at the Federal level. At the state level spending has been cut substantially. So net/net there has been no “public sector” stimulus of the US economy.

  6. I would say it’s extraordinary but It really isn’t – he does this time and again in his post as a self-proclaimed ‘Tax Expert’. The response to someone querying it is ‘ECOFIN 10’ – apparently Osborne must have been appointed at that time to the position of President of the ECB unbeknownst to us all.

    Simply incredible – as the brilliant ‘Surreptitious Evil’ points out – he has an attitude to democracy quite reminiscent of a medieval robber baron.

  7. Oh, and they’ll be out in about six weeks, barring executive jiggery-pokery designed not to embarrass the early release scam by publicising it too widely via a notorious case.

  8. Employment is holding up, at least in the bits of the economy I can see, mostly by employers not wanting to lay people off because recruiting competent ones is such a nightmare.

  9. Bemused Bystander

    Yeah, Obamanomics! Because 0.1% GDP growth in Q4 2012 is -so- hot. The Koorahguss Strut in action.

  10. I don’t normally follow the link to Murphy’s blog but have done a couple of times recently. Reading his responses to comments makes is abundantly clear that he is in dire need of sectioning.

  11. So a UK budget deficit of 7.8% of GDP is not a fiscal stimulus whereas a USA budget deficit of 5.5% (2013 projected) is a stimulus?

  12. Hang on a sec. Murphy is an irrelevant ignoramus. David Cameron and George Osborne are actually in power. They waved away the Adrian Beecroft report which might have made a really positive difference to the economy and they are now wondering why it is failing to recover quickly.

    Monetary stimulus is like a blood transfusion – helpful after you have been hit by a bus, but once you are back up to your eight pints, pumping more in is somewhat counterproductive.

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