Robert Skidelsky also endorses a key argument of mine:
Corbyn’s proposal, unlike orthodox monetary financing, would not add to the national debt – a major advantage. Orthodox QE – let’s call it “monetisation one” – is intended to be reversed, with taxation used to raise the money to redeem the government bonds held by the central bank. The expectation of future tax hikes could drive people to save part of the new money, rather than spend it.
OK, let’s say that is true. That’s Ricardian Equivalence.
And it’s Ricardian Equivalence that says that government stimulus doesn’t work. So, Ritchie (and Skidelsky) are using the argument that stimulus doesn’t work to argue for stimulus….