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Economic decisions should be made by feelz apparently

Murphy said: “The current MPC brings together a range of people with deep experience of economics rather than a wide range of lived economic experience that might be of greater benefit when making decisions with massive real-world implications for the people of this country. We don’t need theoretical answers to the current crisis, we need real ones. Only by changing the composition of the MPC can that be delivered.”

Dump the experts and let’s have it done by emotions, eh?

What’s actually interesting here is that Larry Elliott’s article is entirely a rewrite of the press release. There’s no opinion – and certainly no approval – in it. From which we should gather that there’s no approval of it…..

8 thoughts on “Economic decisions should be made by feelz apparently”

  1. Having been a bureaucrat, do we need to do anything at all???

    One has the ominous apprehension that Murphy’d end up on the committee. So we should definitely leave well enough alone.

  2. If Murphy ever needs life saving surgery we should insist the surgical team is appointed by random politicians rather than the hospital.

  3. Are economics decisions made on the basis of emotions going to be worse than those made by expert economists? Evidence? Personally, I’d back a drunken team of chimpanzees throwing darts to outperform both.

  4. The term “lived experience” is clearly meaningless bullshit, the sort of thing La Markle’s advisers would get her to say. “Lived economic experience” is just bullshit that’s boring and hard to understand.

  5. What ‘lived experience’ do the likes of Blanchflower or Murphy bring to the table? How to get thrown out of a pub and subsequently banned? How to block 20,000 people on Twitter?

    As the excellent Sam Vara says – the phraseology is another one of the ever proliferating ‘buzzwords’ that mean absolutely nothing.

    We should not forget Murphy’s brush with Hollywood. His loss of a movie role to the then much younger Clint Eastwood in 1973 caused him to embark on a 4 decades long self -directed project, ‘High Plains Grifter’ which continues even to this day.

  6. Dennis, On The Front Lines Fightin' Them Chlorinated Chickens

    While distrust of economists and economic “experts” is both prudent and healthy (See Friedman and Schwartz, The Great Contraction 1929-1933), they are very much preferred to Murphy and his ilk.

  7. “Members of the Bank of England’s interest-rate setting body should be appointed by the devolved administrations and by English MPs in order to counter groupthink,”

    Yeah, no danger of.groupthink if we let politicians choose them is there.

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