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Nicholas Stern - wrong before

Were 364 Economists All Wrong?

In March 1981, 364 economists agreed to write to The Times arguing strongly against the then government's monetary and fiscal policy. However, the Thatcher government decided to ignore these voices and continue the pursuit of policies to defeat inflation and restore fiscal responsibility. To the opponents of the 364, this decision marked a turning point in British post-war economic history: every other post-war government had capitulated and returned to policies of reflation and direct control of prices and incomes in the face of intense political pressures when the going was tough. The 1981 Budget, which precipitated the letter, was also a turning point in other respects: from 1981 there was continual growth, falling inflation and eventually, employment growth. Arguably, the 1981 Budget set the scene for today's benign macro-economic outlook and political consensus in favour of stable prices and fiscal prudence.

Amongst the 364 were many economists who play a very prominent part in public life today...

Amongst those signatories, who were wrong and should have been cast into the wilderness for their wrongness was one Nicholas Stern - .

No wonder Gordon couldn't see eye to eye with him... Stern Quits

Comments

And this is law, I will maintain
Unto my Dying Day, Sir.
That whatsoever King may reign,
I will be the Vicar of Bray, Sir!

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