100 top economists tell George Osborne: we must turn to Plan B
A hundred leading economists have made an impassioned call for the government to step back from the brink of a new economic crisis and back a Plan B to save existing jobs and create new ones, amid growing fears of a double-dip recession.
The group of distinguished experts from across the country argue that the chancellor must rethink his strategy and enact emergency measures to kickstart growth and save the UK from growing unemployment and a further fall in living standards.
Condemning the intransigence of the chancellor, George Osborne, as he pursues the coalition government's austerity programme, the economists write: "It is now clear that Plan A isn't working. Wave after wave of economic figures… have all concluded the British economy is faltering." And they warn: "Doing nothing is not an option."
They call on the government to consider a host of measures proposed by a body of academics and economists brought together by the left-leaning thinktank Compass. The proposals, in a manifesto entitled "Plan B: a good economy for a good society", will be launched in London on Monday. They include:
- An immediate halt to cuts, to protect jobs in the public sector.
- A new round of quantitative easing to finance a "Green New Deal" to create thousands of new jobs.
- Benefit increases to put money into the pockets of those on lower and middle incomes and give a boost to spending.
- A financial transaction tax to raise funds from the City to pay for investment in transport, energy and house building.....guardian.co.uk,
We economists have a plan B that will work, Mr Osborne
Dr Ha-Joon Chang, Faculty of Economics, University of Cambridge; Prof Sir Tony Atkinson, Nuffield College, Oxford; Howard Reed, Landman Economics; Chris Edwards, senior fellow, economics, University of East Anglia. Dr Mark G Hayes, fellow and director of studies in economics, Robinson College, Cambridge University; Prof Susan Himmelweit, professor of economics, Open University; Prof Mariana Mazzucato, chair in the economics of innovation, Open University; Prof Avner Offer, Chichele professor of economic history, University of Oxford, All Souls College; Dr Andrew Trigg, senior lecturer in economics, Open University; Dr David Hudson, senior lecturer in political economy, University College London; Prof Frances Stewart, Professor of development economics, University of Oxford; Dr Andrew Mearman, economics, UWE Bristol; Prof Ian Gough, professorial research fellow, LSE; Prof John Weeks, professor emeritus professor of economics, SOAS; Michael Burke, economist; Prof Peter Taylor-Gooby, University of Kent; Prof Diane Elson, University of Essex, chair UK Women's Budget Group; Prof Richard Smith, professor of econometric theory and economic statistics, University of Cambridge; Prof Rick van der Ploeg, professor of economics, University of Oxford; Robin Murray, senior visiting fellow, LSE; Prof Malcolm Sawyer, professor of economics, University of Leeds; Marina Della Giusta, senior lecturer in economics, University of Reading; Prof William Brown, Montague Burton professor of industrial relations, University of Cambridge; Prof Christine Cooper, Strathclyde University, co-editor of Critical Perspectives on Accounting; Prof Martin Parker, Warwick Business School, University of Warwick; Prof Simon Mohun, emeritus professor of political economy, Queen Mary, University of London; Dr Christopher Bowdler, university lecturer in Economics and Fellow of Oriel College, University of Oxford; Dr Diego Sanchez-Ancochea, university lecturer in the political economy of Latin America, University of Oxford; Alan Freeman, economist, London Metropolitan University; Dr Andy Denis, director of undergraduate studies, economics department, City University London; Dr Bruce Philp, Nottingham Business School, coordinator, association for heterodox economics; Dr Chris Fuller, Royal Docks Business School, University of East London; Dr Christian Kellerman, economist; Dr Jamie Gough, department of town and regional planning, University of Sheffield; Dr Jan-Emmanuel De Neve, lecturer in political economy and behavioural science, UCL; Dr Jonathan Perraton, University of Sheffield; Dr Michael Dietrich, department of economics, University of Sheffield; Dr Michael Gasiorek, senior lecturer in economics, University of Sussex; Dr Molly Scott Cato, reader in green economics, Cardiff Metropolitan University; Dr Ozlem Onaran, senior lecturer in economics, University of Westminster; Dr Paul Segal, lecturer in economics, University of Sussex; Dr Peter Holmes, reader in economics, Sussex University; Dr Peter North, senior lecturer, school for environmental sciences, University of Liverpool; Dr Pritam Singh, reader in economics, Oxford Brookes University; Dr Stephanie Blankenburg, department of economics and CISD (centre for international studies & diplomacy), SOAS; Prof Geoffrey Hodgson, research professor of business studies, University of Hertfordshire; Ismail Erturk, Manchester Business School; James Meadway, senior economist, nef; Prof Jan Toporowski, professor of economics and finance, chair of the economics department, SOAS, University of London; Prof Janet Newman, emeritus professor, The Open University; Jerome de Henau, lecturer in economics, Open University; Michael Edwards, senior lecturer in the economics of planning, UCL; Prof Michael Lipton FBA, professor of economics, University of Sussex; Prof George Irvin, SOAS, University of London; Prof Gregor Gall, director of the Work and Employment Research Unit (WERU), University of Hertfordshire; Prof Hugh Willmott, Cardiff Business School; Prof Malcolm Sawyer, Leeds University Business School; Prof Prem Sikka, Essex Business School; Prof Alan Hallsworth, Staffordshire University; Prof Andrew Dobson, Keele University; Prof David Bailey, Coventry University Business School; Prof Matthew Watson, University of Warwick; Prof Miguel Martinez Lucio, Manchester Business School, University of Manchester; Prof Paul Thompson, Strathclyde Business School; Prof Simon Lilley, head of University of Leicester School of Management; Prof Tony Thirlwall, Department of Economics, University of Kent; Richard Murphy, Director, Tax Research UK; Stewart Lansley, research fellow, Bristol University; Dr. Olivier Ratle, University of the West of England, Bristol; Roberto Veneziani, senior lecturer in Economics, QML; John Christensen, economic adviser and director, Tax Justice Network, London; Prof Machiko Nissanke, professor of economics, SOAS, University of London; Dr Pritam Singh, reader in economics, Oxford Brookes University; Prof Victoria Chick, emeritus professor of economics, UCL; Dr Sally Ruane, De Montfort University, Leicester; Kitty Ussher, associate, Demos; Prof Richard Grayson, Goldsmiths, University of London; Prof Stefano Harney, School of Business and Management, Queen Mary, University of London; Tony Greenham, nef; Gez Sagar, head of strategy, economy communications centre, HM Treasury (2009-2010); Dr Anastasia Nesvetailova, director, MA in global political economy, department of international politics, City University London; Andrew Simms, nef; Anna Coote, nef; Prof David Held, Graham Wallas professor of political science, LSE; Dr David Hall-Matthews, senior lecturer in international development, University of Leeds; Prof Danny Dorling, University of Sheffield; Prof Jonathan Rutherford, Middlesex University; Prof Mary Kaldor, LSE; Prof the Baroness Ruth Lister of Burtersett, Loughborough University; Valentino Piana, director, Economics Web Institute; Dr Heather Savigny, University of East Anglia; Dr Stuart White, Jesus College, University of Oxford; Prof Dave Byrne, Durham University; Prof Alan Finlayson, University of East Anglia; Prof Ken Spours, Institute of Education; Dr Martin O'Neill, lecturer in political philosophy, York University; Prof David Purdy; Prof Stuart Holland, faculty of economics, University of Coimbra (& former MP for Vauxhall); Tim Jenkins, nef; Victor Anderson, former economist for Sustainable Development Commission....guardian.co.uk