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I agree that if one had to choose between Classical or Keynesian, the =
current Chancellor=92s stance could be said to be more Classical =96 =
possibly even more than his predecessor=92s. As Iain Osborne says =96 =
"oil in the engine, not petrol in the tank". However, and again =
regardless of this week=92s announcements, if we consider Keynesianism =
to be also about maintaining, not just increasing public services as =
opposed to reducing them (as the Classicals would argue) =96 then we =
have surely have some Keynesian influence in current economic policy.=20
Keynesianism, and more broadly politics on the left =96 sees a prominent =
role for Government. Whether that is an enabling role (pouring oil) =96 =
the proverbial =91pump priming=92, or in deep economic involvement is =
almost immaterial =96 this is an ideological debate about the scope of =
government.=20
Perhaps the Third Way is an acknowledgement of the limitations and =
dangers of unfettered liberal economics, and of central planning. Here =
lies my compromise argument =96 is the Third Way merely the pragmatic =
choice of best of both worlds =96 (as yet unproven) - or is it really =
something new.
Jerry
Jerry Johnson
jerry@skynet.co.uk
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I agree that if one had to choose between Classical or = Keynesian, the current Chancellor’s stance could be said to be = more=20 Classical – possibly even more than his predecessor’s. As = Iain=20 Osborne says – "oil in the engine, not petrol in the = tank".=20 However, and again regardless of this week’s announcements, if we = consider=20 Keynesianism to be also about maintaining, not just increasing = public=20 services as opposed to reducing them (as the Classicals would argue) = –=20 then we have surely have some Keynesian influence in current economic = policy.=20
Keynesianism, and more broadly politics on the left = – sees=20 a prominent role for Government. Whether that is an enabling role = (pouring oil)=20 – the proverbial ‘pump priming’, or in deep economic=20 involvement is almost immaterial – this is an ideological debate = about the=20 scope of government.
Perhaps the Third Way is an acknowledgement of the = limitations=20 and dangers of unfettered liberal economics, and of central planning. = Here lies=20 my compromise argument – is the Third Way merely the pragmatic = choice of=20 best of both worlds – (as yet unproven) - or is it really = something=20 new.
Jerry