Jamie Smith

@JGS952

31, Physicist, Engineer, amateur economist.

Constantly in a superposition of disappointment and pride with the world.

Hampshire, UK substack.com/@jgs952?utm_so… Joined October 2011

2.1K Following 314 Followers 5.4K Posts

Latest posts 5

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Jamie Smith @JGS952 Oct 6

Too much of our politics today dimminishes the costs of inaction and perpetuates fictions about not being able to afford action.

I've written this to explore this false economy and why we really need to break away from such thinking.

jgs952.substack.com/p/on-the-false…

Jamie Smith @JGS952 4d

The democratic deficit in how our institutions determine policy of such consequence has never been so stark.

The BoE is *not* a neutral, non-ideological actor accurately tinkering with a deterministic and perfectly understood machine.

Raising rates will make things worse. 🧵

Faisal Islam Verified account @faisalislam 4d

NEW

Bank of England RAISES rates to 4% for first time in 3 years

8-1 vote (with 1 vote for 0.5% rise)

Q3 GDP growth now forecast at 0.7%

Inflation set for 4.9% in spring
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Jamie Smith @JGS952 Nov 2

This is a misconception. The cost of living crisis is really a cost of essentials crisis. Structural failures in the provision of decent housing, energy, food and other essentials hitting ongoing geopolitical and climate induced supply shocks aren't solved by maximising GDP. 🧵

Max Roser Verified account @MaxCRoser Nov 1

Demanding economic growth has become unfashionable among some people in Europe.

Instead they speak of a “cost of living crisis”.

But it’s really one and the same.

Economic growth means that incomes rise relative to prices.

Economic growth means that the things we need become more affordable.
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Jamie Smith @JGS952 Oct 28

Today's budget will be based on the government's chosen fiscal rules:

1) Current spending is to be matched by tax receipts.
2) Public Sector Net Financial Liabilities (PSNFL) relative to GDP is to be falling in the 3rd year of a rolling horizon compared to the 2nd year.

Jamie Smith @JGS952 Oct 23

So many otherwise smart people genuinely believe the heuristic of conflating money and real resources is useful.

It's not.

The real policy space open to our nation is greater than the what fictional prisons so many operate under indicate.

BBC Newsnight Verified account @BBCNewsnight Oct 23

“Next year he actually has to find the money that doesn’t exist.”

“There are things the Government can do that aren’t just about tax.”

Rachel Wolf, who co-wrote the 2019 Conservative manifesto and Paul Nowak, TUC General Secretary, discuss the challenge facing Andy Burnham’s government, ahead of next week’s Budget

#Newsnight

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