Richard Murphy Proves That Fighting Climate Change Isn’t Worth It

Not that Richard Murphy realises that he’s just proven that climate change isn’t something we should bother about but then that’s because Richard Murphy doesn’t understand the subject under discussion.

But on such a misunderstanding he has based his entire idea of a new form of accounting to deal with climate change.

Hey ho, that expansion of the universities was a mistake, wasn’t it?

The core point is this:

The framework must also have a forward-looking focus when considering capital sufficiency for the sake of protecting all stakeholders of the reporting entity.

See More

Green New Deal Bonds Must Pay 3% – Because That’s Not Available Elsewhere

Richard Murphy, the would be architect of the Green New Deal, tells us that the whole thing could and should be financed by Green Bonds which will pay 3% interest. Because that’s just not available anywhere else.

But suppose the Green New Deal was funded by Green ISAs, backed by a Green Investment Bank and paying 3% a year – which is almost impossible to get anywhere, but which has almost no net cost to the government as a means of funding right now.

See More

How Stupid Do You Have To Be To Get Pensions Savings This Wrong?

This is not the mere abuse that we so delight in around here, this is actually a serious question. Just how damn stupid do you have to be to get pensions saving this wrong? The assertion is that all the savings that go into pensions just go into savings. They don’t create any new investment, are therefore economically valueless. We must therefore insist that pensions savings – or at least the tax privileged forms – can only go into new investment, not just into savings.…

See More

University Expansion Wasn’t A Good Idea – Michael Gove VAT And Sales Tax Edition

It has to be said that the expansion of the universities wasn’t all that obviously a good idea. Sticking 50% of the age cohort through grievance studies for three years doesn’t particularly aid the future. But rather more than that we have evidence that there’re not sufficient people competent to teach to staff the upgraded places.

Let us take as our example this analysis of Michael Gove’s idea to scrap VAT and replace it with a sales tax:

Value added tax is an idea embraced by more than 150 countries around the world.

See More

As Perfect Information Doesn’t Exist Then Therefore Nor Do Markets

This is the outcome of this insistence by the Senior Lecturer at Islington Technical College. That we don’t have perfect information, we never have perfect information and therefore markets don’t exist. This is a less than nuanced reading of the actual economics on the subject. But then you know, Senior Lecturer and all that:

“If you go back to economic theory, it says markets can only function if they have information to make decisions with.

See More

To Get The Very Basics Of Modern Monetary Theory Wrong

Modern Monetary Theory is an oddity. In one sense it’s simply a statement of the blindingly obvious – governments create modern money so they can’t run out of it. As long as they can afford the paper and the ink – something Zimbabwe famously proved it is possible for a government to fail at, their last run of hundred trillion $Zim notes wasn’t worth enough to buy the ink for the next – then they can always print more.…

See More

The Corporate Accountability Network – CAN Is A Euphemism For What?

The latest little offering from the Senior Lecturer at Islington Technical College is the Corporate Accountability Network. The purpose of which is to provide an income when the lecturing gig finishes.

The creation of the Corporate Accountability Network is being funded by Richard Murphy, its director. Applications are being made for grant funding, both from civil society and academic sources and it is our intention to disclose all our significant funding sources, barring small donations.

See More

Dear Lord Above, If Only City University Employed Economics Professors Who Knew Economics

It is possible that this expansion of the universities wasn’t all this good an idea. For example, the upgrading of Islington Technical College into City University seems to have led to people being employed to teach economics while they don’t grok economics.

Richard Murphy is the Professor of Practice in International Political Economy at City U. No doubt all are delighted at the prestige he brings to that institution. The children paying to attend that place of education might not be so thrilled.…

See More

The Economic Mistake With The Scottish Payment Initiation System

The Senior Lecturer points us toward another economically flawed idea. That Scotland should have its own, government owned, electronic payments system.

The basic idea of a state owned payments system, well, why not? The idea of a new payments system, well, why not? Nothing like market competition to find out what works after all. It’s the justification though which is flawed here.

Currently in the same way that retailers are
subject to interchange fees for the card
payments they take there is a similar economic
case for the Scottish Government to create a
state-owned not-for-profit Scottish Payment
Initiation Service to reduce the amount of fees
it pays to financial services companies and
increase the tax take.

See More

The Professor Doesn’t Understand The Paper

It’s possible to wonder a bit whether the expansion of the universities was a good idea. Here we have the Senior Lecturer in political economy at Islington Technical College attempting to parse a paper about the effects of tax and reputation upon companies. The result is less understanding than we might hope for.

The paper itself is here:

This research investigates the impact of corporate tax strategies (i.e., tax avoidance and non-avoidance) on consumers’ corporate social responsibility (CSR) perceptions, willingness to pay (WTP), and corporate reputation in two laboratory experiments (n=409) in the United States and Germany.

See More