Retired Professor of Political Economy (Lancaster University, UK - retired 2021) (also #ProfDJ across the Lune Valley) Contributor: North West Bylines #NoBridge
>> So it's not so much #Keynes has been rejected, but rather it's only applicable when the rich are in trouble!
#Keynsian theory formed the underpinnings of #Reagan's obscene #TrickleDown theory in which the rich would reinvest money saved in taxes to drive growth.
#US has the rich getting richer while infrastructure like bridges and airports crumble, and services like #heathCare are only for those who can afford to pay.
Yes, I think there's quite a lot to that; its a combination of parenting & social change, which are of course inter-connected - not sure 'woeness' is really the issue, but the issue of saying 'no' would be at the centre of my concerned & I have posted on that relatively recently....
@ChrisMayLA6 Venn diagram time! Often it seems we are closer to each other than I thought at first read!
Yes, this is where our discussion would be more fruitfully progressed over dinner in Sweden or North West Lancashire!
@ChrisMayLA6 Yes! Sadly my customer hired an employee who got to go to Manchester this year, otherwise I would have had business fairly close to you.
But let's see what we agree on this year! Maybe there is a chance that I'll be going to manchester in december, and from there, if I understand things right, it's but a stones throw to you!
Ha ha, yes your last statement, hits the nail on the head.... of course as Keynes said: in the long run we're all dead.... and yes, what is (economic) success - a PhD on its own as a Q.
I always used to say that part of the function of Universities was to provide (relatively) productive employment for middle-class professionals who would be unemployable in any other sector -as you can imagine that didn't make me popular among my colleagues (but that's what 15 years of private sector work before entering the academy made pretty clear)
@ChrisMayLA6 Brilliant! :D Was that something you brought up at the university christmas party? ;)
When there is a crisis in the real economy, we are told austerity is needed to restore confidence & encourage growth - the neo-classical economic solution.
When there is a crisis in the financial serves sectors we are told what is needed is liquidity & stimulus to restore confidence & encourage growth - a (narrow form of) Keynsian response.
So its not so much Keynes has been rejected, but rather its only applicable when the rich are in trouble!
@ChrisMayLA6 That austerity is required so frequently appears to suggest that austerity doesn’t work! Well, it does seem to keep the rich rich and even make many even richer!
@ChrisMayLA6 as someone said the other day on here, when the poor are said to need motivation, money is taken away from them. When it’s the rich who need motivation, money is given to them.
ProfDJ's killer cuts for your streaming shuffle, No.10
Dr John. Right Place, Wrong Time
So its back to New Orleans for today's killer cut; Dr John was a stalwart of the New Orleans music scene for decades & this track is a great example of New Orleans funk (backed by the Meters). From the opening funky clavinet, its an exercise in earthy grooviness.
If you were intrigued by Killer Cuts No.8 and like this too, then you definitely need to check out the Neville Bros!
As with so many organisational crisis, the NHS crisis is about workforce planning & the treatment (and experience) of staff.
Medical staff are over-worked & often under-paid, working in often crumbling buildings & too often bare the brunt of social breakdown (manifesting as health problems).
So lets listen to healthcare workers: make their lives better, invest in the environment they work in & employ more of them, and much (but not all) the crisis would be eased!
@ChrisMayLA6 Absolutely this! As well as talking about how Truss crashed the economy, the Government should spend a lot of time talking about what the Tories did to NHS staff.
James Timpson (Prisons Minister) has been quietly working to build up a network of firms to support his new regional employment councils that will focus on helping ex-offenders (prisoners) into jobs with sympathetic employers as a strategy to reduce re-offending.... a strategy reflecting his now experience or employing ex-prisoners at Timpson's.
It looks like he's tried to avoid ever-day politics & focussed on what he was appointed to do... not such a bad idea!
@ChrisMayLA6@junesim63 Except he was appointed to reduce the size of the prison population - which is stated Labour policy, & supposedly a priority, However, this is contradicted by such moves as Labour's increase in the sentencing powers of magistrates, which will increase the size of the prison population, when our prisons are already full to bursting, many of them are grievously insanitary, & all of them are woefully understaffed.
If passing the 1.5 degree above pre-industrial average temperature is a major landmark in the progression of climate change... then, 2024 was the year the world reached that point.
Not only have we failed to curtail human-driven climate change, we seem to have reached this totemic level faster that we had until recently predicted.
While parts of Los Angeles burn & the climate change deniers are given platforms in the media, the world is doing its best to rid itself of us!
@ChrisMayLA6 What few seem to appreciate is just how incredibly rapidly the change is happening! And it’s still accelerating. Stopping this is probably impossible now, we need to learn to live with it and, maybe, stop it from worsening (but I suspect it’s far too late for that).
Not quite sure what to make of Liz Truss' 'cease & desist' letter to Starmer referring to his claim that she 'crashed the economy'?
well, as always, when you're not sure what to make of a legal issue, your first stop should be @davidallengreen - because if its in the scope of his interests, then he *will* have a well informed & well-argued discussion for you....
@ChrisMayLA6@davidallengreen this is the perfect opportunity to reuse that 'Dear Sir, some stupid asshole is writing letters under your name' letter, but then again, it's Truss
You'll recall that Delap was recalled to prison because Serco were unable to provide a suitable (i.e. one that fit) electronic tag for her release on licence.
She remains in prison while Serco continue to fail to provide what they ae legally obliged to.
If this doesn't appear just (someone being locked up despite her sentence being non-custodial due to a contractor being unable to do their job); you'd be right - it is an injustice!
@ChrisMayLA6 She is being held quite close to us and I've been made aware of this:-
"It is Gaie Dunlap's 78th birthday on Friday 10th January. Local Quakers are showing her love and solidarity by having a vigil for her outside the prison on her birthday. If anyone from Gloucestershire wishes to go, the arrangement is to meet at 5pm at The Huntsman Pub (which is 2 minutes away from HMP Eastwood Park, just off junction 14 of the M5), on Bristol Rd, Falfield, Wotton-under-Edge GL12 8DF. From 17:15 to 19:00 there will be a vigil for Gaie outside the prison gates.
Bristol Climate Choir should be there, and the time will be spent with a Quakerly silent vigil/mfw for Gaie (bring lanterns/candles in jam jars), interspersed with Climate Choir singing. Then all singing 'happy birthday to Gaie'.
'The Conservative government, however, pressed on without a full evaluation and in 1993 announced that all new prisons would be privately built under the private finance initiative and privately operated.'
Older people (I hold up my hand here) sometimes wonder if the young are just not as tough as we were...
In the more extreme position (which I certainly do not share), the crisis in young people's mental health is entirely because it is over pathologised & the young should just 'toughen up'....
As Dusana Dorjee argues, while learning better resilience can play a role in helping children's mental health, it skews responses if over-emphasised!
@ChrisMayLA6 I believe after having witnessed over 50 decades as an adult that life is radically different today than it was when we came up. The difference is far more significant than the one between our parents' generation, IMO.
If nothing else, the instantaneous speed and the unabashed content of news and social networks and the ubiquity of images has changed everyday life.
@ChrisMayLA6 I don’t think kids are weaker it’s just that they’ve been brought up in the shadow of instability. Nervous parents perpetually worried about the future probably don’t generate the happiest family atmosphere (I have some experience of this from both sides, as a child and a parent). It’s the fault of #neoliberalism I suspect. Not much time to be a child these days either.
@ChrisMayLA6 I believe younger people are weaker. But before the net hating starts, I do not believe it is their fault.
I believe that political trends such as wokeness, never saying no, and setting the expectation that you never have to fight in life or that life is always fun, is the reason for it.
If todays young would have been given an upbringing where they experience a "no", where they learn that life is not always fun, and that you need to fight to get what you want, I believe they
Emeritus Prof Christopher May's Posts
Emeritus Prof Christopher May has 224 posts.
Emeritus Prof Christopher May
@alexproe
so it is working, then; just not for us....
⬆️ @ChrisMayLA6 @alexproe
>> so it is working, then; just not for us...
>> So it's not so much #Keynes has been rejected, but rather it's only applicable when the rich are in trouble!
#Keynsian theory formed the underpinnings of #Reagan's obscene #TrickleDown theory in which the rich would reinvest money saved in taxes to drive growth.
#US has the rich getting richer while infrastructure like bridges and airports crumble, and services like #heathCare are only for those who can afford to pay.
by Ramesh #NotGoingBack ;
Mentions: @alexproe@mastodon.uno
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Emeritus Prof Christopher May
@iivariArttu
ha ha, if only the real economy was booming....
@ChrisMayLA6 The next time the UK economy achieves a good chunk of real growth, are you in favor of austerity?
by Arttu Iivari ;
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Chris ABRAHAM
Emeritus Prof Christopher May Boosted
@ChrisMayLA6
Apply cold to peasants and apply heat to Lords
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Emeritus Prof Christopher May
@h4890
agreed; nothing of value comes fro free - a valuable mantra for the shaded area of the Venn!
@ChrisMayLA6 Amen to that! =)
by h4890 ;
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Emeritus Prof Christopher May
@h4890
Yes, I think there's quite a lot to that; its a combination of parenting & social change, which are of course inter-connected - not sure 'woeness' is really the issue, but the issue of saying 'no' would be at the centre of my concerned & I have posted on that relatively recently....
@ChrisMayLA6 Venn diagram time! Often it seems we are closer to each other than I thought at first read!
by h4890 ;
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Emeritus Prof Christopher May
@h4890
Ha ha, I refer you back to my previous remark about Keynes view of the long term....
@ChrisMayLA6 Well, that's the very, very relaxed view. ;)
Kind of reminds me of my 73 year old father, when we discuss problems in society and on the planet.
He is very relaxed about it and wishes me good luck in dealing with it. ;)
by h4890 ;
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Emeritus Prof Christopher May
@h4890
Yes, this is where our discussion would be more fruitfully progressed over dinner in Sweden or North West Lancashire!
@ChrisMayLA6 Yes! Sadly my customer hired an employee who got to go to Manchester this year, otherwise I would have had business fairly close to you.
But let's see what we agree on this year! Maybe there is a chance that I'll be going to manchester in december, and from there, if I understand things right, it's but a stones throw to you!
by h4890 ;
Mentions: @h4890@liberdon.com
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Replies: 1
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Emeritus Prof Christopher May
@h4890
Ha ha, yes your last statement, hits the nail on the head.... of course as Keynes said: in the long run we're all dead.... and yes, what is (economic) success - a PhD on its own as a Q.
@ChrisMayLA6 Amen!
by h4890 ;
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Emeritus Prof Christopher May
@h4890
I always used to say that part of the function of Universities was to provide (relatively) productive employment for middle-class professionals who would be unemployable in any other sector -as you can imagine that didn't make me popular among my colleagues (but that's what 15 years of private sector work before entering the academy made pretty clear)
@ChrisMayLA6 Brilliant! :D Was that something you brought up at the university christmas party? ;)
by h4890 ;
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Emeritus Prof Christopher May
The hypocrisy of fiscal economics:
When there is a crisis in the real economy, we are told austerity is needed to restore confidence & encourage growth - the neo-classical economic solution.
When there is a crisis in the financial serves sectors we are told what is needed is liquidity & stimulus to restore confidence & encourage growth - a (narrow form of) Keynsian response.
So its not so much Keynes has been rejected, but rather its only applicable when the rich are in trouble!
#economics
@ChrisMayLA6
Apply cold to peasants and apply heat to Lords
by Chris ABRAHAM ;
@ChrisMayLA6 In the booming real economy austerity is rarely accomplished..
by Arttu Iivari ;
@ChrisMayLA6 That austerity is required so frequently appears to suggest that austerity doesn’t work! Well, it does seem to keep the rich rich and even make many even richer!
by Alex P Roe ;
@ChrisMayLA6 the new version of privatise profits, nationalise losses?
by David S ;
@ChrisMayLA6 In US only corporate welfare and subsidies are tolerated.....Supportive Socialism for us, none for you private citizen...
by yuhasz01 ;
@ChrisMayLA6 as someone said the other day on here, when the poor are said to need motivation, money is taken away from them. When it’s the rich who need motivation, money is given to them.
by Bob Thomson ;
@ChrisMayLA6 Naturally. Banks are smart enough to avoid the dogfood they prescribe to the little people.
by BashStKid ;
Tags: #economics
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Replies: 7
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Emeritus Prof Christopher May
@alexproe
too late for anything other than coping, I think
@ChrisMayLA6 Yup, I agree.
by Alex P Roe ;
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Emeritus Prof Christopher May
@alexproe
Yes, I do wonder about the threshold of semi-adulthood becoming way too young - we seem to allow children too few years to enjoy being children
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Emeritus Prof Christopher May
ProfDJ's killer cuts for your streaming shuffle, No.10
Dr John. Right Place, Wrong Time
So its back to New Orleans for today's killer cut; Dr John was a stalwart of the New Orleans music scene for decades & this track is a great example of New Orleans funk (backed by the Meters). From the opening funky clavinet, its an exercise in earthy grooviness.
If you were intrigued by Killer Cuts No.8 and like this too, then you definitely need to check out the Neville Bros!
#KillerCuts #music
Tags: #killercuts #music
Likes: 0
Replies: 0
Boosts: 0
Emeritus Prof Christopher May
As with so many organisational crisis, the NHS crisis is about workforce planning & the treatment (and experience) of staff.
Medical staff are over-worked & often under-paid, working in often crumbling buildings & too often bare the brunt of social breakdown (manifesting as health problems).
So lets listen to healthcare workers: make their lives better, invest in the environment they work in & employ more of them, and much (but not all) the crisis would be eased!
#healthcare #NHS
@ChrisMayLA6 Absolutely this! As well as talking about how Truss crashed the economy, the Government should spend a lot of time talking about what the Tories did to NHS staff.
by RolloTreadway ;
Tags: #healthcare #nhs
Likes: 0
Replies: 1
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Emeritus Prof Christopher May
James Timpson (Prisons Minister) has been quietly working to build up a network of firms to support his new regional employment councils that will focus on helping ex-offenders (prisoners) into jobs with sympathetic employers as a strategy to reduce re-offending.... a strategy reflecting his now experience or employing ex-prisoners at Timpson's.
It looks like he's tried to avoid ever-day politics & focussed on what he was appointed to do... not such a bad idea!
#prison #rehabilitation
h/t FT
@ChrisMayLA6 I only wish that more people in government had similar passion to do better and improve things.
by Mx Autumn :blobcatpumpkin: ;
@ChrisMayLA6 @junesim63 Except he was appointed to reduce the size of the prison population - which is stated Labour policy, & supposedly a priority, However, this is contradicted by such moves as Labour's increase in the sentencing powers of magistrates, which will increase the size of the prison population, when our prisons are already full to bursting, many of them are grievously insanitary, & all of them are woefully understaffed.
by Richard Michael Blaber ;
@ChrisMayLA6 In the USA some prisonstrain low risk prisoners in fire fighting and hundreds have been sent to the Californian fires
by John_Loader ;
Tags: #prison #rehabilitation
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Replies: 3
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Emeritus Prof Christopher May
If passing the 1.5 degree above pre-industrial average temperature is a major landmark in the progression of climate change... then, 2024 was the year the world reached that point.
Not only have we failed to curtail human-driven climate change, we seem to have reached this totemic level faster that we had until recently predicted.
While parts of Los Angeles burn & the climate change deniers are given platforms in the media, the world is doing its best to rid itself of us!
#ClimateChange
@ChrisMayLA6 What few seem to appreciate is just how incredibly rapidly the change is happening! And it’s still accelerating. Stopping this is probably impossible now, we need to learn to live with it and, maybe, stop it from worsening (but I suspect it’s far too late for that).
by Alex P Roe ;
@ChrisMayLA6 No need for worry. The reason for the climate hysteria is that most people ignore the longer term trend.
Let me present you with this graph instead:
https://en.wikipedia.org/wiki/Geologic_temperature_record
by h4890 ;
Tags: #climatechange
Likes: 0
Replies: 2
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Emeritus Prof Christopher May
Not quite sure what to make of Liz Truss' 'cease & desist' letter to Starmer referring to his claim that she 'crashed the economy'?
well, as always, when you're not sure what to make of a legal issue, your first stop should be @davidallengreen - because if its in the scope of his interests, then he *will* have a well informed & well-argued discussion for you....
and sure enough he does:
#LizTruss #economics
https://substack.com/@emptycity/p-154481444
@ChrisMayLA6 @davidallengreen b..b..but fwee speech!!! 🤡
by Paul Barnfather ;
@ChrisMayLA6 This analysis by @davidallengreen is delightful.
by HarriettMB ;
@ChrisMayLA6 @davidallengreen this is the perfect opportunity to reuse that 'Dear Sir, some stupid asshole is writing letters under your name' letter, but then again, it's Truss
by Chris ;
@ChrisMayLA6 @davidallengreen there’ll be rich lawyer somewhere
by John_Loader ;
Tags: #LizTruss #economics #LizTruss #economics
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Emeritus Prof Christopher May
An update on Gaie Delap.
You'll recall that Delap was recalled to prison because Serco were unable to provide a suitable (i.e. one that fit) electronic tag for her release on licence.
She remains in prison while Serco continue to fail to provide what they ae legally obliged to.
If this doesn't appear just (someone being locked up despite her sentence being non-custodial due to a contractor being unable to do their job); you'd be right - it is an injustice!
#politics
https://www.theguardian.com/commentisfree/2025/jan/09/failure-justice-gaie-delap-prison-government-climate-activist-tory-law
She is being held quite close to us and I've been made aware of this:-
"It is Gaie Dunlap's 78th birthday on Friday 10th January. Local Quakers are showing her love and solidarity by having a vigil for her outside the prison on her birthday. If anyone from Gloucestershire wishes to go, the arrangement is to meet at 5pm at The Huntsman Pub (which is 2 minutes away from HMP Eastwood Park, just off junction 14 of the M5), on Bristol Rd, Falfield, Wotton-under-Edge GL12 8DF. From 17:15 to 19:00 there will be a vigil for Gaie outside the prison gates.
Bristol Climate Choir should be there, and the time will be spent with a Quakerly silent vigil/mfw for Gaie (bring lanterns/candles in jam jars), interspersed with Climate Choir singing. Then all singing 'happy birthday to Gaie'.
by Gareth Kitchen ;
@ChrisMayLA6
Uuuummmmm.
'The Conservative government, however, pressed on without a full evaluation and in 1993 announced that all new prisons would be privately built under the private finance initiative and privately operated.'
by Merry Christmas ;
Tags: #politics
Likes: 0
Replies: 2
Boosts: 1
Emeritus Prof Christopher May
Older people (I hold up my hand here) sometimes wonder if the young are just not as tough as we were...
In the more extreme position (which I certainly do not share), the crisis in young people's mental health is entirely because it is over pathologised & the young should just 'toughen up'....
As Dusana Dorjee argues, while learning better resilience can play a role in helping children's mental health, it skews responses if over-emphasised!
#MentalHealth #children
https://theconversation.com/why-resilience-wont-solve-the-mental-health-crisis-among-young-people-246827
@ChrisMayLA6 I believe after having witnessed over 50 decades as an adult that life is radically different today than it was when we came up. The difference is far more significant than the one between our parents' generation, IMO.
If nothing else, the instantaneous speed and the unabashed content of news and social networks and the ubiquity of images has changed everyday life.
by Randulo.com ;
@ChrisMayLA6 I don’t think kids are weaker it’s just that they’ve been brought up in the shadow of instability. Nervous parents perpetually worried about the future probably don’t generate the happiest family atmosphere (I have some experience of this from both sides, as a child and a parent). It’s the fault of #neoliberalism I suspect. Not much time to be a child these days either.
by Alex P Roe ;
@ChrisMayLA6 I believe younger people are weaker. But before the net hating starts, I do not believe it is their fault.
I believe that political trends such as wokeness, never saying no, and setting the expectation that you never have to fight in life or that life is always fun, is the reason for it.
If todays young would have been given an upbringing where they experience a "no", where they learn that life is not always fun, and that you need to fight to get what you want, I believe they
by h4890 ;
Tags: #mentalhealth #children
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Emeritus Prof Christopher May
@gruff
That's great to know (and boosted)
Mentions: @gruff@stroud.social
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