Tuesday, March 14, 2006
364 economists can be wrong
Posted by David Smith at 08:30 PM
Category: Thoughts and responses

Twenty five years ago this month a momentous event occurred in Britain when, after the 1981 budget, 364 economists signed a round-robin letter criticising the Thatcher government's economic policies. They hit the government when it was down, and even sympathisers were questioning whether Thatcher and her ministers could ever escape the economic morass in which they found themselves.

When she was asked to name two economists who agreed with her economic policies, she came up with Alan Walters (her personal economic adviser) and Patrick Minford, who had coached her on economics during the 1970s, when the Tories were in opposition. Legend has it that when she returned to Downing Street after fielding that question, an official said: ďItís a good job he didnít ask you to name three.Ē Here's a link to a piece on the episode I've done for the ESRC website.

Comments

I guess you've seen Steve Nickell's defence of the 364 on the Bank of England's website

http://www.bankofengland.co.uk/publications/speeches/2006/speech269.pdf

Posted by: Paul Bivand at March 15, 2006 12:55 PM