@ChrisMayLA6 PS “conflates aggregated demand with effect demand” - shouldn’t that be effective demand? #typo, maybe 🙂

@alex_p_roe

Indeed, it should, and now does - thanks as always for your eagle eyed attention to the typos in my posts - you're a saviour. have a good week

@ChrisMayLA6 Thanks. You too. After this morning’s eye injection, the rest of the week should be plain sailing 🙂

@ChrisMayLA6 The rich tend to sit on their wealth like Smaug the dragon in The Hobbit.

If they do spend it, then it goes on fripperies like private jets, yachts and miscellaneous other tat.

@ChrisMayLA6 So, you boost the wages of the low paid - simple really and it would even generate seemingly miraculous economic growth! The rich are few so they simply cannot consume as much as the poor majority.

@alex_p_roe

exactly.... a simple point often missed (intentionally) by our political class

@ChrisMayLA6 Failure to understand social distribution of effective demand is rhe post-2008 tragedy.

Low-interest after the 2008 crash and resulting possibility of quantitative easing ( #QE) could have been used both as helicopter money and for wage-intensive public investment such as houses. The UK housing crisis could have been eliminated, with huge consequential gains.

But the LibDem breakthrough coincided with -#OrangeBook #neoliberalism, and Clegg missed the moment.:An epochal failure.