tongue in cheek use of word Socialism, PT.
I don't really see why its a delusion. Socialist economies, in this country and elsewhere, have had huge areas of government control....not always very successful perhaps...but then again, not perhaps always as unsuccessful as the British media have portrayed them.
The B of E have the power to change interest rates, and to print money at will to hand out to the commercial banks, or Quantitative Easing as they prefer to call it. That is, by anybodys standards, a high level of control, especially as the treasury doesn't tend to act in other areas against the wishes of the B of E.
As a semantic point,rather than a serious economic point, if its not possible to control the economy, why have government economists ?
I don't really see why its a delusion. Socialist economies, in this country and elsewhere, have had huge areas of government control....not always very successful perhaps...but then again, not perhaps always as unsuccessful as the British media have portrayed them.
The B of E have the power to change interest rates, and to print money at will to hand out to the commercial banks, or Quantitative Easing as they prefer to call it. That is, by anybodys standards, a high level of control, especially as the treasury doesn't tend to act in other areas against the wishes of the B of E.
As a semantic point,rather than a serious economic point, if its not possible to control the economy, why have government economists ?
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