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Somebody doesn’t like us

Polly Toynbee wrote an article in the Guardian today, criticising David Cameron’s proposals for tax cuts. My comments were deleted by the moderator as being off-topic. Somebody must have complained. I asked for an explanation and the comment was reinstated, but they must obviously have got under someone’s skin. Whose, I wonder? Here is the allegedly off-topic comment:

All mainstream economics is disconnected from reality. The role of land is ignored. But land and labour are the two factors of production. How can this have happened? The result of working to rotten theory is that none of the parties have sound policies. Conservatives will aggravate recession. Labour will give us hyperinflation before this wretched business is through.

There is a case for Keynesian policies if these are restricted to bringing forwards projects the will increase productivity. Schemes like Crossrail. But this will put several times construction costs into landowners’ pockets. The taxpayer will never see most of it back. And this plan for getting out of recession will set the country straight on track for the next, around 2025, probably.