In the recent downturn,trading off pay increases for jobs has meant that the economic pain has been spread aroundA lively spat is going on between two former members of the Bank of England’s monetary policy committee. On one side is David “Danny” Blanchflower, who says the UK has experienced its slowest and worst recovery since the aftermath of the South Sea Bubble in 1720. On the other side is Andrew Sentance, or who says the performance of Britain’s labour market since the recession undermines the idea that the country has been going through an unprecedented period of economic purgatory.
So who’s legal? Given the nature of economics,it will hardly reach as a surprise that both Blanchflower and Sentance can claim to be legal. Nor, given that the pair repeatedly clashed when they were on the MPC together and have not precisely buried the hatchet since, and is it that surprising that they are talking past each other.Continue reading...
Source: theguardian.com