Responding to the letter in the Observer from a group of leading economists endorsing his economic policy, Labour Leadership candidate, Jeremy Corbyn, said: “This is a demonstration that there is not only an alternative to austerity but that it is actually mainstream economics.
“As I have said from the start of this campaign, we are going to talk about policies, because that is what matters most.
“The central choice in this leadership election and for the country is whether we continue with austerity that stifles recovery or whether we seek to build a successful modern economy based on investment, growth and innovation.”
Economists for Jeremy Corbyn’s economic policy
The accusation is widely made that Jeremy Corbyn and his supporters have moved to the extreme left on economic policy. But this is not supported by the candidate’s statements or policies.
His opposition to austerity is actually mainstream economics, even backed by the conservative IMF. He aims to boost growth and prosperity. He voted against the shameful £12 billion in cuts in the Welfare Bill.
Despite the barrage of media coverage to the contrary, it is the current government’s policy and its objectives which are extreme. The attempt to produce a balanced public sector budget primarily through cuts to spending failed in the previous parliament. Increasing child poverty and cutting support for the most vulnerable is unjustifiable. Cutting government investment in the name of prudence is wrong because it prevents growth, innovation and productivity increases which are all much needed by our economy, and so over time increases the debt due to lower tax receipts.
We the undersigned are not all supporters of Jeremy Corbyn. But we hope to clarify just where the ‘extremism’ lies in the current economic debate.
David Blanchflower, Bruce V Rauner Professor of Economics Dartmouth and Stirling, Ex-member of the MPC
Mariana Mazzucato, Professor, Sussex
Grazia Ietto-Gillies, Emeritus Professor, London South Bank University
Malcolm Walker, Emeritus Professor, Leeds
Robert Wade, Professor, LSE
Michael Burke, economist
Steve Keen, Professor, Kingston
Victoria Chick, emeritus professor, UCL
Anna Coote, NEF personal capacity
Ozlem Onaran, Professor, Greenwich
Andrew Cumbers, Professor, Glasgow
Tina Roberts, economist
Dr Suzanne J. Konzelmann, Birkbeck,
Tanweer Ali, lecturer, New York
John Weeks, Professor, SOAS
Marco Veronese Passarella, lecturer, Leeds
Dr Judith Heyer, Emeritus Fellow, Somerville College, Oxford
Dr Jerome De-Henau, Senior Lecturer, Open University.
Stefano Lucarelli, Professor, Bergamo
Paul Hudson, Formerly Universität Wissemburg-Halle
Mario Seccareccia, Professor, Ottawa
Dr Pritam Singh, Professor, Oxford Brookes
Arturo Hermann, Senior research fellow at Istat, Rome
Dr John Roberts, Brunel
Cyrus Bina, Professor, Minnesota
Alan Freeman, retired former economist
George Irvin, Professor, SOAS
Susan Pashkoff, economist
Radhika Desai, Professor, Manitoba
Diego Sánchez-Ancochea. Associate Professor, Oxford
Guglielmo Forges Davanzati, Associate Professor, Salento
Jeanette Findlay, Senior Lecturer, Glasgow
Raphael Kaplinsky, Emeritus Professor, Open University
John Ross, Socialist Economic Bulletin
Steven Hail, Adjunct Lecturer, Adelaide
Louis-Philippe Rochon, Associate Professor, Laurentian
Hilary Wainwright, editor, Red Pepper
Arturo Hermann, senior researcher, ISAE, Rome
Joshua Ryan-Collins, NEF personal capacity
James Medway, lecturer City University
Alberto Paloni, professor, Glasgow
Dr Mary Roberton, Leeds