From Thatcher to Truss: Patrick Minford, the let the market rip economist
Patrick Minford, currently at Cardiff, previously Liverpool, has been around a long time. At 79 he was Thatcher’s favourite economist. In 2022 Liz Truss is a fan of Thatcher and Minford.
Minford is essentially a free market fundamentalist believing that tax cuts are a way to promote a sound economy and accepting that interest rate rises go along with this. He has no time for State intervention believing people to be rational economic actors who can make their own choices with their own money.
There is a wider political agenda here, which I’ll post on further. Meanwhile Joseph Choonara is good on what is specific about Trusseconomics and the Guardian’s Larry Elliott provides a good uptodate profile of Minford
Joseph Choonara’s analysis of Trusseconomics in International Socialism. Beyond Neo-Liberalism
http://isj.org.uk/trussonomics/
The Guardian 6th September 2022
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