Congdon attacks fellow 'wise men'
Saturday 06 March 1993
Tim Congdon, the monetarist economist, says in an open letter to be published next week that the other six panel members signally fail to understand the workings of the economy, and that this has led them to advise against a tax increase.
In a vituperative passage that strains at the normal boundaries of academic controversy, Mr Congdon, a former journalist who is now a City economist and an honorary professor, says that his fellows are 'like literary critics who read prose but never read poetry, or mathematicians who understand arithmetic but are bewildered by algebra'.
Mr Congdon's outburst is likely to confirm the public's longstanding view that all the economists on earth laid end-to-end would still not reach a conclusion, but it will not surprise those who know the economist.
Always a controversialist who would cross a seminar room to join a good argument, Mr Congdon is said to believe that his fellow panellists should go back to examining basic economic textbooks.
Mr Congdon last night confirmed that he will send out the letter next week. He is understood to want to remain on the panel rather than resign, but wants to bend its remit to look more fully at the role of the money supply in driving economic growth and inflation.
Mr Congdon's letter, to be published by Gerrard & National, says that the other six have been 'grossly incompetent' because they do not take notice of the effect of money balances.
He argues for a large tax increase in the 16 March Budget to staunch the Government's budget deficit next year. He thinks this would not affect the recovery.
- 1 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Kate Moss: Previously unpublished nude photo revealed by Mert and Marcus
- 3 Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
- 4 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 5 Bad Jews poster 'censored' on London Tube
Tourist films plane's descent just metres above packed Caribbean beach
Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
Becky Watts: Four appear in court charged with hiding body parts after teenager's death
Isis 'bulldozes' Nimrud: UNESCO condemns destruction of ancient Assyrian site as a 'war crime'
Professor Brian Cox brands astrology-believing Tory MP David Tredinnick an 'outlier on the spectrum of reason'
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
iJobs Money & Business
£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£12 - £15 Hourly Rate: Jemma Gent: In this role you will report to the Head of...
£8 per hour: Recruitment Genius: This Pension Specialist was established early...