The Lies We Were Told: Politics, Economics, Austerity and Brexit

by Simon Wren-Lewis

Overview

“This is a book you should read, for understanding what went wrong in the past is our only hope of doing better in the future?” - Paul Krugman, Nobel prize-winner Why did governments adopt austerity policies, and why were they so harmful?
Why did the media largely ignore the experts who opposed these policies, and allow politicians to get away with lies?
And why did voters choose Brexit when the economic consensus was that it would harm living standards?
Simon Wren-Lewis, winner of the SPERI/New Statesman Prize for Political Economy, is one of Britain's most respected economists. Since 2012, his widely-read Mainly Macro blog has been an influential resource for policymakers, academics and social commentators around the world. This book presents some of his most important work, telling the story of how the damaging political and economic events of recent years became inevitable.

Product Details

ISBN-13:	9781529202137
Publisher:	Bristol University Press
Publication date:	12/01/2018
Edition description:	First Edition
Pages:	320
Product dimensions:	5.43(w) x 8.50(h) x 0.02(d)

About the Author

Simon Wren-Lewis is Emeritus Professor of Economics at the University of Oxford and author of the widely read Mainly Macro blog. In 2015 he was invited to join the Labour Party’s Economic Advisory Committee, and in 2016 he won the SPERI/New Statesman Prize for Political Economy.

Table of Contents

List of Figures and Tables vi

Acknowledgements viii

Preface Paul Krugman ix

Timeline xi

Introduction 1

1 The Macroeconomics of UK Austerity 8

2 Eurozone 54

3 The Consequences of Austerity 90

4 The 2015 UK General Election 114

5 The Transformation of the Labour Party 133

6 Brexit 162

7 The Media, Economics and Electing Donald Trump 181

8 Economists and Policy Making 214

9 From Neoliberalism to Plutocracy 245

Conclusions 283

Notes 287

Index 299

What People are Saying About This

From the Publisher

"Simon Wren-Lewis's blog Mainly Macro already has a legendary status and a cult following. If you don't know it, read these collected posts and then follow the blog regularly; even if you do know it, read these collected posts and admire once again the analytical power and cumulative force of his take on the political economy of the UK and the country's fateful embrace of Brexit." Tony Payne, Sheffield Political Economy Research Institute (SPERI)

"Simon Wren-Lewis might just be Britain's answer to Paul Krugman. He writes with clarity, authority and no small amount of anger, and I have learned a lot reading and thinking about what he has to say." Tim Harford, The Undercover Economist

"Readers of this book will swiftly learn why Simon Wren-Lewis has become such an important and influential blogger. In it, he skewers the falsehoods used to justify premature austerity and other blunders. Read and weep." Martin Wolf, Chief Economics Commentator, Financial Times

"A very exciting book based on Wren-Lewis's blog that has captivated audiences across the globe since 2011…. compulsive reading on issues that will shape the British economy and politics for years to come." Gulcin Ozkan, University of York

"Crisply-written and controversial, this book is a must-read for anyone who enjoys a challenge both to their own comfortable preconceptions and to the media's conventional wisdom." Tim Bale, Professor of Politics, Queen Mary University of London

"Simon Wren-Lewis is the rare economist of both the science and the craft of his field. In this exemplary collection of his blog-writings, Wren-Lewis shows how economic theory, evidence, and sound judgement can be combined to produce good economic policy. Unfortunately, austerity policies, which Wren-Lewis opposed from the beginning, shared none of those features. This is an admirable and accessible guide to where macroeconomic policy in Britain (and elsewhere) has gone wrong in the last decade." Dani Rodrik, Harvard University

Editorial Reviews

"We tend to agonise over the new forms of darkness unleashed by the internet. But we must also remember the points of intense light it has also allowed into our intellectual lives. Of those lanterns of enlightenment, few shine brighter than Simon Wren-Lewis' blog". Ben Chu, Economics Editor of The Independent

"Since the financial crisis, Simon Wren-Lewis' pioneering blog has been essential reading for anyone who wants to understand the economics, and crucially the politics, of austerity and Brexit." Jonathan Portes, Kings College London

"The book is particularly useful in understanding the role of the media. There are good observations on false balance …truth, and newspaper bias. It’s the kind of thing I’d have liked to have discussed during my journalism degree, and I hope it is finding its way onto reading lists for economics and media students." Make Wealth History

From the Publisher

The book is particularly useful in understanding the role of the media. . . . It’s the kind of thing I’d have liked to have discussed during my journalism degree, and I hope it is finding its way onto reading lists for economics and media students."

Make Wealth History