Myths are pretty powerful things, particularly because they are great fodder in the pub. Just make sure that, in a place where people tend to drink liberally, the debate doesn’t go too far and someone gets angry assuring you that Santa Claus used to be green until Coca-Cola came along, or that old Coca-Cola used to have cocaine in it. Come to think about it, these two myths are rather complimentary, because if Santa was drinking that much Coca-Cola which had cocaine in it then he probably would have been green.
In an article in the most recent edition of Standpoint, Nigel Lawson sets out to destroy or undermine some common myths regarding economics and its influence upon political policy, both national and international. However, his arguments tend to be far too rational and convincing for anyone to take offence from them. This is obviously reliant upon political economics having ever been a popular discussion point in a pub, despite it affecting us all (makes drinks more expensive, doesn’t it?).
In this article, Lawson attacks the notions that economics is a science, that policy-makers should be guided by the precautionary principle and various other ideas that are prevalent in the modern economic climate. With such expansive experience dealing with economic issues (and obviously having the most powerful position that looks at economic issues at one point in his career), Lawson is ideally placed to cast his keen eye over the myths that pervade the field. Having seen a variety of economic booms and busts, Lawson is perfectly placed to comment on how economic growths and downturns relate to the cyclical nature of political election. Keeping up with the times (if I’d had such a stressful job for so many years, I might have taken a long break or retired) he also offers informed opinions on the growth of ‘green jobs’ and Barack Obama.
We know we say this a lot, but it is fascinating, you should read it.
You should also read Memoirs of a Tory Radical, in which Nigel Lawson talks about his time in the centre of the national economy, being Chancellor of the Exchequer from 1983 to 1989, and the book includes a chapter reflecting on modern events, discussing the crisis in the banking sector and more in-depth views global warming. The one issue on everybody’s lips is the economy and the one man to be trusted to cut through the myths and find the eye of the storm is undoubtedly Nigel Lawson.
Memoirs of a Tory Radical by Nigel Lawson is available here for £14.99