Advancing Research • Shaping Policy • Developing Leaders
Jacob Hacker on Labour’s Economic Philosophy
May 5, 2015
The British are having an election May 7 and Jacob Hacker’s piece in the New Statesman drills down Labour’s economic philosophy and its prospects of succeeding.
“Britain faces two great challenges. The first is the long-term slowdown of productivity growth that has gone hand-in-hand with the economy’s excessive financialisation over recent decades. The second is the growing gap between those at the top and the rest of British workers, whose jobs have become less secure while their pay has stagnated.”
He writes about the similarities of the United States and Britain, as they are “the most financialised economies in the world, suffer from a common problem of “profits without prosperity” – there has been economic growth, but little of it is going into long-term investment or workers’ paychecks.”