Andy Haldene (former chief BoE Economist) is right:
'the broken growth machine is not a problem of defective central levers' but rather a failure of the model where such levers are the policy mechanisms of choice.
To regain economic dynamism across the country we need bottom up growth, not centrally directed economic initiatives.
Economics needs to be locally driven & if we are to manage a different sort of 'growth', that Green Transition will be best locally led!
#GreenTransition
h/y FT
I agree on the #GreenTransition but disagree on the larger point.
The model is broken, not because it is top-down, rather because it is an exploitative/extractive model designed to consolidate wealth in the hands of untaxed oligarchs.
The post-war world shows the tremendous potential of top down economics, when focused on growing the middle class and raising those in poverty.
We should focus on rebuilding that, rather than delegate decisions to even weaker "local" bodies.
