Of the ideas that economists have to deal with every so often, one of the stranger ones is that of Social Credit monetary theory. Here in New Zealand Social Credit was once a third party with a reasonable following by voters. Back in 1955 it was such a force that an economist at the University of Canterbury, Alan Danks (later Professor and Sir) wrote a short pamphlet explaining what was wrong with the Social Credit approach to economics. The pamphlet is What Everyone Should Know about Social Credit by A.J. Danks, Christchurch: The Caxton Press, 1955.
What Everyone Should Know about Social Credit by Alan Danks on Scribd
And the govt devoted an entire Royal Commission to debunking it
ReplyDeletehttps://natlib.govt.nz/records/31942010 (no online text tho).......and yet their electoral highpoint was still 25 years in the future!
And yet many economists, economics professors and economic commentators across the world have come round to promoting ideas very similar to Social Credit. Supporters of the banks and their credit creation no longer hold sway. Danks is seriously out of date. Times they are a changing.
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