Comments by "John Burns" (@johnburns4017) on "Economics Help" channel.

  1.  @barrysnelson4404  You have an experience and believe that is typical of all industry, commerce and just about everything, when the reality it was NOT.
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  2. That was not typical.
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  3.  @barrysnelson4404  Read what I wrote.
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  4. The standard of living in the 1970s decade for the average person was the highest ever seen. The country was doing very well. It rose like a kite from 1970 until 1979. People were living lifestyles their grandparent could not dream of. Thatcher was obsessed with petty snobbery and putting the working class back in their place. I am surprised she never issued free cloth caps for them.
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  5.  @barrysnelson4404  I wrote: "that was not typical"
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  6. Thatcher her was economically illiterate. The Heath government's policies gave way to high inflation having him voted out. She saw the curse of the economy being inflation, so set out to stop that at all costs. She had the view that that prime cause too much money in a society causes inflation, so went out to make sure people never had much money (apart from the chosen few), by restricting money into a society, hence no public sector wage increases, no infrastructure spending by printing money, and implemented general wage increase limits. What did not help was having this obsession that anything privately owned, even monopolies, was more efficient, so dismantled an efficient public sector, that the private sector prospered upon. Of course everything turned into a disaster.
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  7. Britain was not bailed out by the IMF. They arranged a loan in case.
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