Whatever it is, Corbynomics is not mainstream

A group of economists hit the headlines last week with their claim that Jeremy Corbyn’s policies are supported by mainstream economics. Perhaps the best known of them is David Blanchflower, a Monetary Policy Committee member when Gordon Brown was Chancellor. He predicted before the 2010 General Election that under the Conservatives, unemployment would rise from 2.5 million to 4 million, even 5 million was ‘not inconceivable’. The actual number now is 1.85 million. Still, economic forecasting is a notoriously difficult exercise.